California Coastal Communities, Inc. Reports Second Quarter Results (PR Newswire)

Friday August 8, 4:05 pm ET - Second quarter revenues of $10.4 million, up $6.2 million year-over-year, reflects delivery of 15 homes compared with nine homes in second quarter 2007.- Net new orders increased to 26 in the second quarter, up 15 year-over-year, cancellations down to 19% for most recent quarter compared with 35% in second quarter of 2007, and standing inventory reduced from 46 homes at December 31, 2007 to 19 homes at June 30, 2008.- Gross operating profit of $2.0 million generated from seven Brightwater coastal homes, along with $200,000 from eight inland project deliveries, offset by $5.0 million of impairment charges on two inland projects.- Net loss of $3.1 million, or $.28 per diluted share, primarily reflects impairment charges offset by Brightwater gross operating profits. - Negotiations to amend credit... [read full story]