Presley Cos.: The Newport Beach home builder...

Presley Cos.: The Newport Beach home builder reported a loss of $3.3 million, or 18 cents a share, for the first quarter. That contrasted with a profit of $357,000, or 2 cents a share, for the same period a year earlier. Sales were up 36% to $46.4 million from nearly $34 million. The company attributed the loss primarily to declining margins in the company’s major projects. The company noted that most of its land development has been substantially completed.