ITEM 6. SELECTED FINANCIAL DATA
Set forth below is selected consolidated financial data for each of the past five fiscal years. The selected financial data should be read in conjunction with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and our consolidated financial statements and notes thereto included elsewhere in this report.
FIVE YEAR COMPARISON OF SELECTED FINANCIAL DATA
(Dollars in thousands, except per share amounts)
| | | | | | | | | | | | | | | | |
| | Years Ended December 31, | |
| | 2015 | | 2014 | | 2013 | | 2012 | | 2011 | |
Operations Data: | | | | | | | | | | | | | | | | |
Revenues | | $ | 517,766 | | $ | 285,913 | | $ | 141,482 | | $ | 107,487 | | $ | 88,982 | |
| | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | $ | 12,386 | | $ | (1,603) | | $ | (8,272) | | $ | (87,683) | | $ | (165,704) | |
Income tax expense | | | (436) | | | — | | | — | | | — | | | (473) | |
Net income (loss) (including net income (loss) attributable to non-controlling interests) | | | 11,950 | | | (1,603) | | | (8,272) | | | (87,683) | | | (166,177) | |
Net income (loss) attributable to non-controlling interests in consolidated entities | | | — | | | 329 | | | 1,205 | | | 2,552 | | | (296) | |
Net income (loss) attributable to AV Homes stockholders | | $ | 11,950 | | $ | (1,932) | | $ | (9,477) | | $ | (90,235) | | $ | (165,881) | |
| | | | | | | | | | | | | | | | |
Per Share Data: | | | | | | | | | | | | | | | | |
Basic and diluted earnings (loss) per share (1) | | $ | 0.54 | | $ | (0.09) | | $ | (1.34) | | $ | (7.19) | | $ | (13.33) | |
| | | | | | | | | | | | | | | | |
Balance Sheet Data: | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 46,898 | | $ | 180,334 | | $ | 144,727 | | $ | 79,815 | | $ | 124,316 | |
Restricted cash | | | 26,948 | | | 16,447 | | | 3,956 | | | 4,682 | | | 7,872 | |
Land and other inventories | | | 582,531 | | | 383,184 | | | 240,078 | | | 171,044 | | | 180,067 | |
Total assets | | | 736,139 | | | 663,151 | | | 465,928 | | | 335,554 | | | 405,843 | |
Senior notes, net | | | 320,846 | | | 294,221 | | | 104,602 | | | 103,085 | | | 102,189 | |
Stockholders' equity (2) | | | 301,681 | | | 286,740 | | | 286,101 | | | 166,172 | | | 254,197 | |
Shares outstanding | | | 22,333,154 | | | 22,072,098 | | | 21,986,378 | | | 12,827,283 | | | 12,942,502 | |
Stockholders' equity per share | | $ | 13.51 | | $ | 12.99 | | $ | 13.01 | | $ | 12.95 | | $ | 19.64 | |
| | | | | | | | | | | | | | | | |
Other Data: | | | | | | | | | | | | | | | | |
Contracts signed, net | | | 2,035 | | | 994 | | | 463 | | | 393 | | | 229 | |
Closings | | | 1,750 | | | 953 | | | 481 | | | 306 | | | 174 | |
Backlog units | | | 799 | | | 331 | | | 167 | | | 185 | | | 98 | |
Backlog value | | $ | 243,947 | | $ | 85,753 | | $ | 39,862 | | $ | 43,064 | | $ | 21,540 | |
| (1) | | The deemed dividend related to the beneficial conversion feature of $11,894 had an impact of ($0.75) per share on earnings for the year ended December 31, 2013. |
| (2) | | These figures exclude cumulative non-controlling interests for the years ended December 31, 2013, 2012 and 2011, which are classified in consolidated stockholders' equity in accordance with authoritative accounting guidance. These non-controlling interests represent our partners’ equity in limited liability companies that we consolidate for financial reporting purposes. |
