California Coastal Reports Increased Loss

Irvine-based California Coastal Communities Inc., a residential land-development and home-building company, reported a net loss of $1.1 million, or 9 cents a share, for the fourth quarter, compared with a net loss of $700,000, or 6 cents a share, for the year-earlier period. No revenue was recorded, while revenue from continuing operations a year ago totaled $2.7 million. The company said it does not expect to report revenue until the fourth quarter of 1999.

For the year, California Coastal reported net income of $4.2 million, or 35 cents a share, which includes a $6.1 million after-tax gain on the sale of its commercial development business in the second quarter. Revenue from continuing operations were $2.1 million, compared with $38.2 million for the prior year, which included the 1997 sale of the Bolsa Chica wetlands for $25 million.