William Lyon Homes Posts 28% Profit Gain

William Lyon Homes Inc., whose chairman and chief executive is trying to buy the company, said first-quarter profit rose 28% as it sold more houses.

The home builder said net income was $26.2 million, or $3.02 a share, compared with $20.5 million, or $2.36, a year earlier. The Newport Beach company said revenue increased 25% to $307.4 million.

The company said 581 homes closed in the quarter, up 27%, while the backlog of homes sold but not closed fell 14%. New home orders fell 26%.