Pacesetter Homes, Newport Beach, posted a net...

Pacesetter Homes, Newport Beach, posted a net loss of $321,000 for the first six months of the year, contrasted with net income of $877,000 for the year-earlier period. Revenue was flat at $26.7 million. Second-quarter figures were not released. The first-half results include a loss of $1.2 million due to unusually high costs incurred in the final stage of a four-year development project. Sales on this project are now complete and no further losses are anticipated, the company said. During the second quarter of 1988, Pacesetter Homes was separated from its former parent company, American Pacesetter, in a corporate reorganization in which its shareholders received a tax-free distribution of the Pacesetter Homes stock. Pacesetter Homes now operates as a separate publicly traded company.