Irvine-based homebuilder California Coastal Communities Inc. reported first-quarter revenue of $12.8 million on Thursday, a 156% increase from a year earlier on sales of high-priced homes at its Brightwater development in Huntington Beach.
In the quarter, California Coastal sold five homes at Brightwater, a 300-plus home development that overlooks the Bolsa Chica wetlands. Sales included three ocean view homes averaging $3.2 million.
Brightwater is the largest asset for California Coastal, which counts a market value of $12 million. The project is expected to generate gross margins of about 23% to 36%, the company said.
The homebuilder reported a $4 million gross operating profit for the quarter, prior to impairment charges for inland projects California Coastal is working on.
California Coastal posted $1.1 million of gross operating profit for the comparable period of 2008.
The company’s results included a $20.7 million pre-tax gain tied to a debt restructuring deal.
In March, California Coastal turned over 134 unfinished housing lots lots in Corona to an investor in exchange for a $28.7 million reduction in its loan.
