J.M. Peters Cuts Loss: Newport Beach-based home...

J.M. Peters Cuts Loss: Newport Beach-based home builder J.M. Peters Co., which continues to struggle from the effects of a slumping housing market, reported a first-quarter loss of $3.4 million for the period ended May 31, contrasted with year-earlier earnings of $1.6 million. The loss is a sharp improvement from the fourth quarter of fiscal 1991, when the Newport Beach company lost $102 million, mostly from unsold houses and from vacant land the company has had to sell at a loss. J.M. Peters said revenue from house sales for the latest quarter was $61.2 million, with 169 closings during the three-month period. That compares to year-earlier revenue of $67.1 million on 163 closings.