Home Builder Presley Posts $3.2-Million Loss

Newport Beach home builder Presley Cos. said it lost $3.2 million, or 6 cents a share, for the first quarter, compared with a net loss of $3.6 million, or 7 cents a share, for the comparable period last year. Sales declined 2% to $66.5 million from $67.8 million. The company said it closed fewer sales in the quarter, primarily because it had fewer homes available, as some of its older planned communities in California were completed or neared completion. Presley said it also had faced delays in acquiring new land. Completed sales dropped 7% to 337 from 362 in the first quarter a year ago. Last week, the company hired an investment banking firm, SBC Warburg Dillon Read Inc., to explore ways of resolving Presley’s problems, including selling the company.