Loss narrows for real estate developer

Mego Financial Corp. of Las Vegas reported a loss in its second quarter ended Feb. 28 of $522,000 or 2 cents per share -- an improvement from the year-ago quarter's loss of $1.3 million or 6 cents. Mego attributed the improvement to a cost-cutting campaign. Revenue was about even at $15.9 million.

Mego sells recreational land parcels and timeshare vacation intervals. It has operations in Nevada, Colorado, Hawaii, Florida and New Jersey.

Mego also said it's trying to sell 10 major land parcels in fast-growing Pahrump outside of Las Vegas. Mego President Jerome Cohen said the company's investment bankers -- Friedman, Billings, Ramsey & Co. -- continue to review strategic alternatives for Mego including offers, mergers and financing transactions.

A merger between Mego and Sycamore Partners LLC fell through last year.

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