ORANGE COUNTY EARNINGS : Home Developer Reports Second-Quarter Net Loss

California Coastal Communities Inc., an Irvine residential land development and home-building company, reported a net loss of $500,000, or 5 cents a share, for the second quarter. That contrasts with net income of $6.3 million, or 53 cents a share, for the comparable period of 1998, which primarily reflected a $7.2-million after-tax gain on the sale of the company’s commercial development business for $33.3 million. The company reported no revenue for the 1999 period, compared with revenue from continuing operations of $1.7 million for the year-earlier period.