Year-on-year comparisons were adversely impacted by what the company believes was an unusual seasonal pattern during 2010 caused by a first time homebuyers’ tax credit. There were improved order levels over the most recent comparable quarter unaffected by the credit.
Total new orders from continuing operations were 1,194 homes, a 26.7% decrease from the prior year, but a 121.1% increase from the first quarter and a 9.0% increase from the second quarter of fiscal 2009.
Revenue from continuing operations for the quarter was US$127.5m (£77m) compared to $192.5m in the previous year and US$110.3m in the prior quarter.
Including impairments and abandonments, homebuilding gross profit margin from continuing operations was -2.1%, compared to 12.2% in the prior year and 10.1% in the prior quarter.
The company recorded a loss from continuing operations of US$54.9m, or a loss of US$0.74 per share. For the prior year, the it reported net income from continuing operations of US$6.2 million.
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