William Lyon Homes (WLH) 8-K William Lyon Homes Reports Second Quarter 2013 Results

Exhibit 99.1

WILLIAM LYON HOMES REPORTS SECOND QUARTER 2013 RESULTS

NEWPORT BEACH, CA—August 8, 2013— William Lyon Homes (NYSE: WLH), a leading homebuilder in the Western U.S., announced results for its 2013 second quarter ended June 30, 2013.

2013 Second Quarter Highlights (Comparison to 2012 Second Quarter)

• Net income available to common stockholders of $6.9 million, or $0.29 per diluted share

• Home sales revenue of $120.6 million, up 122%

• Homebuilding gross margin of $24.0 million, up 194%

• Homebuilding gross margin percentage of 19.9%, up 480 basis points

• Adjusted homebuilding gross margin percentage of 27.0%, up 450 basis points

• New home deliveries of 345 homes, up 49%

• Average sales price (ASP) of new homes delivered of $349,700, up 49%

• Net new home orders of 360, up 19%

• Average sales locations of 24, up 26%

• Backlog of homes sold but not closed of 511, up 27%

• Dollar amount of backlog of homes sold but not closed of $206.8 million, up 96%

• Lots owned and controlled at end of period of 13,861, up 19%

• Adjusted EBITDA of $18.9 million, an increase of 62%

• Completed IPO (10,005,000 shares of common stock at $25 per share); listed on the NYSE

• Closed a new $100 million revolving credit facility on August 7, 2013

“We achieved some significant milestones in the second quarter of 2013, including completing a successful IPO, generating positive net income in our initial quarter as a public company and delivering our sixth consecutive quarter of year over year growth in deliveries, orders and backlog,” said William H. Lyon, Chief Executive Officer. “During the quarter, we experienced strong demand, as evidenced by continued price increases and a healthy sales pace per community. Looking ahead, we are well positioned with a strong balance sheet and an attractive land position in our markets to capitalize on new growth opportunities. We look forward to continuing to build upon our market leadership position and focus on delivering an unparalleled customer experience to drive growth and returns for our shareholders.”

Operating Results

William Lyon Homes reported improved operating results for the second quarter ended June 30, 2013, as compared to the year-ago period. Net income available to common stockholders was

-more-

William Lyon Homes

Page 2

$6.9 million, or $0.29 per diluted share in the second quarter of 2013, compared to net loss available to common stockholders of $2.5 million, or $0.23 per share in the year-ago quarter. Home sales revenue increased 122% to $120.6 million for the quarter, as compared to $54.3 million in the year-ago period. The increase in home sales revenue was due to a 49% increase in deliveries coupled with a 49% increase in the average sales price of homes delivered versus the year-ago period, which includes the addition of the Colorado division.

The increase in second quarter deliveries was driven by a 50% increase in the number of homes in backlog at the beginning of the quarter compared to the year-ago period and a backlog conversion rate of 69%. On a same store basis, which represents projects that were open during the comparable periods, average sales prices increased 21% from $278,500 in the second quarter of 2012 to $337,300 in the second quarter of 2013.

Net new home orders for the second quarter ended June 30, 2013 were 360, up 19%, from 302 in the year-ago quarter. The number of net new home orders was enhanced by a weekly sales rate of 1.2 per community, and an overall cancellation rate of 17%.

Homebuilding gross margins were 19.9% during the second quarter of 2013, up 480 basis points over the year-ago period. Adjusted homebuilding gross margins were 27.0% during the second quarter of 2013, as compared to 22.5% in the year-ago period. Adjusted homebuilding gross margins increased by 380 basis points from the first quarter of 2013.

As of June 30, 2013, backlog units totaled 511, a 27% increase compared to 403 units as of June 30, 2012. In addition, the dollar value of homes in backlog climbed to $206.8 million, a 96% increase over $105.7 million as of June 30, 2012.

Operating income improved to $10.3 million during the second quarter of 2013 from $1.6 million in the year-ago period. Adjusted EBITDA improved by 62% to $18.9 million during the second quarter of 2013 compared to adjusted EBITDA of $11.7 million in the year-ago period.

Matthew Zaist, President and Chief Operating Officer commented, “We are pleased with our continued momentum in revenue and profitability and our overall operating performance for the quarter. Our same store average sales price was up 21% from last year’s second quarter and 7% from the first quarter of 2013. Our ASP in backlog continues to grow and stands at $404,600 at the end of the quarter. Finally, increased volume and pricing resulted in higher profitability, which is a testament to our disciplined operating strategy and the hard work of our entire organization.”

-more-

William Lyon Homes

Page 3

Balance Sheet Update

On May 21, 2013, William Lyon Homes completed its initial public offering (“IPO”), and full exercise of the underwriter’s over-allotment option, issuing 10,005,000 shares of common stock (7,177,500 shares by the Company and 2,827,500 by a selling stockholder) at $25 per share for net proceeds to the Company of approximately $164.0 million. After the close of the IPO, the company had approximately 27.6 million Class A common shares and approximately 3.8 million Class B common shares outstanding.

At quarter end, cash, cash equivalents and restricted cash totaled $207.3 million and total debt was $376.6 million, as compared to cash, cash equivalents and restricted cash of $71.9 million and total debt of $338.3 at December 31, 2012. Net debt to total book capitalization was 33.7% at June 30, 2013, as compared to 65.0% at December 31, 2012.

On August 7, 2013, the Company entered into a $100 million, three year revolving credit facility with a banking syndicate, which has an accordion feature under which the Company may increase the total commitment to a maximum aggregate amount of $125 million, subject to certain conditions. The facility improves the Company’s liquidity and access to working capital.

Conference Call

William Lyon Homes will host a conference call to discuss these results today, Thursday, August 8, 2013, at 9:00 a.m. Pacific Time. The call will be available via both the telephone at (866) 804-6929 or (857) 350-1675, passcode # 48461466, or through the Company’s website at www.lyonhomes.com in the Investor Relations section of the site. A replay of the call will be available through September 5, 2013 by dialing (888) 286-8010 or (617) 801-6888, passcode #49626672. A webcast replay of the call will also be available on the Company’s website approximately two hours after broadcast.

About William Lyon Homes

Headquartered in Newport Beach, California, the Company is primarily engaged in the design, construction, marketing and sale of single-family detached and attached homes in California, Arizona, Nevada and Colorado. Its core markets include Orange County, Los Angeles, San Diego, the San Francisco Bay Area, Phoenix, Las Vegas, Denver and Fort Collins. The Company has a distinguished legacy of more than 55 years of homebuilding operations, over which time it has sold in excess of 75,000 homes. The Company markets and sells its homes under the William Lyon Homes brand in all of its markets except for Colorado, where the Company operates under the Village Homes brand.

Financial data included herein includes Colorado operations from December 7, 2012 (date of acquisition) through June 30, 2013. There were no operations in the Company’s Colorado division for

-more-

William Lyon Homes

Page 4

the three or six months ended June 30, 2012; therefore, period-over-period comparisons for Colorado are not meaningful (“N/M”) as indicated in the comparative tables in the schedules attached to this release.

Certain statements contained in this release that are not historical information contain forward-looking statements. The forward-looking statements involve risks and uncertainties and actual results may differ materially from those projected or implied. Further, certain forward-looking statements are based on assumptions of future events which may not prove to be accurate. Factors that may impact such forward-looking statements include, among others, changes in general economic conditions and in the markets in which the Company competes, terrorism or hostilities involving the United States, changes in mortgage and other interest rates, changes in prices of homebuilding materials, weather conditions, the occurrence of events such as landslides, soil subsidence and earthquakes that are uninsurable, not economically insurable or not subject to effective indemnification agreements, the availability of labor and homebuilding materials, changes in governmental laws and regulations, the timing of receipt of regulatory approvals and the opening of projects, and the availability and cost of land for future development, as well as the other factors discussed in the Company’s reports filed with the Securities and Exchange Commission.

As a result of the consummation of the Prepackaged Joint Plan of Reorganization on February 25, 2012, the Company adopted Fresh Start Accounting in accordance with Accounting Standards Codification No. 852, Reorganizations. Accordingly, the financial statement information prior to February 25, 2012 is not comparable with the financial statement information for periods on and after February 25, 2012. Any reference hereinafter to the “Successor” reflects the operations of the Company post-emergence from February 25, 2012 through June 30, 2012 and any reference to the “Predecessor” refers to the operations of the Company pre-emergence prior to February 25, 2012. Any reference to the “Combined Total” reflects the operations of the Company in both the Predecessor and Successor periods.

Investor/Media Contacts:

Larry Clark

Financial Profiles, Inc.

(310) 478-2700 ext. 29

WLH@finprofiles.com

Lisa Mueller

Financial Profiles, Inc.

(310) 478-2700 ext. 21

WLH@finprofiles.com

-more-

William Lyon Homes

Page 5

WILLIAM LYON HOMES

SELECTED FINANCIAL AND OPERATING INFORMATION

(unaudited)

	Three Months Ended June 30,
	2013			2012
	Consolidated Total			Consolidated Total			Percentage % Change
Selected Financial Information
(dollars in thousands)
Homes closed		345			231			49	%
Home sales revenue	$	120,648		$	54,251			122	%
Cost of sales (excluding interest)		(88,119	)		(42,063	)		109	%
Adjusted homebuilding gross margin (1)	$	32,529		$	12,188			167	%
Adjusted homebuilding gross margin percentage (1)		27.0	%		22.5	%		20	%
Interest in cost of sales		(8,528	)		(4,022	)		112	%
Gross margin	$	24,001		$	8,166			194	%
Gross margin percentage		19.9	%		15.1	%		32	%
Number of homes closed
Southern California		77			49			57	%
Northern California		22			29			(24	%)
Arizona		124			119			4	%
Nevada		72			34			112	%
Colorado		50			—			N/M
Total		345			231			49	%
Average sales price of homes closed
Southern California	$	573,000		$	392,100			46	%
Northern California		346,800			351,000			(1	%)
Arizona		244,400			148,600			64	%
Nevada		246,400			210,900			17	%
Colorado		417,100			—			N/M
Total	$	349,700		$	234,800			49	%
Number of net new home orders
Southern California		104			65			60	%
Northern California		24			52			(54	%)
Arizona		137			120			14	%
Nevada		64			65			(2	%)
Colorado		31			—			N/M
Total		360			302			19	%
Average number of sales locations during period
Southern California		6			6			0	%
Northern California		2			4			(50	%)
Arizona		6			3			100	%
Nevada		5			6			(17	%)
Colorado		5			—			N/M
Total		24			19			26	%

(1) Adjusted homebuilding gross margin is a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. It is used by management in evaluating operating performance and in making strategic decisions regarding sales pricing, construction and development pace, product mix and other operating decisions. We believe this information is meaningful as it isolates the impact that interest has on homebuilding gross margin and allows investors to make better comparisons with our competitors.

-more-

William Lyon Homes

Page 6

WILLIAM LYON HOMES

SELECTED FINANCIAL AND OPERATING INFORMATION

(unaudited)

	As of June 30,
	2013		2012
	Consolidated Total		Consolidated Total		Percentage % Change
Backlog of homes sold but not closed at end of period
Southern California		105		98		7	%
Northern California		52		79		(34	%)
Arizona		177		147		20	%
Nevada		114		79		44	%
Colorado		63		—		N/M
Total		511		403		27	%
Dollar amount of homes sold but not closed at end of period (in thousands)
Southern California	$	78,541	$	43,121		82	%
Northern California		20,644		23,011		(10	%)
Arizona		46,461		24,808		87	%
Nevada		35,302		14,791		139	%
Colorado		25,809		—		N/M
Total	$	206,757	$	105,731		96	%
Lots owned and controlled at end of period
Lots owned
Southern California		1,161		1,021		14	%
Northern California		368		411		(10	%)
Arizona		5,820		6,371		(9	%)
Nevada		2,771		3,014		(8	%)
Colorado		456		—		N/M
Total		10,576		10,817		(2	%)
Lots controlled
Southern California		525		277		90	%
Northern California		689		562		23	%
Arizona		1,616		—		100	%
Nevada		192		—		100	%
Colorado		263		—		N/M
Total		3,285		839		292	%
Total lots owned and controlled
Southern California		1,686		1,298		30	%
Northern California		1,057		973		9	%
Arizona		7,436		6,371		17	%
Nevada		2,963		3,014		(2	%)
Colorado		719		—		N/M
Total		13,861		11,656		19	%

-more-

William Lyon Homes

Page 7

WILLIAM LYON HOMES

SELECTED FINANCIAL AND OPERATING INFORMATION

(unaudited)

	Six Months Ended June 30,
	2013			2012
	Consolidated Total			Combined Total			Percentage % Change
Selected Financial Information
(dollars in thousands)
Homes closed		613			359			71	%
Home sales revenue	$	197,082		$	86,047			129	%
Cost of sales (excluding interest)		(146,815	)		(67,232	)		118	%
Adjusted homebuilding gross margin (1)	$	50,267		$	18,815			167	%
Adjusted homebuilding gross margin percentage (1)		25.5	%		21.9	%		17	%
Interest in cost of sales		(13,160	)		(6,509	)		102	%
Gross margin		37,107			12,306			202	%
Gross margin percentage		18.8	%		14.3	%		32	%
Number of homes closed
Southern California		99			72			38	%
Northern California		53			53			0	%
Arizona		224			171			31	%
Nevada		138			63			119	%
Colorado		99			—			N/M
Total		613			359			71	%
Average sales price
Southern California	$	548,200		$	421,600			30	%
Northern California		333,000			320,100			4	%
Arizona		231,800			150,800			54	%
Nevada		235,500			205,300			15	%
Colorado		411,500			—			N/M
Total	$	321,500		$	239,700			34	%
Number of net new home orders
Southern California		172			148			16	%
Northern California		77			107			(28	%)
Arizona		230			243			(5	%)
Nevada		162			125			30	%
Colorado		80			—			N/M
Total		721			623			16	%
Average number of sales locations during period
Southern California		5			7			(29	%)
Northern California		2			4			(50	%)
Arizona		6			2			200	%
Nevada		5			6			(17	%)
Colorado		5			—			N/M
Total		23			19			21	%

(1) Adjusted homebuilding gross margin is a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. It is used by management in evaluating operating performance and in making strategic decisions regarding sales pricing, construction and development pace, product mix and other operating decisions. We believe this information is meaningful as it isolates the impact that interest has on homebuilding gross margin and allows investors to make better comparisons with our competitors.

-more-

William Lyon Homes

Page 8

WILLIAM LYON HOMES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except number of shares and per share data)

(unaudited)

	Successor
	Three Months Ended June 30, 2013			Three Months Ended June 30, 2012
Operating revenue
Home sales	$	120,648		$	54,251
Lots, land and other sales		3,248			90,800
Construction services		7,542			6,233
		131,438			151,284
Operating costs
Cost of sales — homes		(96,647	)		(46,085	)
Cost of sales — lots, land and other		(2,838	)		(85,187	)
Construction services		(5,299	)		(5,755	)
Sales and marketing		(6,135	)		(3,570	)
General and administrative		(9,292	)		(6,272	)
Amortization of intangible assets		(360	)		(1,992	)
Other		(566	)		(858	)
		(121,137	)		(149,719	)
Operating income		10,301			1,565
Interest expense, net of amounts capitalized		(1,267	)		(3,122	)
Other income, net		56			1,329
Income (loss) before reorganization items		9,090			(228	)
Reorganization items, net		—			(829	)
Income (loss) before provision for income taxes		9,090			(1,057	)
Provision for income taxes		(10	)		—
Net income (loss)		9,080			(1,057	)
Less: Net income attributable to noncontrolling interest		(1,686	)		(743	)
Net income (loss) attributable to William Lyon Homes		7,394			(1,800	)
Preferred stock dividends		(544	)		(751	)
Net income (loss) available to common stockholders	$	6,850		$	(2,551	)
Income (loss) per common share:
Basic	$	0.31		$	(0.23	)
Diluted	$	0.29		$	(0.23	)
Weighted average common shares outstanding:
Basic		22,103,841			11,236,102
Diluted		23,309,419			11,236,102

-more-

William Lyon Homes

Page 9

WILLIAM LYON HOMES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except number of shares and per share data)

(unaudited)

	Successor						Predecessor
	Six Months Ended June 30, 2013			Period from February 25 through June 30, 2012			Period from January 1 through February 24, 2012
Operating revenue
Home sales	$	197,082		$	69,360		$	16,687
Lots, land and other sales		3,248			90,800			—
Construction services		11,961			9,428			8,883
		212,291			169,588			25,570
Operating costs
Cost of sales — homes		(159,975	)		(59,143	)		(14,598	)
Cost of sales — lots, land and other		(2,838	)		(85,192	)		—
Construction services		(9,337	)		(8,651	)		(8,223	)
Sales and marketing		(10,803	)		(4,663	)		(1,944	)
General and administrative		(17,816	)		(8,485	)		(3,302	)
Amortization of intangible assets		(982	)		(3,394	)		—
Other		(1,051	)		(1,457	)		(187	)
		(202,802	)		(170,985	)		(28,254	)
Operating income (loss)		9,489			(1,397	)		(2,684	)
Interest expense, net of amounts capitalized		(2,551	)		(4,836	)		(2,507	)
Other income, net		143			1,376			230
Income (loss) before reorganization items		7,081			(4,857	)		(4,961	)
Reorganization items, net		(464	)		(1,182	)		233,458
Income (loss) before provision for income taxes		6,617			(6,039	)		228,497
Provision for income taxes		(10	)		—			—
Net income (loss)		6,607			(6,039	)		228,497
Less: Net income attributable to noncontrolling interest		(1,761	)		(820	)		(114	)
Net income (loss) attributable to William Lyon Homes		4,846			(6,859	)		228,383
Preferred stock dividends		(1,528	)		(1,043	)		—
Net income (loss) available to common stockholders	$	3,318		$	(7,902	)	$	228,383
Income (loss) per common share:
Basic	$	0.18		$	(0.70	)	$	228,383
Diluted	$	0.17		$	(0.70	)	$	228,383
Weighted average common shares outstanding:
Basic		18,297,264			11,224,774			1,000
Diluted		19,159,912			11,224,774			1,000

-more-

William Lyon Homes

Page 10

WILLIAM LYON HOMES

CONSOLIDATED BALANCE SHEETS

(in thousands, except number of shares and par value per share)

(unaudited)

	Successor
	June 30, 2013			December 31, 2012
	(unaudited)
ASSETS
Cash and cash equivalents	$	206,417		$	71,075
Restricted cash		853			853
Receivables		29,371			14,789
Real estate inventories
Owned		506,773			421,630
Not owned		31,161			39,029
Deferred loan costs, net		6,926			7,036
Goodwill		14,209			14,209
Intangibles, net of accumulated amortization of $6,739 as of June 30, 2013 and $5,757 as of December 31, 2012		3,638			4,620
Other assets, net		7,327			7,906
Total assets	$	806,675		$	581,147
LIABILITIES AND EQUITY
Accounts payable	$	21,613		$	18,735
Accrued expenses		44,011			41,770
Liabilities from inventories not owned		31,161			39,029
Notes payable		51,631			13,248
8  1/2% Senior Notes due November 15, 2020		325,000			325,000
		473,416			437,782
Commitments and contingencies
Redeemable convertible preferred stock:
Redeemable convertible preferred stock, par value $0.01 per share; zero and 9,696,970 shares authorized; zero and 9,334,030 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively		—			71,246
Equity:
William Lyon Homes stockholders’ equity
Common stock, Class A, par value $0.01 per share; 150,000,000 and 41,212,121 shares authorized; 27,623,629 and 8,499,558 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively		276			85
Common stock, Class B, par value $0.01 per share; 30,000,000 and 6,060,606 shares authorized; 3,813,884 shares issued and outstanding at June 30, 2013 and December 31, 2012		38			38
Common stock, Class C, par value $0.01 per share; zero and 14,545,455 shares authorized; zero and 1,941,859 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively		—			20
Common stock, Class D, par value $0.01 per share; zero and 3,636,364 shares authorized; zero and 302,945 shares outstanding at June 30, 2013 and December 31, 2012, respectively		—			3
Additional paid-in capital		309,634			74,168
Accumulated deficit		(8,284	)		(11,602	)
Total William Lyon Homes stockholders’ equity		301,664			62,712
Noncontrolling interest		31,595			9,407
Total equity		333,259			72,119
Total liabilities and equity	$	806,675		$	581,147

-more-

William Lyon Homes

Page 11

WILLIAM LYON HOMES

SUPPLEMENTAL FINANCIAL INFORMATION

(unaudited)

SELECTED FINANCIAL DATA (dollars in thousands):

	Successor												Predecessor
	Three Months Ended June 30, 2013			Three Months Ended June 30, 2012			Six Months Ended June 30, 2013			Period from February 25 through June 30, 2012			Period from January 1 through February 24, 2012
Net income (loss) attributable to William Lyon Homes	$	7,394		$	(1,800	)	$	4,846		$	(6,859	)	$	228,383
Net cash (used in) provided by operating activities	$	(56,235	)	$	49,310		$	(66,695	)	$	45,014		$	(17,321	)
Interest incurred	$	7,849		$	9,373		$	15,000		$	13,607		$	7,145
Adjusted EBITDA (1)	$	18,932		$	11,681		$	23,525		$	10,953		$	(8,435	)
Adjusted EBITDA Margin		14.4	%		7.7	%		11.1	%		6.5	%		(33.0	%)
Ratio of adjusted EBITDA to interest incurred		2.41			1.25			1.57			0.80			(1.18	)

Balance Sheet Data
	Successor
	June 30, 2013			December 31, 2012
Cash, cash equivalents and restricted cash	$	207,270		$	71,928
Redeemable convertible preferred stock		—			71,246
Total William Lyon Homes stockholders’ equity		301,664			62,712
Noncontrolling interest		31,595			9,407
Total debt		376,631			338,248
Total book capitalization	$	709,890		$	481,613
Ratio of debt to total book capitalization		53.1	%		70.2	%
Ratio of debt to total book capitalization (net of cash)		33.7	%		65.0	%

-more-

William Lyon Homes

Page 12

(1) Adjusted EBITDA means net income (loss) attributable to William Lyon Homes plus (i) provision for income taxes, (ii) interest expense, (iii) amortization of capitalized interest included in cost of sales, (iv) loss on sale of fixed asset, (v) gain on retirement of debt, (vi) depreciation and amortization, (vii) stock based compensation expense and (viii) non-cash reorganization items. Other companies may calculate adjusted EBITDA differently. Adjusted EBITDA is not a financial measure prepared in accordance with accounting principles generally accepted in the United States. Adjusted EBITDA is presented herein because management believes the presentation of adjusted EBITDA provides useful information to the Company’s investors regarding the Company’s financial condition and results of operations because adjusted EBITDA is a widely utilized indicator of a company’s operating performance. Adjusted EBITDA should not be considered as an alternative for net income (loss), cash flows from operating activities and other consolidated income or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity. A reconciliation of net income (loss) attributable to William Lyon Homes to adjusted EBITDA is provided as follows:

	Successor												Predecessor
	Three Months Ended June 30, 2013			Three Months Ended June 30, 2012			Six Months Ended June 30, 2013			Period from February 25 through June 30, 2012			Period from January 1 through February 24, 2012
Net income (loss) attributable to William Lyon Homes	$	7,394		$	(1,800	)	$	4,846		$	(6,859	)	$	228,383
Provision for income taxes		10			—			10			—			—
Interest expense
Interest incurred		7,849			9,373			15,000			13,607			7,145
Interest capitalized		(6,582	)		(6,251	)		(12,449	)		(8,771	)		(4,638	)
Amortization of capitalized interest included in cost of sales		8,528			9,085			13,160			10,212			1,360
Stock based compensation		1,016			—			1,327			—			—
Loss on sale of fixed asset		4			—			4			—			—
Gain on retirement of debt		—			(975	)		—			(975	)		—
Non-cash reorganization items		—			—			—			—			(241,271	)
Depreciation and amortization		713			2,249			1,627			3,739			586
Adjusted EBITDA	$	18,932		$	11,681		$	23,525		$	10,953		$	(8,435	)