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

- Net loss of $31.7 million or $0.68 per share, including an $18.6 million charge related to the extinguishment of debt and $7.0 million of asset impairments and project abandonment charges

- $500 million of senior note reductions completed or announced; annualized interest incurred reduced by nearly $30 million

- Decreased general and administrative headcount by 33% year-over-year; approximately $20 million in estimated annual savings

- Net orders decreased 25% year-over-year to 595 homes

- Active subdivisions up 28% year-over-year to 182

Nov 03, 2011, 06:00 ET from M.D.C. Holdings, Inc.

DENVER, Nov. 3, 2011 /PRNewswire/ -- M.D.C. Holdings, Inc. (NYSE: MDC) today reported a net loss for the 2011 third quarter of $31.7 million, or $0.68 per share, including an $18.6 million charge related to the extinguishment of debt and $7.0 million of asset impairments and project abandonment charges. In the 2010 third quarter, our net loss was $10.2 million, or $0.22 per share, including $3.7 million of impairments.  Revenue for the 2011 third quarter decreased 6% to $211.4 million, compared with $225.7 million a year ago.

Management Comments

Larry A. Mizel, MDC's chairman and chief executive officer, stated, "Given increased uncertainty surrounding employment levels and consumer confidence, our goal is to return to profitability without relying on an improvement in homebuilding market conditions.  Prior to the third quarter, we focused primarily on increasing our community count, giving us the opportunity to improve our market share and increase revenue. 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, and therefore we are now focusing on other strategies to drive profitability."

Mizel continued, "As we look at the communities we already own, we are closely analyzing our sales process.  We previously announced a change to our approach on the sale of speculative homes, and remain committed to starting very few of these homes going forward in most markets. During the third quarter, this strategy benefited our home gross margins. However, we believe it also slowed our home order absorption pace and our backlog conversion rate."

"We are also modifying our approach to sales promotions. Over the past eighteen months, we have relied on large promotions as a critical component of our sales strategy.  While these promotions were successful in producing a high level of urgency for our sales personnel and customers, we have also have experienced increased volatility in sales absorptions and cancellation rates, which complicates the management of our day-to-day operations. Therefore, we will rely less on these large promotions in the future."

"Finally, we are working to streamline the way we sell upgrades to our homes. We will still offer our customers the opportunity to personalize their homes at our Home Galleries across the country, but we will do so in a manner that allows us to operate this aspect of our business with reduced complexity and lower overhead. All of the changes to our sales process are now being managed under new leadership. The goal of these initiatives is not only to increase absorptions and home gross margins, but also to simplify our business model, allowing us to operate more effectively with lower overhead."

Mizel concluded, "Our efforts to reduce overhead expenses continued in the third quarter, as we reduced our headcount by eliminating more than 100 positions. As a result, our general and administrative headcount decreased by 33% year-over-year, removing approximately $20 million of overhead expense in the process. Beyond these reductions, we have identified roughly $5 million in estimated annual cost savings that should take effect no later than the first quarter of 2012. In addition, we have announced that we will retire $500 million of debt by the end of 2011, which will better align our capital structure with our current capital needs. As a result, the annualized amount of interest we incur will decrease by $30 million."

Third Quarter Highlights

Home closings in the 2011 third quarter were 707 units, with an average selling price of $289,800, compared with 722 units, with an average selling price of $299,900, in the third quarter of 2010.  Our ratio of closings to beginning backlog decreased to 50% for the 2011 third quarter, compared with 65% in the 2010 third quarter.  The decrease is attributable to a year-over-year decrease in the percentage of backlog under construction at the beginning of the quarter.

Home gross margin in the 2011 third quarter was 16.8% as compared with 20.9% in the 2010 third quarter.  The 2011 third quarter benefited from the settlement of a construction defect claim and the impact of recording adjustments to land budgets.

Marketing costs were $10.0 million in the 2011 third quarter, compared with $11.2 million in the 2010 third quarter, primarily due to a decrease in product advertising costs.  Commission costs were $7.5 million as compared with $8.1 million in the same quarter last year, inline with the decrease in revenue we experienced.

General and administrative expenses decreased to $35.6 million for the 2011 third quarter, compared with $39.3 million for the same period in the prior year.  The primary driver behind the decrease was a $7.3 million decline in salary related costs due to a year-over-year decrease in headcount, partially offset by a $3.0 million increase in our estimated mortgage loan loss reserve.

During the 2011 third quarter, asset impairments totaled $4.7 million, compared with $3.7 million in the same quarter last year. The largest impairment related to an asset located in Chicago, where we are no longer selling homes.  We also incurred $2.3 million of expense related to write-offs of land option deposits and pre-acquisition costs associated with lot option contracts that we elected not to exercise during the 2011 third quarter.  

Net orders for the 2011 third quarter decreased to 595 homes with an estimated sales value of $175 million, compared with net orders for 796 homes with an estimated sales value of $231 million during the same period in 2010.  The decrease in home orders was driven primarily by an increase in the number of cancellations received during the quarter, with many of the cancellations originating from a nationwide sales promotion that occurred late in the second quarter.  In addition, gross orders during the 2010 third quarter were positively influenced by the Company's use of sizeable incentives to drive a higher sales velocity for older speculative homes.

We ended the 2011 third quarter with 1,312 homes under contract with an estimated sales value of $405 million, compared with a backlog of 1,188 homes with an estimated sales value of $368 million at September 30, 2010. Our estimated home gross margin in backlog at the end of the third quarter increased from the estimated home gross margin in backlog to start the quarter.

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 September 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

Nine Months

Ended September 30,

Ended September 30,

2011

2010

2011

2010

Revenue

Home sales revenue

$        204,886

$        216,501

$      574,432

$       668,720

Land sales revenue

730

904

3,499

6,618

Other revenue

5,744

8,276

18,861

23,751

Total revenue

211,360

225,681

596,792

699,089

Costs and expenses

Home cost of sales

170,443

171,199

490,521

535,651

Land cost of sales

724

818

2,482

5,983

Asset impairments

4,692

3,718

14,090

3,718

Marketing expenses

10,002

11,191

29,732

29,726

Commission expenses

7,476

8,078

20,699

24,818

General and administrative expenses

35,580

39,269

108,569

124,060

Other operating expenses

2,414

817

3,343

1,846

Total operating costs and expenses

231,331

235,090

669,436

725,802

Loss from operations

(19,971)

(9,409)

(72,644)

(26,713)

Other income (expense)

Interest income

6,745

7,544

21,943

19,513

Interest expense

(3,695)

(9,000)

(19,819)

(28,810)

Extinguishment of senior notes and other

(17,268)

271

(17,176)

475

Loss before income taxes

(34,189)

(10,594)

(87,696)

(35,535)

Benefit from income taxes, net

2,479

355

8,127

739

Net loss

$         (31,710)

$         (10,239)

$      (79,569)

$       (34,796)

Loss per share

Basic

$             (0.68)

$             (0.22)

$          (1.72)

$           (0.75)

Diluted

$             (0.68)

$             (0.22)

$          (1.72)

$           (0.75)

Dividends declared per share

$              0.25

$              0.25

$            0.75

$             0.75

M.D.C. HOLDINGS, INC.

Consolidated Balance Sheets

(Dollars in thousands)

(Unaudited)

September 30,

December 31,

2011

2010

Assets

Cash and cash equivalents

$          567,501

$          572,225

Marketable securities

535,494

968,729

Receivables

19,414

20,010

Mortgage loans held-for-sale, net

42,301

65,114

Inventories, net

Housing completed or under construction

333,350

372,422

Land and land under development

517,337

415,237

Deferred tax asset, net of valuation allowance of $274,380 and $231,379

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

-

-

Other Assets

99,572

134,032

Total Assets

$       2,114,969

$       2,547,769

Liabilities

Accounts payable

$            27,295

$            35,018

Accrued liabilities and other

190,100

260,819

Mortgage repurchase facility

10,708

25,434

Senior notes, net

1,006,656

1,242,815

Total Liabilities

1,234,759

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 September 30, 2011 and

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

at December 31, 2010

475

472

Additional paid-in-capital

850,795

820,237

Retained earnings

43,620

158,749

Accumulated other comprehensive (loss) income

(14,021)

4,884

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

(659)

(659)

Total Stockholders' Equity

880,210

983,683

Total Liabilities and Stockholders' Equity

$       2,114,969

$       2,547,769

M.D.C. HOLDINGS, INC.

Information on Segments

(Dollars in thousands)

(Unaudited)

Three Months

Nine Months

Ended September 30,

Ended September 30,

Revenue

2011

2010

2011

2010

Homebuilding

West

$          71,292

$          66,233

$        183,176

$        246,563

Mountain

82,637

89,111

232,463

245,905

East

36,610

58,304

130,778

162,466

Other Homebuilding

16,678

7,344

37,486

33,137

Total Homebuilding

207,217

220,992

583,903

688,071

Financial Services and Other

5,540

7,932

17,974

22,696

Corporate

-

-

-

-

Intercompany adjustments

(1,397)

(3,243)

(5,085)

(11,678)

Consolidated

$        211,360

$        225,681

$        596,792

$        699,089

Income/(Loss) Before Income Taxes

Homebuilding

West

$           (2,584)

$            4,900

$         (18,981)

$          13,611

Mountain

2,988

520

552

6,652

East

(2,518)

2,021

(6,819)

1,957

Other Homebuilding

(1,514)

(1,673)

(3,206)

(1,897)

Total Homebuilding

(3,628)

5,768

(28,454)

20,323

Financial Services and Other

(450)

4,326

4,419

10,261

Corporate

(30,111)

(20,688)

(63,661)

(66,119)

Consolidated

$         (34,189)

$         (10,594)

$         (87,696)

$         (35,535)

September 30,

December 31,

2011

2010

Total Assets

Homebuilding

West

$        365,759

$        300,652

Mountain

289,828

311,833

East

224,497

188,693

Other Homebuilding

30,331

40,554

Total Homebuilding

910,415

841,732

Financial Services and Other

115,176

135,286

Corporate

1,093,523

1,573,408

Intercompany adjustments

(4,145)

(2,657)

Consolidated

$     2,114,969

$     2,547,769

M.D.C. HOLDINGS, INC.

Selected Financial Data

(Dollars in thousands)

(Unaudited)

Three Months

Nine Months

Ended September 30,

Change

Ended September 30,

Change

2011

2010

Amount

%

2011

2010

Amount

%

Selected Financial Data                                                

General and Administrative Expenses

     Homebuilding

$          13,766

$          16,111

$          (2,345)

-15%

$          44,547

$          54,326

$          (9,779)

-18%

     Financial Services and Other

6,701

4,521

2,180

48%

15,832

14,267

1,565

11%

     Corporate

15,113

18,637

(3,524)

-19%

48,190

55,467

(7,277)

-13%

        Total

$          35,580

$          39,269

$          (3,689)

-9%

$        108,569

$        124,060

$        (15,491)

-12%

SG&A as a % of Home Sales Revenue

     Homebuilding Segments

15.2%

16.3%

-1.1%

16.5%

16.3%

0.2%

     Corporate Segment

7.4%

8.6%

-1.2%

8.4%

8.3%

0.1%

  Depreciation and Amortization (1)

$            4,031

$            3,705

$               326

9%

$          12,098

$          11,806

$               292

2%

  Home Gross Margins (2)

16.8%

20.9%

-4.1%

14.6%

19.9%

-5.3%

  Interest in Home Cost of Sales as

        a % of Home Sales Revenue

2.5%

2.6%

-0.1%

2.6%

2.5%

0.1%

  Cash Provided by (Used in)

      Operating activities

$        (11,486)

$          41,343

$        (52,829)

$        (80,743)

$      (137,591)

$          56,848

      Investing activities

$          88,203

$          21,021

$          67,182

$        381,162

$      (597,126)

$        978,288

      Financing activities

$      (265,051)

$        (65,935)

$      (199,116)

$      (305,143)

$        189,026

$      (494,169)

Total Interest Capitalized

   Interest capitalized, beginning of period

$          49,058

$          32,420

$          16,638

51%

$          38,446

$          28,339

$          10,107

36%

   Interest capitalized, net of interest expense

10,833

9,370

1,463

16%

31,102

24,855

6,247

25%

   Previously capitalized interest included

   in home cost of sales

(5,140)

(5,581)

441

-8%

(14,797)

(16,985)

2,188

-13%

   Interest capitalized, end of period

$          54,751

$          36,209

$          18,542

51%

$          54,751

$          36,209

$          18,542

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

Nine Months

Ended September 30,

Change

Ended September 30,

Change

2011

2010

Amount

%

2011

2010

Amount

%

Principal amount of mortgage loans originated

$    129,005

$     158,337

$         (29,332)

-19%

$  390,660

$  507,120

$ (116,460)

-23%

Principal amount of mortgage loans brokered

$        1,622

$            370

$            1,252

338%

$      4,518

$      5,883

$     (1,365)

-23%

Capture Rate

66%

79%

-13%

72%

81%

-9%

Including brokered loans

67%

79%

-12%

73%

82%

-9%

Mortgage products (% of mortgage loans originated)

Fixed rate

96%

97%

-1%

96%

96%

0%

Adjustable rate - other

4%

3%

1%

4%

4%

0%

Prime loans (3)

38%

32%

6%

33%

27%

6%

Government loans (4)

62%

68%

-6%

67%

73%

-6%

(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)

September 30,

December 31,

September 30,

2011

2010

2010

Homes Completed or Under Construction

Unsold Home Under Construction - Final

85

119

56

Unsold Home Under Construction - Frame

314

722

725

Unsold Home Under Construction - Foundation

85

103

104

  Total Unsold Homes Under Construction

484

944

885

Sold Homes Under Construction

871

609

955

Model Homes

220

242

246

  Homes Completed or Under Construction

1,575

1,795

2,086

Lots Owned (excluding homes completed or under construction)

Arizona

981

1,257

1,290

California

1,306

1,201

1,095

Nevada

1,091

991

632

Washington

312

-

-

  West

3,690

3,449

3,017

Colorado

3,103

2,919

2,762

Utah

545

594

494

  Mountain

3,648

3,513

3,256

Maryland

446

319

207

Virginia

566

414

380

  East

1,012

733

587

Florida

233

210

204

Illinois

123

130

130

  Other Homebuilding

356

340

334

       Total

8,706

8,035

7,194

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

(Dollars in thousands)

(Unaudited)

September 30,

December 31,

September 30,

2011

2010

2010

Lots Controlled Under Option

Arizona

96

408

453

California

-

222

45

Nevada

75

838

1,018

Washington

182

-

-

  West

353

1,468

1,516

Colorado

464

688

616

Utah

273

393

581

  Mountain

737

1,081

1,197

Maryland

730

745

906

Virginia

192

132

220

  East

922

877

1,126

Florida

373

733

906

Illinois

-

-

-

  Other Homebuilding

373

733

906

       Total

2,385

4,159

4,745

At Risk Option Deposits

Cash

$             8,932

$             9,019

$             9,314

Letters of Credit

5,139

4,467

3,086

Total At Risk Option Deposits

$           14,071

$           13,486

$           12,400

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

Change

September 30,

Change

Closed Homes (Units)

2011

2010

Amount

%

2011

2010

Amount

%

Arizona

126

111

15

14%

301

461

(160)

-35%

California

58

62

(4)

-6%

168

176

(8)

-5%

Nevada

77

108

(31)

-29%

223

427

(204)

-48%

Washington

49

-

49

N/M

100

-

100

N/M

West

310

281

29

10%

792

1,064

(272)

-26%

Colorado

189

208

(19)

-9%

537

546

(9)

-2%

Utah

58

78

(20)

-26%

178

277

(99)

-36%

Mountain

247

286

(39)

-14%

715

823

(108)

-13%

Maryland

47

68

(21)

-31%

153

185

(32)

-17%

Virginia

36

58

(22)

-38%

151

166

(15)

-9%

East

83

126

(43)

-34%

304

351

(47)

-13%

Florida

63

29

34

117%

154

142

12

8%

Illinois

4

-

4

0%

5

-

5

0%

Other Homebuilding

67

29

38

131%

159

142

17

12%

Total

707

722

(15)

-2%

1,970

2,380

(410)

-17%

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

(Dollars in thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

Change

September 30,

Change

Average Selling Price of Closed Homes

2011

2010

Amount

%

2011

2010

Amount

%

Arizona

$           202.2

$           200.7

$               1.5

1%

$     192.0

$     196.1

$      (4.1)

-2%

California

310.6

375.2

(64.6)

-17%

316.1

396.0

(79.9)

-20%

Colorado

347.7

322.6

25.1

8%

339.0

309.8

29.2

9%

Florida

232.7

253.2

(20.5)

-8%

228.1

230.6

(2.5)

-1%

Illinois

320.2

N/A

N/M

N/M

314.7

N/A

N/M

N/M

Maryland

448.2

443.3

4.9

1%

430.2

447.3

(17.1)

-4%

Nevada

189.5

190.2

(0.7)

0%

191.7

188.4

3.3

2%

Utah

289.9

268.9

21.0

8%

278.9

272.8

6.1

2%

Virginia

430.5

484.5

(54.0)

-11%

428.6

479.5

(50.9)

-11%

Washington

268.5

N/A

N/M

N/M

269.4

N/A

N/M

N/M

Average

$           289.8

$           299.9

$            (10.1)

-3%

$     291.6

$     281.0

$      10.6

4%

M.D.C. HOLDINGS, INC.

Homebuilding Operational Data

(Dollars in thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

Change

September 30,

Change

2011

2010

Amount

%

2011

2010

Amount

%

Orders For Homes, net (units)

Arizona

104

119

(15)

-13%

390

471

(81)

-17%

California

53

101

(48)

-48%

247

236

11

5%

Nevada

107

106

1

1%

349

471

(122)

-26%

Washington

42

-

42

N/M

68

-

68

N/M

West

306

326

(20)

-6%

1,054

1,178

(124)

-11%

Colorado

147

220

(73)

-33%

560

722

(162)

-22%

Utah

38

73

(35)

-48%

214

308

(94)

-31%

Mountain

185

293

(108)

-37%

774

1,030

(256)

-25%

Maryland

48

67

(19)

-28%

168

176

(8)

-5%

Virginia

42

60

(18)

-30%

205

202

3

1%

East

90

127

(37)

-29%

373

378

(5)

-1%

Florida

16

50

(34)

-68%

158

156

2

1%

Illinois

(2)

-

(2)

N/M

5

-

5

N/M

Other Homebuilding

14

50

(36)

-72%

163

156

7

4%

Total

595

796

(201)

-25%

2,364

2,742

(378)

-14%

Estimated Value of Orders for

Homes, net

$ 175,000

$ 231,000

$  (56,000)

-24%

$ 682,000

$ 770,000

$  (88,000)

-11%

Estimated Average Selling Price

of Orders for Homes, net

$     294.1

$     290.2

$         3.9

1%

$     288.5

$     280.8

$         7.7

3%

Cancellation Rate (5)

44%

30%

14%

35%

26%

9%

(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)

September 30,

December 31,

September 30,

Backlog (units)

2011

2010

2010

Arizona

173

84

113

California

158

79

136

Nevada

202

76

132

Washington

44

-

-

West

577

239

381

Colorado

296

273

383

Utah

105

69

125

Mountain

401

342

508

Maryland

141

126

117

Virginia

124

70

109

East

265

196

226

Florida

68

64

73

Illinois

1

1

-

Other Homebuilding

69

65

73

Total

1,312

842

1,188

Backlog Estimated Sales Value

$        405,000

$        269,000

$        368,000

Estimated Average Selling Price of

Homes in Backlog

$            308.7

$            319.5

$            309.8

September 30,

December 31,

September 30,

Active Subdivisions

2011

2010

2010

Arizona

26

26

28

California

16

13

10

Nevada

20

18

19

Washington

10

-

-

West

72

57

57

Colorado

47

39

39

Utah

21

19

19

Mountain

68

58

58

Maryland

14

14

9

Virginia

13

8

7

East

27

22

16

Florida

15

11

11

Illinois

-

-

-

Other Homebuilding

15

11

11

Total

182

148

142

SOURCE M.D.C. Holdings, Inc.



RELATED LINKS

http://www.mdcholdings.com