Avatar Holdings Inc., Coral Gables, (Nasdaq: AVTR) on Monday reported a net loss of $5.7 million (-$0.51 per share, diluted) for its second quarter ended June 30 compared to a net loss of $9.8 million (-$1.13 per share, diluted) for the comparable period in 2009.
The sole analyst who covers Avatar was expecting a loss of 63 cents per share. Avatar shares were up 2.6% at $20.20 in light trading shortly before market close Monday.
Revenues fell 10.6% to $17,302,000 as closings fell slightly to 67 homes from 70 during the prior-year quarter. Dollar volume decreased by 10.8% to $12,754,000 from the year-earlier period.
New orders declined 41.5% to 38 from last year's quarter. Dollar volume of contracts signed declined by 20.5% compared to the three months ended June 30, 2009, to $8,631,000 compared to $10,858,000. The company, which reports only selected financial data, did not specify a cancellation rate, homes in backlog or a backlog value.
It also did not report margin or specific expense data, such as SG&A in either its press release or its 8K filing with the Securities and Exchange Commission.
The company did disclose that in June, it acquired approximately 1,064 residential lots in a community known as Tortosa in Maricopa, Arizona. In addition, it said it acquired on August 6 368 residential lots in a planned development known as Turtle Creek, located in St. Cloud (Osceola County), Florida.
The company ended the quarter with $160.3 million in cash listed on its balance sheet. Otherwise, it listed only total assets, stockholders equity and book value per share.