Exhibit 99.1
NEWS BULLETIN [GRAPHIC OMITTED]
M.D.C. HOLDINGS, INC. RICHMOND AMERICAN HOMES
HOMEAMERICAN MORTGAGE
FOR IMMEDIATE RELEASE
WEDNESDAY, APRIL 2, 2003
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Contacts: Paris G. Reece III Robert Solomon
Chief Financial Officer Rubenstein Associates, Inc.
(303) 804-7706 (212) 843-8050
greece@mdch.com rsolomon@rubenstein.com
M.D.C. HOLDINGS REPORTS RECORD
HOME ORDERS, HOME CLOSINGS AND QUARTER-END BACKLOG
* Quarterly orders for 3,365 homes, highest in MDC's history; a 21%
year-over-year increase
* Closed 2,100 homes, a first quarter record
* Backlog of 5,300 homes; sales value of $1.4 billion
DENVER, Wednesday, April 2, 2003 - M.D.C. Holdings, Inc. (NYSE/PCX:
MDC) (www.RichmondAmerican.com) today announced the highest level of home orders
for any quarter in the Company's history. The Company received orders, net of
cancellations, for 3,365 homes during the first quarter of 2003, an increase of
21% over the net orders for 2,776 homes received in the same period in 2002.
First quarter 2003 home orders particularly were strong in Nevada, Maryland,
Virginia and Arizona (up 182%, 71%, 67% and 38%, respectively), aided by
year-over-year increases in the number of active subdivisions and a continued
strong demand for new homes in these markets. Home orders were lower in Colorado
on a comparable number of active subdivisions, primarily due to the market's
more challenging economic environment.
MDC closed 2,100 homes in the first quarter of 2003, the highest for
any first quarter in the Company's history and 25% above the 1,674 homes closed
in the same period in 2002. The Company ended the first quarter of 2003 with a
record quarter-end backlog of 5,300 homes with an estimated sales value of $1.40
billion, 33% higher than the backlog of 3,984 homes with an estimated sales
value of $1.05 billion at March 31, 2002.
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
-more-
[GRAPHIC OMITTED]
M.D.C. HOLDINGS, INC.
Page 2
in Colorado; among the top five homebuilders in Northern Virginia, Phoenix
and Tucson; among the top ten homebuilders in suburban Maryland, Las Vegas,
Northern California, Southern California and Salt Lake City; and has recently
entered the Dallas/Fort Worth market.
-more-
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in Thousands)
Three Months
Ended March 31,
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2003 2002
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Orders For Homes, net (units)
Colorado.................... 671 1,001
California.................. 530 591
Arizona..................... 924 670
Nevada...................... 583 207
Utah........................ 93 - -
Texas....................... 50 - -
Virginia.................... 403 242
Maryland.................... 111 65
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Total.................. 3,365 2,776
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Homes Closed (units)
Colorado.................... 609 609
California.................. 428 292
Arizona..................... 571 438
Nevada...................... 273 141
Utah........................ 40 - -
Texas....................... 10 - -
Virginia.................... 102 130
Maryland.................... 67 64
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Total.................. 2,100 1,674
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March 31, December 31, March 31,
2003 2002 2002
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Backlog (units)
Colorado.................... 1,019 957 1,587
California.................. 1,024 922 789
Arizona..................... 1,429 1,076 857
Nevada...................... 660 350 247
Utah........................ 103 50 - -
Texas....................... 56 16 - -
Virginia.................... 777 476 346
Maryland.................... 232 188 158
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Total.................. 5,300 4,035 3,984
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Backlog Estimated Sales Value...... $ 1,400,000 $ 1,120,000 $ 1,050,000
============ ============ ============
Active Subdivisions................ 199* 178 150
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*Beginning of March
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