The developer posted net income of $1.55 million on revenue of $41.8 million for the third quarter ended Sept. 30 compared to $14 million on sales of $54 million for the comparable 2000 period.
For the nine-month period, Avatar reported net income of $5 million on revenue of $123.9 million versus $10.2 million on sales of $118.8 million in the same period last year.
Nine-month results include the sale of Avatar's Woodland Hills community in California at a price of $7.7 million. The transaction was recorded on July 6 of this year and gave the company a pre-tax gain of $5.3 million for the third quarter.
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