TOUSA Inc. reported earnings results for the third quarter ended Sept. 30, 2008 showing a net loss of $132.8 million. In contrast, the company posted a net loss of $619.7 million for the same quarter in the previous year.

TOUSA Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2008. For the quarter, the company reported its homebuilding segment generated pre tax loss of $357.1 million on revenues of $294.2 million compared with pre tax loss of $137.6 million on revenues of $565.7 million for the same period a year ago. From financial services segment, the company reported pretax loss of $3.1 million on revenues of $3.3 million compared with pretax income of $2.3 million on revenues of $11 million for the same period a year ago. On a consolidated basis the company reported loss from continuing operations before reorganization items and taxes of $360.2 million, loss from continuing operations, net of taxes of $379.1 million or $6.40 per share and net loss available to common stockholders of $382.2 million or $6.41 per share compared with loss from continuing operations before reorganization items and taxes of $135.3 million, loss from continuing operations, net of taxes of $122.1 million or $2.04 per share and net loss available to common stockholders of $670.2 million or $2.21 per share for the same period a year ago. For the six months, the company reported its homebuilding segment generated pre tax loss of $570.1 million on revenues of $589.5 million compared with pre tax loss of $231.0 million on revenues of $1,126.4 million for the same period a year ago. From financial services segment, the company reported pretax loss of $4.3 million on revenues of $9.1 million compared with pretax income of $5.0 million on revenues of $23.0 million for the same period a year ago. On a consolidated basis the company reported loss from continuing operations before reorganization items and taxes of $574.4 million, loss from continuing operations, net of taxes of $661.8 million or $11.19 per share and net loss available to common stockholders of $670.2 million or $11.24 per share compared with loss from continuing operations before reorganization items and taxes of $226.0 million, loss from continuing operations, net of taxes of $184.3 million or $3.09 per share and net loss available to common stockholders of $198.0 million or $3.32 per share for the same period a year ago. For the six months, the company reported net cash provided by operating activities of $109.2 million and net additions to property and equipment of $0.4 million compared with net cash used in operating activities of $83.2 million and net additions to property and equipment of $7.5 million for the same period a year ago. For the quarter, the company recorded good will impairment charge of $11.2 million compared with $38.2 million for the same period a year ago.

TOUSA Inc. is preparing to lay off 156 people in the Houston area from its Newmark Homes brand. The staff reduction is part of a larger set of cuts of 282 Texas employees by the Hollywood, Fla. builder, which also notified the TWC that it would be laying off 63 Newmark Homes employees in Austin. It would begin the lay-off process on May 22, 2009 as part of efforts to 'wind down current business operations' in light of current economic conditions. The Houston layoffs will be completed by the end of 2009.

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