Tax tally.When you first look at the headline loss number, admit it, a twinge of panic. Remember, this is accounting standards.
A look at the balance sheet, calm settles in. $75 million cash. Book, still over $7 per share. The have no problems paying the tax.
The Silverdale Jv drew $70 million on their bank line, and sent out 35 million each. They will need to start spending the 35 million on infrastructure services later this year.
As my land focused former accountant said, forget it, it's a rounding error.
In the meantime they are closing on some residential Jv's, and paying a dividend in February.