Avatar Holdings Inc. (NASDAQ: AVTR) on Tuesday reported a net loss of $9.5 million (-$0.84 per share, diluted) for its third quarter ended September 30. The results compare to a loss of $8.8 million (-$1.01 per share, diluted) for the comparable quarter last year. The sole analyst surveyed by First Call/Thomson Financial was expecting a loss of 13 cents per share.
Avatar, which reports only selected financial data in its earnings report, gave no reason for the widened shortfall. The company's recently announced acquisition of a portfolio of real estate assets from entities affiliated with JEN Partners, LLC, including Joseph Carl Homes, the active adult development called CantaMia outside Phoenix and Sharpe Properties, 445 acres located in Orange County, Fla., occurred after the close of the third quarter.
The company gave no details on expenses, impairments or write-downs.
Avatar's revenues fell by 47.4% to $9.6 million during the quarter compared to the same period last year. It said it closed 26 homes, a 66% decrease from last year's quarter, as dollar volume dropped 61% to $5.1 million.
Net new orders declined 48% to 22, with dollar volume down 47% to $3.7 million. No cancellation rate was reported.
The only additional information provided in the company's abbreviated balance sheet was a cash/cash equivalents balance of $148.1 million, down from $217.1 million at the same time last year. Book value per share dropped to $36.92 from $39.11.