William Lyon Homes on Monday reported revised fourth-quarter and full-year 2008 results. The revisions include an increase of $7,584,000 in the net loss for the quarter ended December 31, 2008 to $30,806,000 from $23,222,000 as previously reported in the company's earnings release dated March 4, 2009, and an increase of $7,584,000 in the net loss for the year ended December 31, 2008 to $111,638,000 from $104,054,000 as previously reported.
The revision resulted from a determination by management on March 24 that the company would be unable to successfully re-negotiate the terms of a land purchase contract that would make the purchase economically viable for the company. The Company thus wrote-off its deposit of $5,728,000 for this land purchase and also incurred an additional impairment loss on this project of $1,856,000.
