EXHIBIT 99.1
NEWS BULLETIN
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M.D.C. HOLDINGS, INC. | RICHMOND AMERICAN HOMES | |||
HOMEAMERICAN MORTGAGE |
FOR IMMEDIATE RELEASE
MONDAY, OCTOBER 17, 2005
MONDAY, OCTOBER 17, 2005
Contacts: | Paris G. Reece III | Robert N. Martin | Richard Matthews | |||
Chief Financial Officer | Investor Relations | Rubenstein Communications | ||||
(303) 804-7706 | (720) 977-3431 | (212) 843-8267 | ||||
greece@mdch.com | bnmartin@mdch.com | rmatthews@rubenstein.com |
M.D.C. HOLDINGS REPORTS 11% INCREASE IN
THIRD QUARTER EARNINGS PER SHARE
THIRD QUARTER EARNINGS PER SHARE
• | Earnings per share of $2.62 | ||
• | Net income of $121.0 million, up 15% | ||
• | Revenues increase 14% to $1.17 billion | ||
• | Home gross margins of 28.8% | ||
• | Estimated value of home orders up 45% | ||
• | Quarter-end backlog valued at an estimated $3.29 billion, up 33% | ||
• | After-tax returns on average equity and assets (LTM) of 29.8% and 15.4% | ||
• | Net debt-to-capital ratio of .34 |
DENVER, Monday, October 17, 2005 — M.D.C. Holdings, Inc. (NYSE/PCX: MDC) today announced net income for the three months ended September 30, 2005 of $121.0 million, or $2.62 per share, compared with net income of $105.1 million, or $2.36 per share, for the same period in 2004. This earnings growth was derived primarily from record levels of home closings, average selling prices, revenues and home gross margins.
Net income for the nine months ended September 30, 2005 was $308.2 million, or $6.70 per share, 24% higher than the $248.5 million, or $5.61 per share, for the same period in 2004. Total revenues for the nine months ended September 30, 2005 reached $3.15 billion, representing an increase of 18% from revenues of $2.67 billion for the first nine months of 2004.
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M.D.C. HOLDINGS, INC.
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“We are pleased to announce our 13th consecutive quarter of growth in earnings,” said Larry A. Mizel, MDC’s chairman and chief executive officer. “Notwithstanding the previously announced production-related challenges we are facing in Arizona and Nevada, two of our strongest and highest-volume markets, we achieved improved earnings per share for the 27th time in the last 28 quarters. Our strong performance in some of the nation’s largest and most land-constrained markets enabled us to produce outstanding operating margins and returns, including our after-tax returns over the last 12 months on average equity and assets of approximately 30% and 15%, respectively.”
Mizel continued, “The strength of our balance sheet is a direct result of our conservative operating model. In addition to strict control of spec inventories and backlog, this model requires a disciplined and critical underwriting of every land transaction and, perhaps most importantly, a focus on maintaining control of a limited, two-year supply of entitled lots in any market or subdivision in which we build. We are proud to report that our successful execution of this model produced an 87% year-over-year increase in our available cash and borrowing capacity to almost $1.1 billion, as well as leverage ratios that have continued to rank among our industry’s lowest, as represented by our ratio of debt-to-capital, net of cash, of .34 at September 30, 2005.
“As successful as this model has been in recent years of general operating strength, we expect that it also will prove to be effective if the overall market becomes more challenging, as some investors seem to believe. By limiting our lot commitments and diversifying our geographic profile, we have enhanced our ability to react to changes in market conditions in either direction. We have greater flexibility to change price points, product or location within a given market, or to allocate capital to markets that have a greater potential for improved performance. This has helped us capture a top-three market share in both Phoenix and Las Vegas, where demand has been very strong, but also to maintain our market position among the leaders in Colorado, where demand has been softer.”
Mizel concluded, “As we stated in our press release dated September 14, 2005, we are taking actions in Arizona and Nevada to meet the production challenges presented by the tremendous volume of homes being constructed in these leading homebuilding markets. On the basis of these actions, our record September 30th backlog and our anticipated rise in average selling price, we reiterate our statement of September 14th that our 2005 earnings per share should exceed the then consensus analyst estimate of $10.44. As a result, we expect to report record earnings for our 2005 fourth quarter. Further, with our 18% year-over-year increase in active subdivisions, our expanded supply of available lots, anticipated contributions to our bottom line from our newer operations in Chicago, Tampa and Philadelphia/Delaware Valley,
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M.D.C. HOLDINGS, INC.
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and assuming no significant changes in overall market conditions, we believe we are well-positioned to continue to grow and produce new Company highs for home closings, revenues and profits in 2006.”
Please refer to the last paragraph of this release for a discussion of factors that may impact the Company’s estimates of home closings, average selling price, revenues and earnings.
Growth in Homebuilding Profits
Homebuilding operating profits for the quarter and nine months ended September 30, 2005 were $214.7 million and $564.8 million, respectively, representing increases of 11% and 23% over profits of $193.1 million and $459.0 million, respectively, for the same periods in 2004. These increases largely resulted from increased levels of home closings and higher average selling prices, as well as improved home gross margins for homes closed during the 2005 periods. The Company closed 3,686 homes and 10,356 homes, respectively, in the third quarter and first nine months of 2005, 4% and 8% higher than home closings in the same periods in 2004. During the third quarter and first nine months of 2005, the Company’s average selling prices increased to $311,400 and $298,800, respectively, compared with $283,100 and $273,700 for the comparable periods in 2004. Home gross margins reached 28.8% and 28.6%, respectively, for the three and nine months ended September 30, 2005, representing year-over-year increases of 60 basis points and 120 basis points.
Paris G. Reece III, MDC’s executive vice president and chief financial officer, said, “Similar to earlier quarters this year, the 2005 increase in our third quarter homebuilding profits was driven by improved year-over-year results from our long-standing operations in Arizona, Virginia and Maryland, as well as from our relatively new operations in Utah and Florida. Strong demand for new homes in these five markets resulted in significant increases in average selling prices of homes closed and substantial improvements in home gross margins. As in the 2005 second quarter, these margin improvements offset the impact of the anticipated easing of home gross margins in Nevada from last year’s extraordinary levels.”
Reece continued, “As reported previously, our home orders in the 2005 third quarter increased by 21% over home orders received during the 2004 third quarter, primarily resulting from the 24% year-over-year increase in our average active subdivisions. While our average selling price of homes closed increased by 10% over last year, the estimated average price of our home orders received during the 2005 third quarter increased by 20% to approximately $344,000. Average home order price increases in most of our markets, particularly in Arizona, Maryland, Virginia and Florida, contributed to the higher overall average price of our
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M.D.C. HOLDINGS, INC.
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home orders. As a result, the estimated value of home orders received during the third quarter of 2005 increased by more than 45% from the 2004 third quarter.”
Reece concluded, “Our 280 active subdivisions at September 30, 2005 were 18% above the level of a year ago. However, the number was slightly below our expectations, primarily due to strong home orders in Nevada, California and Maryland that resulted in a number of subdivisions in these markets selling out earlier than anticipated. In addition, we experienced land development, permitting or architectural delays in certain subdivisions in Colorado, Arizona, California and Florida that postponed their opening for sales. These types of delays could continue to impact our ability to bring new subdivisions online in the fourth quarter as well. Nevertheless, assuming we do not sell out faster than expected in certain subdivisions or that delays do not become further protracted, we anticipate that our subdivision count at year-end 2005 should be between 15% and 20% higher than levels at the end of 2004.”
Please refer to the last paragraph of this release for a discussion of factors that may impact the Company’s estimate of active subdivision count.
Improved Financial Services Results
Operating profits from the Company’s financial services business for the quarter and nine months ended September 30, 2005, were $6.3 million and $13.2 million, respectively, compared with $5.6 million and $13.4 million for the same periods in 2004. The increase in profits in the 2005 third quarter primarily was due to an increase in loan origination fees earned in conjunction with a higher level of mortgage loans originated in the third quarter.
MDC, whose subsidiaries build homes under the name “Richmond American Homes,” is one of the largest homebuilders in the United States. The Company also provides mortgage financing, primarily for MDC’s homebuyers, through its wholly owned subsidiary HomeAmerican Mortgage Corporation. MDC is a major regional homebuilder with a significant presence in some of the country’s best housing markets. The Company is the largest homebuilder in Colorado; among the top five homebuilders in Northern Virginia, suburban Maryland, Phoenix, Tucson, Las Vegas, Jacksonville and Salt Lake City; and among the top ten homebuilders in Northern California and Southern California. MDC also has established operating divisions in Dallas/Fort Worth, Houston, West Florida, Philadelphia/Delaware Valley and Chicago. For more information about our Company, please visit www.richmondamerican.com.
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Forward-Looking Statements
Certain statements in this release, including statements regarding future closings, average selling price, revenues, earnings and active subdivision count, 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 and business conditions; (2) interest rate changes; (3) the relative stability of debt and equity markets; (4) competition; (5) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (6) the availability and cost of performance bonds and insurance covering risks associated with our business; (7) shortages and the cost of labor; (8) weather related slowdowns; (9) slow growth initiatives; (10) building moratoria; (11) governmental regulation, including the interpretation of tax, labor and environmental laws; (12) changes in consumer confidence and preferences; (13) required accounting changes; (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-K for the year ended December 31, 2004, which was filed with the Securities and Exchange Commission. 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 publicly update 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.
Condensed Consolidated Statements of Income
(In thousands, except per share amounts)
Condensed Consolidated Statements of Income
(In thousands, except per share amounts)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
REVENUES | ||||||||||||||||
Homebuilding | $ | 1,152,104 | $ | 1,011,392 | $ | 3,106,728 | $ | 2,623,625 | ||||||||
Financial Services | 15,471 | 14,627 | 39,881 | 41,022 | ||||||||||||
Corporate | 237 | 110 | 1,459 | 569 | ||||||||||||
Total Revenues | $ | 1,167,812 | $ | 1,026,129 | $ | 3,148,068 | $ | 2,665,216 | ||||||||
NET INCOME | ||||||||||||||||
Homebuilding | $ | 214,650 | $ | 193,091 | $ | 564,785 | $ | 459,021 | ||||||||
Financial Services | 6,264 | 5,573 | 13,238 | 13,375 | ||||||||||||
Operating Profit | 220,914 | 198,664 | 578,023 | 472,396 | ||||||||||||
Corporate general and administrative expense, net | (27,588 | ) | (27,795 | ) | (84,791 | ) | (67,422 | ) | ||||||||
Income before income taxes | 193,326 | 170,869 | 493,232 | 404,974 | ||||||||||||
Provision for income taxes | (72,336 | ) | (65,796 | ) | (184,988 | ) | (156,432 | ) | ||||||||
Net Income | $ | 120,990 | $ | 105,073 | $ | 308,244 | $ | 248,542 | ||||||||
EARNINGS PER SHARE | ||||||||||||||||
Basic | $ | 2.73 | $ | 2.47 | $ | 7.03 | $ | 5.87 | ||||||||
Diluted | $ | 2.62 | $ | 2.36 | $ | 6.70 | $ | 5.61 | ||||||||
WEIGHTED-AVERAGE SHARES OUTSTANDING | ||||||||||||||||
Basic | 44,379 | 42,493 | 43,849 | 42,373 | ||||||||||||
Diluted | 46,258 | 44,442 | 46,006 | 44,324 | ||||||||||||
DIVIDENDS DECLARED PER SHARE | $ | .180 | $ | .115 | $ | .510 | $ | .318 | ||||||||
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M.D.C. HOLDINGS, INC.
Information on Business Segments
(In thousands)
Information on Business Segments
(In thousands)
Three Months | Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Homebuilding | ||||||||||||||||
Home sales | $ | 1,147,757 | $ | 1,007,134 | $ | 3,094,141 | $ | 2,615,100 | ||||||||
Land sales | 1,269 | 1,839 | 2,565 | 1,839 | ||||||||||||
Other revenues | 3,078 | 2,419 | 10,022 | 6,686 | ||||||||||||
Total Homebuilding Revenues | 1,152,104 | 1,011,392 | 3,106,728 | 2,623,625 | ||||||||||||
Home cost of sales | 817,330 | 723,240 | 2,208,882 | 1,898,158 | ||||||||||||
Land cost of sales | 706 | 1,316 | 1,496 | 1,316 | ||||||||||||
Marketing | 56,842 | 49,856 | 158,694 | 137,677 | ||||||||||||
General and administrative | 62,576 | 43,889 | 172,871 | 127,453 | ||||||||||||
Total Homebuilding Expenses | 937,454 | 818,301 | 2,541,943 | 2,164,604 | ||||||||||||
Homebuilding Operating Profit | 214,650 | 193,091 | 564,785 | 459,021 | ||||||||||||
Financial Services | ||||||||||||||||
Interest revenues | 755 | 993 | 2,010 | 2,823 | ||||||||||||
Origination fees | 8,433 | 6,801 | 21,428 | 17,464 | ||||||||||||
Gains on sales of mortgage servicing | 1,121 | 406 | 2,590 | 1,543 | ||||||||||||
Gains on sales of mortgage loans, net | 4,356 | 5,595 | 11,372 | 16,905 | ||||||||||||
Mortgage servicing and other | 806 | 832 | 2,481 | 2,287 | ||||||||||||
Total Financial Services Revenues | 15,471 | 14,627 | 39,881 | 41,022 | ||||||||||||
General and administrative | 9,207 | 9,054 | 26,643 | 27,647 | ||||||||||||
Financial Services Operating Profit | 6,264 | 5,573 | 13,238 | 13,375 | ||||||||||||
Total Operating Profit | 220,914 | 198,664 | 578,023 | 472,396 | ||||||||||||
Corporate | ||||||||||||||||
Interest and other revenues | 237 | 110 | 1,459 | 569 | ||||||||||||
Other general and administrative expenses. | (27,825 | ) | (27,905 | ) | (86,250 | ) | (67,991 | ) | ||||||||
Income Before Income Taxes | $ | 193,326 | $ | 170,869 | $ | 493,232 | $ | 404,974 | ||||||||
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M.D.C. HOLDINGS, INC.
Selected Financial Data
(Dollars in thousands, except per share amounts)
Selected Financial Data
(Dollars in thousands, except per share amounts)
September 30, | December 31, | September 30, | ||||||||||
2005 | 2004 | 2004 | ||||||||||
BALANCE SHEET DATA | ||||||||||||
Stockholders’ Equity Per Share Outstanding | $ | 39.57 | $ | 32.80 | $ | 29.59 | ||||||
Stockholders’ Equity | $ | 1,764,184 | $ | 1,418,821 | $ | 1,263,751 | ||||||
Homebuilding and Corporate Debt | 1,036,171 | 746,310 | 617,847 | |||||||||
Total Capital (excluding mortgage lending debt) | $ | 2,800,355 | $ | 2,165,131 | $ | 1,881,598 | ||||||
Cash and Cash Equivalents | $ | 130,121 | $ | 408,150 | $ | 53,083 | ||||||
Unrestricted Cash and Available Borrowing Capacity Under Lines of Credit | $ | 1,073,762 | $ | 1,050,954 | $ | 575,281 | ||||||
Ratio of Homebuilding and Corporate Debt to Equity | .59 | .53 | .49 | |||||||||
Ratio of Homebuilding and Corporate Debt to Capital | .37 | .34 | .33 | |||||||||
Ratio of Homebuilding and Corporate Debt to Capital (net of cash) | .34 | .19 | .31 | |||||||||
Housing Completed or Under Construction Inventories | $ | 1,535,936 | $ | 851,628 | $ | 1,104,240 | ||||||
Land and Land Under Development Inventories | $ | 1,367,890 | $ | 1,109,953 | $ | 938,989 |
Quarter | Full Year | Quarter | ||||||||||
Corporate and Homebuilding Interest Capitalized | ||||||||||||
Interest Capitalized in Inventories at Beginning of Period | $ | 30,293 | $ | 20,043 | $ | 22,023 | ||||||
Interest Incurred During the Period | 14,615 | 32,879 | 8,406 | |||||||||
Interest in Home and Land Cost of Sales for the Period | (7,030 | ) | (28,702 | ) | (7,175 | ) | ||||||
Interest Capitalized in Inventories at End of Period | $ | 37,878 | $ | 24,220 | $ | 23,254 | ||||||
Interest Capitalized as a Percent of Inventories | 1.3 | % | 1.2 | % | 1.1 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
OPERATING DATA | ||||||||||||||||
Interest in Home Cost of Sales as a Percent of Home Sales Revenues | 0.6 | % | 0.7 | % | 0.7 | % | 0.8 | % | ||||||||
Homebuilding and Corporate SG&A as a Percent of Home Sales Revenues | 12.8 | % | 12.1 | % | 13.5 | % | 12.7 | % | ||||||||
Depreciation and Amortization | $ | 12,932 | $ | 11,663 | $ | 34,518 | $ | 28,756 | ||||||||
Home Gross Margins | 28.8 | % | 28.2 | % | 28.6 | % | 27.4 | % | ||||||||
Cash Used in Operating Activities | $ | (227,773 | ) | $ | (32,889 | ) | $ | (553,876 | ) | $ | (194,232 | ) | ||||
Cash Used in Investing Activities | $ | (6,394 | ) | $ | (21,806 | ) | $ | (18,118 | ) | $ | (27,083 | ) | ||||
Cash Provided by Financing Activities | $ | 293,799 | $ | 31,077 | $ | 293,965 | $ | 100,833 | ||||||||
After-Tax Return on Revenues | 10.4 | % | 10.2 | % | 9.8 | % | 9.3 | % | ||||||||
After-Tax Return on Average Assets (Rolling 12 Months Ended) | N/A | N/A | 15.4 | % | 14.9 | % | ||||||||||
After-Tax Return on Average Equity (Rolling 12 Months Ended) | N/A | N/A | 29.8 | % | 29.0 | % |
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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
Homebuilding Operational Data
(Dollars in thousands)
September 30, | December 31, | September 30, | ||||||||||
2005 | 2004 | 2004 | ||||||||||
LOTS OWNED AND CONTROLLED | ||||||||||||
Lots Owned | 21,660 | 20,760 | 19,909 | |||||||||
Lots Under Option | 22,327 | 21,164 | 20,060 | |||||||||
Homes Under Construction (including models) | 9,217 | 5,573 | 7,159 | |||||||||
LOTS OWNED AND CONTROLLED BY MARKET | ||||||||||||
(excluding homes under construction) | ||||||||||||
Arizona | 11,059 | 11,151 | 9,436 | |||||||||
California | 5,771 | 4,428 | 4,226 | |||||||||
Colorado | 6,747 | 5,859 | 5,625 | |||||||||
Florida | 4,381 | 3,574 | 3,331 | |||||||||
Illinois | 660 | 711 | 987 | |||||||||
Maryland | 1,890 | 1,856 | 1,705 | |||||||||
Nevada | 5,121 | 5,775 | 5,825 | |||||||||
Philadelphia/Delaware Valley | 1,478 | 1,035 | 984 | |||||||||
Texas | 1,520 | 2,336 | 3,010 | |||||||||
Utah | 1,449 | 1,078 | 1,255 | |||||||||
Virginia | 3,911 | 4,121 | 3,585 | |||||||||
Total Company | 43,987 | 41,924 | 39,969 | |||||||||
ACTIVE SUBDIVISIONS | ||||||||||||
Arizona | 46 | 32 | 30 | |||||||||
California | 28 | 22 | 21 | |||||||||
Colorado | 56 | 53 | 56 | |||||||||
Florida | 19 | 18 | 22 | |||||||||
Illinois | 8 | 1 | 1 | |||||||||
Maryland | 10 | 11 | 10 | |||||||||
Nevada | 47 | 31 | 26 | |||||||||
Philadelphia/Delaware Valley | 6 | 2 | — | |||||||||
Texas | 24 | 24 | 24 | |||||||||
Utah | 16 | 22 | 22 | |||||||||
Virginia | 20 | 26 | 26 | |||||||||
Total Company | 280 | 242 | 238 | |||||||||
Average for Quarter Ended | 281 | 237 | 226 | |||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
AVERAGE SELLING PRICE PER HOME CLOSED | ||||||||||||||||
Arizona | $ | 221.2 | $ | 192.9 | $ | 215.0 | $ | 192.1 | ||||||||
California | 510.5 | 452.6 | 509.2 | 427.5 | ||||||||||||
Colorado | 287.7 | 264.0 | 285.7 | 264.7 | ||||||||||||
Florida | 226.2 | 182.3 | 205.3 | 179.5 | ||||||||||||
Illinois | 411.7 | — | 426.5 | — | ||||||||||||
Maryland | 513.5 | 397.3 | 458.6 | 404.5 | ||||||||||||
Nevada | 307.6 | 258.3 | 298.1 | 232.6 | ||||||||||||
Philadelphia/Delaware Valley | 362.2 | — | 361.3 | — | ||||||||||||
Texas | 162.7 | 155.0 | 159.1 | 158.1 | ||||||||||||
Utah | 226.9 | 180.1 | 219.0 | 177.8 | ||||||||||||
Virginia | 515.9 | 447.8 | 503.4 | 430.1 | ||||||||||||
Company Average | $ | 311.4 | $ | 283.1 | $ | 298.8 | $ | 273.7 |
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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in Thousands)
Homebuilding Operational Data
(Dollars in Thousands)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Orders for Homes, net(units) | ||||||||||||||||
Arizona | 798 | 951 | 3,040 | 3,104 | ||||||||||||
California | 504 | 311 | 1,737 | 1,764 | ||||||||||||
Colorado | 469 | 521 | 1,727 | 1,811 | ||||||||||||
Florida | 238 | 93 | 917 | 292 | ||||||||||||
Illinois | 53 | 5 | 113 | 8 | ||||||||||||
Maryland | 89 | 52 | 365 | 255 | ||||||||||||
Nevada | 829 | 454 | 2,788 | 2,411 | ||||||||||||
Philadelphia/Delaware Valley. | 56 | 1 | 156 | 1 | ||||||||||||
Texas | 162 | 152 | 672 | 647 | ||||||||||||
Utah | 257 | 187 | 741 | 573 | ||||||||||||
Virginia | 96 | 198 | 673 | 720 | ||||||||||||
Total | 3,551 | 2,925 | 12,929 | 11,586 | ||||||||||||
Estimated Value of Orders for Homes, net | $ | 1,220,000 | $ | 840,000 | ||||||||||||
Estimated Average Selling Price of Orders for Homes, net | $ | 343.6 | $ | 287.2 | ||||||||||||
Cancellation Rate | 25.7 | % | 30.6 | % | 21.5 | % | 23.6 | % | ||||||||
Homes Closed, net(units) | ||||||||||||||||
Arizona | 895 | 808 | 2,550 | 2,343 | ||||||||||||
California | 475 | 631 | 1,238 | 1,642 | ||||||||||||
Colorado | 599 | 583 | 1,615 | 1,603 | ||||||||||||
Florida | 252 | 96 | 832 | 251 | ||||||||||||
Illinois | 19 | — | 40 | — | ||||||||||||
Maryland | 106 | 90 | 260 | 251 | ||||||||||||
Nevada | 616 | 690 | 1,851 | 1,887 | ||||||||||||
Philadelphia/Delaware Valley. | 17 | — | 18 | — | ||||||||||||
Texas | 214 | 222 | 616 | 440 | ||||||||||||
Utah | 239 | 188 | 640 | 416 | ||||||||||||
Virginia | 254 | 250 | 696 | 720 | ||||||||||||
Total | 3,686 | 3,558 | 10,356 | 9,553 | ||||||||||||
September 30, | December 31, | September 30, | ||||||||||
2005 | 2004 | 2004 | ||||||||||
Backlog(units) | ||||||||||||
Arizona | 2,633 | 2,143 | 2,094 | |||||||||
California | 1,306 | 807 | 1,241 | |||||||||
Colorado | 804 | 692 | 942 | |||||||||
Florida | 723 | 638 | 685 | |||||||||
Illinois | 91 | 18 | 8 | |||||||||
Maryland | 330 | 225 | 273 | |||||||||
Nevada | 1,683 | 746 | 1,410 | |||||||||
Philadelphia/Delaware Valley. | 161 | 23 | 1 | |||||||||
Texas | 312 | 256 | 350 | |||||||||
Utah | 390 | 289 | 308 | |||||||||
Virginia | 645 | 668 | 854 | |||||||||
Total | 9,078 | 6,505 | 8,166 | |||||||||
Backlog Estimated Value | $ | 3,290,000 | $ | 1,920,000 | $ | 2,480,000 | ||||||
Estimated Average Selling Price of Homes in Backlog | $ | 362.4 | $ | 295.2 | $ | 303.7 | ||||||
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