Exhibit 99.1
[GRAPHIC OMITTED]
NEWS BULLETIN
M.D.C. HOLDINGS, INC. RICHMOND AMERICAN HOMES
HOMEAMERICAN MORTGAGE
FOR IMMEDIATE RELEASE
THURSDAY, OCTOBER 2, 2003
- ----------------------------------------------------------------------------
Contacts: Paris G. Reece III Rachel L. Neumann
Chief Financial Officer Communications Director
(303) 804-7706 (303) 804-7729
greece@mdch.com rlneumann@mdch.com
M.D.C. HOLDINGS REPORTS RECORD
HOME ORDERS, HOME CLOSINGS AND QUARTER-END BACKLOG;
CONFERENCE CALL AND WEBCAST SCHEDULED FOR OCTOBER 9
o Quarterly orders for 2,910 homes, a 19% year-over-year increase
o Closed 3,113 homes, highest for any quarter and a 37% year-over-year increase
o Backlog of 6,277 homes with estimated sales value of $1.650 billion
o Company expects 2003 third quarter earnings to exceed highest analyst
estimates
DENVER, Thursday, October 2, 2003 - M.D.C. Holdings, Inc. (NYSE/PCX:
MDC) today announced the highest third quarter and nine-month home orders and
home closings in the Company's history. The Company received orders, net of
cancellations, for 2,910 and 9,940 homes, respectively, during the third quarter
and first nine months of 2003. These represent increases of 19% and 25%,
respectively, compared with net orders for 2,439 and 7,968 homes for the same
periods in 2002. The 9,940 net home orders for the first nine months of 2003
already exceed the full year 2002 orders for 9,899 homes. Third quarter 2003
home orders particularly were strong in Nevada and Utah (up 96% and 130%,
respectively), aided by year-over-year increases in the number of active
subdivisions and, in Nevada, the continued strong demand for new homes. The
Company also received 78 home orders in the 2003 third quarter from its new
markets in Dallas/Fort Worth, Houston and Jacksonville. Similar to the 2003
second quarter, home orders were lower in Southern California, primarily due to
the temporary reduction in the number of active subdivisions resulting from the
sell-out of certain communities earlier than expected.
MDC closed 3,113 homes and 7,837 homes, respectively, in the three and
nine months ended September 30, 2003, representing increases of 37% and 33%,
respectively, compared with 2,276 and 5,906 homes closed for the same periods in
2002. The Company ended the 2003 third quarter with a backlog of 6,277 homes
with an estimated sales value of $1.650 billion,
-more-
[GRAPHIC OMITTED]
M.D.C. HOLDINGS, INC.
Page 2
up 23% from the backlog of 5,098 homes with an estimated sales value of
$1.350 billion at September 30, 2002.
In view of the record level of homes closed during the three months
ended September 30, 2003, the Company expects earnings per share to exceed the
high end of analysts' estimates for the 2003 third quarter. Analysts who cover
the Company's common stock have published estimates for MDC's third quarter
earnings per share ranging from $1.48 to $1.73. MDC now believes that it is
positioned to close approximately 11,100 homes in 2003. Please refer to the last
paragraph of this release for a discussion of factors that may impact the
Company's estimate of 2003 home closings and earnings per share.
The Company plans to release its 2003 third quarter earnings prior to
the market opening on Thursday, October 9, 2003. A synchronized slide show and
audio presentation will be broadcast over the Internet on Thursday, October 9,
2003, at 10:00 a.m. Eastern Daylight Time in conjunction with its conference
call. The presentation can be accessed by entering MDC's website,
richmondamerican.com, clicking on "Investor Relations" and selecting "M.D.C.
Holdings 2003 Third Quarter Conference Call."
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
and Las Vegas; and among the top ten homebuilders in Northern California,
Southern California and Salt Lake City. MDC also has a growing presence in
Dallas/Fort Worth and has recently entered the Houston, San Antonio,
Philadelphia/Delaware Valley, West Florida, Jacksonville and Chicago markets.
Certain statements in this release 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;
-more-
[GRAPHIC OMITTED]
M.D.C. HOLDINGS, INC.
Page 3
(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.
-more-
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in Thousands)
Three Months Nine Months
Ended September 30, Ended September 30,
----------------------------- ------------------------------
2003 2002 2003 2002
------------ ------------ ------------ -------------
Orders For Homes, net (units)
Colorado...................... 525 541 2,008 2,299
California.................... 440 475 1,481 1,699
Nevada........................ 704 359 2,061 977
Arizona....................... 757 755 2,667 2,096
Utah.......................... 106 46 292 77
Texas......................... 75 2 194 2
Virginia...................... 218 186 926 604
Maryland...................... 82 75 308 214
Florida....................... 3 - - 3 - -
------------ ------------ ----------- ------------
Total.................... 2,910 2,439 9,940 7,968
============ ============ ============ ============
Homes Closed (units)
Colorado...................... 736 790 1,970 2,105
California.................... 503 394 1,418 1,048
Nevada........................ 578 306 1,359 694
Arizona....................... 833 550 2,067 1,434
Utah.......................... 84 39 193 64
Texas......................... 56 - - 95 - -
Virginia...................... 241 134 509 368
Maryland...................... 70 63 214 193
Florida....................... 12 - - 12 - -
----------- ------------ ----------- ------------
Total.................... 3,113 2,276 7,837 5,906
============ ============ ============ ============
September 30, September 30,
2003 2002
------------ -------------
Backlog (units)
Colorado...................... 995 1,389
California.................... 985 1,141
Nevada........................ 1,052 577
Arizona....................... 1,676 1,287
Utah.......................... 149 54
Texas......................... 115 2
Virginia...................... 893 470
Maryland...................... 282 178
Florida*...................... 130 - -
----------- ------------
Total.................... 6,277 5,098
============ ============
Backlog Estimated Sales Value........ $ 1,650,000 $ 1,350,000
============ ============
Active Subdivisions at the Beginning
of the Month....................... 191 171
============ ============
* In September 2003, MDC acquired certain assets of Crawford Homes in
Jacksonville, including 139 homes in backlog.
-###-