Newport Beach-based homebuilder William Lyon Homes Inc. on Wednesday reported a $23.2 million loss for the fourth quarter, about $163 million less than it lost a year earlier.
The company, which went private in 2006 but still reports results for debt holders, posted revenue of $146.4 million for the quarter, down 67% from a year earlier.
Home deliveries, or closed purchases of houses, were off 49% from a year earlier, with 408 homes closed in the fourth quarter.
New home orders, or contracts to buy a William Lyon home, dropped 53% to 168 homes in the quarter.
William Lyon Homes builds in California, Arizona and Nevada.
The company said it took an impairment charge of $65.4 million in the quarter because of slower than anticipated home sales and lower than expected net revenues.
For all 2008, William Lyon Homes lost $104 million, which is $245 million less than it lost in all 2007. Revenue for the year totaled $526 million, down 52% from 2007. Home deliveries of 1,260 were down 42% from 2007’s levels.
Impairment charges totaled $133.5 million in 2008, a decrease of nearly $98 million from 2007.
