Profit increases for LV builder

Saxton Inc., a Las Vegas developer, reported a third quarter profit of $1.5 million or 20 cents per share, up from $1.4 million or 18 cents in the year-ago quarter.

Revenues increased 103 percent to $38.7 million as Saxton closed on the sale of 265 new homes vs. 56 homes in the 1998 quarter. Saxton has 23 home developments open for sale in five cities in three states and anticipates five more will open within the next nine months.

Saxton said its profit was lower than anticipated due to fewer home closings than expected, increased general and administrative expenses and the write-off of previously capitalized private financing costs of $341,000.

archive