Covington Development Group: The Fullerton home-builder posted...

Covington Development Group: The Fullerton home-builder posted first-quarter net income of $200,000, down 44% from the year-earlier figure of $354,000. Revenue declined 20% to $12.7 million from $15.8 million. The company attributed the decline in revenue and profits to a lower number of completed units, as well as a weak residential real estate market statewide.