Ryland sees net loss for third quarter
Ryland Group, the Calabasas, Calif.-based home builder, reported a consolidated net loss of $65.7 million for the third quarter ended Sept. 30, 2008, compared to a loss of $54.7 million for the same period last year.
The home builder saw inventory valuation adjustments and option deposit and feasibility write-offs of $64.7 million, in addition to a non-cash income tax charge of $16.5 million.
Consolidated revenues were $543.8 million, down 26.2 percent from last year’s third quarter.
New orders totaled 1,284 units, down 31.6 percent, compared to new orders of 1,876 units for the same period in 2007. Closings for the quarter amounted to 2,017 units, down 19.2 percent from the same period in the prior year. Inventory of houses started and unsold decreased to 719 units at Sept. 30, 2008, down 12.6 percent from 823 units at Dec. 31, 2007.