M.D.C. Holdings Announces Second Quarter 2011 Results

- Net orders increased 5% year-over-year to 1,064 homes

- Quarter-end backlog increased 28% year-over-year to 1,424 homes

- Active subdivisions increased 31% to 176

- Net loss of $28.0 million or $0.60 per share, including asset impairments and project abandonment charges of $11.2 million

- General and administrative expense decreased 19% year-over-year to $36.2 million; eliminated more than 100 full-time positions during the second quarter

- Tender offer for $237 million of senior notes closed in July 2011

Aug 04, 2011, 06:00 ET from M.D.C. Holdings, Inc.

DENVER, Aug. 4, 2011 /PRNewswire/ -- M.D.C. Holdings, Inc. (NYSE: MDC) today reported a net loss for the 2011 second quarter of $28.0 million, or $0.60 per share, compared with a net loss for the 2010 second quarter of $3.7 million, or $0.08 per share.  

Revenue for the 2011 second quarter decreased 34% to $215.7 million, compared with $326.3 million a year ago.  Prior year results benefited from increased demand related to the federal homebuyer tax credit, which expired during the 2010 second quarter.

Management Comments

Larry A. Mizel, MDC's chairman and chief executive officer, stated, "Over the past two years, we have focused a significant amount of time on land acquisition, which has yielded a 31% year-over-year increase in active subdivisions at the end of the second quarter, setting the stage for top-line growth in the second half of 2011.  We accomplished the increase in active communities both through land purchases in our existing markets and by expanding into the Seattle market through the acquisition of assets from SDC Homes in April. However, as our economy continues to display considerable weakness, it is difficult to justify a significant number of additional land acquisitions in the near-term."

Mizel continued, "As we look at the communities we already own, we see a clear need to focus more closely on our gross profit margins. To start, we have changed our policy on the production of speculative homes, which have yielded margins significantly below those homes that are started with a buyer under contract.  Going forward, in most of our markets, we will start very few speculative homes. As of the end of the second quarter, our supply of these homes had already decreased 44% year-over-year. With our new policy in place, we should see this number continue to decline, and the percentage of our closings attributable to homes sold with a buyer under contract should increase."

Mizel concluded, "Given the headwinds our industry continues to face, we are also focused on reducing our expenses, as demonstrated by headcount reductions and other cost savings measures over the last year that have resulted in a 19% year-over-year decrease in general and administrative expenses.  In the second quarter alone, we eliminated more than 100 positions, which should drive our general and administrative expense even lower in the coming quarters.  In addition, we completed a tender offer in July on approximately $237 million of our senior notes to reduce our interest incurred.  We will continue to focus on cost savings initiatives to the extent necessary to position ourselves for profitability."

Second Quarter Highlights

Home closings in the 2011 second quarter were 709 units, with an average selling price of $290,800, compared with 1,135 units, with an average selling price of $274,300, in the second quarter of 2010.

Home gross margin in the 2011 second quarter was 13.1% as compared with 18.1% in the 2010 second quarter.  This decrease reflects our focus on reducing older aged speculative inventory, and an increase in land costs as we have sought to lower our land risk by primarily purchasing finished lots in prime locations.

During the 2011 second quarter, asset impairments totaled $9.1 million, compared with no asset impairments in the same quarter last year. The impairments related primarily to six subdivisions located in California, Nevada and Utah.

General and administrative expenses decreased to $36.2 million for the 2011 second quarter, compared with $44.6 million for the same period in the prior year.  The primary driver behind the decrease was a $5.0 million decline in salary related costs due to a year-over-year decrease in headcount.

Marketing costs were $9.9 million in the 2011 second quarter, compared with $11.5 million in the 2010 second quarter, primarily due to the year-over-year decrease in home closings, partially offset by an increase in our community count.  Commission costs were $7.5 million as compared with $11.6 million in the same quarter last year, inline with the decrease in revenue we experienced.

Net orders for the 2011 second quarter increased to 1,064 homes with an estimated sales value of $302 million, compared with net orders for 1,015 homes with an estimated sales value of $281 million during the same period in 2010.  

We ended the 2011 second quarter with 1,424 homes under contract with an estimated sales value of $433 million, compared with a backlog of 1,114 homes with an estimated sales value of $351 million at June 30, 2010.

Our estimated home gross margin in backlog at the end of the second quarter did not change materially from the estimated home gross margin in backlog to start the quarter.

Overhead Management

During the 2011 second quarter, the Company and its subsidiaries eliminated more than 100 employees from its workforce.  The Company expects to save approximately $9 million annually as a result of these reductions and incurred $1.2 million of related severance charges during the second quarter.

Tender Offer Results

On July 7, 2011, the Company completed a tender offer on approximately $237 million in aggregate principal amount of its senior notes, which will reduce our annual interest incurred by approximately $14 million, partially offset by a loss of interest income on the cash used to extinguish the debt.  Also, as a result of the tender offer, the Company expects to record an $18.6 million charge associated with the extinguishment of debt during the third quarter.

Enterprise Resource Planning System Update

During the second quarter, we implemented our new enterprise resource planning system in one additional division.  As of June 30, 2011, half of our divisions remained to be upgraded to the new system. This technology platform, when fully implemented, is expected to drive consistency in core processes across divisions, reduce operating costs and provide management with better accessibility to real-time operating data.

About MDC

Since 1972, MDC's subsidiary companies have built and financed the American dream for more than 165,000 families. 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) changes in consumer confidence and preferences; (16) terrorist acts and other acts of war; and (17) 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 June 30, 2011, 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

(In thousands, except per share amounts)

(Unaudited)

Three Months

Six Months

Ended June 30,

Ended June 30,

2011

2010

2011

2010

Revenue

Home sales revenue

$ 206,163

$ 311,276

$ 369,546

$ 452,219

Land sales revenue

2,565

5,699

2,769

5,714

Other revenue

6,957

9,355

13,117

15,475

Total Revenue

215,685

326,330

385,432

473,408

Costs and expenses

Home cost of sales

179,097

255,062

320,078

364,452

Land cost of sales

1,741

4,974

1,758

5,165

Asset impairments

9,119

-

9,398

-

Marketing expenses

9,897

11,475

19,730

18,535

Commission expenses

7,456

11,611

13,223

16,740

General and administrative expenses

36,237

44,588

72,989

84,791

Other operating expenses

2,447

529

897

1,020

Related party expenses

28

-

32

9

Total operating costs and expenses

246,022

328,239

438,105

490,712

Loss from operations

(30,337)

(1,909)

(52,673)

(17,304)

Other income (expense)

Interest income

7,872

7,541

15,198

11,969

Interest expense

(7,394)

(9,436)

(16,124)

(19,810)

Other  

56

105

92

204

Loss before income taxes

(29,803)

(3,699)

(53,507)

(24,941)

Benefit from income taxes, net

1,823

15

5,648

384

Net loss

$ (27,980)

$   (3,684)

$ (47,859)

$ (24,557)

Loss per share

Basic

$     (0.60)

$     (0.08)

$     (1.03)

$     (0.53)

Diluted

$     (0.60)

$     (0.08)

$     (1.03)

$     (0.53)

Dividends declared per share

$       0.25

$       0.25

$       0.50

$       0.50

M.D.C. HOLDINGS, INC.

Consolidated Balance Sheets

(Dollars in thousands)

(Unaudited)

June 30,

December 31,

2011

2010

Assets

Cash and cash equivalents

$    755,835

$           572,225

Marketable securities

646,895

968,729

Restricted cash

604

420

Receivables

Home sales receivables

7,797

8,530

Income taxes receivable

-

2,048

Other receivables

8,661

9,432

Mortgage loans held-for-sale, net

39,200

65,114

Inventories, net

Housing completed or under construction

336,514

372,422

Land and land under development

524,234

415,237

Property and equipment, net

38,769

40,826

Deferred tax asset, net of valuation allowance of $252,209 and $231,379

at June 30, 2011 and December 31, 2010, respectively

-

-

Related party assets

7,393

7,393

Prepaid expenses and other assets, net

54,402

85,393

Total Assets

$ 2,420,304

$    2,547,769

Liabilities

Accounts payable

$      29,108

$             35,018

Accrued liabilities

204,890

260,729

Income taxes payable

734

-

Related party liabilities

117

90

Mortgage repurchase facility

8,988

25,434

Senior notes, net

1,243,273

1,242,815

Total Liabilities

1,487,110

1,564,086

Commitments and Contingencies

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; 47,530,000 and  

47,474,000 issued and outstanding, respectively, at June 30, 2011 and

47,198,000 and 47,142,000 issued and outstanding, respectively,

at December 31, 2010

475

472

Additional paid-in-capital

839,964

820,237

Retained earnings

87,198

158,749

Accumulated other comprehensive income

6,216

4,884

Treasury stock, at cost; 56,000 shares at June 30, 2011 and December 31, 2010

(659)

(659)

Total Stockholders' Equity

933,194

983,683

Total Liabilities and Stockholders' Equity

$ 2,420,304

$        2,547,769

M.D.C. HOLDINGS, INC.

Information on Segments

(Dollars in thousands)

(Unaudited)

Three Months  

Six Months  

Ended June 30,

Ended June 30,

Revenue

2011

2010

2011

2010

Homebuilding

West

$      69,401

$      123,193

$ 111,884

$ 180,330

Mountain

78,702

110,112

149,826

156,794

East

51,076

72,657

94,168

104,162

Other Homebuilding

10,949

16,757

20,808

25,793

Total Homebuilding

210,128

322,719

376,686

467,079

Financial Services and Other

6,731

9,143

12,434

14,764

Corporate

-

-

-

-

Intercompany adjustments

(1,174)

(5,532)

(3,688)

(8,435)

Consolidated

$    215,685

$      326,330

$ 385,432

$ 473,408

Three Months  

Six Months  

Ended June 30,

Ended June 30,

(Loss)/Income Before Income Taxes

2011

2010

2011

2010

Homebuilding

West

$    (11,837)

$         6,357

$ (16,397)

$     8,711

Mountain

(1,204)

4,962

(2,436)

6,132

East

(2,345)

1,455

(4,301)

(64)

Other Homebuilding

(916)

295

(1,692)

(224)

Total Homebuilding

(16,302)

13,069

(24,826)

14,555

Financial Services and Other

3,089

4,089

4,869

5,935

Corporate

(16,590)

(20,857)

(33,550)

(45,431)

Consolidated

$    (29,803)

$       (3,699)

$ (53,507)

$ (24,941)

June 30,

December 31,

2011

2010

Total Assets

Homebuilding

West

$    360,939

$           300,652

Mountain

308,805

311,833

East

214,246

188,693

Other Homebuilding

37,146

40,554

Total Homebuilding

921,136

841,732

Financial Services and Other

112,113

135,286

Corporate

1,390,811

1,573,408

Intercompany adjustments

(3,756)

(2,657)

Consolidated

$ 2,420,304

$        2,547,769

M.D.C. HOLDINGS, INC.

Selected Financial Data

(Dollars in thousands)

(Unaudited)

Three Months

Six Months

Ended June 30,

Change

Ended June 30,

Change

2011

2010

Amount

%

2011

2010

Amount

%

Selected Financial Data

General and Administrative Expenses

     Homebuilding

$   15,822

$    20,489

$   (4,667)

-23%

$   30,781

$    38,215

$     (7,434)

-19%

     Financial Services and Other

4,432

5,658

(1,226)

-22%

9,131

9,746

(615)

-6%

     Corporate

15,983

18,441

(2,458)

-13%

33,077

36,830

(3,753)

-10%

        Total

$   36,237

$    44,588

$   (8,351)

-19%

$   72,989

$    84,791

$   (11,802)

-14%

SG&A as a % of Home Sales Revenue

     Homebuilding Segments

16.1%

14.0%

2.1%

17.2%

16.3%

0.9%

     Corporate Segment

7.8%

5.9%

1.9%

9.0%

8.1%

0.9%

  Depreciation and Amortization (1)

$     4,338

$      5,169

$      (831)

-16%

$     8,067

$      8,101

$          (34)

0%

  Home Gross Margins (2)

13.1%

18.1%

-5.0%

13.4%

19.4%

-6.0%

  Interest in Home Cost of Sales as

        a % of Home Sales Revenue

2.6%

2.6%

0.0%

2.6%

2.5%

0.1%

  Cash Provided by (Used in)

      Operating Activities

$ (11,556)

$ (190,450)

$ 178,894

$ (69,257)

$ (178,934)

$  109,677

      Investing Activities

$ 187,918

$ (116,380)

$ 304,298

$ 292,959

$ (618,147)

$  911,106

      Financing Activities

$   (9,570)

$    48,823

$ (58,393)

$ (40,092)

$  254,961

$ (295,053)

Total Interest Capitalized

   Interest capitalized, beginning of period

$   43,762

$    31,773

$   11,989

38%

$   38,446

$    28,339

$    10,107

36%

   Interest capitalized, net of interest expense

10,750

8,849

1,901

21%

20,269

15,485

4,784

31%

   Previously capitalized interest included

   in home cost of sales

(5,454)

(8,202)

2,748

-34%

(9,657)

(11,404)

1,747

-15%

   Interest capitalized, end of period

$   49,058

$    32,420

$   16,638

51%

$   49,058

$    32,420

$    16,638

51%

(1) Includes depreciation and amortization of long-lived assets and amortization of deferred marketing costs.

(2)Home sales revenue less home cost of sales (excluding commissions, amortization of deferred marketing, project cost write offs and asset impairments) as a percent of home sales revenue.  

M.D.C. HOLDINGS, INC.

Selected Financial Data

(Dollars in thousands)

(Unaudited)

Three Months

Ended June 30,

Change

2011

2010

Amount

%

Principal amount of mortgage loans originated

$ 146,275

$ 240,693

$ (94,418)

-39%

Principal amount of mortgage loans brokered

$     2,177

$     2,660

$      (483)

-18%

Capture Rate

75%

83%

-8%

Including brokered loans

76%

84%

-8%

Mortgage products (% of mortgage loans originated)

Fixed rate

96%

97%

-1%

Adjustable rate - other

4%

3%

1%

Prime loans (3)

27%

26%

1%

Government loans (4)

73%

74%

-1%

Six Months

Ended June 30,

Change

2011

2010

Amount

%

Principal amount of mortgage loans originated

$ 261,655

$ 348,783

$ (87,128)

-25%

Principal amount of mortgage loans brokered

$     2,896

$     5,516

$   (2,620)

-47%

Capture Rate

75%

82%

-7%

Including brokered loans

76%

83%

-7%

Mortgage products (% of mortgage loans originated)

Fixed rate

96%

96%

0%

Adjustable rate - other

4%

4%

0%

Prime loans (3)

29%

25%

4%

Government loans (4)

71%

75%

-4%

(3)  Prime loans generally are defined as loans with Fair, Isaac and Company ("FICO") scores greater than 620 and that comply with the documentation standards of the government sponsored enterprise guidelines.

(4) Government loans are loans either insured by the Federal Housing Administration or guaranteed by the Department of Veteran Affairs.

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

(Dollars in thousands)

(Unaudited)

June 30,

December 31,

June 30,

2011

2010

2010

Homes Completed or Under Construction

Unsold Home Under Construction - Final

42

119

47

Unsold Home Under Construction - Frame

353

722

720

Unsold Home Under Construction - Foundation

101

103

124

  Total Unsold Homes Under Construction

496

944

891

Sold Homes Under Construction

843

609

865

Model Homes

231

242

226

  Homes Completed or Under Construction

1,570

1,795

1,982

Lots Owned (excluding homes completed or under construction)

Arizona

1,064

1,257

1,165

California

1,376

1,201

1,130

Nevada

1,184

991

681

Washington

232

-

-

  West

3,856

3,449

2,976

Colorado

3,240

2,919

2,893

Utah

579

594

569

  Mountain

3,819

3,513

3,462

Maryland

380

319

199

Virginia

589

414

371

  East

969

733

570

Florida

269

210

184

Illinois

123

130

134

  Other Homebuilding

392

340

318

       Total

9,036

8,035

7,326

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

(Dollars in thousands)

(Unaudited) 

June 30,

December 31,

June 30,

2011

2010

2010

Lots Controlled Under Option

Arizona

108

408

499

California

-

222

152

Nevada

398

838

570

Washington

42

-

-

  West

548

1,468

1,221

Colorado

602

688

644

Utah

298

393

156

  Mountain

900

1,081

800

Maryland

795

745

655

Virginia

234

132

272

  East

1,029

877

927

Florida

480

733

658

Illinois

-

-

-

  Other Homebuilding

480

733

658

       Total

2,957

4,159

3,606

At Risk Option Deposits

Cash

$ 10,534

$            9,019

$   7,933

Letters of Credit

6,716

4,467

2,727

Total At Risk Option Deposits

$ 17,250

$          13,486

$ 10,660

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

(Unaudited)

Three Months

Six Months

Ended June 30,

Change

Ended June 30,

Change

Closed Homes (Units)

2011

2010

Amount

%

2011

2010

Amount

%

Arizona

98

242

(144)

-60%

175

350

(175)

-50%

California

62

68

(6)

-9%

110

114

(4)

-4%

Nevada

80

221

(141)

-64%

146

319

(173)

-54%

Washington

51

-

51

N/M

51

-

51

N/M

West

291

531

(240)

-45%

482

783

(301)

-38%

Colorado

182

230

(48)

-21%

348

338

10

3%

Utah

66

147

(81)

-55%

120

199

(79)

-40%

Mountain

248

377

(129)

-34%

468

537

(69)

-13%

Maryland

49

87

(38)

-44%

106

117

(11)

-9%

Virginia

72

68

4

6%

115

108

7

6%

East

121

155

(34)

-22%

221

225

(4)

-2%

Florida

48

72

(24)

-33%

91

113

(22)

-19%

Illinois

1

-

1

0%

1

-

1

0%

Other Homebuilding

49

72

(23)

-32%

92

113

(21)

-19%

Total

709

1,135

(426)

-38%

1,263

1,658

(395)

-24%

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

(Dollars in thousands)

(Unaudited)

Three Months

Ended June 30,

Change

Average Selling Price of Closed Homes

2011

2010

Amount

%

Arizona

$ 188.1

$ 190.7

$       (2.6)

-1%

California

320.4

444.7

(124.3)

-28%

Colorado

332.0

303.0

29.0

10%

Florida

221.4

227.3

(5.9)

-3%

Illinois

293.0

N/A

N/M

N/M

Maryland

414.9

462.5

(47.6)

-10%

Nevada

185.8

187.2

(1.4)

-1%

Utah

272.5

274.7

(2.2)

-1%

Virginia

426.7

476.2

(49.5)

-10%

Washington

270.3

N/A

N/M

N/M

Average

$ 290.8

$ 274.3

$       16.5

6%

Six Months

Ended June 30,

Change

2011

2010

Amount

%

Arizona

$ 184.6

$ 194.7

$     (10.1)

-5%

California

319.0

407.3

(88.3)

-22%

Colorado

334.3

302.0

32.3

11%

Florida

225.0

224.8

0.2

0%

Illinois

293.0

N/A

N/M

N/M

Maryland

422.1

449.7

(27.6)

-6%

Nevada

192.9

187.8

5.1

3%

Utah

273.6

274.4

(0.8)

0%

Virginia

427.9

476.8

(48.9)

-10%

Washington

270.3

N/A

N/M

N/M

Average

$ 292.6

$ 272.7

$       19.9

7%

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

(Dollars in thousands)

(Unaudited)

Three Months

Six Months

Ended June 30,

Change

Ended June 30,

Change

2011

2010

Amount

%

2011

2010

Amount

%

Orders For Homes, net (units)

Arizona

164

184

(20)

-11%

286

352

(66)

-19%

California

117

109

8

7%

194

135

59

44%

Nevada

154

195

(41)

-21%

242

365

(123)

-34%

Washington

26

-

26

N/M

26

-

26

N/M

West

461

488

(27)

-6%

748

852

(104)

-12%

Colorado

232

232

-

0%

413

502

(89)

-18%

Utah

109

110

(1)

-1%

176

235

(59)

-25%

Mountain

341

342

(1)

0%

589

737

(148)

-20%

Maryland

74

62

12

19%

120

109

11

10%

Virginia

95

76

19

25%

163

142

21

15%

East

169

138

31

22%

283

251

32

13%

Florida

91

47

44

94%

142

106

36

34%

Illinois

2

-

2

N/M

7

-

7

N/M

Other Homebuilding

93

47

46

98%

149

106

43

41%

Total

1,064

1,015

49

5%

1,769

1,946

(177)

-9%

Estimated Value of Orders for

Homes, net

$ 302,000

$ 281,000

$   21,000

7%

$ 507,000

$ 539,000

$ (32,000)

-6%

Estimated Average Selling Price

of Orders for Homes, net

$     283.8

$     276.8

$         7.0

3%

$     286.6

$     277.0

$         9.6

3%

Cancellation Rate (5)

29%

25%

4%

31%

24%

7%

(5)  We define "Cancellation Rate" as the approximate number of cancelled home order contracts during a reporting period as a percent of total home orders received during such reporting period.

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

(Dollars in thousands)

(Unaudited)

June 30,

December 31,

June 30,

Backlog (units)

2011

2010

2010

Arizona

195

84

105

California

163

79

97

Nevada

172

76

134

Washington

51

-

-

West

581

239

336

Colorado

338

273

371

Utah

125

69

130

Mountain

463

342

501

Maryland

140

126

118

Virginia

118

70

107

East

258

196

225

Florida

115

64

52

Illinois

7

1

-

Other Homebuilding

122

65

52

Total

1,424

842

1,114

Backlog Estimated Sales Value

$ 433,000

$        269,000

$ 351,000

Estimated Average Selling Price of

Homes in Backlog

$     304.1

$            319.5

$     315.1

June 30,

December 31,

June 30,

Active Subdivisions

2011

2010

2010

Arizona

30

26

26

California

16

13

6

Nevada

17

18

15

Washington

9

-

-

West

72

57

47

Colorado

40

39

41

Utah

21

19

18

Mountain

61

58

59

Maryland

13

14

10

Virginia

12

8

9

East

25

22

19

Florida

17

11

9

Illinois

1

-

-

Other Homebuilding

18

11

9

Total

176

148

134

SOURCE M.D.C. Holdings, Inc.



RELATED LINKS

http://www.mdcholdings.com