California Coastal Posts Quarterly Loss, No Revenue

California Coastal Communities Inc.: The Irvine residential land development and home-building company reported a net loss of $900,000, or 8 cents a share, for the first quarter, compared with a loss from continuing operations of $1.1 million, or 9 cents a share, for the corresponding period last year. The company sold its commercial development business for $33.3 million in April 1998. No revenue was reported for the first quarter of 1999, compared with revenue from continuing operations of $400,000 for the first quarter of 1998. The company said it does not expect to report any revenue until the fourth quarter, when the delivery of homes is scheduled to start at its Rancho San Pasqual project in Escondido.