Brookfield Homes Narrows Loss

Brookfield Homes Corp., Fairfax, Va. (NYSE:BHS) on Wednesday before market open reported a $16.7 million loss (-$0.81 per share) for the fourth quarter ended Dec. 31. The loss including impairments and write-offs of $6.3 million and compares with a loss of $79.3 million on $19.3 million in impairments and write-offs for the quarter ended Dec. 31, 2008.

For the full year, Brookfield booked a loss of $32.5 million including unconsolidated subsidiaries (-$27.9 million directly attributable to Brookfield operations), including $37 million (-$23.96 million for Brookfield operations) in impairments and write-offs. The company lost$150.9 million on $153 million in impairments and charges in 2008, including unconsolidated entities.

The loss was in part attributable to the company’s efforts to draw down debt. At yearend, debt to total capitalization was 42%, a significant improvement from 71% for the year ended in 2008 as total financings declined from $748.6 million in 2008 to $381.6 million in 2009.

Total revenue for the quarter was down 3.3% to $145 million; housing revenue increased to $134 million from $127 million in the prior year quarter. For the year, total revenue was down 16.2% to $376 million, with housing revenue falling to $340 million from $415 million. Land sales to other builders generated $36 million for the year.

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Source: BigBuilderonline.com