February 11, 1993 |
Builder James M. Peters, who helped pioneer mass construction of high-quality, high-cost homes in Southern California, will retire Feb. 28 as president and chief executive of the company he founded nearly two decades ago. Publicly traded JM Peters Co. will continue operating under the same name, Peters and other officials said Wednesday, and plans to build at least 1,500 homes in the next three to four years.
December 21, 1992
J.M. Peters Co. Inc. said Friday that it posted net income of $2 million, or 14 cents a share, for its fiscal 1993 third quarter, down 77% from $8.8 million, or 63 cents a share, a year earlier. The company received a onetime federal income tax refund of $3.1 million in its 1992 third quarter. Revenue for the third quarter, ended Nov. 30, was $13.8 million, down 41% from $23.5 million. Revenue from quarterly housing sales was $3.5 million from 16 closed sales, compared to $22.
October 1, 1992 |
J.M. Peters Co. said it lost nearly $80 million for its latest quarter after slashing the value of its assets by $75 million. The home-building company said it adjusted the value of its land holdings to reflect the steep declines of the past two years. For its second fiscal quarter, which ended Aug. 31, J.M. Peters reported a loss of $79.3 million, or $5.67 a share, compared to a loss of $12.1 million, or 87 cents a share, for the same period a year earlier. Revenue was $37.
July 11, 1992 |
Sale of controlling interest in J.M. Peters Co. moved a step closer to completion Friday with the signing of a definitive agreement under which another Orange County home builder would acquire 12 million shares of Peters Co.'s common stock and more than $144.8 million of its debt. None of the parties involved in the deal were available for comment Friday, and details of the agreement were not disclosed.
June 25, 1992 |
Troubled luxury home builder J. M. Peters Co., which is soon to be sold by the federal government, said Wednesday that it lost $2.3 million in the first quarter of its fiscal 1993, ended May 31. The Newport Beach company's loss was 32.5% smaller than its loss in the same period a year before, when it had $3.4 million in red ink. The fiscal 1993 losses were equal to 16 cents per share, compared to 24 cents per share last year. The company had revenues of $16.7 million, down dramatically from $72.
June 23, 1992 |
The sale of home builder J.M. Peters Co., being negotiated by the federal government, could cost taxpayers nearly $100 million because it would give the buyer 2,000 prime Southern California residential lots at discounts of 40% or more. Capital Pacific Homes Inc., the prospective buyer, is already trying to sell some of the property at nearly twice the average price of $53,200 a lot that it would pay if the deal goes through, The Times has learned. Several industry insiders have said that J.M.
June 23, 1992 |
The sale of an Orange County home builder being negotiated by the federal government could cost taxpayers nearly $100 million because it would give the buyer 2,000 prime Southern California residential lots at discounts of 40% or more. Capital Pacific Homes Inc., the prospective buyer of Newport Beach-based J. M. Peters Co., is already trying to sell some of the property at nearly twice the average price of $53,200 a lot that it would pay for them if the deal goes through, The Times has learned.
June 16, 1992 |
Controlling interest in the J.M. Peters Co., valued at more than $110 million just three years ago, would change hands for $47.25 million under a tentative deal signed Monday. The deal is between the federal Resolution Trust Corp. and Capital Pacific Homes Inc. in Newport Beach. Dale Dowers, president of Capital Pacific, said his firm would become a holding company with Newport Beach-based J.M. Peters Co. as its development arm if the cash sale is completed as anticipated on July 1.
June 3, 1992 |
Luxury home builder J. M. Peters, a subsidiary of a failed Texas thrift, continued to ooze red ink as it posted a $57.8-million annual loss Tuesday--equal to $4.13 per share--for its fiscal year ended Feb. 29. Peters incurred a loss of $51 million, or $3.65 per share, for its fourth quarter. In the previous fiscal year, the Newport Beach-based company reported losses of $108 million for the year--$102 million of it coming in the final quarter. Revenue decreased to $184.