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O.C. BUSINESS PLUS | ORANGE COUNTY EARNINGS

William Lyon Homes:

February 23, 2001

The Newport Beach home builder reported that fourth-quarter net income fell 25% to $16.4 million, or $1.56 a share, from $21.9 million, or $2.10 a share, for 1999's fourth quarter.

The company attributed the lower profit to a provision for taxes and an extraordinary gain of $2.4 million for the 1999 period from the retirement of senior notes. Revenue declined 7% to $162.6 million.

For the year, net income fell 17% to $39.3 million, or $3.74 a share, from $47.5 million, or $4.55 a share, for 1999. Revenue was down 6% to $417.3 million.

Net new home orders for the year rose 13% to 2,603 units. The number of home sales closed in 2000 rose 2% to 2,666 units.

On Dec. 31, the backlog of homes sold but not closed totaled 567 units, down 10% from 630 units at the same time last year.

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