J.M. Peters Co. Triples Earnings in Third Quarter

NEWPORT BEACH — J.M. Peters Co. Inc., a major regional home builder, said that earnings in its fiscal 1994 third quarter tripled to $6 million, with much of the increase due to a onetime gain of $4.4 million from the restructuring of a project financing agreement.

Quarterly sales increased 58%, to $37.3 million from $23.5 million a year ago, as J.M. Peters completed 165 homes. Operating profit for the quarter climbed to $1.6 million, or 11 cents a share, from the year-earlier $200,000, or 1 cent a share.

Earnings for the first nine months of J.M. Peters’ fiscal 1994 were $2.5 million, or 13 cents a share, compared to a loss of $79.6 million, or $5.70 a share, a year earlier. For the nine months ended Nov. 30, the company reported sales of $49.6 million, down from $68.1 million a year ago.