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Presley Cos

BUSINESS
October 8, 1991 | JOHN O'DELL, TIMES STAFF WRITER
The Presley Cos. has radically altered terms of its proposed initial public offering by slashing the number of shares to be sold, cutting the anticipated offering price and reducing the size of a dividend to be paid existing shareholders, including Chairman William Lyon, by more than $62 million. Officials of the 35-year-old home-building firm have declined to comment on the offering because of regulatory restrictions.
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BUSINESS
November 16, 1993 | JOHN O'DELL, TIMES STAFF WRITER
Citing continued increases in the cost of marketing its homes, as well as declining revenue from each sale, Presley Cos. said Monday it lost $3.4 million for the third quarter. That contrasted with a $2.5-million profit for the same period a year earlier for the home building company, which has projects in California, Arizona and New Mexico.
BUSINESS
May 17, 1994
Presley Cos., a Newport Beach home builder, reported a profit of $1.5 million, or 2 cents a share, for the first quarter. That contrasted with a loss of $3.3 million, or 18 cents a share, for the comparable 1993 period. Sales rose 41% to $65.2 million from $46.4 million. The company said its results are based on the assumption that its previously announced capital restructuring plan and plan for "quasi-reorganization" will be approved at the annual meeting Friday.
BUSINESS
May 19, 1994 | Debora Vrana, Times staff writer
Looking to pay off its debts and increase its financial flexibility, Newport Beach home builder Presley Cos. filed Wednesday with the Securities and Exchange Commission to sell $200 million in bonds. Under Presley's capital restructuring plan, announced earlier, $95 million of debt will be converted into common stock. The company said it has also arranged a $150-million line of credit. Brokerage Donaldson, Lufkin & Jenrette will underwrite the bond sale, along with Bear, Stearns & Co.
BUSINESS
August 8, 1997 | MELINDA FULMER, SPECIAL TO THE TIMES
Home builder The Presley Cos. said Thursday that it is closing two division offices in California and laying off an undisclosed number of people. The company is shutting down its Inland Empire division headquarters in Yorba Linda and an office in Sacramento because of slumping sales. The two markets have been slower to recover from the state's prolonged housing slump and are less profitable, Presley Chief Executive Wade Cable said.
BUSINESS
May 5, 1999 | DARYL STRICKLAND, TIMES STAFF WRITER
The Presley Cos. said Tuesday that its board of directors has given preliminary approval to a sweetened offer from builder William Lyon to buy controlling interest for slightly more than $11 million. The agreement calls for Presley to then purchase the assets of Lyon's company, William Lyon Homes Inc., for about $48 million.
BUSINESS
January 26, 1994 | DEBORA VRANA, SPECIAL TO THE TIMES
Shares of Presley Cos., a Newport Beach home builder hard hit by the slump in California real estate, lost a fifth of their value Tuesday after the company reported a $51-million annual loss and proposed a massive debt restructuring. Late Monday, Presley announced plans for a debt-for-equity swap to restructure a $340-million credit line. The swap would give its lenders, mostly investors rather than banks, greater control over the company.
BUSINESS
April 1, 1993 | JAMES S. GRANELLI, TIMES STAFF WRITER
Cash-strapped Presley Cos., one of California's largest home builders, said late Wednesday that it has won a two-year extension on its revolving line of credit from its bankers--but may pay a stiff price. Under the agreement, the company's major lenders will extend the credit line to the end of March, 1995, in return for a higher interest rate and the right to buy as much as 10% of the company's stock at $5 a share. The stock closed unchanged Friday on the New York Stock Exchange at $3.
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