Homebuilder Ryland Reports Smaller 2Q Loss

Calabasas, CA, July 29, 2009--Homebuilder Ryland Group Inc. on Wednesday reported a smaller second quarter loss.

The company posted a loss of $73.7 million, or $1.70 per share, compared with a loss of $241.6 million, or $5.70 per share, in the same period a year ago. Revenue fell 44.2 percent to $272.2 million.

The second quarter included $47.3 million in write-offs and inventory adjustments.

Homebuilding revenue fell 44.6 percent to $261.6 million in the quarter, with fewer closings and average home price decline of 5.5 percent to $240,000.

New orders in the quarter fell 19.6 percent to $404.5 million. The backlog of homes ordered but not yet delivered was down 36.4 percent to $607.6 million.