J M Peters Co Inc

Owners of condominium units that were heavily damaged in March when Niguel Summit subdivision homes crashed down a slope on them have reached a $9.4-million settlement with two Orange County developers. The Crown Valley Parkway Homeowners Assn., representing the homeowners, settled Friday with Hon Development Co. and the owner of J.M. Peters Inc., developers of the Niguel Summit project.

Fourteen more homeowners filed suit Tuesday against the developer and builder of a Laguna Niguel neighborhood where four homes have tumbled down a hillside in recent weeks, attorneys said. A dozen other homeowners already have sued Hon Development Co. and J.M. Peters Co. Inc., alleging emotional distress and lost home values, according to the suit. The homes were built in the 1980s and had sold for about half a million dollars, said Ken Kasdan, who represents the owners.

Fourteen more homeowners filed suit Tuesday against the developer and builder of a Laguna Niguel neighborhood where four homes have tumbled down a hillside in recent weeks, attorneys said. A dozen other homeowners already have sued Hon Development Co. and J.M. Peters Co. Inc., alleging emotional distress and lost home values, according to the suit. The homes were built in the 1980s and had sold for about half a million dollars, said Ken Kasdan, who represents the owners.

J.M. Peters Co. Inc., the Newport Beach home builder, posted a net loss of $1.6 million, or 11 cents a share, for the fiscal 1994 second quarter, compared with a net loss of $79.3 million, or $5.67 a share, for the corresponding period last fiscal year. Revenue for the quarter ended Aug. 31 dropped to $8.3 million from $37.5 million. The first-half net loss totaled $3.5 million, or 25 cents a share, compared with $81.6 million, or $5.83 a share, for the first six months a year ago.

Speaking of Daum-Johnstown, its troubled parent--Dallas real estate investor Southmark Corp.--is in the news again. The company still owes a whopping $2 billion after going on a spending spree in recent years. Many company watchers suspect that Southmark may soon start selling some of its jewels, like J.M. Peters Co. Inc.--the immensely profitable Newport Beach home builder of which Southmark is majority owner--and perhaps even less stellar performers such as Los Angeles-based Daum-Johnstown.

J.M. Peters Co. Inc., the Newport Beach home builder, said profits dropped to $3.5 million in the second quarter on housing sales of $56.6 million, compared to $7.3 million in profits on $86.1 million in sales last year. The lower earnings disappointed stock analysts, who had projected profits of as much 75 cents a share earlier this year. That was far higher than the 25 cents a share the company actually earned in its fiscal second quarter, which ended Aug. 31.

J.M. Peters Co. Inc.: The Newport Beach home builder reported a loss of $84.5 million, or $6.05 a share, for its latest fiscal year. That compared to a loss of $57.8 million, or $4.13 a share, for the previous 12 months. Revenue for the fiscal year ended Feb. 28 declined 59% to $75.7 million from $184.9 million. Much of the loss came from write-downs of properties that the company had bought at the height of late 1980s real estate boom.

J. M. Peters Posts 2nd-Quarter Loss: J. M. Peters Co. Inc. said it lost $12.1 million, or 87 cents a share, in its fiscal 1992 second quarter, ended Aug. 31. Peters, which specializes in luxury homes for the move-up market, posted a $451,000 net loss, or 3 cents a share, in the second quarter of its fiscal 1991. Much of the second-quarter loss came from an $8.4-million writedown of the value of the company's inventory of homes and land.

Home builder J.M. Peters Co. Inc., hit in the final three months by record rainfall and demand for lower-priced homes, said Wednesday that its annual profit fell 27% to $3.6 million, or 24 cents a share. The red ink for the year ended Feb. 28 was a drop from earnings of $4.9 million, or 34 cents a share, for its previous fiscal year. The previous year's profit included an extraordinary gain of $4.3 million. Annual revenue rose 57% to $143.1 million last year from $91.1 million the previous year.

J.M. Peters Co. and two of its subcontractors have paid a total of $6.6 million to settle claims of faulty construction in its 168-unit Bayridge Park condominium complex in Newport Beach, lawyers said Monday. The Bayridge Park Homeowners Assn. sued the Newport Beach home builder in Orange County Superior Court in 1990, alleging construction defects throughout the project, including roofing and dry rot problems.

J.M. Peters Co. said Thursday that it has acquired a Texas home builder in a transaction worth about $14 million, a move that gives the Newport Beach company a foothold in Texas and signals a spectacular recovery for the once-beleaguered builder. Its acquisition of privately held Clark Wilson Homes in Austin will make J.M. Peters one of the top 40 home builders in the nation next year, the company projected.

J.M. Peters Co. Inc., a major regional home builder, said that earnings in its fiscal 1994 third quarter tripled to $6 million, with much of the increase due to a onetime gain of $4.4 million from the restructuring of a project financing agreement. Quarterly sales increased 58%, to $37.3 million from $23.5 million a year ago, as J.M. Peters completed 165 homes. Operating profit for the quarter climbed to $1.6 million, or 11 cents a share, from the year-earlier $200,000, or 1 cent a share.

Home builder J.M. Peters Co. Inc., hit in the final three months by record rainfall and demand for lower-priced homes, said Wednesday that its annual profit fell 27% to $3.6 million, or 24 cents a share. The red ink for the year ended Feb. 28 was a drop from earnings of $4.9 million, or 34 cents a share, for its previous fiscal year. The previous year's profit included an extraordinary gain of $4.3 million. Annual revenue rose 57% to $143.1 million last year from $91.1 million the previous year.

J.M. Peters Co., a Newport Beach home builder, has paid $26 million in cash for 175 estate-size housing lots in Tarzana in a foreclosure, company officials said. Called Mulholland Park, the 125-acre, gated community in the Santa Monica Mountains with a view of the San Fernando Valley was sold to J.M. Peters by Bank of America, which took over the property from a development partnership in a foreclosure.