Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - M.D.C. HOLDINGS, INC. | d429274d8k.htm |
Exhibit 99.1
News Release
M.D.C. HOLDINGS ANNOUNCES 2012 THIRD QUARTER RESULTS
DENVER, COLORADO, Thursday, November 1, 2012. M.D.C. Holdings, Inc. (NYSE: MDC) announced results for the quarter ended September 30, 2012.
2012 Third Quarter Highlights and Comparisons to 2011 Third Quarter
| • | Net income of $20.1 million, or $0.41 per diluted share vs. net loss of $31.7 million, or $0.68 per diluted share |
| • | 2011 third quarter included $18.6 million charge related to debt extinguishment |
| • | Net new orders of 1,008 homes, up 69% |
| • | Backlog of 1,997 homes, up 52%; backlog dollar value up 65% to $667.0 million |
| • | Home sale revenues of $320.6 million, up 57% |
| • | Homes closed of 1,039 homes, up 47% |
| • | Gross margin from home sales of 15.5% vs. 14.8% |
| • | Improvement of 130 basis points vs. 14.2% in 2012 second quarter |
| • | SG&A expenses as a percentage of home sale revenues of 14.0% vs. 22.6%, an 860 basis point improvement |
| • | Homebuilding operations pretax income of $10.2 million vs. loss of $33.7 million |
| • | Financial services segment pretax profit of $9.3 million vs. loss of $0.5 million |
| • | Approved the acquisition of 1,478 lots in 31 communities |
Larry A. Mizel, MDC’s Chairman and Chief Executive Officer, stated, “I am pleased to announce a third quarter profit of $0.41 per share, our third consecutive quarterly operating profit, with net income improving by more than $50 million over the prior year. Our favorable results were largely attributable to significantly improved operating profits from our homebuilding segment, which experienced top-line growth as well as operating margin expansion. In addition, the Company’s financial services segment produced considerably better results as the Company took advantage of favorable mortgage market conditions, including increased volume and margins for its mortgage loan products.”
Mr. Mizel continued, “Looking forward, we will continue to balance our improved sales rate by increasing home prices and reducing incentives in subdivisions where demand is strong. Our efforts to date in this regard have helped us push the gross margins in our backlog higher, positioning us to increase our gross margin in the fourth quarter and into 2013. In addition, we believe our unit backlog, which ended the quarter up 52% from a year ago, will drive the revenue increases we need to improve our operating leverage in future periods.”
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Mizel concluded, “At the end of the quarter, we owned nearly 9,000 lots across the country and had an additional 3,700 lots under option or in feasibility. While our overall supply of owned lots is somewhat smaller than our peers, our proportion of finished lots is much higher, and nearly all of our communities are actively selling or under development. This finished, in-production lot supply compares favorably with our peers and should allow us to drive top-line growth in 2013. Also, we have the financial strength to support future land acquisition opportunities, as evidenced by our unique net liquidity position and investment-grade balance sheet.”
Homebuilding
Home sale revenues for the 2012 third quarter increased 57% to $320.6 million compared to $204.9 million for the prior year period. The increase in revenues resulted primarily from a 47% increase in homes closed to 1,039 homes as compared to 707 in the prior year. The Company’s average selling price for homes closed was $308,600, up 6% year-over-year compared to $289,800 for the prior year period, primarily due to a mix shift in closings to more desirable communities within individual markets, coupled with increased prices and lower incentives in many of our markets.
Gross margin from home sales for the 2012 third quarter was 15.5% versus 14.8% for the year-earlier period. The 2011 third quarter benefited by $6.4 million from the settlement of a construction defect claim and the impact of project close-out adjustments, as well as from a $1.0 million benefit related to a warranty accrual reduction. These benefits were partially offset by $4.0 million in inventory impairments while the 2012 third quarter had no inventory impairments. On a sequential basis, our 2012 third quarter gross margin from home sales was up 130 basis points as compared to 14.2% for the 2012 second quarter.
The year-over-year improvement in the Company’s gross margin from home sales was driven partially by closing a significantly higher percentage of homes started with buyers under contract, which historically have been more profitable than homes started without a buyer under contract. In addition, both the year-over-year and sequential increases in the gross margin percentage were driven by price increases and a reduction of incentives in many of our communities across the country.
Our 2012 third quarter SG&A expenses fell slightly to $44.8 million, compared to $46.4 million for the 2011 third quarter. The decrease in SG&A was attributable to a $4.6 million decrease in general and administrative expenses, including reductions in salaries and other overhead costs and a $2.2 million legal recovery, partially offset by a $3.8 million increase in commission expenses attributable to our increase in home sale revenues. The decreased SG&A expenses, combined with increased revenues, resulted in better operating leverage, with SG&A expenses as a percentage of home sales revenues decreasing 860 basis points to 14.0% for the 2012 third quarter versus 22.6% for the same period in 2011.
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Net new orders for the 2012 third quarter increased 69% to 1,008 homes, compared to 595 homes during the same period in 2011. The Company’s monthly sales absorption rate for the 2012 third quarter was 2.0 per community, compared to 1.1 per community for the 2011 third quarter. The Company’s cancellation rate for the 2012 third quarter was 27% versus 44% in the prior year third quarter.
The Company ended the 2012 third quarter with 1,997 homes in backlog, with an estimated sales value of $667.0 million, compared with a backlog of 1,312 homes with an estimated sales value of $405.0 million at September 30, 2011.
Financial Services
Income before taxes from our financial services operations for the 2012 third quarter was $9.3 million, compared to a loss of $0.5 million for the 2011 third quarter. The increase in pretax income primarily reflected an $8.9 million increase in our mortgage segment’s pretax results from a loss of $1.6 million in the 2011 third quarter to income of $7.3 million for the 2012 third quarter. The improvement in our mortgage profitability was driven mostly by year-over-year increases in the gains on sales of mortgage loans and the corresponding servicing rights, and higher origination income. These increases were due largely to favorable mortgage market conditions, increases in the volume of loans locked and originated, and a decrease in the level of special financing programs that we offered our homebuyers. Additionally, mortgage operations benefited from a $2.8 million decrease in the expense recognized for mortgage loan losses.
About MDC
Since 1972, MDC's subsidiary companies have built and financed the American dream for more than 170,000 homebuyers. MDC's commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. MDC is one of the largest homebuilders in the United States. Its subsidiaries have homebuilding operations across the country, including the metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Francisco Bay Area, Washington D.C., Baltimore, Philadelphia, Jacksonville and Seattle. The Company's subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is traded on the New York Stock Exchange under the symbol "MDC." For more information, visit www.mdcholdings.com.
Forward-Looking Statements
Certain statements in this release, including statements regarding our business, financial condition, results of operation, cash flows, strategies and prospects, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors
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that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic conditions, including changes in consumer confidence, inflation or deflation and employment levels; (2) changes in business conditions experienced by the Company, including cancellation rates, net home orders, home gross margins, and land and home values; (3) changes in interest rates, mortgage lending programs and the availability of credit; (4) changes in the market value of the Company’s investments in marketable securities; (5) uncertainty in the mortgage lending industry, including repurchase requirements associated with HomeAmerican’s sale of mortgage loans (6) the relative stability of debt and equity markets; (7) competition; (8) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (9) the availability and cost of performance bonds and insurance covering risks associated with our business; (10) shortages and the cost of labor; (11) weather related slowdowns; (12) slow growth initiatives; (13) building moratoria; (14) governmental regulation, including the interpretation of tax, labor and environmental laws; (15) terrorist acts and other acts of war; and (16) other factors over which the Company has little or no control. Additional information about the risks and uncertainties applicable to the Company's business is contained in the Company's Form 10-Q for the quarter ended September 30, 2012, which is scheduled to be filed with the Securities and Exchange Commission today. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. The Company undertakes no duty to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or webcasts should be consulted.
| Contact: | Robert N. Martin | |
| Vice President of Finance | ||
| (720) 977-3431 | ||
| bob.martin@mdch.com |
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M.D.C. HOLDINGS, INC.
Consolidated Statements of Operations and Comprehensive Income
| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Homebuilding: |
||||||||||||||||
| Home sale revenues |
$ | 320,647 | $ | 204,886 | $ | 761,857 | $ | 574,432 | ||||||||
| Land sale revenues |
15 | 730 | 3,420 | 3,499 | ||||||||||||
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| Total home sale and land revenues |
320,662 | 205,616 | 765,277 | 577,931 | ||||||||||||
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| Home cost of sales |
(271,067 | ) | (170,443 | ) | (649,941 | ) | (490,521 | ) | ||||||||
| Land cost of sales |
(2 | ) | (724 | ) | (3,210 | ) | (2,482 | ) | ||||||||
| Inventory impairments |
— | (4,049 | ) | — | (12,682 | ) | ||||||||||
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| Total cost of sales |
(271,069 | ) | (175,216 | ) | (653,151 | ) | (505,685 | ) | ||||||||
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| Gross margin |
49,593 | 30,400 | 112,126 | 72,246 | ||||||||||||
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| Selling, general and administrative expenses |
(44,788 | ) | (46,360 | ) | (118,135 | ) | (143,171 | ) | ||||||||
| Interest income |
5,365 | 5,964 | 16,651 | 19,437 | ||||||||||||
| Interest expense |
— | (3,641 | ) | (808 | ) | (19,642 | ) | |||||||||
| Other income (expense) |
16 | (20,102 | ) | 592 | (20,985 | ) | ||||||||||
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| Homebuilding pretax income (loss) |
10,186 | (33,739 | ) | 10,426 | (92,115 | ) | ||||||||||
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| Financial Services: |
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| Revenues |
14,454 | 6,322 | 34,304 | 20,480 | ||||||||||||
| Expenses |
(5,156 | ) | (6,772 | ) | (13,466 | ) | (16,061 | ) | ||||||||
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| Financial services pretax income |
9,298 | (450 | ) | 20,838 | 4,419 | |||||||||||
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| Income (loss) before income taxes |
19,484 | (34,189 | ) | 31,264 | (87,696 | ) | ||||||||||
| Benefit (provision) for income taxes |
642 | 2,479 | 1,765 | 8,127 | ||||||||||||
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| Net income (loss) |
$ | 20,126 | $ | (31,710 | ) | $ | 33,029 | $ | (79,569 | ) | ||||||
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| Other comprehensive income (loss): |
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| Unrealized gain related to available-for-sale securities |
5,095 | (20,237 | ) | 10,945 | (18,905 | ) | ||||||||||
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| Comprehensive income (loss) |
$ | 25,221 | $ | (51,947 | ) | $ | 43,974 | $ | (98,474 | ) | ||||||
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| Earnings (loss) per share: |
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| Basic |
$ | 0.42 | $ | (0.68 | ) | $ | 0.69 | $ | (1.72 | ) | ||||||
| Diluted |
$ | 0.41 | $ | (0.68 | ) | $ | 0.68 | $ | (1.72 | ) | ||||||
| Weighted Average Common Shares Outstanding: |
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| Basic |
47,761,307 | 46,736,638 | 47,499,429 | 46,717,408 | ||||||||||||
| Diluted |
48,173,315 | 46,736,638 | 47,818,188 | 46,717,408 | ||||||||||||
| Dividends declared per share |
$ | 0.25 | $ | 0.25 | $ | 0.75 | $ | 0.75 | ||||||||
5
M.D.C. HOLDINGS, INC.
Consolidated Balance Sheets
| September 30, 2012 |
December 31, 2011 |
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| (Dollars in thousands, except per share amounts) | ||||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Homebuilding: |
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| Cash and cash equivalents |
$ | 235,273 | $ | 316,418 | ||||
| Marketable securities |
503,805 | 485,434 | ||||||
| Restricted cash |
2,084 | 667 | ||||||
| Trade and other receivables |
35,768 | 21,593 | ||||||
| Inventories: |
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| Housing completed or under construction |
504,016 | 300,714 | ||||||
| Land and land under development |
393,170 | 505,338 | ||||||
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| Total inventories |
897,186 | 806,052 | ||||||
| Property and equipment, net |
33,789 | 36,277 | ||||||
| Deferred tax asset, net of valuation allowance of $263,562 and $281,178 at September 30, 2012 and December 31, 2011, respectively |
— | — | ||||||
| Prepaid expenses and other assets |
47,616 | 50,423 | ||||||
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| Total homebuilding assets |
1,755,521 | 1,716,864 | ||||||
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| Financial Services: |
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| Cash and cash equivalents |
28,524 | 26,943 | ||||||
| Marketable securities |
32,915 | 34,509 | ||||||
| Mortgage loans held-for-sale, net |
86,648 | 78,335 | ||||||
| Prepaid expenses and other assets |
4,815 | 2,074 | ||||||
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| Total financial services assets |
152,902 | 141,861 | ||||||
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| Total Assets |
$ | 1,908,423 | $ | 1,858,725 | ||||
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| LIABILITIES AND EQUITY | ||||||||
| Homebuilding: |
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| Accounts payable |
$ | 49,636 | $ | 25,645 | ||||
| Accrued liabilities |
106,457 | 119,188 | ||||||
| Senior notes, net |
744,654 | 744,108 | ||||||
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| Total homebuilding liabilities |
900,747 | 888,941 | ||||||
| Financial Services: |
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| Accounts payable and accrued liabilities |
54,226 | 52,446 | ||||||
| Mortgage repurchase facility |
46,888 | 48,702 | ||||||
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| Total financial services liabilities |
101,114 | 101,148 | ||||||
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| Total Liabilities |
1,001,861 | 990,089 | ||||||
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| Stockholders’ Equity |
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| Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding |
— | — | ||||||
| Common stock, $0.01 par value; 250,000,000 shares authorized; 48,651,558 issued and outstanding at September 30, 2012 and 48,017,108 and 47,957,196 issued and outstanding, respectively, at December 31, 2011 |
487 | 480 | ||||||
| Additional paid-in-capital |
892,461 | 863,128 | ||||||
| Retained earnings |
9,909 | 12,927 | ||||||
| Accumulated other comprehensive income (loss) |
3,705 | (7,240 | ) | |||||
| Treasury stock, at cost; no shares at September 30, 2012 and 59,912 at December 31, 2011 |
— | (659 | ) | |||||
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| Total Stockholders’ Equity |
906,562 | 868,636 | ||||||
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| Total Liabilities and Stockholders’ Equity |
$ | 1,908,423 | $ | 1,858,725 | ||||
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6
M.D.C. HOLDINGS, INC.
Consolidated Statement of Cash Flows
| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| (Dollars in thousands) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Operating Activities: |
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| Net income (loss) |
$ | 20,126 | $ | (31,710 | ) | $ | 33,029 | $ | (79,569 | ) | ||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
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| Loss on extinguishment of senior notes |
— | 18,559 | — | 18,559 | ||||||||||||
| Stock-based compensation expense |
4,907 | 5,412 | 12,628 | 12,092 | ||||||||||||
| Depreciation and amortization |
1,052 | 1,496 | 3,708 | 4,713 | ||||||||||||
| Inventory impairments and write-offs of land option deposits |
103 | 5,578 | 414 | 17,883 | ||||||||||||
| Amortization of (premium) discount on marketable debt securities |
430 | 692 | 279 | 1,604 | ||||||||||||
| Net changes in assets and liabilities: |
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| Restricted cash |
176 | (78 | ) | (1,417 | ) | (262 | ) | |||||||||
| Trade and other receivables |
4,660 | (2,821 | ) | (13,685 | ) | 16,114 | ||||||||||
| Mortgage loans held-for-sale |
(20,961 | ) | (3,101 | ) | (8,313 | ) | 22,813 | |||||||||
| Housing completed or under construction |
(66,607 | ) | 2,271 | (202,994 | ) | 53,861 | ||||||||||
| Land and land under development |
21,358 | 3,468 | 112,406 | (105,154 | ) | |||||||||||
| Prepaid expenses and other assets |
(4,509 | ) | (1,406 | ) | (553 | ) | (2,782 | ) | ||||||||
| Accounts payable |
6,894 | (1,813 | ) | 24,063 | (7,723 | ) | ||||||||||
| Accrued liabilities |
(2,494 | ) | (8,033 | ) | (10,020 | ) | (32,892 | ) | ||||||||
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| Net cash provided by (used in) operating activities |
(34,865 | ) | (11,486 | ) | (50,455 | ) | (80,743 | ) | ||||||||
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| Investing Activities: |
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| Purchase of marketable securities |
(104,379 | ) | (30,201 | ) | (397,167 | ) | (288,624 | ) | ||||||||
| Maturity of marketable securities |
— | 2,071 | 106,000 | 453,071 | ||||||||||||
| Sale of marketable securities |
59,355 | 118,755 | 285,056 | 248,432 | ||||||||||||
| Purchase of property and equipment and other |
(290 | ) | (2,422 | ) | (958 | ) | (31,717 | ) | ||||||||
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| Net cash provided by (used in) investing activities |
(45,314 | ) | 88,203 | (7,069 | ) | 381,162 | ||||||||||
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| Financing Activities: |
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| Extinuishment of senior notes |
— | (254,903 | ) | — | (254,903 | ) | ||||||||||
| Payments on mortgage repurchase facility |
(47,120 | ) | (9,339 | ) | (137,529 | ) | (56,454 | ) | ||||||||
| Advances on mortgage repurchase facility |
61,348 | 11,059 | 135,715 | 41,728 | ||||||||||||
| Dividend payments |
(12,056 | ) | (11,868 | ) | (36,046 | ) | (35,560 | ) | ||||||||
| Proceeds from exercise of stock options |
15,680 | — | 15,820 | 46 | ||||||||||||
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| Net cash provided by (used in) financing activities |
17,852 | (265,051 | ) | (22,040 | ) | (305,143 | ) | |||||||||
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| Net increase (decrease) in cash and cash equivalents |
(62,327 | ) | (188,334 | ) | (79,564 | ) | (4,724 | ) | ||||||||
| Cash and cash equivalents: |
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| Beginning of period |
326,124 | 755,835 | 343,361 | 572,225 | ||||||||||||
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| End of period |
$ | 263,797 | $ | 567,501 | $ | 263,797 | $ | 567,501 | ||||||||
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7
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
New Home Deliveries:
| Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||
| 2012 | 2011 | % Change | ||||||||||||||||||||||||||||||||||
| Homes | Dollar Value |
Average Price |
Homes | Dollar Value |
Average Price |
Homes | Dollar Value |
Average Price |
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| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
| Arizona |
203 | $ | 44,877 | $ | 221.1 | 126 | $ | 25,272 | $ | 200.6 | 61 | % | 78 | % | 10 | % | ||||||||||||||||||||
| California |
131 | 46,580 | 355.6 | 58 | 17,883 | 308.3 | 126 | % | 160 | % | 15 | % | ||||||||||||||||||||||||
| Nevada |
178 | 37,679 | 211.7 | 77 | 14,387 | 186.8 | 131 | % | 162 | % | 13 | % | ||||||||||||||||||||||||
| Washington |
63 | 18,894 | 299.9 | 49 | 13,135 | 268.1 | 29 | % | 44 | % | 12 | % | ||||||||||||||||||||||||
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| West |
575 | 148,030 | 257.4 | 310 | 70,677 | 228.0 | 85 | % | 109 | % | 13 | % | ||||||||||||||||||||||||
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| Colorado |
229 | 81,706 | 356.8 | 189 | 65,234 | 345.2 | 21 | % | 25 | % | 3 | % | ||||||||||||||||||||||||
| Utah |
53 | 14,632 | 276.1 | 58 | 16,712 | 288.1 | -9 | % | -12 | % | -4 | % | ||||||||||||||||||||||||
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| Mountain |
282 | 96,338 | 341.6 | 247 | 81,946 | 331.8 | 14 | % | 18 | % | 3 | % | ||||||||||||||||||||||||
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| Maryland |
65 | 29,382 | 452.0 | 47 | 21,020 | 447.2 | 38 | % | 40 | % | 1 | % | ||||||||||||||||||||||||
| Virginia |
67 | 34,069 | 508.5 | 36 | 15,370 | 426.9 | 86 | % | 122 | % | 19 | % | ||||||||||||||||||||||||
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| East |
132 | 63,451 | 480.7 | 83 | 36,390 | 438.4 | 59 | % | 74 | % | 10 | % | ||||||||||||||||||||||||
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| Florida |
50 | 12,828 | 256.6 | 63 | 14,592 | 231.6 | -21 | % | -12 | % | 11 | % | ||||||||||||||||||||||||
| Illinois |
— | — | — | 4 | 1,281 | 320.3 | N/M | N/M | N/M | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Other Homebuilding |
50 | 12,828 | 256.6 | 67 | 15,873 | 236.9 | -25 | % | -19 | % | 8 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Total |
1,039 | $ | 320,647 | $ | 308.6 | 707 | $ | 204,886 | $ | 289.8 | 47 | % | 57 | % | 6 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||
| 2012 | 2011 | % Change | ||||||||||||||||||||||||||||||||||
| Homes | Dollar Value |
Average Price |
Homes | Dollar Value |
Average Price |
Homes | Dollar Value |
Average Price |
||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
| Arizona |
418 | $ | 89,920 | $ | 215.1 | 301 | $ | 57,183 | $ | 190.0 | 39 | % | 57 | % | 13 | % | ||||||||||||||||||||
| California |
319 | 107,768 | 337.8 | 168 | 52,554 | 312.8 | 90 | % | 105 | % | 8 | % | ||||||||||||||||||||||||
| Nevada |
439 | 87,735 | 199.9 | 223 | 42,150 | 189.0 | 97 | % | 108 | % | 6 | % | ||||||||||||||||||||||||
| Washington |
166 | 48,060 | 289.5 | 100 | 26,912 | 269.1 | 66 | % | 79 | % | 8 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| West |
1,342 | 333,483 | 248.5 | 792 | 178,799 | 225.8 | 69 | % | 87 | % | 10 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Colorado |
539 | 192,923 | 357.9 | 537 | 180,256 | 335.7 | 0 | % | 7 | % | 7 | % | ||||||||||||||||||||||||
| Utah |
151 | 41,874 | 277.3 | 178 | 49,185 | 276.3 | -15 | % | -15 | % | 0 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Mountain |
690 | 234,797 | 340.3 | 715 | 229,441 | 320.9 | -3 | % | 2 | % | 6 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Maryland |
156 | 67,953 | 435.6 | 153 | 65,506 | 428.1 | 2 | % | 4 | % | 2 | % | ||||||||||||||||||||||||
| Virginia |
196 | 92,395 | 471.4 | 151 | 64,161 | 424.9 | 30 | % | 44 | % | 11 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| East |
352 | 160,348 | 455.5 | 304 | 129,667 | 426.5 | 16 | % | 24 | % | 7 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Florida |
133 | 32,678 | 245.7 | 154 | 34,951 | 227.0 | -14 | % | -7 | % | 8 | % | ||||||||||||||||||||||||
| Illinois |
2 | 551 | 275.5 | 5 | 1,574 | 314.8 | -60 | % | -65 | % | -12 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Other Homebuilding |
135 | 33,229 | 246.1 | 159 | 36,525 | 229.7 | -15 | % | -9 | % | 7 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Total |
2,519 | $ | 761,857 | $ | 302.4 | 1,970 | $ | 574,432 | $ | 291.6 | 28 | % | 33 | % | 4 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
8
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
Net New Orders:
| Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||
| 2012 | 2011 | % Change | ||||||||||||||||||||||||||||||||||
| Homes | Dollar Value | Average Price |
Homes | Dollar Value |
Average Price |
Homes | Dollar Value |
Average Price |
||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
| Arizona |
136 | $ | 30,441 | $ | 223.8 | 104 | $ | 19,127 | $ | 183.9 | 31 | % | 59 | % | 22 | % | ||||||||||||||||||||
| California |
173 | 56,507 | 326.6 | 53 | 16,526 | 311.8 | 226 | % | 242 | % | 5 | % | ||||||||||||||||||||||||
| Nevada |
131 | 30,944 | 236.2 | 107 | 18,220 | 170.3 | 22 | % | 70 | % | 39 | % | ||||||||||||||||||||||||
| Washington |
71 | 21,998 | 309.8 | 42 | 10,737 | 255.6 | 69 | % | 105 | % | 21 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| West |
511 | 139,890 | 273.8 | 306 | 64,610 | 211.1 | 67 | % | 117 | % | 30 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Colorado |
251 | 84,575 | 337.0 | 147 | 51,812 | 352.5 | 71 | % | 63 | % | -4 | % | ||||||||||||||||||||||||
| Utah |
66 | 20,220 | 306.4 | 38 | 10,604 | 279.1 | 74 | % | 91 | % | 10 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Mountain |
317 | 104,795 | 330.6 | 185 | 62,416 | 337.4 | 71 | % | 68 | % | -2 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Maryland |
39 | 18,031 | 462.3 | 48 | 25,178 | 524.5 | -19 | % | -28 | % | -12 | % | ||||||||||||||||||||||||
| Virginia |
88 | 42,554 | 483.6 | 42 | 18,586 | 442.5 | 110 | % | 129 | % | 9 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| East |
127 | 60,585 | 477.0 | 90 | 43,764 | 486.3 | 41 | % | 38 | % | -2 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Florida |
53 | 12,918 | 243.7 | 16 | 4,379 | 273.7 | 231 | % | 195 | % | -11 | % | ||||||||||||||||||||||||
| Illinois |
— | — | — | (2 | ) | (564 | ) | 282.0 | N/M | N/M | N/M | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Other |
53 | 12,918 | 243.7 | 14 | 3,815 | 272.5 | 279 | % | 239 | % | -11 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Total |
1,008 | $ | 318,188 | $ | 315.7 | 595 | $ | 174,605 | $ | 293.5 | 69 | % | 82 | % | 8 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||
| 2012 | 2011 | % Change | ||||||||||||||||||||||||||||||||||
| Homes | Dollar Value | Average Price |
Homes | Dollar Value |
Average Price |
Homes | Dollar Value |
Average Price |
||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
| Arizona |
569 | $ | 124,723 | $ | 219.2 | 390 | $ | 74,007 | $ | 189.8 | 46 | % | 69 | % | 15 | % | ||||||||||||||||||||
| California |
511 | 175,533 | 343.5 | 247 | 73,341 | 296.9 | 107 | % | 139 | % | 16 | % | ||||||||||||||||||||||||
| Nevada |
522 | 114,823 | 220.0 | 349 | 64,256 | 184.1 | 50 | % | 79 | % | 20 | % | ||||||||||||||||||||||||
| Washington |
216 | 64,040 | 296.5 | 68 | 17,464 | 256.8 | 218 | % | 267 | % | 15 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| West |
1,818 | 479,119 | 263.5 | 1,054 | 229,068 | 217.3 | 72 | % | 109 | % | 21 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Colorado |
797 | 276,767 | 347.3 | 560 | 190,560 | 340.3 | 42 | % | 45 | % | 2 | % | ||||||||||||||||||||||||
| Utah |
203 | 60,491 | 298.0 | 214 | 59,154 | 276.4 | -5 | % | 2 | % | 8 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Mountain |
1,000 | 337,258 | 337.3 | 774 | 249,714 | 322.6 | 29 | % | 35 | % | 5 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Maryland |
235 | 103,079 | 438.6 | 168 | 75,626 | 450.2 | 40 | % | 36 | % | -3 | % | ||||||||||||||||||||||||
| Virginia |
276 | 136,740 | 495.4 | 205 | 88,669 | 432.5 | 35 | % | 54 | % | 15 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| East |
511 | 239,819 | 469.3 | 373 | 164,295 | 440.5 | 37 | % | 46 | % | 7 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Florida |
142 | 33,502 | 235.9 | 158 | 36,339 | 230.0 | -10 | % | -8 | % | 3 | % | ||||||||||||||||||||||||
| Illinois |
2 | 550 | 275.0 | 5 | 1,477 | 295.4 | -60 | % | -63 | % | -7 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Other |
144 | 34,052 | 236.5 | 163 | 37,816 | 232.0 | -12 | % | -10 | % | 2 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Total |
3,473 | $ | 1,090,248 | $ | 313.9 | 2,364 | $ | 680,893 | $ | 288.0 | 47 | % | 60 | % | 9 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
9
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
Active Subdivisions:
| September 30, | ||||||||||||
| 2012 | 2011 | % Change | ||||||||||
| Arizona |
14 | 26 | -46 | % | ||||||||
| California |
18 | 16 | 13 | % | ||||||||
| Nevada |
16 | 20 | -20 | % | ||||||||
| Washington |
12 | 10 | 20 | % | ||||||||
|
|
|
|
|
|||||||||
| West |
60 | 72 | -17 | % | ||||||||
|
|
|
|
|
|||||||||
| Colorado |
45 | 47 | -4 | % | ||||||||
| Utah |
16 | 21 | -24 | % | ||||||||
|
|
|
|
|
|||||||||
| Mountain |
61 | 68 | -10 | % | ||||||||
|
|
|
|
|
|||||||||
| Maryland |
17 | 14 | 21 | % | ||||||||
| Virginia |
13 | 13 | 0 | % | ||||||||
|
|
|
|
|
|||||||||
| East |
30 | 27 | 11 | % | ||||||||
|
|
|
|
|
|||||||||
| Florida |
15 | 15 | 0 | % | ||||||||
|
|
|
|
|
|||||||||
| Other Homebuilding |
15 | 15 | 0 | % | ||||||||
|
|
|
|
|
|||||||||
| Total |
166 | 182 | -9 | % | ||||||||
|
|
|
|
|
|||||||||
| Average for quarter ended |
170 | 179 | -5 | % | ||||||||
|
|
|
|
|
|||||||||
Backlog:
| September 30, | ||||||||||||||||||||||||||||||||||||
| 2012 | 2011 | % Change | ||||||||||||||||||||||||||||||||||
| Homes | Dollar Value |
Average Price |
Homes | Dollar Value |
Average Price |
Homes | Dollar Value |
Average Price |
||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
| Arizona |
279 | $ | 62,902 | $ | 225.5 | 173 | $ | 34,474 | $ | 199.3 | 61 | % | 82 | % | 13 | % | ||||||||||||||||||||
| California |
310 | 104,825 | 338.1 | 158 | 48,476 | 306.8 | 96 | % | 116 | % | 10 | % | ||||||||||||||||||||||||
| Nevada |
239 | 56,902 | 238.1 | 202 | 39,432 | 195.2 | 18 | % | 44 | % | 22 | % | ||||||||||||||||||||||||
| Washington |
104 | 33,885 | 325.8 | 44 | 11,675 | 265.3 | 136 | % | 190 | % | 23 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| West |
932 | 258,514 | 277.4 | 577 | 134,057 | 232.3 | 62 | % | 93 | % | 19 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Colorado |
491 | 179,779 | 366.1 | 296 | 105,850 | 357.6 | 66 | % | 70 | % | 2 | % | ||||||||||||||||||||||||
| Utah |
120 | 35,745 | 297.9 | 105 | 29,667 | 282.5 | 14 | % | 20 | % | 5 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Mountain |
611 | 215,524 | 352.7 | 401 | 135,517 | 337.9 | 52 | % | 59 | % | 4 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Maryland |
192 | 80,876 | 421.2 | 141 | 61,567 | 436.6 | 36 | % | 31 | % | -4 | % | ||||||||||||||||||||||||
| Virginia |
183 | 91,993 | 502.7 | 124 | 56,480 | 455.5 | 48 | % | 63 | % | 10 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| East |
375 | 172,869 | 461.0 | 265 | 118,047 | 445.5 | 42 | % | 46 | % | 3 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Florida |
79 | 20,052 | 253.8 | 68 | 16,926 | 248.9 | 16 | % | 18 | % | 2 | % | ||||||||||||||||||||||||
| Illinois |
— | — | |
— |
|
1 | 329 | 329.1 | N/M | N/M | N/M | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Other Homebuilding |
79 | 20,052 | 253.8 | 69 | 17,255 | 250.1 | 14 | % | 16 | % | 1 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Total |
1,997 | $ | 666,959 | $ | 334.0 | 1,312 | $ | 404,876 | $ | 308.6 | 52 | % | 65 | % | 8 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
10
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
Homes Completed or Under Construction (WIP lots):
| September 30, | ||||||||||||
| 2012 | 2011 | % Change | ||||||||||
| Unsold |
||||||||||||
| Completed |
137 | 85 | 61 | % | ||||||||
| Under construction - frame |
391 | 314 | 25 | % | ||||||||
| Under construction - foundation |
233 | 85 | 174 | % | ||||||||
|
|
|
|
|
|||||||||
| Total unsold started homes |
761 | 484 | 57 | % | ||||||||
|
|
|
|
|
|||||||||
| Sold homes under construction or completed |
1,463 | 871 | 68 | % | ||||||||
| Model homes |
229 | 220 | 4 | % | ||||||||
|
|
|
|
|
|||||||||
| Total homes completed or under construction |
2,453 | 1,575 | 56 | % | ||||||||
|
|
|
|
|
|||||||||
Lots Owned and Optioned (including homes completed or under construction):
| September 30, 2012 | September 30, 2011 | |||||||||||||||||||||||
| Lots Owned | Lots Optioned |
Total | Lots Owned | Lots Optioned |
Total | |||||||||||||||||||
| Arizona |
938 | 63 | 1,001 | 981 | 96 | 1,077 | ||||||||||||||||||
| California |
1,065 | 112 | 1,177 | 1,306 | — | 1,306 | ||||||||||||||||||
| Nevada |
994 | 61 | 1,055 | 1,091 | 75 | 1,166 | ||||||||||||||||||
| Washington |
524 | 212 | 736 | 312 | 182 | 494 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| West |
3,521 | 448 | 3,969 | 3,690 | 353 | 4,043 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Colorado |
3,325 | 433 | 3,758 | 3,103 | 464 | 3,567 | ||||||||||||||||||
| Utah |
557 | 13 | 570 | 545 | 273 | 818 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Mountain |
3,882 | 446 | 4,328 | 3,648 | 737 | 4,385 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Maryland |
584 | 358 | 942 | 446 | 730 | 1,176 | ||||||||||||||||||
| Virginia |
547 | 103 | 650 | 566 | 192 | 758 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| East |
1,131 | 461 | 1,592 | 1,012 | 922 | 1,934 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Florida |
321 | 95 | 416 | 233 | 373 | 606 | ||||||||||||||||||
| Illinois |
123 | — | 123 | 123 | — | 123 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Other |
444 | 95 | 539 | 356 | 373 | 729 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
8,978 | 1,450 | 10,428 | 8,706 | 2,385 | 11,091 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
11