J.M. Peters Lists Declines for Year

J.M. Peters Co. Inc., the Newport Beach-based home builder, reported declines in both net income and revenue for its fiscal 1990 year.

Net income for the year ended Feb. 28 dropped 35% to $25.3 million from $38.7 million for fiscal 1989. Revenue fell 19% to $315.7 million from $390.8 million.

For the fourth quarter, net income declined 29% to $11.1 million from $15.6 million in the corresponding year-earlier period. Revenue rose 5% to $127.5 million from $121.4 million.

James M. Peters, chairman and chief executive, said that although results for the latest year were lower than the previous year, it was still the second-best year in the company’s 15-year history.

During the 12-month period, the company booked 759 orders for homes, compared to 1,043 in fiscal 1989. The firm closed sales on 775 homes in fiscal 1990, compared to 1,223 in the prior year.