Exhibit 99.1
NEWS BULLETIN
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| M.D.C. HOLDINGS, INC. | | RICHMOND AMERICAN HOMES |
| | | HOMEAMERICAN MORTGAGE |
| FOR IMMEDIATE RELEASE | | |
| FRIDAY, OCTOBER 30, 2009 | | |
| | |
| Contact: | | Robert N. Martin
Investor Relations
(720) 977-3431
bob.martin@mdch.com |
M.D.C. HOLDINGS ANNOUNCES THIRD QUARTER 2009 RESULTS
| | • | | Diluted loss per share narrowed to $0.69 vs. $2.55 in Q3 2008 |
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| | • | | Total revenue of $203.2 million vs. $362.7 million in Q3 2008 |
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| | • | | Quarter-end cash and investments of $1.60 billion |
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| | • | | Net orders for 1,016 homes vs. 667 in Q3 2008 |
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| | • | | 1,298 units in backlog with an estimated sales value of $383.0 million |
DENVER, Friday, October 30, 2009 — M.D.C. Holdings, Inc. (NYSE: MDC) today reported results for its third quarter ended September 30, 2009. The Company announced a net loss for the quarter of $32.0 million, or $0.69 per diluted share, which included a pre-tax charge of $1.2 million for asset impairments. The 2009 third quarter net loss also included an $11.8 million increase in our deferred tax valuation allowance. The net loss for the 2008 third quarter was $118.0 million, or $2.55 per diluted share, which included a pre-tax charge of $95.4 million for asset impairments and an increase in our deferred tax valuation allowance of $61.1 million. Total revenue for the third quarter of 2009 was $203.2 million, compared with revenue of $362.7 million for the same period in 2008.
Larry A. Mizel, MDC’s chairman and chief executive officer, stated, “During the third quarter, an increasing national unemployment rate overshadowed an improvement in overall homebuilding industry conditions. Our outlook remains cautious because of the employment
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situation and the overall uncertain state of the economy. However, we are encouraged by a year-over-year increase in our own net home orders for the second consecutive quarter.”
Mizel continued, “We achieved the improvement in home orders in part due to our efforts to adapt our homes to the changing needs of our customers. During the third quarter, we continued to expand our offering of the smaller, more affordable homes that we introduced earlier this year. In addition, in an effort to improve affordability for our homebuyers, we initiated a new sales program during the quarter, which focused on providing low mortgage interest rates, and we positioned inventory to allow buyers the opportunity to close on a home prior to the impending expiration of the federal homebuyer tax credit.”
“We strategically increased the number of unsold homes available for personalization in our inventory by more than 40% during the quarter, while we decreased our finished homes by more than 75%. This should help to improve our profitability, as the margins we realize on unsold homes available for personalization significantly exceed those on finished inventory. Generally, we stop construction on unsold units at the drywall stage. Once construction is restarted, these homes can close within 45 days, in direct competition with finished homes on the market. However, by holding the units at drywall, we offer our buyers the opportunity to personalize the home at one of our Home Galleries.”
Mizel concluded, “After several years of relatively limited land acquisition activity, during the third quarter, we secured control of almost 1,300 lots through direct acquisitions or option contracts. With more than $1.6 billion in cash and investments available at the end of the quarter, we are well-positioned to continue making opportunistic investments as we build our land pipeline to support future home closings.”
Homebuilding Highlights
Net orders for the third quarter ended September 30, 2009 totaled 1,016 homes with an estimated sales value of $271.9 million, compared with net orders for 667 homes with an estimated sales value of $182.1 million during the same period in 2008. The improvement was driven by significant increases across all of the homebuilding segments. During the third quarter of 2009, the Company’s cancellation rate dropped to 23% compared with 46% during the same period in 2008, primarily due to a decrease in mortgage-related issues and a decline in the number of prospective homebuyers with a contingency to sell an existing home.
Homebuilding revenue for the 2009 third quarter fell to $200.0 million, compared with $358.1 million in the third quarter of 2008. The decline in revenue was primarily the result of a year-over-year decline in home closings and average selling price of 41% and 6%, respectively. All of our markets experienced year-over-year decreases in closings with the exception of Colorado, which experienced a 3% increase. Nearly all of our markets experienced year- over-year decreases in average selling price. However, Virginia and Delaware Valley experienced a year-
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over-year increase in average selling price due to a change in the size and style of homes that closed during the third quarter of 2009 compared to the same period in 2008.
Home gross margins during the third quarter of 2009 increased to 18.9% from 15.3% in the third quarter of 2008, primarily due to a $10.8 million reduction in the warranty reserve, compared with only a $3.2 million reduction in the third quarter of 2008. The third quarter 2009 warranty reserve reduction resulted from a decrease in warranty payments actually incurred and reaching a settlement on certain construction defect claims in Nevada. In addition, margins improved as a result of a decrease in the lot cost per home closed, primarily a result of prior impairments.
Homebuilding SG&A decreased to $31.0 million for the quarter ended September 30, 2009, compared with $57.7 million for the same period in the prior year. The decrease in SG&A resulted from various cost saving initiatives associated with right-sizing our operations in response to the reduced level of home closings, including a 35% reduction in homebuilding headcount over the past year. Also contributing to this decrease was a reduction in marketing expenses, primarily due to a significant reduction in sales office and model home expenses, as well as a decline in commission expenses resulting from fewer home closings and lower average selling prices.
During the third quarter of 2009, we recognized $1.2 million of asset impairments, a decrease of 99% from the $95.4 million recognized in the 2008 third quarter. Overall, the year-over-year decrease in asset impairments can be attributed to the impact of recording significant impairments over the last twelve quarters, thereby reducing our exposure to further impairments.
Financial Services and Other Highlights
Loss before taxes from the Company’s Financial Services and Other segment for the quarter ended September 30, 2009 was $4.3 million compared with income of $3.4 million for the same period in 2008. The decrease primarily resulted from a $5.2 million increase in general and administrative expense for the segment, due to a $7.3 million increase in our reserves for mortgage loan losses, compared with an increase in the reserve of only $0.8 million in the third quarter of 2008. In addition, we experienced a $1.5 million decrease in gains on sales of mortgage loans and broker origination fees, as we originated and sold fewer mortgage loans in connection with closing fewer homes during the quarter.
Corporate Highlights
Loss before taxes from the Company’s Corporate segment for the quarter ended September 30, 2009 was $27.4 million, compared with a loss of $21.3 million for the same period in 2008. The higher loss primarily resulted from a $5.7 million decrease in interest income, as lower interest rates offset a higher average cash balance for the quarter. Additionally, Corporate general and
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administrative expense increased by $2.7 million, primarily due to a $2.6 million increase in finance costs associated with the reduction of the commitment amount under our homebuilding line of credit.
Nine Month Results
Net loss for the nine months ended September 30, 2009 was $102.5 million, or $2.20 per diluted share, which included pre-tax charges of $17.0 million for asset impairments. The net loss for the nine months ended September 30, 2009 also included a $44.8 million increase in our deferred tax valuation allowance, of which $9.7 million related to a 2006 alternative minimum tax liability associated with our 2008 net operating loss carry back. The net loss for the first nine months of 2008 was $291.5 million, or $6.32 per diluted share, which included a pre-tax charge of $238.5 million for asset impairments and an increase of $115.1 million to our deferred tax asset valuation allowance.
About MDC
Since 1972, MDC’s subsidiary companies have built and financed the American dream for more than 160,000 families. 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 divisions across the country, including Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, California, Northern Virginia, Maryland, Philadelphia/Delaware Valley and Jacksonville. 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 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) the relative stability of debt and equity markets; (5) competition; (6) the availability and cost of land and other raw materials
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used by the Company in its homebuilding operations; (7) the availability and cost of performance bonds and insurance covering risks associated with our business; (8) shortages and the cost of labor; (9) weather related slowdowns; (10) slow growth initiatives; (11) building moratoria; (12) governmental regulation, including the interpretation of tax, labor and environmental laws; (13) changes in consumer confidence and preferences; (14) terrorist acts and other acts of war; and (15) 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 September 30, 2009, 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 presentations should be consulted.
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M.D.C. HOLDINGS, INC.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
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| | | Three Months | | | Nine Months | |
| | | Ended September 30, | | | Ended September 30, | |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
| Revenue | | | | | | | | | | | | | | | | |
| Home sales revenue | | $ | 186,816 | | | $ | 336,744 | | | $ | 539,352 | | | $ | 1,074,629 | |
| Land sales revenue | | | 9,414 | | | | 15,850 | | | | 13,986 | | | | 56,699 | |
| Other revenue | | | 6,996 | | | | 10,107 | | | | 21,086 | | | | 30,573 | |
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| Total Revenue | | | 203,226 | | | | 362,701 | | | | 574,424 | | | | 1,161,901 | |
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| Costs and Expenses | | | | | | | | | | | | | | | | |
| Home cost of sales | | | 151,596 | | | | 285,367 | | | | 445,039 | | | | 937,947 | |
| Land cost of sales | | | 9,433 | | | | 14,775 | | | | 12,274 | | | | 49,559 | |
| Asset impairments, net | | | 1,197 | | | | 95,388 | | | | 17,009 | | | | 238,498 | |
| Marketing expenses | | | 9,631 | | | | 18,797 | | | | 26,393 | | | | 58,350 | |
| Commission expenses | | | 6,808 | | | | 12,297 | | | | 20,119 | | | | 40,389 | |
| General and administrative expenses | | | 45,800 | | | | 50,010 | | | | 121,981 | | | | 145,120 | |
| Other operating expenses | | | 3,594 | | | | 1,586 | | | | 4,151 | | | | 5,156 | |
| Related party expenses | | | 5 | | | | 3 | | | | 14 | | | | 13 | |
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| Total Operating Costs and Expenses | | | 228,064 | | | | 478,223 | | | | 646,980 | | | | 1,475,032 | |
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| Loss from Operations | | | (24,838 | ) | | | (115,522 | ) | | | (72,556 | ) | | | (313,131 | ) |
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| Other income (expense) | | | | | | | | | | | | | | | | |
| Interest income | | | 2,724 | | | | 9,315 | | | | 9,763 | | | | 28,338 | |
| Interest expense | | | (9,760 | ) | | | (10,775 | ) | | | (29,338 | ) | | | (10,985 | ) |
| Other income | | | 56 | | | | 8 | | | | 177 | | | | 38 | |
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| Loss Before Taxes | | | (31,818 | ) | | | (116,974 | ) | | | (91,954 | ) | | | (295,740 | ) |
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| (Provision for) benefit from income taxes, net | | | (230 | ) | | | (997 | ) | | | (10,529 | ) | | | 4,223 | |
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NET LOSS | | $ | (32,048 | ) | | $ | (117,971 | ) | | $ | (102,483 | ) | | $ | (291,517 | ) |
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LOSS PER SHARE | | | | | | | | | | | | | | | | |
| Basic | | $ | (0.69 | ) | | $ | (2.55 | ) | | $ | (2.20 | ) | | $ | (6.32 | ) |
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| Diluted | | $ | (0.69 | ) | | $ | (2.55 | ) | | $ | (2.20 | ) | | $ | (6.32 | ) |
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WEIGHTED-AVERAGE SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
| Basic | | | 46,597 | | | | 46,219 | | | | 46,515 | | | | 46,094 | |
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| Diluted | | | 46,597 | | | | 46,219 | | | | 46,515 | | | | 46,094 | |
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DIVIDENDS DECLARED PER SHARE | | $ | 0.25 | | | $ | 0.25 | | | $ | 0.75 | | | $ | 0.75 | |
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M.D.C. HOLDINGS, INC.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
(Unaudited)
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| | | September 30, | | | December 31, | |
| | | 2009 | | | 2008 | |
Assets | | | | | | | | |
| Cash and cash equivalents | | $ | 1,448,875 | | | $ | 1,304,728 | |
| Marketable securities | | | 151,260 | | | | 54,864 | |
| Unsettled trades, net | | | 2,133 | | | | 57,687 | |
| Restricted cash | | | 933 | | | | 670 | |
| Receivables | | | | | | | | |
| Home sales receivables | | | 14,283 | | | | 17,104 | |
| Income taxes receivable | | | 3,119 | | | | 170,753 | |
| Other receivables | | | 9,981 | | | | 16,697 | |
| Mortgage loans held-for-sale, net | | | 42,704 | | | | 68,604 | |
| Inventories, net | | | | | | | | |
| Housing completed or under construction | | | 325,257 | | | | 415,500 | |
| Land and land under development | | | 177,888 | | | | 221,822 | |
| Property and equipment, net | | | 37,721 | | | | 38,343 | |
| Deferred tax asset, net of valuation allowance | | | — | | | | — | |
| Related party assets | | | 28,839 | | | | 28,627 | |
| Prepaid expenses and other assets, net | | | 77,524 | | | | 79,539 | |
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| Total Assets | | $ | 2,320,517 | | | $ | 2,474,938 | |
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Liabilities | | | | | | | | |
| Accounts payable | | $ | 45,910 | | | $ | 28,793 | |
| Accrued liabilities | | | 309,457 | | | | 332,825 | |
| Mortgage repurchase facility | | | 13,010 | | | | 34,873 | |
| Senior notes, net | | | 997,872 | | | | 997,527 | |
| Total Liabilities | | | 1,366,249 | | | | 1,394,018 | |
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| Commitments and Contingencies | | | — | | | | — | |
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| Stockholders’ Equity | | | | | | | | |
| 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; 47,025,000 and 46,972,000 issued and outstanding, respectively, at September 30, 2009 and 46,715,000 and 46,666,000 issued and outstanding, respectively, at December 31, 2008 | | | 470 | | | | 467 | |
| Additional paid-in-capital | | | 799,215 | | | | 788,207 | |
| Retained earnings | | | 155,242 | | | | 292,905 | |
| Treasury stock, at cost; 53,000 and 49,000 shares at September 30, 2009 and December 31, 2008, respectively | | | (659 | ) | | | (659 | ) |
| | | | | | | |
| Total Stockholders’ Equity | | | 954,268 | | | | 1,080,920 | |
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| Total Liabilities and Stockholders’ Equity | | $ | 2,320,517 | | | $ | 2,474,938 | |
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M.D.C. HOLDINGS, INC.
Information on Segments
(Dollars in thousands)
(Unaudited)
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| | | Three Months | | | Nine Months | |
| | | Ended September 30, | | | Ended September 30, | |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
REVENUE | | | | | | | | | | | | | | | | |
| Homebuilding | | | | | | | | | | | | | | | | |
| West | | $ | 94,079 | | | $ | 194,750 | | | $ | 250,519 | | | $ | 639,066 | |
| Mountain | | | 61,945 | | | | 72,565 | | | | 163,720 | | | | 230,452 | |
| East | | | 33,033 | | | | 61,950 | | | | 113,004 | | | | 192,796 | |
| Other Homebuilding | | | 10,909 | | | | 28,829 | | | | 37,709 | | | | 84,918 | |
| | | | | | | | | | | | | |
| Total Homebuilding | | | 199,966 | | | | 358,094 | | | | 564,952 | | | | 1,147,232 | |
| Financial Services and Other | | | 6,578 | | | | 8,497 | | | | 19,147 | | | | 25,341 | |
| Corporate | | | — | | | | 173 | | | | 50 | | | | 550 | |
| Inter-company adjustments | | | (3,318 | ) | | | (4,063 | ) | | | (9,725 | ) | | | (11,222 | ) |
| | | | | | | | | | | | | |
| Consolidated | | $ | 203,226 | | | $ | 362,701 | | | $ | 574,424 | | | $ | 1,161,901 | |
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(LOSS) INCOME BEFORE INCOME TAXES | | | | | | | | | | | | | | | | |
| Homebuilding | | | | | | | | | | | | | | | | |
| West | | $ | 6,037 | | | $ | (47,741 | ) | | $ | 5,809 | | | $ | (142,723 | ) |
| Mountain | | | (1,681 | ) | | | (30,085 | ) | | | (8,800 | ) | | | (80,720 | ) |
| East | | | (1,707 | ) | | | (17,444 | ) | | | (8,704 | ) | | | (32,523 | ) |
| Other Homebuilding | | | (2,724 | ) | | | (3,798 | ) | | | (4,232 | ) | | | (14,850 | ) |
| | | | | | | | | | | | | |
| Total Homebuilding | | | (75 | ) | | | (99,068 | ) | | | (15,927 | ) | | | (270,816 | ) |
| Financial Services and Other | | | (4,344 | ) | | | 3,414 | | | | (108 | ) | | | 8,119 | |
| Corporate | | | (27,399 | ) | | | (21,320 | ) | | | (75,919 | ) | | | (33,043 | ) |
| | | | | | | | | | | | | |
| Consolidated | | $ | (31,818 | ) | | $ | (116,974 | ) | | $ | (91,954 | ) | | $ | (295,740 | ) |
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INVENTORY IMPAIRMENTS | | | | | | | | | | | | | | | | |
| West | | $ | 283 | | | $ | 49,258 | | | $ | 12,793 | | | $ | 135,921 | |
| Mountain | | | 191 | | | | 25,195 | | | | 445 | | | | 59,249 | |
| East | | | — | | | | 13,126 | | | | 2,475 | | | | 23,667 | |
| Other Homebuilding | | | 629 | | | | 3,241 | | | | 913 | | | | 10,871 | |
| | | | | | | | | | | | | |
| Consolidated | | $ | 1,103 | | | $ | 90,820 | | | $ | 16,626 | | | $ | 229,708 | |
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| |
| | | September 30, | | | December 31, | | | | | | | | | |
| | | 2009 | | | 2008 | | | | | | | | | |
TOTAL ASSETS | | | | | | | | | | | | | | | | |
| Homebuilding | | | | | | | | | | | | | | | | |
| West | | $ | 204,146 | | | $ | 255,652 | | | | | | | | | |
| Mountain | | | 245,639 | | | | 288,221 | | | | | | | | | |
| East | | | 115,466 | | | | 151,367 | | | | | | | | | |
| Other Homebuilding | | | 24,569 | | | | 38,179 | | | | | | | | | |
| | | | | | | | | | | | | |
| Total Homebuilding | | | 589,820 | | | | 733,419 | | | | | | | | | |
| Financial Services and Other | | | 116,629 | | | | 139,569 | | | | | | | | | |
| Corporate | | | 1,660,025 | | | | 1,647,907 | | | | | | | | | |
| Inter-company adjustments | | | (45,957 | ) | | | (45,957 | ) | | | | | | | | |
| Consolidated | | $ | 2,320,517 | | | $ | 2,474,938 | | | | | | | | | |
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M.D.C. HOLDINGS, INC.
Selected Financial Data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months | | | | | | | | | | | Nine Months | | | | |
| | | Ended September 30, | | | Change | | | Ended September 30, | | | Change | |
| | | 2009 | | | 2008 | | | Amount | | | % | | | 2009 | | | 2008 | | | Amount | | | % | |
SELECTED FINANCIAL DATA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| General and Administrative Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Homebuilding | | $ | 14,579 | | | $ | 26,654 | | | $ | (12,075 | ) | | | -45 | % | | $ | 46,264 | | | $ | 79,059 | | | $ | (32,795 | ) | | | -41 | % |
| Financial Services and Other | | | 11,303 | | | | 6,131 | | | $ | 5,172 | | | | 84 | % | | | 20,646 | | | | 20,199 | | | $ | 447 | | | | 2 | % |
Corporate (1) | | | 19,923 | | | | 17,228 | | | $ | 2,695 | | | | 16 | % | | | 55,085 | | | | 45,875 | | | $ | 9,210 | | | | 20 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | $ | 45,805 | | | $ | 50,013 | | | $ | (4,208 | ) | | | -8 | % | | $ | 121,995 | | | $ | 145,133 | | | $ | (23,138 | ) | | | -16 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SG&A as a % of Home Sales Revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Homebuilding Segments | | | 16.6 | % | | | 17.1 | % | | | -0.5 | % | | | | | | | 17.2 | % | | | 16.5 | % | | | 0.7 | % | | | | |
Corporate Segment (1) | | | 10.7 | % | | | 5.1 | % | | | 5.6 | % | | | | | | | 10.2 | % | | | 4.3 | % | | | 5.9 | % | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and Amortization(2) | | $ | 3,404 | | | $ | 8,902 | | | $ | (5,498 | ) | | | -62 | % | | $ | 10,128 | | | $ | 26,860 | | | $ | (16,732 | ) | | | -62 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Home Gross Margins (3) | | | 18.9 | % | | | 15.3 | % | | | 3.6 | % | | | | | | | 17.5 | % | | | 12.7 | % | | | 4.8 | % | | | | |
| Interest in Home Cost of Sales as a % of Home Sales Revenue | | | -3.8 | % | | | -2.9 | % | | | -0.9 | % | | | | | | | -4.4 | % | | | -3.9 | % | | | -0.5 | % | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Cash Provided by (Used in) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Operating Activities | | $ | (7,312 | ) | | $ | 106,046 | | | $ | (113,358 | ) | | | -107 | % | | $ | 244,506 | | | $ | 428,349 | | | $ | (183,843 | ) | | | -43 | % |
| Investing Activities | | $ | (80,881 | ) | | $ | (210,199 | ) | | $ | 129,318 | | | | -62 | % | | $ | (46,938 | ) | | $ | (210,315 | ) | | $ | 163,377 | | | | -78 | % |
| Financing Activities | | $ | (22,757 | ) | | $ | (31,796 | ) | | $ | 9,039 | | | | -28 | % | | $ | (53,421 | ) | | $ | (61,929 | ) | | $ | 8,508 | | | | -14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Corporate and Homebuilding Interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest capitalized, beginning of period | | $ | 32,089 | | | $ | 49,674 | | | $ | (17,585 | ) | | | -35 | % | | $ | 39,239 | | | $ | 53,487 | | | $ | (14,248 | ) | | | -27 | % |
| Interest capitalized, net of interest expense | | $ | 4,810 | | | $ | 3,749 | | | $ | 1,061 | | | | 28 | % | | $ | 14,354 | | | $ | 32,666 | | | $ | (18,312 | ) | | | -56 | % |
| Previously capitalized interest included in home cost of sales | | $ | (7,142 | ) | | $ | (9,689 | ) | | $ | 2,547 | | | | -26 | % | | $ | (23,836 | ) | | $ | (42,419 | ) | | $ | 18,583 | | | | -44 | % |
| Interest capitalized, end of period | | $ | 29,757 | | | $ | 43,734 | | | $ | (13,977 | ) | | | -32 | % | | $ | 29,757 | | | $ | 43,734 | | | $ | (13,977 | ) | | | -32 | % |
| | |
| (1) | | Includes related party expenses. |
| |
| (2) | | Includes depreciation and amortization of long-lived assets and amortization of deferred marketing costs. |
| |
| (3) | | Home sales revenue less home cost of sales (excluding commissions, amortization of deferred marketing, project cost write offs and asset impairments) as a percent of home sales revenue. During the three months ended September 30, 2009 and September 30, 2008, we closed homes on lots for which we had previously recorded $45.8 million and $68.5 million, respectively, of asset impairments. During the nine months ended September 30, 2009 and September 30, 2008, we closed homes on lots for which we had previously recorded $136.4 million and $182.1 million, respectively, of asset impairments. |
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9
M.D.C. HOLDINGS, INC.
Selected Financial Data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months | | | | | | | | | | Nine Months | | |
| | | Ended September 30, | | Change | | Ended September 30, | | Change |
| | | 2009 | | 2008 | | Amount | | % | | 2009 | | 2008 | | Amount | | % |
HOMEAMERICAN OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Principal amount of mortgage loans originated | | $ | 137,990 | | | $ | 198,780 | | | $ | (60,790 | ) | | | -31 | % | | $ | 406,688 | | | $ | 576,565 | | | $ | (169,877 | ) | | | -29 | % |
| Principal amount of mortgage loans brokered | | $ | 6,136 | | | $ | 34,977 | | | $ | (28,841 | ) | | | -82 | % | | $ | 25,131 | | | $ | 141,147 | | | $ | (116,016 | ) | | | -82 | % |
| Capture Rate | | | 84 | % | | | 71 | % | | | 13 | % | | | | | | | 84 | % | | | 65 | % | | | 19 | % | | | | |
| Including brokered loans | | | 87 | % | | | 82 | % | | | 5 | % | | | | | | | 89 | % | | | 78 | % | | | 11 | % | | | | |
| Mortgage products (% of mortgage loans originated) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fixed rate | | | 100 | % | | | 97 | % | | | 3 | % | | | | | | | 100 | % | | | 97 | % | | | 3 | % | | | | |
| Adjustable rate - - interest only | | | 0 | % | | | 0 | % | | | 0 | % | | | | | | | 0 | % | | | 1 | % | | | -1 | % | | | | |
| Adjustable rate - - other | | | 0 | % | | | 3 | % | | | -3 | % | | | | | | | 0 | % | | | 2 | % | | | -2 | % | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Prime loans (4) | | | 28 | % | | | 46 | % | | | -18 | % | | | | | | | 32 | % | | | 51 | % | | | -19 | % | | | | |
| Government loans (5) | | | 72 | % | | | 54 | % | | | 18 | % | | | | | | | 68 | % | | | 49 | % | | | 19 | % | | | | |
| | |
| (4) | | Prime loans generally are defined as loans with Fair, Isaac and Company (“FICO”) scores greater than 620 and that comply with the documentation standards of the government sponsored enterprise guidelines. |
| |
| (5) | | Government loans are loans either insured by the Federal Housing Administration or guaranteed by the Department of Veteran Affairs. |
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10
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(unaudited)
| | | | | | | | | | | | | |
| | | September 30, | | | December 31, | | | September 30, | |
| | | 2009 | | | 2008 | | | 2008 | |
HOMES COMPLETED OR UNDER CONSTRUCTION | | | | | | | | | | | | |
| Unsold Home Under Construction — Final | | | 19 | | | | 451 | | | | 364 | |
| Unsold Home Under Construction — Frame | | | 298 | | | | 329 | | | | 495 | |
| Unsold Home Under Construction — Foundation | | | 226 | | | | 41 | | | | 123 | |
| | | | | | | | | | |
| Total Unsold Homes Under Construction | | | 543 | | | | 821 | | | | 982 | |
| Sold Homes Under Construction | | | 1,073 | | | | 409 | | | | 852 | |
| Model Homes | | | 215 | | | | 387 | | | | 428 | |
| | | | | | | | | | |
| Homes Completed or Under Construction | | | 1,831 | | | | 1,617 | | | | 2,262 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
LOTS OWNED(excluding homes completed or under construction) | | | | | | | | | | | | |
| Arizona | | | 1,303 | | | | 1,458 | | | | 1,612 | |
| California | | | 721 | | | | 839 | | | | 873 | |
| Nevada | | | 706 | | | | 1,111 | | | | 934 | |
| | | | | | | | | | |
| West | | | 2,730 | | | | 3,408 | | | | 3,419 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Colorado | | | 2,345 | | | | 2,597 | | | | 2,638 | |
| Utah | | | 469 | | | | 642 | | | | 731 | |
| | | | | | | | | | |
| Mountain | | | 2,814 | | | | 3,239 | | | | 3,369 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Delaware Valley | | | 91 | | | | 115 | | | | 117 | |
| Maryland | | | 131 | | | | 176 | | | | 192 | |
| Virginia | | | 161 | | | | 241 | | | | 256 | |
| | | | | | | | | | |
| East | | | 383 | | | | 532 | | | | 565 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Florida | | | 196 | | | | 257 | | | | 254 | |
| Illinois | | | 141 | | | | 141 | | | | 155 | |
| | | | | | | | | | |
| Other Homebuilding | | | 337 | | | | 398 | | | | 409 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Total | | | 6,264 | | | | 7,577 | | | | 7,762 | |
| | | | | | | | | | |
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11
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(unaudited)
| | | | | | | | | | | | | |
| | | September 30, | | | December 31, | | | September 30, | |
| | | 2009 | | | 2008 | | | 2008 | |
LOTS CONTROLLED UNDER OPTION | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Arizona | | | 413 | | | | 472 | | | | 431 | |
| California | | | 46 | | | | 149 | | | | 149 | |
| Nevada | | | 87 | | | | 95 | | | | 101 | |
| | | | | | | | | | |
| West | | | 546 | | | | 716 | | | | 681 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Colorado | | | 532 | | | | 184 | | | | 183 | |
| Utah | | | 143 | | | | — | | | | — | |
| | | | | | | | | | |
| Mountain | | | 675 | | | | 184 | | | | 183 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Delaware Valley | | | — | | | | 40 | | | | 82 | |
| Maryland | | | 528 | | | | 355 | | | | 349 | |
| Virginia | | | 278 | | | | 592 | | | | 1,050 | |
| | | | | | | | | | |
| East | | | 806 | | | | 987 | | | | 1,481 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Florida | | | 299 | | | | 471 | | | | 407 | |
| Illinois | | | — | | | | — | | | | — | |
| | | | | | | | | | |
| Other Homebuilding | | | 299 | | | | 471 | | | | 407 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Total | | | 2,326 | | | | 2,358 | | | | 2,752 | |
| | | | | | | | | | |
| |
NON-REFUNDABLE OPTION DEPOSITS | | | | | | | | | | | | |
| Cash | | $ | 5,430 | | | $ | 5,145 | | | $ | 5,004 | |
| Letters of Credit | | | 2,702 | | | | 4,358 | | | $ | 4,913 | |
| | | | | | | | | | |
| Total Non-Refundable Option Deposits | | $ | 8,132 | | | $ | 9,503 | | | $ | 9,917 | |
| | | | | | | | | | |
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12
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months | | | | | | | | | | | Nine Months | | | | |
| | | Ended September 30, | | | Change | | | Ended September 30, | | | Change | |
| | | 2009 | | | 2008 | | | Amount | | | % | | | 2009 | | | 2008 | | | Amount | | | % | |
HOMES CLOSED (UNITS) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Arizona | | | 152 | | | | 307 | | | | (155 | ) | | | -50 | % | | | 505 | | | | 1,038 | | | | (533 | ) | | | -51 | % |
| California | | | 80 | | | | 155 | | | | (75 | ) | | | -48 | % | | | 191 | | | | 472 | | | | (281 | ) | | | -60 | % |
| Nevada | | | 106 | | | | 210 | | | | (104 | ) | | | -50 | % | | | 294 | | | | 639 | | | | (345 | ) | | | -54 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| West | | | 338 | | | | 672 | | | | (334 | ) | | | -50 | % | | | 990 | | | | 2,149 | | | | (1,159 | ) | | | -54 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Colorado | | | 159 | | | | 155 | | | | 4 | | | | 3 | % | | | 363 | | | | 443 | | | | (80 | ) | | | -18 | % |
| Utah | | | 40 | | | | 54 | | | | (14 | ) | | | -26 | % | | | 136 | | | | 214 | | | | (78 | ) | | | -36 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mountain | | | 199 | | | | 209 | | | | (10 | ) | | | -5 | % | | | 499 | | | | 657 | | | | (158 | ) | | | -24 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Delaware Valley | | | 12 | | | | 24 | | | | (12 | ) | | | -50 | % | | | 42 | | | | 75 | | | | (33 | ) | | | -44 | % |
| Maryland | | | 25 | | | | 55 | | | | (30 | ) | | | -55 | % | | | 90 | | | | 150 | | | | (60 | ) | | | -40 | % |
| Virginia | | | 34 | | | | 60 | | | | (26 | ) | | | -43 | % | | | 120 | | | | 199 | | | | (79 | ) | | | -40 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| East | | | 71 | | | | 139 | | | | (68 | ) | | | -49 | % | | | 252 | | | | 424 | | | | (172 | ) | | | -41 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Florida | | | 48 | | | | 70 | | | | (22 | ) | | | -31 | % | | | 141 | | | | 254 | | | | (113 | ) | | | -44 | % |
| Illinois | | | 3 | | | | 26 | | | | (23 | ) | | | -88 | % | | | 22 | | | | 60 | | | | (38 | ) | | | -63 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Homebuilding | | | 51 | | | | 96 | | | | (45 | ) | | | -47 | % | | | 163 | | | | 314 | | | | (151 | ) | | | -48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | 659 | | | | 1,116 | | | | (457 | ) | | | -41 | % | | | 1,904 | | | | 3,544 | | | | (1,640 | ) | | | -46 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AVERAGE SELLING PRICES
PER HOME CLOSED | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Arizona | | $ | 193.6 | | | $ | 206.2 | | | $ | (12.6 | ) | | | -6 | % | | $ | 194.8 | | | $ | 220.2 | | | $ | (25.4 | ) | | | -12 | % |
| California | | | 417.0 | | | | 435.5 | | | | (18.5 | ) | | | -4 | % | | | 410.3 | | | | 422.4 | | | | (12.1 | ) | | | -3 | % |
| Colorado | | | 317.3 | | | | 346.4 | | | | (29.1 | ) | | | -8 | % | | | 333.7 | | | | 348.6 | | | | (14.9 | ) | | | -4 | % |
| Delaware Valley | | | 429.5 | | | | 395.5 | | | | 34.0 | | | | 9 | % | | | 418.0 | | | | 409.3 | | | | 8.7 | | | | 2 | % |
| Florida | | | 208.2 | | | | 240.1 | | | | (31.9 | ) | | | -13 | % | | | 217.9 | | | | 240.4 | | | | (22.5 | ) | | | -9 | % |
| Illinois | | | 294.0 | | | | 351.7 | | | | (57.7 | ) | | | -16 | % | | | 313.0 | | | | 347.8 | | | | (34.8 | ) | | | -10 | % |
| Maryland | | | 405.7 | | | | 442.0 | | | | (36.3 | ) | | | -8 | % | | | 405.4 | | | | 459.3 | | | | (53.9 | ) | | | -12 | % |
| Nevada | | | 204.6 | | | | 243.3 | | | | (38.7 | ) | | | -16 | % | | | 206.4 | | | | 246.2 | | | | (39.8 | ) | | | -16 | % |
| Utah | | | 283.1 | | | | 331.4 | | | | (48.3 | ) | | | -15 | % | | | 295.2 | | | | 336.4 | | | | (41.2 | ) | | | -12 | % |
| Virginia | | | 521.1 | | | | 458.5 | | | | 62.6 | | | | 14 | % | | | 490.6 | | | | 459.5 | | | | 31.1 | | | | 7 | % |
| Company Average | | $ | 283.5 | | | $ | 301.7 | | | $ | (18.2 | ) | | | -6 | % | | $ | 283.3 | | | $ | 303.2 | | | $ | (19.9 | ) | | | -7 | % |
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13
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months | | | | | | | | | | | Nine Months | | | | |
| | | Ended September 30, | | | Change | | | Ended September 30, | | | Change | |
| | | 2009 | | | 2008 | | | Amount | | | % | | | 2009 | | | 2008 | | | Amount | | | % | |
ORDERS FOR HOMES, NET (UNITS) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Arizona | | | 227 | | | | 216 | | | | 11 | | | | 5 | % | | | 599 | | | | 792 | | | | (193 | ) | | | -24 | % |
| California | | | 75 | | | | 87 | | | | (12 | ) | | | -14 | % | | | 262 | | | | 394 | | | | (132 | ) | | | -34 | % |
| Nevada | | | 214 | | | | 111 | | | | 103 | | | | 93 | % | | | 462 | | | | 487 | | | | (25 | ) | | | -5 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| West | | | 516 | | | | 414 | | | | 102 | | | | 25 | % | | | 1,323 | | | | 1,673 | | | | (350 | ) | | | -21 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Colorado | | | 197 | | | | 105 | | | | 92 | | | | 88 | % | | | 537 | | | | 385 | | | | 152 | | | | 39 | % |
| Utah | | | 102 | | | | 17 | | | | 85 | | | | 500 | % | | | 229 | | | | 105 | | | | 124 | | | | 118 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mountain | | | 299 | | | | 122 | | | | 177 | | | | 145 | % | | | 766 | | | | 490 | | | | 276 | | | | 56 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Delaware Valley | | | 13 | | | | 20 | | | | (7 | ) | | | -35 | % | | | 46 | | | | 56 | | | | (10 | ) | | | -18 | % |
| Maryland | | | 53 | | | | 25 | | | | 28 | | | | 112 | % | | | 144 | | | | 112 | | | | 32 | | | | 29 | % |
| Virginia | | | 61 | | | | 40 | | | | 21 | | | | 53 | % | | | 178 | | | | 152 | | | | 26 | | | | 17 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| East | | | 127 | | | | 85 | | | | 42 | | | | 49 | % | | | 368 | | | | 320 | | | | 48 | | | | 15 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Florida | | | 71 | | | | 33 | | | | 38 | | | | 115 | % | | | 193 | | | | 215 | | | | (22 | ) | | | -10 | % |
| Illinois | | | 3 | | | | 13 | | | | (10 | ) | | | -77 | % | | | 19 | | | | 26 | | | | (7 | ) | | | -27 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Homebuilding | | | 74 | | | | 46 | | | | 28 | | | | 61 | % | | | 212 | | | | 241 | | | | (29 | ) | | | -12 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | 1,016 | | | | 667 | | | | 349 | | | | 52 | % | | | 2,669 | | | | 2,724 | | | | (55 | ) | | | -2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Estimated Value of Orders for Homes, net | | $ | 272,000 | | | $ | 182,000 | | | $ | 90,000 | | | | 49 | % | | $ | 752,000 | | | $ | 785,000 | | | $ | (33,000 | ) | | | -4 | % |
| Estimated Average Selling Price of Orders for Homes, net | | $ | 267.7 | | | $ | 272.9 | | | $ | (5.2 | ) | | | -2 | % | | $ | 281.8 | | | $ | 288.2 | | | $ | (6.4 | ) | | | -2 | % |
Cancellation Rate(6) | | | 23 | % | | | 46 | % | | | -23 | % | | | | | | | 22 | % | | | 43 | % | | | -21 | % | | | | |
| | |
| (6) | | We define “Cancellation Rate” as the approximate number of cancelled home order contracts during a reporting period as a percent of total home orders received during such reporting period. |
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14
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | |
| | | September 30, | | | December 31, | | | September 30, | |
| | | 2009 | | | 2008 | | | 2008 | |
BACKLOG (UNITS) | | | | | | | | | | | | |
| Arizona | | | 252 | | | | 158 | | | | 346 | |
| California | | | 120 | | | | 49 | | | | 125 | |
| Nevada | | | 221 | | | | 53 | | | | 155 | |
| | | | | | | | | | |
| West | | | 593 | | | | 260 | | | | 626 | |
| | | | | | | | | | |
| |
| Colorado | | | 246 | | | | 72 | | | | 155 | |
| Utah | | | 135 | | | | 42 | | | | 69 | |
| | | | | | | | | | |
| Mountain | | | 381 | | | | 114 | | | | 224 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Delaware Valley | | | 31 | | | | 27 | | | | 38 | |
| Maryland | | | 112 | | | | 58 | | | | 88 | |
| Virginia | | | 94 | | | | 36 | | | | 53 | |
| | | | | | | | | | |
| East | | | 237 | | | | 121 | | | | 179 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Florida | | | 87 | | | | 35 | | | | 86 | |
| Illinois | | | — | | | | 3 | | | | 12 | |
| | | | | | | | | | |
| Other Homebuilding | | | 87 | | | | 38 | | | | 98 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Total | | | 1,298 | | | | 533 | | | | 1,127 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Backlog Estimated Sales Value | | $ | 383,000 | | | $ | 173,000 | | | $ | 364,000 | |
| | | | | | | | | | |
| Estimated Average Selling Price of Homes in Backlog | | $ | 295.1 | | | $ | 324.6 | | | $ | 323.0 | |
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ACTIVE SUBDIVISIONS | | | | | | | | | | | | |
| Arizona | | | 30 | | | | 44 | | | | 52 | |
| California | | | 5 | | | | 18 | | | | 17 | |
| Nevada | | | 20 | | | | 24 | | | | 25 | |
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| West | | | 55 | | | | 86 | | | | 94 | |
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| Colorado | | | 41 | | | | 49 | | | | 49 | |
| Utah | | | 17 | | | | 22 | | | | 24 | |
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| Mountain | | | 58 | | | | 71 | | | | 73 | |
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| Delaware Valley | | | 1 | | | | 3 | | | | 2 | |
| Maryland | | | 8 | | | | 11 | | | | 12 | |
| Virginia | | | 7 | | | | 12 | | | | 16 | |
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| East | | | 16 | | | | 26 | | | | 30 | |
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| |
| Florida | | | 8 | | | | 7 | | | | 12 | |
| Illinois | | | — | | | | 1 | | | | 2 | |
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| Other Homebuilding | | | 8 | | | | 8 | | | | 14 | |
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| Total | | | 137 | | | | 191 | | | | 211 | |
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| Average for quarter ended | | | 140 | | | | 202 | | | | 219 | |
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