Home Builder William Lyon Reports 19% Dip for Quarter

Newport Beach home builder William Lyon Homes Inc. reported that net income fell 19% in the second quarter to $7.7 million, or 73 cents a share, from $9.5 million, or 91 cents a share, a year ago. Net income included extraordinary gains of $496,000 in the recent quarter and $1.8 million a year ago from retirement of debt. Revenue declined to $96.7 million from $96.8 million. Net new home orders fell 3% to 588 units.