Avatar Holdings Q2 Net Income Approaches $10M

CORAL GABLES, FL-Avatar Holdings Inc., a locally based, publicly traded real estate company, registered net income of nearly $9.8 million for the second quarter, up from a net loss of $277,000 for last year’s second quarter.Net income per share diluted was $1.16, compared with a net loss of 3 cents per share diluted. Revenue for the second quarter totaled nearly $88.6 million, compared with $57.2 million for the 2003 quarter.For the first half of this year, the company reported net income of $18.2 million, or $2.02 per share diluted, and $166.6 million in revenue. This compares with net income of $1.7 million, or 20 cents per share diluted, and $107.5 million in revenue for the same period last year.Avatar Holdings is mainly involved in real estate operations–including development, commercial and industrial properties, property management and home building–in Florida and Arizona. Avatar’s projects include a joint venture with the Plaza Group to develop the $200-million, 240-unit, ultra-luxury condominium development Ocean Palms on Hollywood Beach. As of June 30, the joint venture had sold 219 of the units, with a $179.7 million aggregate sales volume.