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Austin-based Forestar (NYSE: FOR) lost $3.9 million, or 11 centzs a share, compared with a loss of $200,000, or a penny a in the first quarterof 2008. The most recen t results includeapproximately $3.2 milliobn paid to outside advisors to evaluat e an unsolicited shareholder proposal. Revenue for the quarted dropped 21 percentto $29 million. Despite the bigger loss, Forestar's shares increased 9.5 percent on Wednesdagy to $13.74.
“Market conditions continue to be challenging for each of our saidJim DeCosmo, president and CEO of Forestar “Even with a significangt slowdown in real estate we are focused on positioning Forestar to generate positivre cash flow by significantly reducing investment in real estatwe development and lowering costs.” Earlier this week Forestar announcecd an agreement to sell about 75,000 acres of timberland in Georgia and Alabama to of Bostonh for $120 million in cash. That deal is slate d to close this quarter.
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