Exhibit 99.1
NEWS BULLETIN
| | |
| | | |
| M.D.C. HOLDINGS, INC. | | RICHMOND AMERICAN HOMES |
| | | HOMEAMERICAN MORTGAGE |
FOR IMMEDIATE RELEASE
THURSDAY, JULY 31, 2008
| | | |
| Contact: | | Robert N. Martin |
| | | Investor Relations |
| | | (720) 977-3431 |
| | | bob.martin@mdch.com |
M.D.C. HOLDINGS ANNOUNCES SECOND QUARTER 2008 RESULTS
| | • | | Cash flow from operations of $91.6 million |
| |
| | • | | Quarter-end cash of $1.30 billion; no borrowings on homebuilding line of credit |
| |
| | • | | Ending cash and available borrowing capacity of $2.03 billion |
| |
| | • | | Pre-tax loss of $101.5 million; includes asset impairments of $88.3 million |
| |
| | • | | Net loss of $100.7 million vs. $106.1 million in 2007 |
| |
| | • | | Diluted loss per share of $2.18 vs. $2.32 in 2007 |
| |
| | • | | Total revenue of $411.9 million vs. $716.7 million in 2007 |
| |
| | • | | Closed 1,292 homes at an average selling price of $295,700 |
| |
| | • | | Net orders for 959 homes with an estimated value of $279.0 million |
DENVER, Thursday, July 31, 2008 — M.D.C. Holdings, Inc. (NYSE: MDC) today announced a net loss for the quarter ended June 30, 2008 of $100.7 million, or $2.18 per diluted share, which included pre-tax charges of $88.3 million for asset impairments. This 2008 second quarter net loss also was impacted adversely by a $43.4 million increase in our deferred tax asset valuation allowance, which reduced our benefit from income taxes. The net loss for the second quarter of 2007 was $106.1 million, or $2.32 per diluted share, including pre-tax charges of $161.1 million for asset impairments. Total revenue for the second quarter of 2008 was $411.9 million, compared with revenue of $716.7 million for the same period in 2007.
Net loss for the six months ended June 30, 2008 was $173.5 million, or $3.77 per diluted share, which included pre-tax charges of $143.1 million for asset impairments. This net loss for the first six months of 2008 also was impacted adversely by a $54.0 million increase in our deferred tax asset valuation allowance, which reduced our benefit from income taxes. The net loss for the first six months of 2007 was $200.5 million, or $4.40 per diluted share, including pre-tax charges of $302.5 million for asset impairments. Total revenue for the first six months of 2008 was $818.0 million, compared with revenue of $1.46 billion for the same period in 2007.
-more-
Larry A. Mizel, MDC’s chairman and chief executive officer, stated, “During the 2008 second quarter, our national economy continued to face a significant headwind, as evidenced by weakness in many homebuilding and general economic measures and a significant year-over-year decline in our own home order results. Therefore, even though we recently saw the approval of housing reform legislation, we remain cautious and defensive in our actions, with our balance sheet remaining a top priority. As a result, we generated $90 million in operating cash flow during the second quarter and reached nearly $1.3 billion in cash on hand as of June 30, 2008, with no borrowings outstanding on our homebuilding line of credit. In addition, as we continued to focus on reducing our exposure to performance bonds and letters of credit related to various land development activities during the second quarter, our estimated cost to complete these activities remained below $50 million.”
Mizel continued, “We believe that our financial position is relatively strong for our industry and that, as a result, we are uniquely positioned to work on initiatives that can create long-term value for our Company. Therefore, during the second quarter, we continued to place emphasis on our multi-year, Company-wide initiative focused on streamlining our business practices for increased efficiency and standardization across all of our markets. In addition, we continued to develop relationships with investors, banks and other homebuilders to identify opportunities to invest the substantial capital available to us.”
Homebuilding Results
Homebuilding loss before taxes for the quarter and six months ended June 30, 2008 improved to $94.5 million and $171.7 million, respectively, compared with $171.3 million and $310.3 million for the same periods in 2007. The improvement in 2008 was driven in large part by declines in asset impairment charges of 45% and 53%, respectively, for the second quarter and first six months of 2008, and declines in homebuilding commissions, marketing and general and administrative expenses (“SG&A”) of 48% and 45%, respectively, from the comparative 2007 periods. These decreases in expenses and charges were offset partially by the impact of reductions in home closings, average selling prices and home gross margins from the levels achieved during the same periods in 2007.
The Company closed 1,292 homes and produced home gross margins of 11.7% in the 2008 second quarter, compared with 2,031 home closings and home gross margins of 14.1% for the same period in 2007. For the six months ended June 30, 2008, the Company closed 2,428 homes and produced home gross margins of 11.6%, compared with 4,032 home closings and 15.0% home gross margins for the six months ended June 30, 2007. Average selling prices were $295,700 and $303,900, respectively, for the quarter and six months ended June 30, 2008, down $42,900 and $43,200, respectively, from the same periods in 2007. Homebuilding SG&A decreased to $58.6 million and $123.6 million, respectively, for the three and six months ended June 30, 2008, compared with $111.6 million and $224.9 million for the same periods in the prior year.
-more-
Paris G. Reece III, MDC’s executive vice president and chief financial officer, said, “While our $88 million in asset impairments this quarter was higher than our asset impairment charges in the 2008 first quarter, they were significantly lower than the charges recognized during the same period in 2007. We impaired our land inventory by $63 million and our work-in-process inventory and other assets by $25 million, impacting approximately 3,500 lots in 110 subdivisions. The quarter-end book value of the impaired subdivisions after the impairments was $240 million, consisting of $87 million of land and $153 million of work-in-process. Impairments in the West and Mountain segments accounted for more than 80% of all inventory impairments recorded in the 2008 second quarter, primarily due to the fact that these segments comprised 75% of our total inventories at quarter-end. Over the last eight quarters, we have impaired approximately 70% of the 11,600 lots we owned at June 30, 2008.”
Reece continued, “Given the continued weakness in our industry, cash generation and conservation have remained a key management focus thus far in 2008. By selling 1,100 lots during the first half of the year, primarily in our West segment, we not only generated more than $40 million in proceeds, but we triggered related taxable losses of more than $90 million. These tax losses furthered our efforts to maximize the tax refund we expect to receive early next year, which could be as much as $164 million. In addition, our continuing focus on conserving cash by right-sizing our operating platform has proven successful, as evidenced by the significant year-over-year reduction of our homebuilding general and administrative expenses.”
Financial Services and Other and Corporate Results
Income before taxes from the Company’s Financial Services and Other segment for the quarter and six months ended June 30, 2008 was $0.6 million and $4.7 million, respectively, compared with $4.2 million and $11.8 million for the same periods in the previous year. The decreases in the 2008 periods primarily resulted from lower insurance revenue due to lower insurance premiums collected from our homebuilding subcontractors as a result of the decline in home construction levels. The Company also realized lower gains on sales of mortgage loans, as the dollar volumes of mortgage loan originations and mortgage loans sold declined in conjunction with builder home closings, which were offset by reductions in general and administrative expenses for our mortgage operations.
Loss before taxes from the Company’s Corporate segment for the quarter and six months ended June 30, 2008 was $7.6 million and $11.7 million, respectively, compared with $3.9 million and $16.2 million for the same periods in 2007. The increased loss for the 2008 second quarter primarily resulted from reduced supervisory fees charged to other segments, which was partially offset by year-over-year reductions in compensation-related, travel and depreciation expenses. In addition, the Company experienced decreases in interest income due to a significant reduction in interest rates applicable to our cash investments, which more than offset the impact of significantly higher levels of cash investments. The improvement for the first six months primarily resulted from an increase in interest income generated from the significantly higher cash balances in 2008, notwithstanding the lower applicable interest rates later in the
-more-
period, as well as a year-over-year reduction in compensation-related, travel and depreciation expenses, partially offset by reduced supervisory fees received from other segments.
Home Orders and Backlog
MDC received orders, net of cancellations, for 959 homes with an estimated sales value of $279.0 million during the 2008 second quarter, compared with net orders for 1,970 homes with an estimated sales value of $653.0 million during the same period in 2007. For the six months ended June 30, 2008, the Company received net orders for 2,057 homes with a sales value of $604 million, compared with 4,528 homes with a sales value of $1.56 billion for the six months ended June 30, 2007. During both the second quarter and first six months of 2008, the Company’s approximate order cancellation rate was 43%, consistent with the 44% and 39% rates experienced during the same periods in 2007. The Company ended the second quarter of 2008 with a backlog of 1,576 homes with an estimated sales value of $522.0 million, compared with a backlog of 4,134 homes with an estimated sales value of $1.48 billion at June 30, 2007.
Since 1972, MDC has built and financed the American dream for more than 150,000 families. MDC’s commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. As one of the largest homebuilders in the United States, the Company has homebuilding divisions across the country, including Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, California, Chicago, Northern Virginia, Maryland, Philadelphia/Delaware Valley and Jacksonville. The Company also provides mortgage financing, insurance and title services, primarily for MDC homebuyers, through its wholly owned subsidiaries, HomeAmerican Mortgage Corporation, American Home Insurance Agency and American Home Title and Escrow, 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 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 used
-more-
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 Annual Report on Form 10-K for the year ended December 31, 2007, which has been filed with the Securities and Exchange Commission (“SEC”), and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, which is scheduled to be filed with the SEC 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.
-more-
M.D.C. HOLDINGS, INC.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | |
| | | Three Months Ended June 30, | | | Six Months Ended June 30, | |
| | | 2008 | | | 2007 | | | 2008 | | | 2007 | |
REVENUE | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Home sales revenue | | $ | 382,093 | | | $ | 687,813 | | | $ | 737,885 | | | $ | 1,399,613 | |
| Land sales revenue | | | 12,281 | | | | 3,417 | | | | 40,849 | | | | 9,451 | |
| Other revenue | | | 17,524 | | | | 25,478 | | | | 39,309 | | | | 52,768 | |
| | | | | | | | | | | | | |
| Total Revenue | | | 411,898 | | | | 716,708 | | | | 818,043 | | | | 1,461,832 | |
| | | | | | | | | | | | | |
COSTS AND EXPENSES | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Home cost of sales | | | 337,543 | | | | 590,564 | | | | 652,580 | | | | 1,189,763 | |
| Land cost of sales | | | 6,835 | | | | 2,181 | | | | 34,784 | | | | 7,288 | |
| Asset impairments | | | 88,278 | | | | 161,050 | | | | 143,110 | | | | 302,472 | |
| Marketing expenses | | | 20,350 | | | | 29,371 | | | | 39,553 | | | | 58,450 | |
| Commission expenses | | | 14,659 | | | | 24,380 | | | | 28,092 | | | | 47,630 | |
| General and administrative expenses | | | 45,768 | | | | 80,090 | | | | 98,680 | | | | 170,747 | |
| Related party expenses | | | 5 | | | | 100 | | | | 10 | | | | 191 | |
| | | | | | | | | | | | | |
| Total Costs and Expenses | | | 513,438 | | | | 887,736 | | | | 996,809 | | | | 1,776,541 | |
| | | | | | | | | | | | | |
| Loss before income taxes | | | (101,540 | ) | | | (171,028 | ) | | | (178,766 | ) | | | (314,709 | ) |
| Benefit from income taxes | | | 814 | | | | 64,956 | | | | 5,220 | | | | 114,239 | |
| | | | | | | | | | | | | |
NET LOSS | | $ | (100,726 | ) | | $ | (106,072 | ) | | $ | (173,546 | ) | | $ | (200,470 | ) |
| | | | | | | | | | | | | |
LOSS PER SHARE | | | | | | | | | | | | | | | | |
| Basic | | $ | (2.18 | ) | | $ | (2.32 | ) | | $ | (3.77 | ) | | $ | (4.40 | ) |
| | | | | | | | | | | | | |
| Diluted | | $ | (2.18 | ) | | $ | (2.32 | ) | | $ | (3.77 | ) | | $ | (4.40 | ) |
| | | | | | | | | | | | | |
WEIGHTED-AVERAGE SHARES OUTSTANDING | | | | | | | | | | | | | | | | |
| Basic | | | 46,110 | | | | 45,722 | | | | 46,033 | | | | 45,612 | |
| | | | | | | | | | | | | |
| Diluted | | | 46,110 | | | | 45,722 | | | | 46,033 | | | | 45,612 | |
| | | | | | | | | | | | | |
DIVIDENDS DECLARED PER SHARE | | $ | 0.25 | | | $ | 0.25 | | | $ | 0.50 | | | $ | 0.50 | |
| | | | | | | | | | | | | |
-more-
M.D.C. HOLDINGS, INC.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
(Unaudited)
| | | | | | | | | |
| | | June 30, | | | December 31, | |
| | | 2008 | | | 2007 | |
ASSETS | | | | | | | | |
| Cash and cash equivalents | | $ | 1,296,817 | | | $ | 1,004,763 | |
| Restricted cash | | | 1,586 | | | | 1,898 | |
| Receivables Home sales receivables | | | 28,655 | | | | 33,647 | |
| Income taxes receivable, net | | | 36,770 | | | | 36,988 | |
| Other receivables | | | 17,968 | | | | 16,796 | |
| Mortgage loans held-for-sale, net | | | 79,137 | | | | 100,144 | |
| Inventories, net | | | | | | | | |
| Housing completed or under construction | | | 647,350 | | | | 902,221 | |
| Land and land under development | | | 367,113 | | | | 554,336 | |
| Property and equipment, net | | | 39,717 | | | | 44,368 | |
| Deferred income taxes, net | | | 76,262 | | | | 160,565 | |
| Related party assets | | | 28,627 | | | | 28,627 | |
| Prepaid expenses and other assets, net | | | 56,812 | | | | 71,884 | |
| | | | | | | |
| Total Assets | | $ | 2,676,814 | | | $ | 2,956,237 | |
| | | | | | | |
| | | | | | | | | |
LIABILITIES | | | | | | | | |
| Accounts payable | | $ | 44,844 | | | $ | 71,932 | |
| Accrued liabilities | | | 285,787 | | | | 339,353 | |
| Related party liabilities | | | — | | | | 1,701 | |
| Homebuilding line of credit | | | — | | | | — | |
| Mortgage line of credit | | | 55,430 | | | | 70,147 | |
| Senior notes, net | | | 997,305 | | | | 997,091 | |
| | | | | | | |
| Total Liabilities | | | 1,383,366 | | | | 1,480,224 | |
| | | | | | | |
COMMITMENTS AND CONTINGENCIES | | | — | | | | — | |
| | | | | | | |
| | | | | | | | | |
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; 46,396,000 and 46,346,000 issued and outstanding, respectively, at June 30, 2008, and 46,084,000 and 46,053,000 issued and outstanding, respectively, at December 31, 2007 | | | 464 | | | | 461 | |
| Additional paid-in-capital | | | 771,121 | | | | 757,039 | |
| Retained earnings | | | 523,191 | | | | 719,841 | |
| Accumulated other comprehensive loss | | | (669 | ) | | | (669 | ) |
| Treasury stock, at cost; 50,000 and 31,000 shares at June 30, 2008 and December 31, 2007, respectively | | | (659 | ) | | | (659 | ) |
| | | | | | | |
| Total Stockholders’ Equity | | | 1,293,448 | | | | 1,476,013 | |
| | | | | | | |
| Total Liabilities and Stockholders’ Equity | | $ | 2,676,814 | | | $ | 2,956,237 | |
| | | | | | | |
-more-
M.D.C. HOLDINGS, INC.
Information on Segments
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | |
| | | Three Months Ended June 30, | | | Six Months Ended June 30, | |
| | | 2008 | | | 2007 | | | 2008 | | | 2007 | |
REVENUE | | | | | | | | | | | | | | | | |
| Homebuilding | | | | | | | | | | | | | | | | |
| West | | $ | 221,044 | | | $ | 433,049 | | | $ | 444,550 | | | $ | 887,703 | |
| Mountain | | | 87,436 | | | | 134,670 | | | | 157,931 | | | | 279,861 | |
| East | | | 55,428 | | | | 71,800 | | | | 109,519 | | | | 133,155 | |
| Other Homebuilding | | | 37,151 | | | | 58,971 | | | | 77,505 | | | | 123,831 | |
| | | | | | | | | | | | | |
| Total Homebuilding | | | 401,059 | | | | 698,490 | | | | 789,505 | | | | 1,424,550 | |
| | |
| Financial Services and Other | | | 7,601 | | | | 13,614 | | | | 18,773 | | | | 33,184 | |
| Corporate | | | 7,556 | | | | 9,029 | | | | 16,924 | | | | 14,462 | |
| Inter-company adjustments | | | (4,318 | ) | | | (4,425 | ) | | | (7,159 | ) | | | (10,364 | ) |
| | | | | | | | | | | | | |
| Consolidated | | $ | 411,898 | | | $ | 716,708 | | | $ | 818,043 | | | $ | 1,461,832 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
(LOSS) INCOME BEFORE INCOME TAXES | | | | | | | | | | | | | | | | |
| Homebuilding | | | | | | | | | | | | | | | | |
| West | | $ | (33,591 | ) | | $ | (139,239 | ) | | $ | (94,982 | ) | | $ | (264,630 | ) |
| Mountain | | | (39,027 | ) | | | (6,828 | ) | | | (50,635 | ) | | | 4,143 | |
| East | | | (10,313 | ) | | | (6,784 | ) | | | (12,648 | ) | | | (11,170 | ) |
| Other Homebuilding | | | (11,543 | ) | | | (18,487 | ) | | | (13,483 | ) | | | (38,618 | ) |
| | | | | | | | | | | | | |
| Total Homebuilding | | | (94,474 | ) | | | (171,338 | ) | | | (171,748 | ) | | | (310,275 | ) |
| | |
| Financial Services and Other | | | 557 | | | | 4,241 | | | | 4,705 | | | | 11,758 | |
| Corporate | | | (7,623 | ) | | | (3,931 | ) | | | (11,723 | ) | | | (16,192 | ) |
| | | | | | | | | | | | | |
| Consolidated | | $ | (101,540 | ) | | $ | (171,028 | ) | | $ | (178,766 | ) | | $ | (314,709 | ) |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
ASSET IMPAIRMENTS | | | | | | | | | | | | | | | | |
| West | | $ | 40,015 | | | $ | 132,731 | | | $ | 88,325 | | | $ | 254,634 | |
| Mountain | | | 32,192 | | | | 9,123 | | | | 36,146 | | | | 9,777 | |
| East | | | 8,214 | | | | 5,865 | | | | 9,747 | | | | 8,432 | |
| Other Homebuilding | | | 7,857 | | | | 13,331 | | | | 8,892 | | | | 29,629 | |
| | | | | | | | | | | | | |
| Consolidated | | $ | 88,278 | | | $ | 161,050 | | | $ | 143,110 | | | $ | 302,472 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | June 30, | | | December 31, | | | June 30, | | | December 31, | |
| | | 2008 | | | 2007 | | | 2007 | | | 2006 | |
TOTAL ASSETS | | | | | | | | | | | | | | | | |
| Homebuilding | | | | | | | | | | | | | | | | |
| West | | $ | 462,559 | | | $ | 747,835 | | | $ | 1,438,028 | | | $ | 1,869,442 | |
| Mountain | | | 392,903 | | | | 474,203 | | | | 545,487 | | | | 535,554 | |
| East | | | 188,487 | | | | 250,658 | | | | 313,380 | | | | 333,902 | |
| Other Homebuilding | | | 93,433 | | | | 125,003 | | | | 208,654 | | | | 266,326 | |
| | | | | | | | | | | | | |
| Total Homebuilding | | | 1,137,382 | | | | 1,597,699 | | | | 2,505,549 | | | | 3,005,224 | |
| Financial Services and Other | | | 154,545 | | | | 174,617 | | | | 196,655 | | | | 284,791 | |
| Corporate | | | 1,429,844 | | | | 1,229,178 | | | | 924,354 | | | | 657,917 | |
| Inter-company adjustments | | | (44,957 | ) | | | (45,257 | ) | | | (40,857 | ) | | | (38,057 | ) |
| | | | | | | | | | | | | |
| Consolidated | | $ | 2,676,814 | | | $ | 2,956,237 | | | $ | 3,585,701 | | | $ | 3,909,875 | |
| | | | | | | | | | | | | |
-more-
M.D.C. HOLDINGS, INC.
Selected Financial data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended June 30, | | | Change | | | Six Months Ended June 30, | | | Change | |
| | | 2008 | | | 2007 | | | Amount | | | % | | | 2008 | | | 2007 | | | Amount | | | % | |
SELECTED FINANCIAL DATA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| General and Administrative | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Expenses Homebuilding Segments | | $ | 23,549 | | | $ | 57,859 | | | $ | (34,310 | ) | | | -59 | % | | $ | 55,975 | | | $ | 118,858 | | | $ | (62,883 | ) | | | -53 | % |
| Financial Services and Other Segment | | | 7,045 | | | | 9,367 | | | | (2,322 | ) | | | -25 | % | | | 14,068 | | | | 21,425 | | | | (7,357 | ) | | | -34 | % |
Corporate Segment(1) | | | 15,179 | | | | 12,964 | | | | 2,215 | | | | 17 | % | | | 28,647 | | | | 30,655 | | | | (2,008 | ) | | | -7 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | $ | 45,773 | | | $ | 80,190 | | | $ | (34,417 | ) | | | -43 | % | | $ | 98,690 | | | $ | 170,938 | | | $ | (72,248 | ) | | | -42 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SG&A as a % of Home Sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenue Homebuilding Segments | | | 15.3 | % | | | 16.2 | % | | | -0.9 | % | | | | | | | 16.8 | % | | | 16.1 | % | | | 0.7 | % | | | | |
Corporate Segment(1) | | | 4.0 | % | | | 1.9 | % | | | 2.1 | % | | | | | | | 3.9 | % | | | 2.2 | % | | | 1.7 | % | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and Amortization(2) | | $ | 9,346 | | | $ | 10,397 | | | $ | (1,051 | ) | | | -10 | % | | $ | 17,958 | | | $ | 22,217 | | | $ | (4,259 | ) | | | -19 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Home Gross Margins(3) | | | 11.7 | % | | | 14.1 | % | | | -2.4 | % | | | | | | | 11.6 | % | | | 15.0 | % | | | -3.4 | % | | | | |
| Interest in Home Cost of Sales as a % of Home Sales Revenue | | | 4.4 | % | | | 1.8 | % | | | 2.6 | % | | | | | | | 4.4 | % | | | 1.8 | % | | | 2.6 | % | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Cash Provided by Operating Activities | | $ | 91,570 | | | $ | 49,999 | | | $ | 41,571 | | | | 83 | % | | $ | 322,303 | | | $ | 199,322 | | | $ | 122,981 | | | | 62 | % |
| Cash Used in Investing Activities | | $ | (73 | ) | | $ | (1,345 | ) | | $ | 1,272 | | | | -95 | % | | $ | (116 | ) | | $ | (2,055 | ) | | $ | 1,939 | | | | -94 | % |
| Cash Provided by (Used in) Financing Activities | | $ | 11,471 | | | $ | (10,956 | ) | | $ | 22,427 | | | | -205 | % | | $ | (30,133 | ) | | $ | (36,835 | ) | | $ | 6,702 | | | | -18 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ending Unrestricted Cash and Available Borrowing Capacity | | $ | 2,031,962 | | | $ | 1,888,793 | | | $ | 143,169 | | | | 8 | % | | | | | | | | | | | | | | | | |
| Corporate and Homebuilding Interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest capitalized during the period | | $ | 14,464 | | | $ | 14,435 | | | $ | 29 | | | | 0 | % | | $ | 28,917 | | | $ | 28,876 | | | $ | 41 | | | | 0 | % |
| Previously capitalized interest included in home cost of sales during the period | | $ | 16,957 | | | $ | 12,258 | | | $ | 4,699 | | | | 38 | % | | $ | 32,730 | | | $ | 25,543 | | | $ | 7,187 | | | | 28 | % |
| Interest Capitalized in Inventories at End of Period | | $ | 49,674 | | | $ | 53,988 | | | $ | (4,314 | ) | | | -8 | % | | $ | 49,674 | | | $ | 53,988 | | | $ | (4,314 | ) | | | -8 | % |
| | |
| | | (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 and six months ended June 30, 2008, we closed homes on lots for which we had previously recorded $63.6 million and $113.6 million, respectively, of asset impairments. During the three and six months ended June 30, 2007, we closed homes on lots for which we had previously recorded $18.8 million and $28.0 million, respectively, of asset impairments. |
-more-
M.D.C. HOLDINGS, INC.
Selected Financial Data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months | | | | | | | | | | Six Months | | | | |
| | | Ended June 30, | | Change | | Ended June 30, | | Change |
| | | 2008 | | 2007 | | Amount | | % | | 2008 | | 2007 | | Amount | | % |
HOMEAMERICAN OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Principal amount of mortgage loans originated | | $ | 213,042 | | | $ | 293,544 | | | $ | (80,502 | ) | | | -27 | % | | $ | 377,785 | | | $ | 644,577 | | | $ | (266,792 | ) | | | -41 | % |
| Principal amount of mortgage loans brokered | | $ | 46,599 | | | $ | 127,891 | | | $ | (81,292 | ) | | | -64 | % | | $ | 106,170 | | | $ | 246,233 | | | $ | (140,063 | ) | | | -57 | % |
| Capture Rate | | | 66 | % | | | 52 | % | | | 14 | % | | | | | | | 62 | % | | | 55 | % | | | 7 | % | | | | |
| Including brokered loans | | | 79 | % | | | 72 | % | | | 7 | % | | | | | | | 77 | % | | | 74 | % | | | 3 | % | | | | |
| Mortgage products (% of mortgage loans originated) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fixed rate | | | 98 | % | | | 83 | % | | | 15 | % | | | | | | | 97 | % | | | 76 | % | | | 21 | % | | | | |
| Adjustable rate — interest only | | | 1 | % | | | 14 | % | | | -13 | % | | | | | | | 1 | % | | | 20 | % | | | -19 | % | | | | |
| Adjustable rate — other | | | 1 | % | | | 3 | % | | | -2 | % | | | | | | | 2 | % | | | 4 | % | | | -2 | % | | | | |
| | |
Prime loans(4) | | | 45 | % | | | 86 | % | | | -41 | % | | | | | | | 53 | % | | | 73 | % | | | -20 | % | | | | |
Alt A loans(5) | | | 0 | % | | | 5 | % | | | -5 | % | | | | | | | 0 | % | | | 20 | % | | | -20 | % | | | | |
Government loans(6) | | | 55 | % | | | 9 | % | | | 46 | % | | | | | | | 47 | % | | | 7 | % | | | 40 | % | | | | |
Sub-prime loans(7) | | | 0 | % | | | 0 | % | | | 0 | % | | | | | | | 0 | % | | | 0 | % | | | 0 | % | | | | |
| | |
| (4) | | Prime loans 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) | | Alt-A loans are defined as loans that would otherwise qualify as prime loans except that they do not comply with the documentation standards of the government sponsored enterprise guidelines. |
| |
| (6) | | Government loans are loans either insured by the Federal Housing Administration or guaranteed by the Department of Veteran Affairs. |
| |
| (7) | | Sub-prime loans are loans that have FICO scores of less than or equal to 620. |
-more-
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(unaudited)
| | | | | | | | | | | | | |
| | | June 30, | | December 31, | | June 30, |
| | | 2008 | | 2007 | | 2007 |
HOMES COMPLETED OR UNDER CONSTRUCTION | | | | | | | | | | | | |
| Unsold Home Under Construction — Final | | | 298 | | | | 515 | | | | 423 | |
| Unsold Home Under Construction — Frame | | | 490 | | | | 656 | | | | 690 | |
| Unsold Home Under Construction — Foundation | | | 167 | | | | 229 | | | | 382 | |
| | | | | | | | | | | | | |
| Total Unsold Homes Under Construction | | | 955 | | | | 1,400 | | | | 1,495 | |
| Sold Homes Under Construction | | | 1,230 | | | | 1,350 | | | | 3,095 | |
| Model Homes | | | 533 | | | | 730 | | | | 764 | |
| | | | | | | | | | | | | |
| Homes Completed or Under Construction | | | 2,718 | | | | 3,480 | | | | 5,354 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
LOTS OWNED(excluding homes completed or under construction) | | | | | | | | | | | | |
| Arizona | | | 2,089 | | | | 2,969 | | | | 4,771 | |
| California | | | 911 | | | | 1,491 | | | | 2,182 | |
| Nevada | | | 1,045 | | | | 1,549 | | | | 2,038 | |
| | | | | | | | | | | | | |
| West | | | 4,045 | | | | 6,009 | | | | 8,991 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Colorado | | | 2,749 | | | | 2,992 | | | | 3,052 | |
| Utah | | | 771 | | | | 863 | | | | 933 | |
| | | | | | | | | | | | | |
| Mountain | | | 3,520 | | | | 3,855 | | | | 3,985 | |
| | | | | | | | | | | | | |
| | |
| Maryland | | | 236 | | | | 302 | | | | 389 | |
| Virginia | | | 297 | | | | 369 | | | | 542 | |
| | | | | | | | | | | | | |
| East | | | 533 | | | | 671 | | | | 931 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Delaware Valley | | | 133 | | | | 151 | | | | 212 | |
| Florida | | | 507 | | | | 638 | | | | 907 | |
| Illinois | | | 156 | | | | 191 | | | | 233 | |
| | | | | | | | | | | | | |
| Other Homebuilding | | | 796 | | | | 980 | | | | 1,352 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Total | | | 8,894 | | | | 11,515 | | | | 15,259 | |
| | | | | | | | | | | | | |
-more-
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(unaudited)
| | | | | | | | | | | | | |
| | | June 30, | | | December 31, | | | June 30, | |
| | | 2008 | | | 2007 | | | 2007 | |
LOTS CONTROLLED UNDER OPTION | | | | | | | | | | | | |
| Arizona | | | 417 | | | | 512 | | | | 548 | |
| California | | | 153 | | | | 157 | | | | 157 | |
| Nevada | | | — | | | | 4 | | | | 4 | |
| | | | | | | | | | |
| West | | | 570 | | | | 673 | | | | 709 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Colorado | | | 241 | | | | 262 | | | | 312 | |
| Utah | | | — | | | | — | | | | 93 | |
| | | | | | | | | | |
| Mountain | | | 241 | | | | 262 | | | | 405 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Maryland | | | 321 | | | | 558 | | | | 925 | |
| Virginia | | | 1,054 | | | | 1,311 | | | | 1,894 | |
| | | | | | | | | | |
| East | | | 1,375 | | | | 1,869 | | | | 2,819 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Delaware Valley | | | 135 | | | | 327 | | | | 741 | |
| Florida | | | 461 | | | | 484 | | | | 1,073 | |
| Illinois | | | — | | | | — | | | | — | |
| | | | | | | | | | |
| Other Homebuilding | | | 596 | | | | 811 | | | | 1,814 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Total | | | 2,782 | | | | 3,615 | | | | 5,747 | |
| | | | | | | | | | |
NON-REFUNDABLE OPTION DEPOSITS | | | | | | | | | | | | |
| Cash | | $ | 5,429 | | | $ | 6,292 | | | $ | 11,009 | |
| Letters of Credit | | | 4,459 | | | | 6,547 | | | | 11,850 | |
| | | | | | | | | | |
| Total Non-Refundable Option Deposits | | $ | 9,888 | | | $ | 12,839 | | | $ | 22,859 | |
| | | | | | | | | | |
-more-
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months | | | | | | | | | | | Six Months | | | | |
| | | Ended June 30, | | | Change | | | Ended June 30, | | | Change | |
| | | 2008 | | | 2007 | | | Amount | | | % | | | 2008 | | | 2007 | | | Amount | | | % | |
HOMES CLOSED (UNITS) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Arizona | | | 380 | | | | 645 | | | | (265 | ) | | | -41 | % | | | 731 | | | | 1,297 | | | | (566 | ) | | | -44 | % |
| California | | | 163 | | | | 266 | | | | (103 | ) | | | -39 | % | | | 317 | | | | 594 | | | | (277 | ) | | | -47 | % |
| Nevada | | | 249 | | | | 405 | | | | (156 | ) | | | -39 | % | | | 429 | | | | 718 | | | | (289 | ) | | | -40 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| West | | | 792 | | | | 1,316 | | | | (524 | ) | | | -40 | % | | | 1,477 | | | | 2,609 | | | | (1,132 | ) | | | -43 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Colorado | | | 171 | | | | 200 | | | | (29 | ) | | | -15 | % | | | 288 | | | | 364 | | | | (76 | ) | | | -21 | % |
| Utah | | | 78 | | | | 178 | | | | (100 | ) | | | -56 | % | | | 160 | | | | 406 | | | | (246 | ) | | | -61 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Mountain | | | 249 | | | | 378 | | | | (129 | ) | | | -34 | % | | | 448 | | | | 770 | | | | (322 | ) | | | -42 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Maryland | | | 46 | | | | 61 | | | | (15 | ) | | | -25 | % | | | 95 | | | | 110 | | | | (15 | ) | | | -14 | % |
| Virginia | | | 74 | | | | 76 | | | | (2 | ) | | | -3 | % | | | 139 | | | | 144 | | | | (5 | ) | | | -3 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| East | | | 120 | | | | 137 | | | | (17 | ) | | | -12 | % | | | 234 | | | | 254 | | | | (20 | ) | | | -8 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Delaware Valley | | | 20 | | | | 35 | | | | (15 | ) | | | -43 | % | | | 51 | | | | 81 | | | | (30 | ) | | | -37 | % |
| Florida | | | 89 | | | | 138 | | | | (49 | ) | | | -36 | % | | | 184 | | | | 266 | | | | (82 | ) | | | -31 | % |
| Illinois | | | 22 | | | | 13 | | | | 9 | | | | 69 | % | | | 34 | | | | 27 | | | | 7 | | | | 26 | % |
| Texas | | | — | | | | 14 | | | | (14 | ) | | | N/A | | | | — | | | | 25 | | | | (25 | ) | | | N/A | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Homebuilding | | | 131 | | | | 200 | | | | (69 | ) | | | -35 | % | | | 269 | | | | 399 | | | | (130 | ) | | | -33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | 1,292 | | | | 2,031 | | | | (739 | ) | | | -36 | % | | | 2,428 | | | | 4,032 | | | | (1,604 | ) | | | -40 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AVERAGE SELLING PRICES PER HOME CLOSED | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
West | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Arizona | | $ | 220.5 | | | $ | 253.1 | | | $ | (32.6 | ) | | | -13 | % | | $ | 226.1 | | | $ | 257.8 | | | $ | (31.7 | ) | | | -12 | % |
| California | | | 389.1 | | | | 534.6 | | | | (145.5 | ) | | | -27 | % | | | 416.1 | | | | 537.6 | | | | (121.5 | ) | | | -23 | % |
| Nevada | | | 248.0 | | | | 304.2 | | | | (56.2 | ) | | | -18 | % | | | 247.7 | | | | 304.7 | | | | (57.0 | ) | | | -19 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mountain | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Colorado | | | 346.5 | | | | 326.5 | | | | 20.0 | | | | 6 | % | | | 349.7 | | | | 338.2 | | | | 11.5 | | | | 3 | % |
| Utah | | | 336.1 | | | | 369.2 | | | | (33.1 | ) | | | -9 | % | | | 338.1 | | | | 358.4 | | | | (20.3 | ) | | | -6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
East | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Maryland | | | 439.8 | | | | 513.4 | | | | (73.6 | ) | | | -14 | % | | | 469.3 | | | | 521.2 | | | | (51.9 | ) | | | -10 | % |
| Virginia | | | 465.6 | | | | 497.8 | | | | (32.2 | ) | | | -6 | % | | | 459.9 | | | | 495.1 | | | | (35.2 | ) | | | -7 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Homebuilding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Delaware Valley | | | 400.3 | | | | 439.9 | | | | (39.6 | ) | | | -9 | % | | | 415.8 | | | | 468.1 | | | | (52.3 | ) | | | -11 | % |
| Florida | | | 248.1 | | | | 260.1 | | | | (12.0 | ) | | | -5 | % | | | 240.5 | | | | 270.1 | | | | (29.6 | ) | | | -11 | % |
| Illinois | | | 314.5 | | | | 412.0 | | | | (97.5 | ) | | | -24 | % | | | 344.9 | | | | 359.8 | | | | (14.9 | ) | | | -4 | % |
| Texas | | | — | | | | 126.3 | | | | N/A | | | | N/A | | | | — | | | | 130.4 | | | | N/A | | | | N/A | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Company Average | | $ | 295.7 | | | $ | 338.7 | | | $ | (43.0 | ) | | | -13 | % | | $ | 303.9 | | | $ | 347.1 | | | $ | (43.2 | ) | | | -12 | % |
-more-
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months | | | | | | | | | | | Six Months | | | | |
| | | Ended June 30, | | | Change | | | Ended June 30, | | | Change | |
| | | 2008 | | | 2007 | | | Amount | | | % | | | 2008 | | | 2007 | | | Amount | | | % | |
ORDERS FOR HOMES, NET (UNITS) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Arizona | | | 294 | | | | 611 | | | | (317 | ) | | | -52 | % | | | 576 | | | | 1,365 | | | | (789 | ) | | | -58 | % |
| California | | | 148 | | | | 282 | | | | (134 | ) | | | -48 | % | | | 307 | | | | 697 | | | | (390 | ) | | | -56 | % |
| Nevada | | | 195 | | | | 365 | | | | (170 | ) | | | -47 | % | | | 376 | | | | 745 | | | | (369 | ) | | | -50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| West | | | 637 | | | | 1,258 | | | | (621 | ) | | | -49 | % | | | 1,259 | | | | 2,807 | | | | (1,548 | ) | | | -55 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Colorado | | | 117 | | | | 224 | | | | (107 | ) | | | -48 | % | | | 280 | | | | 524 | | | | (244 | ) | | | -47 | % |
| Utah | | | 44 | | | | 139 | | | | (95 | ) | | | -68 | % | | | 88 | | | | 349 | | | | (261 | ) | | | -75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Mountain | | | 161 | | | | 363 | | | | (202 | ) | | | -56 | % | | | 368 | | | | 873 | | | | (505 | ) | | | -58 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Maryland | | | 40 | | | | 92 | | | | (52 | ) | | | -57 | % | | | 87 | | | | 191 | | | | (104 | ) | | | -54 | % |
| Virginia | | | 42 | | | | 82 | | | | (40 | ) | | | -49 | % | | | 112 | | | | 194 | | | | (82 | ) | | | -42 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| East | | | 82 | | | | 174 | | | | (92 | ) | | | -53 | % | | | 199 | | | | 385 | | | | (186 | ) | | | -48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Delaware Valley | | | 14 | | | | 19 | | | | (5 | ) | | | -26 | % | | | 36 | | | | 81 | | | | (45 | ) | | | -56 | % |
| Florida | | | 67 | | | | 117 | | | | (50 | ) | | | -43 | % | | | 182 | | | | 296 | | | | (114 | ) | | | -39 | % |
| Illinois | | | (2 | ) | | | 31 | | | | (33 | ) | | | -106 | % | | | 13 | | | | 72 | | | | (59 | ) | | | -82 | % |
| Texas | | | — | | | | 8 | | | | (8 | ) | | | N/A | | | | — | | | | 14 | | | | (14 | ) | | | N/A | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Homebuilding | | | 79 | | | | 175 | | | | (96 | ) | | | -55 | % | | | 231 | | | | 463 | | | | (232 | ) | | | -50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | 959 | | | | 1,970 | | | | (1,011 | ) | | | -51 | % | | | 2,057 | | | | 4,528 | | | | (2,471 | ) | | | -55 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Estimated Value of Orders for Homes, net | | $ | 279,000 | | | $ | 653,000 | | | $ | (374,000 | ) | | | -57 | % | | $ | 604,000 | | | $ | 1,555,000 | | | $ | (951,000 | ) | | | -61 | % |
| Estimated Average | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selling Price of Orders for Homes, net | | $ | 290.9 | | | $ | 331.5 | | | $ | (40.6 | ) | | | -12 | % | | $ | 293.6 | | | $ | 343.4 | | | $ | (49.8 | ) | | | -15 | % |
Cancellation Rate(8) | | | 43 | % | | | 44 | % | | | -1 | % | | | | | | | 43 | % | | | 39 | % | | | 4 | % | | | | |
(8)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.
-more-
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | |
| | | June 30, | | | December 31, | | | June 30, | |
| | | 2008 | | | 2007 | | | 2007 | |
BACKLOG (UNITS) | | | | | | | | | | | | |
| Arizona | | | 437 | | | | 592 | | | | 1,572 | |
| California | | | 193 | | | | 203 | | | | 530 | |
| Nevada | | | 254 | | | | 307 | | | | 342 | |
| | | | | | | | | | |
| West | | | 884 | | | | 1,102 | | | | 2,444 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Colorado | | | 205 | | | | 213 | | | | 413 | |
| Utah | | | 106 | | | | 178 | | | | 408 | |
| | | | | | | | | | |
| Mountain | | | 311 | | | | 391 | | | | 821 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Maryland | | | 118 | | | | 126 | | | | 268 | |
| Virginia | | | 73 | | | | 100 | | | | 186 | |
| | | | | | | | | | |
| East | | | 191 | | | | 226 | | | | 454 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Delaware Valley | | | 42 | | | | 57 | | | | 119 | |
| Florida | | | 123 | | | | 125 | | | | 227 | |
| Illinois | | | 25 | | | | 46 | | | | 68 | |
| Texas | | | — | | | | — | | | | 1 | |
| | | | | | | | | | |
| Other Homebuilding | | | 190 | | | | 228 | | | | 415 | |
| | | | | | | | | | |
| Total | | | 1,576 | | | | 1,947 | | | | 4,134 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Backlog Estimated Sales Value | | $ | 522,000 | | | $ | 650,000 | | | $ | 1,480,000 | |
| | | | | | | | | | |
| Estimated Average Selling Price of Homes in Backlog | | $ | 331.2 | | | $ | 333.8 | | | $ | 358.0 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
ACTIVE SUBDIVISIONS | | | | | | | | | | | | |
| Arizona | | | 57 | | | | 66 | | | | 69 | |
| California | | | 21 | | | | 41 | | | | 44 | |
| Nevada | | | 29 | | | | 39 | | | | 43 | |
| | | | | | | | | | |
| West | | | 107 | | | | 146 | | | | 156 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Colorado | | | 48 | | | | 47 | | | | 50 | |
| Utah | | | 23 | | | | 23 | | | | 25 | |
| | | | | | | | | | |
| Mountain | | | 71 | | | | 70 | | | | 75 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Maryland | | | 14 | | | | 15 | | | | 16 | |
| Virginia | | | 17 | | | | 18 | | | | 23 | |
| | | | | | | | | | |
| East | | | 31 | | | | 33 | | | | 39 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Delaware Valley | | | 2 | | | | 4 | | | | 5 | |
| Florida | | | 12 | | | | 20 | | | | 27 | |
| Illinois | | | 4 | | | | 5 | | | | 6 | |
| | | | | | | | | | |
| Other Homebuilding | | | 18 | | | | 29 | | | | 38 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Total | | | 227 | | | | 278 | | | | 308 | |
| | | | | | | | | | |
| Average for quarter ended | | | 244 | | | | 287 | | | | 311 | |
| | | | | | | | | | |
-###-
