Tousa reports $285.3 million net loss for quarter ended March 31, 2008

By Caroline Salls

Pittsburgh, Dec. 3 - Tousa, Inc. reported a $285.3 million net loss for the quarter ended March 31, 2008 on $295.3 million in revenues, according to a 10-Q filed Wednesday with the Securities and Exchange Commission.

The numbers showed a significant decline from the $66 million net loss recorded in the first quarter of 2007 on $560.7 million in revenues.

Cash and cash equivalents at March 31, 2008 were $123.5 million, compared with $67.2 million at Dec. 31, 2007.

As previously reported, Tousa said in August that it had not been able to provide financial information updated beyond Dec. 31, 2007 because the housing market has continued to deteriorate significantly.

In the 10-Q filed Wednesday, the company said it still has not completed the analyses and processes required for the preparation of quarterly reports for the periods ended June 30 and Sept. 30.

Tousa, a Hollywood, Fla.-based homebuilder, filed for bankruptcy on Jan. 29, 2008 in the U.S. Bankruptcy Court for the Southern District of Florida. Its Chapter 11 case number is 08-10928.

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