M.D.C. Holdings Announces 2012 Third Quarter Results

01 Nov, 2012, 06:00 ET from M.D.C. Holdings, Inc.

DENVER, Nov. 1, 2012 /PRNewswire/ -- M.D.C. Holdings, Inc. (NYSE: MDC) announced results for the quarter ended September 30, 2012.

2012 Third Quarter Highlights and Comparisons to 2011 Third Quarter

  • Net income of $20.1 million, or $0.41 per diluted share vs. net loss of $31.7 million, or $0.68 per diluted share
    • 2011 third quarter included $18.6 million charge related to debt extinguishment
  • Net new orders of 1,008 homes, up 69%
  • Backlog of 1,997 homes, up 52%; backlog dollar value up 65% to $667.0 million
  • Home sale revenues of $320.6 million, up 57%
  • Homes closed of 1,039 homes, up 47%
  • Gross margin from home sales of 15.5% vs. 14.8%
    • Improvement of 130 basis points vs. 14.2% in 2012 second quarter
  • SG&A expenses as a percentage of home sale revenues of 14.0% vs. 22.6%, an 860 basis point improvement
  • Homebuilding operations pretax income of $10.2 million vs. loss of $33.7 million
  • Financial services segment pretax profit of $9.3 million vs. loss of $0.5 million
  • Approved the acquisition of 1,478 lots in 31 communities

Larry A. Mizel, MDC's Chairman and Chief Executive Officer, stated, "I am pleased to announce a third quarter profit of $0.41 per share, our third consecutive quarterly operating profit, with net income improving by more than $50 million over the prior year. Our favorable results were largely attributable to significantly improved operating profits from our homebuilding segment, which experienced top-line growth as well as operating margin expansion. In addition, the Company's financial services segment produced considerably better results as the Company took advantage of favorable mortgage market conditions, including increased volume and margins for its mortgage loan products."

Mr. Mizel continued, "Looking forward, we will continue to balance our improved sales rate by increasing home prices and reducing incentives in subdivisions where demand is strong. Our efforts to date in this regard have helped us push the gross margins in our backlog higher, positioning us to increase our gross margin in the fourth quarter and into 2013. In addition, we believe our unit backlog, which ended the quarter up 52% from a year ago, will drive the revenue increases we need to improve our operating leverage in future periods."

Mizel concluded, "At the end of the quarter, we owned nearly 9,000 lots across the country and had an additional 3,700 lots under option or in feasibility. While our overall supply of owned lots is somewhat smaller than our peers, our proportion of finished lots is much higher, and nearly all of our communities are actively selling or under development. This finished, in-production lot supply compares favorably with our peers and should allow us to drive top-line growth in 2013. Also, we have the financial strength to support future land acquisition opportunities, as evidenced by our unique net liquidity position and investment-grade balance sheet."

Homebuilding

Home sale revenues for the 2012 third quarter increased 57% to $320.6 million compared to $204.9 million for the prior year period.  The increase in revenues resulted primarily from a 47% increase in homes closed to 1,039 homes as compared to 707 in the prior year. The Company's average selling price for homes closed was $308,600, up 6% year-over-year compared to $289,800 for the prior year period, primarily due to a mix shift in closings to more desirable communities within individual markets, coupled with increased prices and lower incentives in many of our markets.

Gross margin from home sales for the 2012 third quarter was 15.5% versus 14.8% for the year-earlier period.  The 2011 third quarter benefited by $6.4 million from the settlement of a construction defect claim and the impact of project close-out adjustments, as well as from a $1.0 million benefit related to a warranty accrual reduction.  These benefits were partially offset by $4.0 million in inventory impairments while the 2012 third quarter had no inventory impairments.  On a sequential basis, our 2012 third quarter gross margin from home sales was up 130 basis points as compared to 14.2% for the 2012 second quarter. 

The year-over-year improvement in the Company's gross margin from home sales was driven partially by closing a significantly higher percentage of homes started with buyers under contract, which historically have been more profitable than homes started without a buyer under contract. In addition, both the year-over-year and sequential increases in the gross margin percentage were driven by price increases and a reduction of incentives in many of our communities across the country.

Our 2012 third quarter SG&A expenses fell slightly to $44.8 million, compared to $46.4 million for the 2011 third quarter. The decrease in SG&A was attributable to a $4.6 million decrease in general and administrative expenses, including reductions in salaries and other overhead costs and a $2.2 million legal recovery, partially offset by a $3.8 million increase in commission expenses attributable to our increase in home sale revenues. The decreased SG&A expenses, combined with increased revenues, resulted in better operating leverage, with SG&A expenses as a percentage of home sales revenues decreasing 860 basis points to 14.0% for the 2012 third quarter versus 22.6% for the same period in 2011.

Net new orders for the 2012 third quarter increased 69% to 1,008 homes, compared to 595 homes during the same period in 2011.  The Company's monthly sales absorption rate for the 2012 third quarter was 2.0 per community, compared to 1.1 per community for the 2011 third quarter.  The Company's cancellation rate for the 2012 third quarter was 27% versus 44% in the prior year third quarter.

The Company ended the 2012 third quarter with 1,997 homes in backlog, with an estimated sales value of $667.0 million, compared with a backlog of 1,312 homes with an estimated sales value of $405.0 million at September 30, 2011.

Financial Services

Income before taxes from our financial services operations for the 2012 third quarter was $9.3 million, compared to a loss of $0.5 million for the 2011 third quarter.  The increase in pretax income primarily reflected an $8.9 million increase in our mortgage segment's pretax results from a loss of $1.6 million in the 2011 third quarter to income of $7.3 million for the 2012 third quarter.  The improvement in our mortgage profitability was driven mostly by year-over-year increases in the gains on sales of mortgage loans and the corresponding servicing rights, and higher origination income. These increases were due largely to favorable mortgage market conditions, increases in the volume of loans locked and originated, and a decrease in the level of special financing programs that we offered our homebuyers. Additionally, mortgage operations benefited from a $2.8 million decrease in the expense recognized for mortgage loan losses.

About MDC

Since 1972, MDC's subsidiary companies have built and financed the American dream for more than 170,000 homebuyers. MDC's commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. MDC is one of the largest homebuilders in the United States. Its subsidiaries have homebuilding operations across the country, including the metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Francisco Bay Area, Washington D.C., Baltimore, Philadelphia, Jacksonville and Seattle. The Company's subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, 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 or deflation 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) changes in the market value of the Company's investments in marketable securities; (5) uncertainty in the mortgage lending industry, including repurchase requirements associated with HomeAmerican's sale of mortgage loans (6) the relative stability of debt and equity markets; (7) competition; (8) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (9) the availability and cost of performance bonds and insurance covering risks associated with our business; (10) shortages and the cost of labor; (11) weather related slowdowns; (12) slow growth initiatives; (13) building moratoria; (14) governmental regulation, including the interpretation of tax, labor and environmental laws; (15) terrorist acts and other acts of war; and (16) 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 Form 10-Q for the quarter ended September 30, 2012, which is scheduled to be filed with the Securities and Exchange Commission 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 webcasts should be consulted.

 

 

M.D.C. HOLDINGS, INC.

Consolidated Statements of Operations and Comprehensive Income

 

Three Months

Nine Months  

Ended September 30,

Ended September 30,

2012

2011

2012

2011

(Dollars in thousands, except per share amounts)

Homebuilding:

(Unaudited)

Home sale revenues

$   320,647

$   204,886

$   761,857

$   574,432

Land sale revenues

15

730

3,420

3,499

Total home sale and land revenues

320,662

205,616

765,277

577,931

Home cost of sales

(271,067)

(170,443)

(649,941)

(490,521)

Land cost of sales

(2)

(724)

(3,210)

(2,482)

Inventory impairments

-

(4,049)

-

(12,682)

Total cost of sales

(271,069)

(175,216)

(653,151)

(505,685)

Gross margin

49,593

30,400

112,126

72,246

Selling, general and administrative expenses

(44,788)

(46,360)

(118,135)

(143,171)

Interest income

5,365

5,964

16,651

19,437

Interest expense

-

(3,641)

(808)

(19,642)

Other income (expense)

16

(20,102)

592

(20,985)

Homebuilding pretax income (loss)

10,186

(33,739)

10,426

(92,115)

Financial Services:

Revenues

14,454

6,322

34,304

20,480

Expenses

(5,156)

(6,772)

(13,466)

(16,061)

Financial services pretax income

9,298

(450)

20,838

4,419

Income (loss) before income taxes

19,484

(34,189)

31,264

(87,696)

Benefit (provision) for income taxes

642

2,479

1,765

8,127

Net income (loss)

$     20,126

$    (31,710)

$     33,029

$    (79,569)

Other comprehensive income (loss):

Unrealized gain related to available-for-sale securities

5,095

(20,237)

10,945

(18,905)

Comprehensive income (loss)

$     25,221

$   (51,947)

$     43,974

$   (98,474)

Earnings (loss) per share:

Basic

$         0.42

$       (0.68)

$        0.69

$       (1.72)

Diluted

$         0.41

$       (0.68)

$        0.68

$       (1.72)

Weighted Average Common Shares Outstanding:

Basic

47,761,307

46,736,638

47,499,429

46,717,408

Diluted

48,173,315

46,736,638

47,818,188

46,717,408

Dividends declared per share

$         0.25

$        0.25

$        0.75

$        0.75

 

 

M.D.C. HOLDINGS, INC.

Consolidated Balance Sheets

September 30, 

December 31, 

2012

2011

(Dollars in thousands, except per share amounts)

ASSETS

(Unaudited)

Homebuilding:

Cash and cash equivalents

$                  235,273

$                  316,418

Marketable securities

503,805

485,434

Restricted cash

2,084

667

Trade and other receivables

35,768

21,593

Inventories:

Housing completed or under construction

504,016

300,714

Land and land under development

393,170

505,338

     Total inventories

897,186

806,052

Property and equipment, net

33,789

36,277

Deferred tax asset, net of valuation allowance of $263,562 and $281,178 at September 30, 2012 and December 31, 2011, respectively

-

-

Prepaid expenses and other assets

47,616

50,423

Total homebuilding assets

1,755,521

1,716,864

Financial Services:

Cash and cash equivalents

28,524

26,943

Marketable securities

32,915

34,509

Mortgage loans held-for-sale, net

86,648

78,335

Prepaid expenses and other assets

4,815

2,074

Total financial services assets

152,902

141,861

      Total Assets

$               1,908,423

$               1,858,725

LIABILITIES AND EQUITY

Homebuilding:

Accounts payable 

$                   49,636

$                   25,645

Accrued liabilities

106,457

119,188

Senior notes, net

744,654

744,108

Total homebuilding liabilities

900,747

888,941

Financial Services:

Accounts payable and accrued liabilities

54,226

52,446

Mortgage repurchase facility

46,888

48,702

Total financial services liabilities

101,114

101,148

      Total Liabilities

1,001,861

990,089

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; 48,651,558 issued and outstanding at September 30, 2012 and 48,017,108 and 47,957,196 issued and outstanding, respectively, at December 31, 2011

487

480

Additional paid-in-capital

892,461

863,128

Retained earnings

9,909

12,927

Accumulated other comprehensive income (loss)

3,705

(7,240)

Treasury stock, at cost; no shares at September 30, 2012 and 59,912 at December 31, 2011

-

(659)

Total Stockholders' Equity

906,562

868,636

Total Liabilities and Stockholders' Equity

$               1,908,423

$               1,858,725

 

M.D.C. HOLDINGS, INC.

Consolidated Statement of Cash Flows

 

 Three Months 

 Nine Months 

 Ended September 30, 

 Ended September 30, 

2012

2011

2012

2011

(Dollars in thousands)

(Unaudited)

Operating Activities:

Net income (loss)

$       20,126

$      (31,710)

$       33,029

$      (79,569)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

    Loss on extinguishment of senior notes

-

18,559

-

18,559

Stock-based compensation expense

4,907

5,412

12,628

12,092

Depreciation and amortization 

1,052

1,496

3,708

4,713

Inventory impairments and write-offs of land option deposits

103

5,578

414

17,883

Amortization of (premium) discount on marketable debt securities

430

692

279

1,604

    Net changes in assets and liabilities:

      Restricted cash

176

(78)

(1,417)

(262)

      Trade and other receivables

4,660

(2,821)

(13,685)

16,114

      Mortgage loans held-for-sale

(20,961)

(3,101)

(8,313)

22,813

      Housing completed or under construction

(66,607)

2,271

(202,994)

53,861

      Land and land under development

21,358

3,468

112,406

(105,154)

      Prepaid expenses and other assets

(4,509)

(1,406)

(553)

(2,782)

      Accounts payable

6,894

(1,813)

24,063

(7,723)

      Accrued liabilities

(2,494)

(8,033)

(10,020)

(32,892)

Net cash provided by (used in) operating activities

(34,865)

(11,486)

(50,455)

(80,743)

Investing Activities:

Purchase of marketable securities

(104,379)

(30,201)

(397,167)

(288,624)

Maturity of marketable securities

-

2,071

106,000

453,071

Sale of marketable securities

59,355

118,755

285,056

248,432

Purchase of property and equipment and other

(290)

(2,422)

(958)

(31,717)

Net cash provided by (used in) investing activities

(45,314)

88,203

(7,069)

381,162

Financing Activities:

    Extinguishment of senior notes

-

(254,903)

-

(254,903)

Payments on mortgage repurchase facility

(47,120)

(9,339)

(137,529)

(56,454)

Advances on mortgage repurchase facility

61,348

11,059

135,715

41,728

Dividend payments

(12,056)

(11,868)

(36,046)

(35,560)

Proceeds from exercise of stock options

15,680

-

15,820

46

Net cash provided by (used in) financing activities

17,852

(265,051)

(22,040)

(305,143)

Net increase (decrease) in cash and cash equivalents

(62,327)

(188,334)

(79,564)

(4,724)

Cash and cash equivalents:

      Beginning of period

326,124

755,835

343,361

572,225

      End of period

$     263,797

$     567,501

$     263,797

$     567,501

 

 

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

 

New Home Deliveries:

 Three Months Ended September 30, 

2012

2011

 % Change 

 Homes 

Dollar Value 

 Average Price 

 Homes 

Dollar Value 

 Average Price 

 Homes 

Dollar Value 

 Average Price 

(Dollars in thousands)

Arizona 

203

$ 44,877

$ 221.1

126

$ 25,272

$ 200.6

61%

78%

10%

California 

131

46,580

355.6

58

17,883

308.3

126%

160%

15%

Nevada 

178

37,679

211.7

77

14,387

186.8

131%

162%

13%

Washington

63

18,894

299.9

49

13,135

268.1

29%

44%

12%

West 

575

148,030

257.4

310

70,677

228.0

85%

109%

13%

Colorado 

229

81,706

356.8

189

65,234

345.2

21%

25%

3%

Utah 

53

14,632

276.1

58

16,712

288.1

-9%

-12%

-4%

Mountain 

282

96,338

341.6

247

81,946

331.8

14%

18%

3%

Maryland 

65

29,382

452.0

47

21,020

447.2

38%

40%

1%

Virginia 

67

34,069

508.5

36

15,370

426.9

86%

122%

19%

East 

132

63,451

480.7

83

36,390

438.4

59%

74%

10%

Florida 

50

12,828

256.6

63

14,592

231.6

-21%

-12%

11%

Illinois 

-

-

-

4

1,281

320.3

N/M

N/M

N/M

Other Homebuilding 

50

12,828

256.6

67

15,873

236.9

-25%

-19%

8%

Total 

1,039

$ 320,647

$ 308.6

707

$ 204,886

$ 289.8

47%

57%

6%

 Nine Months Ended September 30, 

2012

2011

 % Change 

 Homes 

Dollar Value 

 Average Price 

 Homes 

Dollar Value 

 Average Price 

 Homes 

Dollar Value 

 Average Price 

(Dollars in thousands)

Arizona 

418

$ 89,920

$ 215.1

301

$ 57,183

$ 190.0

39%

57%

13%

California 

319

107,768

337.8

168

52,554

312.8

90%

105%

8%

Nevada 

439

87,735

199.9

223

42,150

189.0

97%

108%

6%

Washington

166

48,060

289.5

100

26,912

269.1

66%

79%

8%

West 

1,342

333,483

248.5

792

178,799

225.8

69%

87%

10%

Colorado 

539

192,923

357.9

537

180,256

335.7

0%

7%

7%

Utah 

151

41,874

277.3

178

49,185

276.3

-15%

-15%

0%

Mountain 

690

234,797

340.3

715

229,441

320.9

-3%

2%

6%

Maryland 

156

67,953

435.6

153

65,506

428.1

2%

4%

2%

Virginia 

196

92,395

471.4

151

64,161

424.9

30%

44%

11%

East 

352

160,348

455.5

304

129,667

426.5

16%

24%

7%

Florida 

133

32,678

245.7

154

34,951

227.0

-14%

-7%

8%

Illinois 

2

551

275.5

5

1,574

314.8

-60%

-65%

-12%

Other Homebuilding 

135

33,229

246.1

159

36,525

229.7

-15%

-9%

7%

Total 

2,519

$ 761,857

$ 302.4

1,970

$ 574,432

$ 291.6

28%

33%

4%

 

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

 

Net New Orders:

 Three Months Ended September 30, 

2012

2011

 % Change 

 Homes 

Dollar Value 

 Average Price 

 Homes 

Dollar Value 

 Average Price 

 Homes 

Dollar Value 

 Average Price 

(Dollars in thousands)

Arizona 

136

$        30,441

$     223.8

104

$        19,127

$     183.9

31%

59%

22%

California 

173

56,507

326.6

53

16,526

311.8

226%

242%

5%

Nevada 

131

30,944

236.2

107

18,220

170.3

22%

70%

39%

Washington

71

21,998

309.8

42

10,737

255.6

69%

105%

21%

West 

511

139,890

273.8

306

64,610

211.1

67%

117%

30%

Colorado 

251

84,575

337.0

147

51,812

352.5

71%

63%

-4%

Utah 

66

20,220

306.4

38

10,604

279.1

74%

91%

10%

Mountain 

317

104,795

330.6

185

62,416

337.4

71%

68%

-2%

Maryland 

39

18,031

462.3

48

25,178

524.5

-19%

-28%

-12%

Virginia 

88

42,554

483.6

42

18,586

442.5

110%

129%

9%

East 

127

60,585

477.0

90

43,764

486.3

41%

38%

-2%

Florida 

53

12,918

243.7

16

4,379

273.7

231%

195%

-11%

Illinois 

-

-

-

(2)

(564)

282.0

N/M

N/M

N/M

Other 

53

12,918

243.7

14

3,815

272.5

279%

239%

-11%

Total 

1,008

$      318,188

$     315.7

595

$      174,605

$     293.5

69%

82%

8%

 Nine Months Ended September 30, 

2012

2011

 % Change 

 Homes 

Dollar Value 

 Average Price 

 Homes 

Dollar Value 

 Average Price 

 Homes 

Dollar Value 

 Average Price 

(Dollars in thousands)

Arizona 

569

$      124,723

$     219.2

390

$        74,007

$     189.8

46%

69%

15%

California 

511

175,533

343.5

247

73,341

296.9

107%

139%

16%

Nevada 

522

114,823

220.0

349

64,256

184.1

50%

79%

20%

Washington

216

64,040

296.5

68

17,464

256.8

218%

267%

15%

West 

1,818

479,119

263.5

1,054

229,068

217.3

72%

109%

21%

Colorado 

797

276,767

347.3

560

190,560

340.3

42%

45%

2%

Utah 

203

60,491

298.0

214

59,154

276.4

-5%

2%

8%

Mountain 

1,000

337,258

337.3

774

249,714

322.6

29%

35%

5%

Maryland 

235

103,079

438.6

168

75,626

450.2

40%

36%

-3%

Virginia 

276

136,740

495.4

205

88,669

432.5

35%

54%

15%

East 

511

239,819

469.3

373

164,295

440.5

37%

46%

7%

Florida 

142

33,502

235.9

158

36,339

230.0

-10%

-8%

3%

Illinois 

2

550

275.0

5

1,477

295.4

-60%

-63%

-7%

Other 

144

34,052

236.5

163

37,816

232.0

-12%

-10%

2%

Total 

3,473

$   1,090,248

$     313.9

2,364

$      680,893

$     288.0

47%

60%

9%

  

 

 

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

 

Active Subdivisions:

 September 30, 

2012

2011

% Change

Arizona 

14

26

-46%

California 

18

16

13%

Nevada 

16

20

-20%

Washington

12

10

20%

West 

60

72

-17%

Colorado 

45

47

-4%

Utah 

16

21

-24%

Mountain 

61

68

-10%

Maryland 

17

14

21%

Virginia 

13

13

0%

East 

30

27

11%

Florida 

15

15

0%

Other Homebuilding 

15

15

0%

Total 

166

182

-9%

Average for quarter ended

170

179

-5%

 

 

Backlog:

September 30,

2012

2011

% Change

 Homes 

 Dollar Value 

 Average Price 

 Homes 

 Dollar Value 

 Average Price 

 Homes 

 Dollar Value 

 Average Price 

 (Dollars in thousands) 

Arizona 

279

$       62,902

$     225.5

173

$      34,474

$     199.3

61%

82%

13%

California 

310

104,825

338.1

158

48,476

306.8

96%

116%

10%

Nevada 

239

56,902

238.1

202

39,432

195.2

18%

44%

22%

Washington

104

33,885

325.8

44

11,675

265.3

136%

190%

23%

West 

932

258,514

277.4

577

134,057

232.3

62%

93%

19%

Colorado 

491

179,779

366.1

296

105,850

357.6

66%

70%

2%

Utah 

120

35,745

297.9

105

29,667

282.5

14%

20%

5%

Mountain 

611

215,524

352.7

401

135,517

337.9

52%

59%

4%

Maryland 

192

80,876

421.2

141

61,567

436.6

36%

31%

-4%

Virginia 

183

91,993

502.7

124

56,480

455.5

48%

63%

10%

East 

375

172,869

461.0

265

118,047

445.5

42%

46%

3%

Florida 

79

20,052

253.8

68

16,926

248.9

16%

18%

2%

Illinois 

-

-

-

1

329

329.1

N/M

N/M

N/M

Other Homebuilding 

79

20,052

253.8

69

17,255

250.1

14%

16%

1%

Total 

1,997

$     666,959

$     334.0

1,312

$    404,876

$     308.6

52%

65%

8%

 

 

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

 

Homes Completed or Under Construction (WIP lots):

September 30,

2012

2011

 % Change 

Unsold

Completed

137

85

61%

Under construction - frame

391

314

25%

Under construction - foundation 

233

85

174%

Total unsold started homes 

761

484

57%

Sold homes under construction or completed

1,463

871

68%

Model homes 

229

220

4%

Total homes completed or under construction

2,453

1,575

56%

 

 

 

Lots Owned and Optioned (including homes completed or under construction):

September 30, 2012

September 30, 2011

Lots Owned

Lots Optioned

Total

Lots Owned

Lots Optioned

Total

Arizona

938

63

1,001

981

96

1,077

California

1,065

112

1,177

1,306

-

1,306

Nevada

994

61

1,055

1,091

75

1,166

Washington

524

212

736

312

182

494

West

3,521

448

3,969

3,690

353

4,043

Colorado

3,325

433

3,758

3,103

464

3,567

Utah

557

13

570

545

273

818

Mountain

3,882

446

4,328

3,648

737

4,385

Maryland

584

358

942

446

730

1,176

Virginia

547

103

650

566

192

758

East

1,131

461

1,592

1,012

922

1,934

Florida

321

95

416

233

373

606

Illinois

123

-

123

123

-

123

Other

444

95

539

356

373

729

Total

8,978

1,450

10,428

8,706

2,385

11,091

SOURCE M.D.C. Holdings, Inc.



RELATED LINKS

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