Standard Pacific Corp. Reports 2012 Fourth Quarter and Full Year Results

Q4 2012 Net Income of $486.9 million, or $1.22 per diluted share

Q4 2012 Net New Orders up 60% and Backlog up 106% vs. Q4 2011

Jan 31, 2013, 16:01 ET from Standard Pacific

IRVINE, Calif., Jan. 31, 2013 /PRNewswire/ -- Standard Pacific Corp. (NYSE: SPF) today announced results for the fourth quarter and year ended December 31, 2012.

2012 Fourth Quarter Highlights and Comparisons to the 2011 Fourth Quarter

  • Net income of $486.9 million, or $1.22 per diluted share, vs. $15.3 million, or $0.04 per diluted share
    • Diluted earnings per share of $0.08*, excluding $454 million deferred tax asset valuation allowance reversal
  • Net new orders of 983, up 60%
  • Backlog of 1,404 homes, up 106%; Dollar value of backlog up 122%
  • 150 average active selling communities, down 6%
    • 156 active selling communities at year end
  • Homebuilding revenues up 43%
    • Average selling price of $388 thousand, up 4%
    • 973 new home deliveries, up 24%
  • Gross margin from home sales of 20.8%, compared to 20.4%
  • SG&A rate from home sales of 13.1%, a 210 basis point improvement
  • $267.6 million of land purchases and development costs compared to $86.3 million
  • Adjusted Homebuilding EBITDA of $68.8 million*, or 16.4%* of homebuilding revenues, compared to $42.8 million*, or 14.6%* of homebuilding revenues
  • Homebuilding cash balance of $367 million

2012 Fiscal Year Highlights and Comparisons to Fiscal Year 2011

  • Net income of $531.4 million, or $1.44 per diluted share, vs. net loss of $16.4 million, or $0.05 per share
    • Diluted earnings per share of $0.21*, excluding $454 million deferred tax asset valuation allowance reversal
  • Net new orders of 4,014, up 44%
  • Homebuilding revenues of $1,237.0 million, up 40% from $883.0 million
    • Average selling price of $362 thousand, up 4%
    • 3,291 new home deliveries, up 30%
  • Gross margin from home sales of 20.5%, compared to 18.4%
  • SG&A rate from home sales of 14.5%, compared to 17.5%
  • Operating cash outflows of $283.1 million vs. $322.6 million
    • Excluding land purchases and development costs, cash inflows of $322.1 million* vs. $114.5 million*
  • Adjusted Homebuilding EBITDA of $193.9 million*, or 15.7%* of homebuilding revenues, compared to $105.9 million*, or 12.0%* of homebuilding revenues

Scott Stowell, the Company's Chief Executive Officer and President commented, "I am proud of our strong 2012 financial performance, which is proof of both the significant progress we've made executing our strategy and the lift we've experienced from the beginning of a real market recovery.  With our backlog up 106% year over year and the solid demand we have experienced during the first month of 2013, we are off to a good start on what we expect to be a strong 2013."

Revenues from home sales for the 2012 fourth quarter increased 29%, to $377.7 million, as compared to the prior year period, resulting primarily from a 24% increase in new home deliveries and a 4% increase in the Company's consolidated average home price to $388 thousand.  The increase in average home price was primarily attributable to price increases within most of the Company's markets.  The increase in new home deliveries was driven by a 64% increase in the number of homes in backlog at the beginning of the quarter as compared to the prior year period. 

Gross margin from home sales for the 2012 fourth quarter increased to 20.8% compared to 20.4% (19.4%* excluding a $2.9 million benefit related to a reduction in the Company's warranty accrual) in the prior year period.  Excluding the warranty accrual adjustment and previously capitalized interest costs, gross margin from home sales was 28.9%* for the 2012 fourth quarter versus 27.5%* for the 2011 fourth quarter.  This 140 basis point improvement was primarily attributable to the increase in the Company's consolidated average home price. 

The Company's 2012 fourth quarter SG&A expenses (including Corporate G&A) were $49.4 million compared to $44.5 million, down 210 basis points as a percentage of home sale revenues to 13.1%, compared to 15.2% for the 2011 fourth quarter.  The improvement in the Company's SG&A rate was primarily due to a 29% increase in revenues from home sales and reflects the operating leverage inherent in our business.

During the 2012 fourth quarter, the Company reversed a portion of its deferred tax valuation allowance, recognizing a $454 million benefit.  Following this reversal, the Company's remaining deferred tax valuation allowance stood at approximately $23 million, which as of December 31, 2012, partially offsets the Company's $478 million deferred tax asset. 

Net new orders for the 2012 fourth quarter increased 60% from the 2011 fourth quarter to 983 homes.  The 60% year-over-year growth is primarily attributable to a 70% increase in the Company's monthly sales absorption rate to 2.2 per community for the 2012 fourth quarter, compared to 1.3 per community for the 2011 fourth quarter, and a 3% increase from 2.1 per community for the 2012 third quarter.  The 3% quarter-over-quarter increase bucked the historical seasonal trend, which averaged down 19% over the last fifteen years.     

The dollar value of homes in backlog increased 122% to $515.5 million, or 1,404 homes, compared to $232.6 million, or 681 homes, for the 2011 fourth quarter, and increased 3% compared to $498.7 million, or 1,394 homes, for the 2012 third quarter.  The increase in year-over-year backlog value was driven primarily by a 60% increase in net new orders and a shift to more to-be-built homes. 

The Company used $112.0 million of cash in operating activities for the 2012 fourth quarter versus $12.0 million in the 2011 fourth quarter.  During the 2012 fourth quarter, the Company spent $267.6 million on land purchases and development costs, compared to $86.3 million for the 2011 fourth quarter.  Excluding land purchases and development costs, cash inflows from operating activities for the 2012 fourth quarter were $155.6 million* versus $74.3 million* in the 2011 fourth quarter.  The year-over-year increase in cash inflows from operating activities (excluding land purchases and development costs) was primarily due to a 29% increase in home sale revenues. 

The Company purchased $204.8 million of land (3,085 homesites) during the 2012 fourth quarter, of which 21% (based on homesites) was located in California, 49% in Florida, 13% in Arizona and 10% in Texas, with the balance spread throughout the Company's other operations.  The Company purchased $542.1 million of land (9,344 homesites) during the year ended December 31, 2012, of which 39% (based on homesites) was located in California, 25% in Florida, 18% in the Carolinas and 12% in Texas, with the balance spread throughout the Company's other operations.  As of December 31, 2012, the Company owned or controlled 30,767 homesites, of which 19,219 are owned and actively selling or under development, 5,292 are controlled or under option, and the remaining 6,256 homesites are held for future development or for sale.  The homesites owned that are actively selling or under development represent a 5.8 year supply based on the Company's deliveries for the year ended December 31, 2012.  

Earnings Conference Call

A conference call to discuss the Company's 2012 fourth quarter results will be held at 12:00 p.m. Eastern time February 1, 2013.  The call will be broadcast live over the Internet and can be accessed through the Company's website at http://ir.standardpacifichomes.com.  The call will also be accessible via telephone by dialing (888) 221-9542 (domestic) or (913) 312-1507 (international); Passcode: 5053434.  The audio transmission with the slide presentation will be available on our website for replay within 2 to 3 hours following the live broadcast, and can be accessed by dialing (888) 203-1112 (domestic) or (719) 457-0820 (international); Passcode: 5053434.

About Standard Pacific

Standard Pacific Homes (NYSE: SPF) has been building beautiful, high-quality homes and neighborhoods since its founding in Southern California in 1965.  With a trusted reputation for quality craftsmanship, an outstanding customer experience and exceptional architectural design, the Company utilizes its decades of land acquisition, development and homebuilding expertise to successfully navigate today's complex landscape to acquire and build desirable communities in locations that meet the high expectations of the Company's targeted move-up homebuyers.  Currently offering new homes in major metropolitan areas in Arizona, California, Colorado, Florida, North Carolina, South Carolina, and Texas, we invite you to learn more about us by visiting standardpacifichomes.com.

This news release contains forward-looking statements.  These statements include but are not limited to statements regarding new home orders, deliveries, backlog, absorption rates, average home price, revenue, profitability, cash flow, liquidity, gross margin, operating margin, overhead expenses and other costs; community count; product mix; execution on our strategy; our future performance and the future condition of the economy and the housing market.  Forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements.  Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the Company's control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied.  Such factors include but are not limited to:  local and general economic and market conditions, including consumer confidence, employment rates, interest rates, the cost and availability of mortgage financing, and stock market, home and land valuations; the impact on economic conditions, terrorist attacks or the outbreak or escalation of armed conflict involving the United States; the cost and availability of suitable undeveloped land, building materials and labor; the cost and availability of construction financing and corporate debt and equity capital; our significant amount of debt and the impact of restrictive covenants in our debt agreements; our ability to repay our debt as it comes due; changes in our credit rating or outlook; the demand for and affordability of single-family homes; the supply of housing for sale; cancellations of purchase contracts by homebuyers; the cyclical and competitive nature of the Company's business; governmental regulation, including the impact of "slow growth" or similar initiatives; delays in the land entitlement process, development, construction, or the opening of new home communities; adverse weather conditions and natural disasters; environmental matters; risks relating to the Company's mortgage banking operations; future business decisions and the Company's ability to successfully implement the Company's operational and other strategies; litigation and warranty claims; and other risks discussed in the Company's filings with the Securities and Exchange Commission, including in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2011 and subsequent Quarterly Reports on Form 10-Q.  The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements.  The Company nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release.  No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

Contact: Jeff McCall, EVP & CFO (949) 789-1655, jmccall@stanpac.com

*Please see "Reconciliation of Non-GAAP Financial Measures" at the end of this release.

(Note: Tables Follow)

KEY STATISTICS AND FINANCIAL DATA1  

As of or For the Three Months Ended

December 31,

December 31,

Percentage

September 30,

Percentage

2012

2011

or % Change

2012

or % Change

Operating Data

(Dollars in thousands)

Deliveries

973

782

24%

861

13%

Average selling price

$

388

$

374

4%

$

369

5%

Home sale revenues

$

377,674

$

292,725

29%

$

317,389

19%

Gross margin % (including land sales)

18.7%

20.4%

(1.7%)

20.1%

(1.4%)

Gross margin % from home sales (excluding warranty accrual

adjustments)*

20.8%

19.4%

1.4%

20.2%

0.6%

Gross margin % from home sales (excluding warranty accrual adjustments and interest amortized to cost of home sales)*

28.9%

27.5%

1.4%

28.7%

0.2%

Severance and other charges

$

  ―  

$

875

(100%)

$

  ―  

  ―  

Incentive and stock-based compensation expense

$

7,013

$

6,651

5%

$

4,768

47%

Selling expenses

$

19,362

$

15,609

24%

$

17,069

13%

G&A expenses (excluding incentive and stock-based compensation

expenses and severance and other charges)

$

23,067

$

21,412

8%

$

21,284

8%

SG&A expenses

$

49,442

$

44,547

11%

$

43,121

15%

SG&A % from home sales

13.1%

15.2%

(2.1%)

13.6%

(0.5%)

Net new orders

983

615

60%

989

(1%)

Average active selling communities

150

160

(6%)

156

(4%)

Monthly sales absorption rate per community

2.2

1.3

70%

2.1

3%

Cancellation rate

15%

19%

(4%)

14%

1%

Gross cancellations

178

141

26%

161

11%

Cancellations from current quarter sales

71

53

34%

67

6%

Backlog (homes)

1,404

681

106%

1,394

1%

Backlog (dollar value)

$

515,469

$

232,583

122%

$

498,739

3%

Cash flows (uses) from operating activities

$

(111,980)

$

(12,036)

(830%)

$

(72,418)

(55%)

Cash flows (uses) from investing activities

$

(1,610)

$

(3,043)

47%

$

(95,704)

98%

Cash flows (uses) from financing activities

$

(19,311)

$

(5,748)

(236%)

$

348,696

Land purchases (incl. seller financing and JV purchases) 

$

204,796

$

49,759

312%

$

206,740

(1%)

Adjusted Homebuilding EBITDA*

$

68,802

$

42,809

61%

$

51,523

34%

Adjusted Homebuilding EBITDA Margin %*

16.4%

14.6%

1.8%

16.2%

0.2%

Homebuilding interest incurred

$

35,095

$

35,425

(1%)

$

36,112

(3%)

Homebuilding interest capitalized to inventories owned

$

33,664

$

30,777

9%

$

32,604

3%

Homebuilding interest capitalized to investments in JVs

$

851

$

1,689

(50%)

$

1,839

(54%)

Interest amortized to cost of sales (incl. cost of land sales)

$

33,784

$

23,657

43%

$

27,078

25%

 

For the Year Ended

December 31,

December 31,

Percentage

2012

2011

or % Change

Operating Data

(Dollars in thousands)

Deliveries

3,291

2,528

30%

Average selling price

$

362

$

349

4%

Home sale revenues

$

1,190,252

$

882,094

35%

Gross margin % (including land sales)

19.7%

18.4%

1.3%

Gross margin % from home sales (excluding impairments and warranty accrual adjustments)*

20.5%

19.6%

0.9%

Gross margin % from home sales (excluding impairments, warranty accrual adjustments and interest amortized to cost of home sales)*

28.9%

27.4%

1.5%

Inventory impairment charges

$

  ―  

$

13,189

(100%)

Severance and other charges

$

  ―  

$

4,245

(100%)

Incentive and stock-based compensation expense

$

20,362

$

18,511

10%

Selling expenses

$

65,608

$

48,291

36%

G&A expenses (excluding incentive and stock-based compensation expenses and severance and other charges)

$

86,237

$

83,328

3%

SG&A expenses

$

172,207

$

154,375

12%

SG&A % from home sales

14.5%

17.5%

(3.0%)

Net new orders

4,014

2,795

44%

Average active selling communities

155

152

2%

Monthly sales absorption rate per community

2.2

1.5

41%

Cancellation rate

13%

16%

(3%)

Gross cancellations

621

520

19%

Cancellations from current year sales

289

227

27%

Cash flows (uses) from operating activities

$

(283,116)

$

(322,613)

12%

Cash flows (uses) from investing activities

$

(105,205)

$

(8,313)

(1,166%)

Cash flows (uses) from financing activities

$

324,354

$

10,077

3,119%

Land purchases (incl. seller financing and JV purchases) 

$

542,106

$

303,775

78%

Adjusted Homebuilding EBITDA*

$

193,903

$

105,855

83%

Adjusted Homebuilding EBITDA Margin %*

15.7%

12.0%

3.7%

Homebuilding interest incurred

$

141,827

$

140,905

1%

Homebuilding interest capitalized to inventories owned

$

129,136

$

109,002

18%

Homebuilding interest capitalized to investments in JVs

$

6,295

$

6,735

(7%)

Interest amortized to cost of sales (incl. cost of land sales)

$

103,902

$

69,636

49%

 

As of 

December 31,

December 31,

Percentage

2012

2011

or % Change

Balance Sheet Data

(Dollars in thousands, except per share amounts)

Homebuilding cash (including restricted cash)

$

366,808

$

438,157

(16%)

Inventories owned

$

1,971,418

$

1,477,239

33%

Homesites owned and controlled

30,767

26,444

16%

Homes under construction

1,574

940

67%

Completed specs

215

383

(44%)

Deferred tax asset valuation allowance

$

22,696

$

510,621

(96%)

Homebuilding debt

$

1,542,018

$

1,324,948

16%

Stockholders' equity

$

1,255,816

$

623,754

101%

Stockholders' equity per share (including if-converted preferred stock)*

$

3.48

$

1.82

91%

Total consolidated debt to book capitalization

56.5%

68.7%

(12.2%)

Adjusted net homebuilding debt to total adjusted book capitalization*

48.3%

58.7%

(10.4%)

1All statistical numbers exclude unconsolidated joint ventures unless noted otherwise. *Please see "Reconciliation of Non-GAAP Financial Measures" at the end of this release.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

Year Ended December 31,

2012

2011

2012

2011

(Dollars in thousands, except per share amounts)

(Unaudited)

Homebuilding:

Home sale revenues

$

377,674

$

292,725

$

1,190,252

$

882,094

Land sale revenues

42,169

431

46,706

899

Total revenues

419,843

293,156

1,236,958

882,993

Cost of home sales

(299,105)

(232,960)

(946,630)

(719,893)

Cost of land sales

(42,196)

(430)

(46,654)

(903)

Total cost of sales

(341,301)

(233,390)

(993,284)

(720,796)

Gross margin

78,542

59,766

243,674

162,197

Gross margin %

18.7%

20.4%

19.7%

18.4%

Selling, general and administrative expenses

(49,442)

(44,547)

(172,207)

(154,375)

Income (loss) from unconsolidated joint ventures

617

1,298

(2,090)

207

Interest expense

(580)

(2,959)

(6,396)

(25,168)

Other income (expense)

(44)

(338)

4,664

(1,017)

Homebuilding pretax income (loss)

29,093

13,220

67,645

(18,156)

Financial Services:

Revenues

7,051

3,783

21,300

10,907

Expenses

(3,110)

(2,230)

(11,062)

(9,401)

Other income

87

79

304

177

Financial services pretax income

4,028

1,632

10,542

1,683

Income (loss) before income taxes

33,121

14,852

78,187

(16,473)

Benefit for income taxes

453,804

481

453,234

56

Net income (loss)

486,925

15,333

531,421

(16,417)

  Less: Net (income) loss allocated to preferred shareholder

(199,646)

(6,619)

(224,408)

7,101

  Less: Net (income) loss allocated to unvested restricted stock

(489)

 ―   

(410)

 ―   

Net income (loss) available to common stockholders

$

286,790

$

8,714

$

306,603

$

(9,316)

Income (Loss) Per Common Share:

Basic

$

1.35

$

0.04

$

1.52

$

(0.05)

Diluted

$

1.22

$

0.04

$

1.44

$

(0.05)

Weighted Average Common Shares Outstanding:

Basic

212,332,054

194,571,736

201,953,799

193,909,714

Diluted

250,562,775

196,596,197

220,518,897

193,909,714

Weighted average additional common shares outstanding if preferred shares converted to common shares

 

147,812,786

147,812,786

 

147,812,786

147,812,786

Total weighted average diluted common shares outstanding if preferred shares converted to common shares

398,375,561

344,408,983

368,331,683

341,722,500

 

CONDENSED CONSOLIDATED BALANCE SHEETS

December 31,

December 31,

2012

2011

(Dollars in thousands)

ASSETS

(Unaudited)

Homebuilding:

Cash and equivalents

$

339,908

$

406,785

Restricted cash

26,900

31,372

Trade and other receivables

10,724

11,525

Inventories:

Owned

1,971,418

1,477,239

Not owned

71,295

59,840

Investments in unconsolidated joint ventures

52,443

81,807

Deferred income taxes, net

455,372

5,326

Other assets

41,918

35,693

Total Homebuilding Assets

2,969,978

2,109,587

Financial Services:

Cash and equivalents

6,647

3,737

Restricted cash

2,420

1,295

Mortgage loans held for sale, net

119,549

73,811

Mortgage loans held for investment, net

9,923

10,115

Other assets

4,557

1,838

Total Financial Services Assets

143,096

90,796

Total Assets

$

3,113,074

$

2,200,383

LIABILITIES AND EQUITY

Homebuilding:

Accounts payable

$

22,446

$

17,829

Accrued liabilities

198,144

185,890

Secured project debt and other notes payable

11,516

3,531

Senior notes payable

1,530,502

1,275,093

Senior subordinated notes payable

  ― 

46,324

Total Homebuilding Liabilities

1,762,608

1,528,667

Financial Services:

Accounts payable and other liabilities

2,491

1,154

Mortgage credit facilities

92,159

46,808

Total Financial Services Liabilities

94,650

47,962

Total Liabilities

1,857,258

1,576,629

Equity:

Stockholders' Equity:

Preferred stock, $0.01 par value; 10,000,000 shares 

    authorized; 450,829 shares issued and outstanding

    at December 31, 2012 and 2011

5

5

Common stock, $0.01 par value; 600,000,000 shares 

    authorized; 213,245,488 and 198,563,273 shares 

    issued and outstanding at December 31, 2012 and 

    2011, respectively

2,132

1,985

Additional paid-in capital

1,333,255

1,239,180

Accumulated deficit

(77,348)

(608,769)

Accumulated other comprehensive loss, net of tax

(2,228)

(8,647)

Total Equity

1,255,816

623,754

Total Liabilities and Equity

$

3,113,074

$

2,200,383

 

INVENTORIES

December 31,

December 31,

2012

2011

(Dollars in thousands)

Inventories Owned:

(Unaudited)

     Land and land under development

$      1,444,161

$      1,036,829

     Homes completed and under construction

427,196

339,849

     Model homes

100,061

100,561

        Total inventories owned

$      1,971,418

$      1,477,239

Inventories Owned by Segment:

     California

$      1,086,159

$         890,300

     Southwest

461,201

302,686

     Southeast

424,058

284,253

        Total inventories owned

$      1,971,418

$      1,477,239

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended December 31,

Year Ended December 31,

2012

2011

2012

2011

(Dollars in thousands)

(Unaudited)

Cash Flows From Operating Activities:

Net income (loss)

$

486,925

$

15,333

$

531,421

$

(16,417)

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

Amortization of stock-based compensation

2,633

3,145

7,151

11,239

Inventory impairment charges and deposit write-offs

 ―   

416

133

15,334

Deferred income tax benefit

(454,000)

 ―   

(454,000)

 ―   

Other operating activities

2,679

(654)

8,517

3,247

Changes in cash and equivalents due to:

Trade and other receivables

12,944

6,951

801

(5,358)

Mortgage loans held for sale

(32,323)

(23,924)

(46,339)

(43,661)

Inventories - owned

(129,807)

(20,670)

(315,639)

(282,447)

Inventories - not owned

(20,861)

(2,068)

(31,551)

(19,727)

Other assets

1,696

6,525

2,618

6,212

Accounts payable

5,988

(4,776)

4,617

1,113

Accrued liabilities

12,146

7,686

9,155

7,852

Net cash provided by (used in) operating activities

(111,980)

(12,036)

(283,116)

(322,613)

Cash Flows From Investing Activities:

Investments in unconsolidated homebuilding joint ventures

(4,380)

(3,385)

(57,458)

(14,689)

Distributions of capital from unconsolidated joint ventures

2,590

807

14,530

8,593

Net cash paid for acquisitions

 ―   

 ―   

(60,752)

 ―   

Other investing activities

180

(465)

(1,525)

(2,217)

Net cash provided by (used in) investing activities

(1,610)

(3,043)

(105,205)

(8,313)

Cash Flows From Financing Activities:

Change in restricted cash

(1,687)

260

3,347

(1,559)

Principal payments on secured project debt and other notes payable

(84)

(368)

(866)

(1,207)

Principal payments on senior subordinated notes payable

(39,613)

 ―   

(49,603)

 ―   

Proceeds from the issuance of senior notes payable

 ―   

 ―   

253,000

 ―   

Payment of debt issuance costs

(3,680)

 ―   

(11,761)

(4,575)

Net proceeds from (payments on) mortgage credit facilities

21,124

(5,720)

45,351

16,464

Proceeds from the issuance of common stock

 ―   

 ―   

75,849

 ―   

Payment of common stock issuance costs

(88)

 ―   

(4,002)

(324)

Proceeds from the exercise of stock options

4,717

80

13,039

1,278

Net cash provided by (used in) financing activities

(19,311)

(5,748)

324,354

10,077

Net increase (decrease) in cash and equivalents

(132,901)

(20,827)

(63,967)

(320,849)

Cash and equivalents at beginning of period

479,456

431,349

410,522

731,371

Cash and equivalents at end of period

$

346,555

$

410,522

$

346,555

$

410,522

Cash and equivalents at end of period

$

346,555

$

410,522

$

346,555

$

410,522

Homebuilding restricted cash at end of period

26,900

31,372

26,900

31,372

Financial services restricted cash at end of period

2,420

1,295

2,420

1,295

Cash and equivalents and restricted cash at end of period

$

375,875

$

443,189

$

375,875

$

443,189

 

REGIONAL OPERATING DATA

Three Months Ended December 31, 

Year Ended December 31, 

2012

2011

% Change

2012

2011

% Change

New homes delivered:

California

400

279

43%

1,304

975

34%

Arizona

71

54

31%

247

169

46%

Texas

104

135

(23%)

472

420

12%

Colorado

34

28

21%

114

97

18%

Nevada

  ― 

3

(100%)

9

15

(40%)

Florida

170

153

11%

581

446

30%

Carolinas

194

130

49%

564

406

39%

Consolidated total

973

782

24%

3,291

2,528

30%

Unconsolidated joint ventures

10

8

25%

38

35

9%

Total (including joint ventures) 

983

790

24%

3,329

2,563

30%

 

Three Months Ended December 31, 

Year Ended December 31, 

2012

2011

% Change

2012

2011

% Change

(Dollars in thousands)

Average selling prices of homes delivered:

California

$

543

$

598

(9%)

$

506

$

519

(3%)

Arizona

231

197

17%

213

202

5%

Texas

354

297

19%

318

292

9%

Colorado

392

309

27%

388

308

26%

Nevada

     ―  

173

      ―  

192

190

1%

Florida

253

223

13%

247

208

19%

Carolinas

263

245

7%

247

231

7%

Consolidated

388

374

4%

362

349

4%

Unconsolidated joint ventures

446

350

27%

444

396

12%

Total (including joint ventures)

$

389

$

374

4%

$

363

$

350

4%

 

Three Months Ended December 31,

Year Ended December 31,

2012

2011

% Change

2012

2011

% Change

Net new orders:

California

401

199

102%

1,570

1,030

52%

Arizona

30

54

(44%)

267

190

41%

Texas

103

94

10%

527

470

12%

Colorado

43

25

72%

156

100

56%

Nevada

   ―  

3

(100%)

6

10

(40%)

Florida

217

130

67%

785

541

45%

Carolinas

189

110

72%

703

454

55%

Consolidated total

983

615

60%

4,014

2,795

44%

Unconsolidated joint ventures

5

10

(50%)

47

33

42%

Total (including joint ventures)

988

625

58%

4,061

2,828

44%

 

Three Months Ended December 31,

Year Ended December 31,

2012

2011

% Change

2012

2011

% Change

Average number of selling communities 

  during the period:

California

45

49

(8%)

49

49

      ― 

Arizona

6

10

(40%)

7

9

(22%)

Texas

24

21

14%

21

21

      ― 

Colorado

8

6

33%

7

5

40%

Nevada

      ― 

1

(100%)

      ― 

1

(100%)

Florida

33

40

(18%)

36

37

(3%)

Carolinas

34

33

3%

35

30

17%

Consolidated total

150

160

(6%)

155

152

2%

Unconsolidated joint ventures 

1

3

(67%)

2

3

(33%)

Total (including joint ventures)

151

163

(7%)

157

155

1%

 

At December 31,

2012

2011

% Change

Homes

Dollar Value

Homes

Dollar Value

Homes

Dollar Value

(Dollars in thousands)

Backlog:

California

440

$

218,115

174

$

91,051

153%

140%

Arizona

77

19,178

57

11,598

35%

65%

Texas

204

78,468

149

46,307

37%

69%

Colorado

75

32,230

33

12,904

127%

150%

Nevada

      ―  

       ―  

3

638

(100%)

(100%)

Florida

366

95,264

162

42,360

126%

125%

Carolinas

242

72,214

103

27,725

135%

160%

Consolidated total

1,404

515,469

681

232,583

106%

122%

Unconsolidated joint ventures 

12

5,575

3