|
(in thousands except per common share amounts and number of home closings)
| |
2000
|
1999 (1)
|
I998
|
1997
|
1996
|
| Operating revenue |
$
|
417,322
|
$
|
444,806
|
$
|
370,499
|
$
|
329,942
|
$
|
318,997
|
| Income (loss) before income tax and |
|
|
|
|
|
|
|
|
|
|
| extraordinary item |
|
51,129
|
|
43,497
|
|
8,305
|
|
(89,894)
|
|
152
|
| Income (loss) before |
|
|
|
|
|
|
|
|
|
|
| extraordinary item |
|
38,772
|
|
43,277
|
|
7,114
|
|
(89,894)
|
|
152
|
| Extraordinary item - gain from |
|
|
|
|
|
|
|
|
|
|
| retirement of debt |
|
496
|
|
4,200
|
|
2,741
|
|
-
|
|
-
|
| |
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
$
|
39,268
|
$
|
47,477
|
$
|
9,855
|
$
|
(89,894)
|
$
|
152
|
| |
|
|
|
|
|
|
|
|
|
|
| Basic and diluted earnings (loss) |
|
|
|
|
|
|
|
|
|
|
| per common share (2): |
|
|
|
|
|
|
|
|
|
|
| Before extraordinary item |
$
|
3.69
|
$
|
4.15
|
$
|
0.68
|
$
|
(8.61)
|
$
|
-
|
| Extraordinary item |
|
0.05
|
|
0.40
|
|
0.26
|
|
-
|
|
-
|
| After extraordinary item |
$
|
3.74
|
$
|
4.55
|
$
|
0.94
|
$
|
(8.61)
|
$
|
-
|
| |
|
|
|
|
|
|
|
|
|
|
| Average shares outstanding (2) |
|
10,500
|
|
10,439
|
|
10,439
|
|
10,439
|
|
10,439
|
| Total assets |
$
|
330,280
|
$
|
278,483
|
$
|
246,404
|
$
|
285,244
|
$
|
331,615
|
| Notes payable |
$
|
166,910
|
$
|
176,630
|
$
|
195,393
|
$
|
254,935
|
$
|
208,524
|
| Stockholders' equity (deficit) |
$
|
102,512
|
$
|
53,301
|
$
|
5,824
|
$
|
(5,681)
|
$
|
84,213
|
| Home closings - units |
|
2,666
|
|
2,618
|
|
1,925
|
|
1,597
|
|
1,838
|
 |
|
|
|
|
|
Notes:
| (1) |
On November 5, 1999, the Company acquired substantially
all of the assets and assumed substantially all of the related liabilities
of William Lyon Homes, Inc. (subsequently renamed Corporate Enterprises,
Inc.). See Note 2 of "Notes to Consolidated Financial Statements."
The total purchase price consisted of approximately $42,598,000 in
cash and the assumption of approximately $101,058,000 of liabilities.
The acquisition is being accounted for as a purchase, and accordingly,
the purchase price has been allocated based on the fair value of the
assets and liabilities acquired. The excess of the purchase price
over the net assets being acquired amounting to approximately $8,689,000
has been reflected as goodwill and is being amortized on a straight
line basis over an estimated useful life of seven years. See "Management's
Discussion and Analysis of Financial Condition and Results of Operations."
|
| (2) |
Reflects the conversion of each outstanding share of
The Presley Companies Common Stock into 0.2 share of the Company's
Common Stock as a result of the merger of The Presley Companies with
and into the Company. See Notes 2 and 3 of "Notes to Consolidated
Financial Statements." |
|
