ORANGE COUNTY EARNINGS

The Presley Cos.: The Newport Beach home builder reported second-quarter net income of $1.1 million, or 2 cents a share, which included an extraordinary gain of $522,000 from retirement of debt. For the like period last year, the company recorded a net loss of $75.5 million, or $1.45 a share, which included a noncash charge of $74 million from losses on certain real estate assets. Sales declined 18% to $80.5 million from $97.6 million. For the six months, the company posted a net loss of $2.1 million, or 4 cents a share, compared with a year-earlier net loss of $79 million, or $1.51 a share. Sales fell 11% to $147 million from $165.4 million.