July 7, 1994 |
J.M. Peters Co., the Newport Beach home builder, flush with cash from a $100-million junk bond sale in May, has acquired two major Southern California properties this week. On Wednesday, the company said it had purchased a 216-lot property in Rancho San Clemente, a master-planned community in the coastal hills above San Clemente. Peters bought the lots for $17.8 million in cash from Richland Interests of Texas. The fully finished lots range in size from 5,000 square feet to 6,000 square feet.
July 6, 1994 |
J.M. Peters Co., the Newport Beach home builder, has paid $26 million in cash for 175 estate-size housing lots in a Tarzana community in the Santa Monica Mountains, company officials said. Called Mulholland Park, the 125-acre gated community 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.
June 24, 1994
J.M. Peters Co., the regional home builder, on Thursday reported a profit of $3.9 million, or 26 cents a share, for its latest fiscal quarter. Those earnings contrasted with a loss of $1.9 million, or 14 cents a share, for the same period last year, the company said. The Newport Beach builder sold $100 million of junk bonds during the latest quarter, which increased liquidity and allowed it to retire high-interest debt.
May 18, 1994 |
In an ambitious move that positions J.M. Peters Co. for a recovery, the Newport Beach home builder said Tuesday it has raised $100 million through a private bond sale. J.M. Peters, like other Southern California home builders, has been hard hit by the real estate downturn. Since reporting a string of losses in the early 1990s, it has struggled to obtain badly needed capital.
December 17, 1993
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.
September 24, 1993 |
In an ambitious push into one of the West's few hot housing markets, J.M. Peters Co. said Thursday that it has acquired a major Las Vegas builder in a cash-and-stock deal worth an estimated $5 million. The Nevada company, Durable Homes, has been consistently profitable through the past three years of recession. Its acquisition signals a significant turnaround for J.M. Peters Co.
September 14, 1993
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.
August 2, 1993
Nature of business: Developer and builder of upscale single-family homes. Total employees: 62 In Orange County: 62 Stock listing in The Times: On AMEX "Peters" Ticker symbol: "JMP" Friday's stock close: $TK One-week change: $TK Analyst review: "J.M Peter's focus in the past was on the move-up market. But people aren't getting the asking price on their starter homes and corporate transfers to this area have slowed.
June 13, 1993
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.