William Lyon

William Lyon Homes' namesake chairman and controlling shareholder Tuesday dropped his buyout offer for the Newport Beach-based home builder, saying he did not want to make a new bid at the company's current stock price. William Lyon's $82-a-share bid was rejected last week by the company's board as inadequate. William Lyon Homes shares rose 98 cents Tuesday to a record high of $99.49 amid another broad rally in the stocks of home builders.

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.

William Lyon, controlling shareholder of William Lyon Homes, said Tuesday that he planned to take the Newport Beach-based builder private by buying the minority interest in the company's common stock for $82 a share. Lyon, 82, a retired Air Force major general who prefers the appellation "General," owns a 48% equity stake and acts as chief executive and board chairman. Trusts controlled by his son, William H. Lyon, own an additional 24% of the company's outstanding shares.

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.

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.

Newport Beach home builder William Lyon Homes said orders fell 33% in the third quarter as the company exhausted much of its inventory earlier than expected. Strong sales in the first and second quarters helped reduce third-quarter orders to 659 homes from 977 in the year-earlier period. "We are completely sold out in San Diego County," President Wade Cable said. He said sales in Orange County had slowed as prices had skyrocketed.

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.

* Newport Beach-based home builder William Lyon Homes reported fourth-quarter net income of $38.6 million, or $3.89 a share, up from $25.6 million, or $2.56, a year earlier. Revenue more than doubled to $452.5 million.