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Profit increases for LV builder

Tuesday, July 27, 1999 | 11:01 a.m.

The home building and construction company Saxton Inc. of Las Vegas today reported a second-quarter profit of $2.5 million or 33 cents per share, up from $1.8 million or 24 cents earned in the year-ago quarter.

Revenue jumped 57 percent from the year-ago quarter to $34.4 million in the latest quarter thanks in part to Saxton's acquisitions of builders Diamond Key Homes and its affiliate HomeBanc in Arizona and of Maxim Homes in Utah.

Home sales accounted for $25.4 million in sales in the second quarter, up from $6.2 million in the year-ago quarter. Construction revenue fell from $13.4 million in the 1998 quarter to $7.4 million in the most recent quarter.

Saxton said it has 22 home developments under way in three states and plans to open seven more in the next six months. The company also has a design-build division as well as a commercial real estate management operation.

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