Builder Presley Cos. Reports $1.5-Million 1st-Quarter Profit

Presley Cos., a Newport Beach home builder, reported a profit of $1.5 million, or 2 cents a share, for the first quarter. That contrasted with a loss of $3.3 million, or 18 cents a share, for the comparable 1993 period. Sales rose 41% to $65.2 million from $46.4 million. The company said its results are based on the assumption that its previously announced capital restructuring plan and plan for "quasi-reorganization" will be approved at the annual meeting Friday.

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