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

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.



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