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Troubled developer posts loss

Tuesday, Aug. 22, 2000 | 11:19 a.m.

Saxton Inc., a Las Vegas-based home builder and commercial developer, reported a loss before special items for the six months ended June 30 of $12.3 million.

Saxton, which operates in Nevada, Utah and Arizona, has been restructuring and selling assets in order to avoid going into bankruptcy.

The company said recent sales of properties and extinguishment of debt gave it an extraordinary gain on extinguishment of troubled debt of $22.9 million. With the extraordinary gain, Saxton said it earned $10.6 million before income taxes in the six-month period.

Saxton said revenue of $68.5 million for the six months was up $4.5 million from the same period in 1999, primarily thanks to sales of land in development and land held for sale, giving Saxton the extraordinary gain of $22.9 million.

Saxton said its restructuring activities allowed it to resume work on two multi-family development and four single-family subdivisions, all in Nevada.

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