Covington Technologies, a Fullerton-based developer and home...

Covington Technologies, a Fullerton-based developer and home builder, reported a net loss of $1 million for the first quarter. It had net income of $69,000 for the like period in 1987. Revenue totaled $7.4 million, a 65% decrease from the year-earlier figure of $20.9 million.

Deyo P. Breen, president and chief operating officer, said the reduction in revenues was from the company’s current construction cycle, which typically spans 12 to 18 months. The company’s 1988 business plan assumes that most of its closings, and therefore revenue, will be realized in the third and fourth quarters of 1988, he said.