Avatar Holdings, Inc., Coral Gables (NASDAQ: AVTR), on Tuesday reported a net loss of $16.5 million ($-11.33 per share) on revenues of $28.4 million for the second quarter ended June 30, 2011. The results compared to a net loss of $5.7 million ($-0.51 per share) on revenues of $17.3 million for the three months ended June 30, 2010.

The loss included charges and impairments of $13.8 million, up from zero in last year's quarter. Analysts were expecting a loss of 59 cents a share, not including write-downs.

Closings dropped 37% 42 homes, and dollar volume decreased 27% to $9.3 million. The average sales price increased from $190,000 in last year's quarter to $221,000.

New orders rose 16% from the prior-year quarter to 44; dollar volume was up 19% to $10.3 million. The average selling price of new orders rose to $233,000 from $227,000. The cancellation rate rose to 19% from 16% in last year's quarter.

Backlog at quarter's end more than doubled to 63 units worth $16.9 million from 28 units worth $8 million at the close of last year's quarter. Prices of homes in backlog, however, fell to $268,000 from $287,000.

The company, which reports only selected financial metrics, did not break out data on margins, its land position compared with last year or SG&A expense in either its earnings release or its 10-Q filed with the Securities and Exchange Commission. It did report G&A of $3.35 million, down from$3.76 million in last year's quarter. It also reported that as of As of June 30, it owned more than 17,000 acres and through partnerships in several limited liability companies had a minority stake in an additional 830 acres of developed, partially developed or developable residential, commercial and industrial property. Within Florida and Arizona the company said it owns more than 15,000 acres of preserves, wetlands, open space and other areas that at this time are not developable, permitable and/or economically feasible to develop.

The company ended the quarter with cash and cash equivalents of $146 million compared to $115.5 million as of December 31, 2010. As of June 30, total consolidated indebtedness was $116.2 million.

The company does not provide executive comment in its earnings releases, but in its 10-Q, it stated, "We do not anticipate a meaningful improvement in our markets in the near term."

Avatar shares were trading up 6% at $13.08 midday Tuesday.