Exhibit 99.1
NEWS BULLETIN [GRAPHIC OMITTED]
M.D.C. HOLDINGS, INC. RICHMOND AMERICAN HOMES
HOMEAMERICAN MORTGAGE
FOR IMMEDIATE RELEASE
WEDNESDAY, JULY 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
o Quarterly orders of 3,665 homes, a 33% year-over-year increase
o Closed 2,624 homes, up 34%
o Backlog of 6,341 homes with estimated sales value of $1.630 billion
DENVER, Wednesday, July 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 3,665 homes and 7,030 homes, respectively, during the second
quarter and first half of 2003, compared with net orders of 2,753 homes and
5,529 homes for the same periods in 2002. Second quarter 2003 home orders
particularly were strong in Nevada, Virginia, Maryland and Phoenix (up 88%, 73%,
55% and 51%, respectively), aided by year-over-year increases in the number of
active subdivisions and the continued strong demand for new homes in each of
these markets. In addition, MDC's home orders in Colorado increased 7% compared
with the 2002 second quarter. The Company also received 162 home orders in the
2003 second quarter from its new markets in Utah and Dallas/Fort Worth. Home
orders were lower in Southern California primarily due to a temporary reduction
in the number of active subdivisions resulting from the sell-out of certain
communities earlier than expected.
MDC closed 2,624 homes and 4,724 homes, respectively, in the second
quarter and six months ended June 30, 2003. These record home closing levels
represent increases of 34% and 30% from the closings of 1,956 homes and 3,630
homes, respectively, for the same periods in 2002. The Company ended the 2003
second quarter with a backlog of 6,341 homes with an estimated sales value of
$1.630 billion, compared with a backlog of 4,935 homes with an estimated sales
value of $1.300 billion at June 30, 2002.
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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; and
among the top ten homebuilders in suburban Maryland, Northern California,
Southern California and Salt Lake City. MDC also has a growing presence in
Dallas/Fort Worth and has recently entered the Houston and Philadelphia/Delaware
Valley markets.
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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in Thousands)
Three Months Six Months Ended
Ended June 30, Ended June 30,
----------------------------- -----------------------------
2003 2002 2003 2002
------------ ------------ ------------ ------------
Orders For Homes, net (units)
Colorado...................... 812 757 1,483 1,758
California.................... 511 633 1,041 1,224
Nevada........................ 774 411 1,357 618
Arizona....................... 986 671 1,910 1,341
Utah.......................... 93 31 186 31
Texas......................... 69 - - 119 - -
Virginia...................... 305 176 708 418
Maryland...................... 115 74 226 139
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Total.................... 3,665 2,753 7,030 5,529
============ ============ ============ ============
Homes Closed (units)
Colorado...................... 625 706 1,234 1,315
California.................... 487 362 915 654
Nevada........................ 508 247 781 388
Arizona....................... 663 446 1,234 884
Utah.......................... 69 25 109 25
Texas......................... 29 - - 39 - -
Virginia...................... 166 104 268 234
Maryland...................... 77 66 144 130
------------ ------------ ------------ ------------
Total.................... 2,624 1,956 4,724 3,630
============ ============ ============ ============
June 30, June 30,
2003 2002
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Backlog (units)
Colorado...................... 1,206 1,638
California.................... 1,048 1,060
Nevada........................ 926 524
Arizona....................... 1,752 1,082
Utah.......................... 127 47
Texas......................... 96 - -
Virginia...................... 916 418
Maryland...................... 270 166
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Total.................... 6,341 4,935
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Backlog Estimated Sales Value........ $ 1,630,000 $ 1,300,000
============ ============
Active Subdivisions at the
Beginning of the Month............. 194 167
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