WALNUT, CA -- Shea Homes, one of America's largest private homebuilders reported a net loss of $8.29 million in the first quarter of 2011, on revenue of $71.2 million.
The company closed 182 homes during the period at an average sales price of $391,000. Orders increased 8 percent during the period, to 346, but the company said cancellations rose 9 percent from a year earlier to 19.2 percent.
Bert Selva, President and CEO, stated, "Despite one of the most severe downturns in the housing industry, we increased cash 20% and increased house gross margins 27%, year over year."
About Shea Homes
Shea Homes is one of the largest private homebuilders in the nation. Since its founding in 1968, Shea Homes has closed in excess of 86,000 homes. Shea Homes' product strategy is to build homes that demonstrate quality craftsmanship and design that best fit varied lifestyles and budgets. Over the past several years, Shea Homes has been recognized as a leader in customer satisfaction with a reputation for quality, design and service. For more about Shea Homes and its communities, visit www.sheahomes.com.