The Presley Companies: The Newport Beach home...

The Presley Companies: The Newport Beach home builder reported second-quarter profit of $989,000, or 2 cents a share, contrasted with a net loss of $15.6 million, or 84 cents a share, for the comparable period a year ago. Sales increased 5%, to $56.8 million from $54.2 million. For the six-month period, a profit of $2.5 million, or 4 cents a share, was recorded, contrasted with a year-ago net loss of $18.8 million, or $1.02 a share. Sales rose 21%, to $122 million from $100.6 million. The company said the results are based on the retroactive effect as of Jan. 1, 1994, of a capital restructuring and quasi-reorganization, which resulted in a reduction of the book value of the company’s real estate assets and liabilities.