Newport Beach-based homebuilder William Lyon Homes Inc. on Tuesday reported a $41.1 million loss for the third quarter, about $19 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 $102.2 million for the quarter, down 44% from a year earlier.
Home deliveries, or closed purchases of houses, were off 45% from a year earlier, with 230 homes closed in the quarter. The company reported a 33% cancellation rate for the third quarter.
New home orders dropped 22% to 264 homes in the third quarter. The company reported 418 new home orders in the second quarter.
William Lyon Homes builds in California, Arizona and Nevada.
The company said it took an impairment charge of $21.9 million in the quarter because of slower than anticipated home sales and the continued deterioration of conditions in the housing market.
It’s taken $68 million in impairment charges so far this year, compared to $147 million of similar charges during the first nine months of 2007.
William Lyon Homes reported a net loss of $80.8 million for the first nine months of the year, compared to net loss of $163.5 million for the first nine months of 2007.
