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Friday, Mar 29, 2024

Ryland Announces Lower Losses in Q4

Calabasas-based homebuilder Ryland Group announced a fourth quarter net loss of $59.9 million, or $1.40 per diluted share, on revenues of $528 million compared to the same period of 2007 when the company had a whopping $201.9 million loss, or $4.80 per diluted share, on revenues of $860 million. A variety of “inventory and other valuation adjustments,” totaling $55.1 million were taken during quarter. The year ended with Ryland reporting a consolidated net loss of $396.6 million, or $9.33 per diluted share, an 18.9 percent greater loss than 2007. Since the closing of the 2008 books, Ryland has made some changes. It reduced its borrowing capacity to and modified several covenants of its revolving credit facility. The Ryland Mortgage Company entered into a repurchase agreement with Guaranty Bank and Buyers. Ryland also repurchased $46.6 million of its senior notes.

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