William Lyon

Newport Beach home builder William Lyon Homes said Thursday that its board has named five new directors to replace four who have resigned and to fill a newly created seat. The overhaul of the now nine-member board follows moves by the company's chairman, William Lyon, and his son, William H. Lyon, to take control of what was formerly called the Presley Cos. In November, Presley bought William Lyon Homes Inc. for $42.9 million, and William Lyon became Presley's chairman.

Real estate magnate William Lyon fell in love with aviation at age 16 after paying $1 to fly in an airplane. Seventy years later, that enduring love is on display at John Wayne Airport, in a recently opened museum stocked with vintage military aircraft from the 86-year-old home builder's private collection. The Lyon Air Museum, housed in a newly constructed 30,000-square-foot building with gleaming white floors and a wall of windows overlooking a runway, is a tribute to World War II and the birth of modern aviation.

Profit at William Lyon Homes more than doubled in the second quarter, jumping to $31.1 million, or $3.14 a share, from $13.8 million, or $1.38, a year earlier. Home-sale revenue also climbed, to $367.1 million from $139.7 million. The Newport Beach home builder also reported a record increase in new-home orders of 1,127 for the period ended June 30. Because of the strong results, the company raised its outlook for 2004 to between $15.50 and $15.

Home builder William Lyon Homes Inc. won a judge's approval to settle a lawsuit filed by shareholders challenging the fairness of a takeover of the company by its chief executive. William Lyon, who with his family owned about 71% of the Newport Beach-based company, offered $93 a share, or $421 million, in March. After outside shareholders sued, Lyon raised the offer to $100 a share in April and $109 in May, and the case was settled. The purchase was completed July 25.

Home builder William Lyon Homes said Tuesday that the New York Stock Exchange suspended trading in its common shares, indicating the amount of publicly held stock wasn't sufficient for NYSE trading. The NYSE told the company it intended to ask the Securities and Exchange Commission to delist the stock. William Lyon, chairman of the Newport Beach-based company, said last month that his tender offer for the company's stock had expired. He paid $109 a share for more than 90% of the shares.

William Lyon, the chairman of Newport Beach-based William Lyon Homes, who in April announced a bid to take the company private, on Monday issued a rebuke of the special committee of directors set up to consider the bid. Lyon on April 26 offered $82 a share for the publicly held shares of the home builder. The stock immediately soared above his offering price. On June 20, the special committee rejected the offer as "inadequate." The chairman subsequently withdrew his bid.

William Lyon Homes said Thursday that third-quarter profit more than tripled as the average price of its homes jumped 43%. The Newport Beach company reported net income for the period ended Sept. 30 of $44.9 million, or $4.51 a share, compared with $14.9 million, or $1.49, a year earlier. Operating revenue jumped to $474.9 million from $214 million a year earlier. Revenue included $153.2 million from consolidated joint ventures with no comparable amount last year.

William Lyon Homes reported a 33% jump in first-quarter profit as revenue dipped 3%. The Newport Beach-based home builder said net profit rose to $20.5 million, or $2.36 a share, compared with $15.4 million, or $1.55, a year ago. Revenue fell to $246.7 million from $254.5 million. Net new home orders for the quarter ended March 31 dropped 20% to 873 homes, and the average number of communities fell 14% to 38 from the year before.

Home buyers are scarce as desert rain clouds, builders' financing sources are going the way of the passenger pigeon, and William Lyon Co. is planning for the future as zestfully as if it were entering the booming 1960s. Crazy? Well, a hallmark of Lyon's nearly 40 years in the residential construction business is that he's mostly been right.

The chief executive of Newport Beach-based home builder William Lyon Homes Inc. on Monday said his buyout offer was successful. William Lyon said his $109-a-share offer, made May 1, gave him at least a 90.6% stake in the company. That was enough to complete a takeover, Lyon said. Lyon, who has said he plans to take the company private, said shareholders could tender their shares at $109 until midnight New York time Wednesday. A final count of those tendered will be available Thursday.

Home builder William Lyon Homes said Tuesday that the New York Stock Exchange suspended trading in its common shares, indicating the amount of publicly held stock wasn't sufficient for NYSE trading. The NYSE told the company it intended to ask the Securities and Exchange Commission to delist the stock. William Lyon, chairman of the Newport Beach-based company, said last month that his tender offer for the company's stock had expired. He paid $109 a share for more than 90% of the shares.

The chief executive of Newport Beach-based home builder William Lyon Homes Inc. on Monday said his buyout offer was successful. William Lyon said his $109-a-share offer, made May 1, gave him at least a 90.6% stake in the company. That was enough to complete a takeover, Lyon said. Lyon, who has said he plans to take the company private, said shareholders could tender their shares at $109 until midnight New York time Wednesday. A final count of those tendered will be available Thursday.

William Lyon Homes Inc., whose chairman and chief executive is trying to buy the company, said first-quarter profit rose 28% as it sold more houses. The home builder said net income was $26.2 million, or $3.02 a share, compared with $20.5 million, or $2.36, a year earlier. The Newport Beach company said revenue increased 25% to $307.4 million. The company said 581 homes closed in the quarter, up 27%, while the backlog of homes sold but not closed fell 14%. New home orders fell 26%.

William Lyon, chief executive of William Lyon Homes Inc., raised his offer for the 29% of the company he doesn't control to $275 million and said a special board committee would urge shareholders to accept it. The bid of $109 a share is 8.9% more than Friday's closing price. Lyon owns 48% of the Newport Beach-based company and his family controls an additional 23% through trusts. He bid $82 a share for the rest of the shares in April 2005, which the board rejected in June.

The founder and largest stakeholder of William Lyon Homes Inc. said he would extend the deadline for his tender offer to Friday. William Lyon is offering $100 a share to take the Newport Beach-based builder private. He needs 1.1 million shares to be tendered to succeed in his bid. As of last Friday -- his original deadline -- 967,000 had been tendered. Lyon, whose firm builds in California, Arizona and Nevada, also waived the condition that 90% of the shares be submitted.

William Lyon went on the offensive Monday, bumping up his bid to buy the shares of William Lyon Homes Inc. that he doesn't already own to $100 a share from $93 originally offered last month. The sweetened bid may be enough to finally allow Lyon, the company's chairman and chief executive, to take the Newport Beach-based home builder private. A committee of outside directors recommended Monday that shareholders accept the latest offer, after having told Lyon 10 days earlier to improve his bid.

William Lyon Homes said Tuesday that the recent winter storms, combined with fewer new projects, would reduce 2005 earnings by 10% to 15%. Lyon President Wade Cable said the recent series of storms in the West, where most of the company's projects are located, had caused significant production delays. Lyon now is anticipating that revenue and earnings per share will fall below 2004, when the company's profit more than doubled to $171.6 million, or $17.55 a share.

The general hasn't given up the fight. On Friday, for the second time in a year, the founder and chief executive of William Lyon Homes made an unsolicited offer to take the Newport Beach-based real estate developer private. William Lyon, who served as a pilot in the Korean War and later commanded the Air Force Reserve, offered to buy the 51% of the company he doesn't already own for $93 a share. The news sent the shares soaring $23.30, or 31%, to $99.

William Lyon, the chairman of Newport Beach-based William Lyon Homes, who in April announced a bid to take the company private, on Monday issued a rebuke of the special committee of directors set up to consider the bid. Lyon on April 26 offered $82 a share for the publicly held shares of the home builder. The stock immediately soared above his offering price. On June 20, the special committee rejected the offer as "inadequate." The chairman subsequently withdrew his bid.