J.M. Peters Reports $3.9-Million Profit
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NEWPORT BEACH — J.M. Peters Co., the regional home builder, on Thursday reported a profit of $3.9 million, or 26 cents a share, for its latest fiscal quarter.
Those earnings contrasted with a loss of $1.9 million, or 14 cents a share, for the same period last year, the company said.
The Newport Beach builder sold $100 million of junk bonds during the latest quarter, which increased liquidity and allowed it to retire high-interest debt. Some of its profit for the period came from the sale of 193 homes, an increase from the 17 homes sold in the same period a year earlier.
The company reported revenue of $32.8 million for its first quarter, which ended May 31. That was an increase of nearly 14% from revenue of $28.8 million for the same period last year.
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