Poor Q1 For Homebuilder Ryland

The Ryland Group Inc. widened its net loss in the first quarter when compared with the same period from a year ago. For the first quarter ending March 31, the Calabasas-based homebuilding firm reported a net loss of $19.5 million or $0.44 per diluted share on revenues of $174.9 million compared to a net loss of $14.3 million or $0.33 per diluted share on revenues of $250.8 million for the same period last year. In addition, a 30.3 percent drop in homebuilding revenues was reported for the first quarter of 2011 with revenues at $168.6 million compared to $241.9 for the same period in 2010. According to the company’s press release, the decrease in homebuilding revenues was primarily attributed to a 30.1 percent decline in closings, which totaled 688 units for the first quarter 2011 compared to 984 units for the same period last year.