DOW JONES NEWSWIRES Ryland Group Inc. (RYL) swung to a fourth-quarter loss as the builder recorded a big tax benefit in the year-earlier quarter and saw revenue decline by more than half and new orders slide by one-fifth in the most recent period. Ryland, which operates in 15 states, has reported just a single profitable quarter--the one in the year-earlier period--over the past several years, though it had narrowed its losses in recent quarters because of fewer write-downs. Still, the expiration of a government tax credit that boosted sales last year has left builders struggling and orders low. In the most recent quarter, orders dropped 20%. Ryland posted a fourth-quarter loss of $19.1 million, or 43 cents a share, compared with a profit of $39 million, or 88 cents a share, a year earlier. The most-recent quarter included charges totaling $15.4 million related to inventory and valuation adjustments, while the year-earlier quarter included a tax benefit of $97.6 million. Revenue dropped 52% to $227.1 million. Analysts polled by Thomson Reuters had most recently forecast a 35-cent loss and $234 million in revenue. Housing gross margin edged upward to 14.3% from 14.2%. Backlog at the end of the quarter fell 31% from a year earlier. The average closing price increased 2.5%. Shares closed at $18.24 and were inactive after hours. The stock has fallen 13% this year. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com;
