Exhibit 99.1
NEWS BULLETIN [GRAPHIC OMITTED]
M.D.C. HOLDINGS, INC. RICHMOND AMERICAN HOMES
HOMEAMERICAN MORTGAGE
FOR IMMEDIATE RELEASE
THURSDAY, OCTOBER 3, 2002
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Contacts: Paris G. Reece III Rodger VanAllen
Chief Financial Officer Rubenstein Associates, Inc.
(303) 804-7706 (212) 843-8000
greece@mdch.com rvanallen@rubenstein.com
M.D.C. HOLDINGS REPORTS RECORD 2002 THIRD QUARTER
HOME ORDERS, HOME CLOSINGS AND QUARTER-END BACKLOG
* Third quarter home orders increase 50%
* September home orders up 95%; seventh consecutive monthly record
* Active subdivisions rise 28% year-to-date to 175
* Company's highest quarter-end backlog with $1.35 billion sales value
DENVER, Thursday, October 3, 2002 - M.D.C. Holdings, Inc. (NYSE/PCX:
MDC) (www.RichmondAmerican.com) today announced the highest third quarter and
nine-month home orders, home closings and quarter-end backlog in the Company's
history. The Company received orders for 2,439 homes and 7,968 homes,
respectively, net of cancellations, during the third quarter and first nine
months of 2002, compared with net orders for 1,628 homes and 6,328 homes,
respectively, for the same periods in 2001. The 2002 home orders included 791
net orders in September, a 95% increase from the 405 net orders received in
September 2001, which reflected the impact of the events of September 11th. In
addition, September 2002 represented the Company's seventh consecutive month of
record home orders.
The Company increased the number of active subdivisions to 175 at
September 30, 2002 from 137 at December 31, 2001, including an additional 16 in
Phoenix, eight in Nevada and eight in Virginia. These additional subdivisions,
combined with the strong demand for new homes in these markets, contributed to
year-over-year increases in third quarter home orders of 113% in Phoenix, 123%
in Nevada and 59% in Virginia. An improved demand for new homes also contributed
to home order increases of 36% and 29%, respectively, in Northern California and
Southern California, from a comparable year-over-year level of active
subdivisions.
MDC closed 2,276 homes and 5,906 homes, respectively, in the three and
nine months ended September 30, 2002, compared with 2,076 homes closed and 5,759
homes closed, respectively, for the same periods in 2001. The Company ended the
2002 third quarter with a
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record quarter-end backlog of 5,098 homes with an estimated sales value of
$1.350 billion, compared with a backlog of 3,924 homes with an estimated sales
value of $1.050 billion at September 30, 2001.
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, Phoenix, Tucson and Las Vegas; among
the top ten homebuilders in suburban Maryland, Northern California and Southern
California; and has recently entered the Salt Lake City and Dallas/Fort Worth
markets.
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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in Thousands)
Three Months Nine Months
Ended September 30, Ended September 30,
----------------------------- -----------------------------
2002 2001 2002 2001
------------ ------------ ------------ ------------
Orders For Homes, net (units)
Colorado...................... 541 494 2,299 2,101
Utah.......................... 46 - - 77 - -
California.................... 475 362 1,699 1,217
Arizona....................... 755 433 2,096 1,699
Nevada........................ 359 161 977 591
Virginia...................... 186 117 604 481
Maryland...................... 75 61 214 239
Texas......................... 2 - - 2 - -
------------ ------------ -------------- ------------
Total.................... 2,439 1,628 7,968 6,328
============ ============ ============ ============
Homes Closed (units)
Colorado...................... 790 688 2,105 1,988
Utah.......................... 39 - - 64 - -
California.................... 394 433 1,048 1,048
Arizona....................... 550 611 1,434 1,622
Nevada........................ 306 165 694 493
Virginia...................... 134 107 368 413
Maryland...................... 63 72 193 195
Texas......................... - - - - - - - -
----------- ------------ ------------ ------------
Total.................... 2,276 2,076 5,906 5,759
============ ============ ============ ============
September 30, December 31, September 30,
2002 2001 2001
------------ ------------ ------------
Backlog (units)
Colorado...................... 1,389 1,195 1,498
Utah.......................... 54 - - - -
California.................... 1,141 490 677
Arizona....................... 1,287 625 887
Nevada........................ 577 181 296
Virginia...................... 470 234 396
Maryland...................... 178 157 170
Texas......................... 2 - - - -
------------ ------------ ------------
Total.................... 5,098 2,882 3,924
============ ============ ============
Backlog Estimated Sales Value........ $ 1,350,000 $ 760,000 $ 1,050,000
============ ============ ============
Active Subdivisions.................. 175 137 141
============ ============ ============
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