Presley Chief Earns 15% More as Profit Posted

Presley Cos. Chief Executive Wade H. Cable saw his 1998 total compensation climb 15.8% last year as the company turned its first profit in five years, according to documents filed Friday with the Securities and Exchange Commission. Cable, who also is president of the Newport Beach-based home builder, took home $549,000, up from $474,888. His base pay of $399,500 was unchanged, but Cable received a $300,00 bonus, half of which will be paid this year, and the other half over the next two years. Presley earned $9.8 million, or 19 cents a share, on sales of $368 million in 1998. A year ago, the company lost $89.8 million, or $1.72 cents a share, on sales of $329 million. The company’s stock fell nearly 40% in 1998, closing the year at 47 cents. Cable declined to comment. He and his wife Susan own or control 463,527 shares of Presley stock, which was worth $259,575 based on Friday’s closing price of 56 cents a share.