Newport Beach-based homebuilder William Lyon Homes Inc. on Friday reported a $38.9 million loss for the second quarter, about half of what it lost a year earlier.
The builder, which went private in 2006 but still reports results for debt holders, posted revenue of $140 million for the second quarter, a decrease of 48% from a year earlier.
Home deliveries, or closed purchases of a house, were off 42% from a year earlier, with 319 homes closed in the quarter.
New home orders only dropped 15% to 418 homes in the second quarter.
William Lyon Homes builds in California, Arizona and Nevada.
The company said it took an impairment charge of $20.9 million in the quarter, because of slower than anticipated home sales and lower than anticipated net revenue, due to the slow real estate market.
William Lyon Homes reported a net loss of $39 million for the first six months of the year, compared to net loss of $103.4 million for the first six months of 2007. The amount of this year’s cumulative losses would have been higher if not for a $41.6 million tax break the company recorded in January.
The company said it sold $31.6 million of land in the first half of the year.
