M.D.C. Holdings Reports 39% Increase in First Quarter Earnings

- Record first quarter net income of $29.3 million

- Earnings per share of $1.20 vs. $ .85 a year ago, a 41% increase

- Highest first quarter revenues and home closings in Company history

- Record quarterly home orders and quarter-end backlog

- Homebuilding operating profits of $53.9 million, up 19%

- Home gross margins of 23.3%, a 220 basis point increase

- Debt to capital ratio of .35

- Interest coverage of 9.9



Apr 18, 2001, 01:00 ET from M.D.C. Holdings, Inc.

    DENVER, April 18 /PRNewswire/ -- M.D.C. Holdings, Inc. (NYSE:   MDC; PCX)
 (www.RichmondAmerican.com) today announced net income for the three months
 ended March 31, 2001 of $29.3 million, or $1.20 per share -- the highest first
 quarter net income in the Company's history and 39% higher than net income of
 $21.0 million, or $.85 per share, for the same period in 2000.  Net income for
 the 2000 first quarter included realized, non-recurring after-tax gains of
 $3.4 million, or $.14 per share, from the sale of certain investments by MDC's
 captive insurance subsidiary.  Excluding the impact of these non-recurring
 gains, 2001 first quarter earnings per share increased 69% compared with the
 2000 first quarter.  Total revenues for the first quarter of 2001 were a
 record $420 million, 21% higher than revenues of $347 million for the same
 period in 2000.
     Larry A. Mizel, MDC's chairman and chief executive officer, stated, "We
 are pleased to report the strongest first quarter operating performance in the
 Company's 29-year history, representing the sixteenth consecutive quarter of
 year-over-year increases in operating results.  The continued success of our
 operating strategy has enabled us to achieve several important milestones
 during the first quarter of 2001, which include exceeding $1 billion sales
 value in backlog, approaching a 12-month return on assets of 13% and achieving
 a return on equity of almost 30%.  We also are pleased that the rating
 agencies continue to acknowledge the soundness of our operating strategy and
 our position as an industry leader in financial performance, capital stability
 and interest coverage.  After having received ratings upgrades from all three
 major rating agencies between December 1999 and September 2000, Standard &
 Poor's recently upgraded its outlook for MDC to 'positive,' and Fitch IBCA,
 Duff & Phelps has assigned an investment grade rating of 'BBB-' to the
 Company's senior debt."
 
     Record Homebuilding and Mortgage Lending Results
     Operating profits from the Company's homebuilding operations for the first
 quarter of 2001 increased to $53.9 million.  These profits are the highest for
 any first quarter in the Company's history, and 49% higher than homebuilding
 profits for the same period in 2000, excluding the investment gains discussed
 above of $9.3 million on a pre-tax basis.  This increase in operating profits
 primarily resulted from a 13% increase in first quarter home closings to
 1,759 units, a $20,500 higher average selling price per home closed and a
 220 basis point improvement in home gross margins.
     Paris G. Reece III, MDC's executive vice president and chief financial
 officer, said, "We realized substantially improved operating results from each
 of our major homebuilding divisions.  Our home closings in the 2001 first
 quarter increased 53% and 30%, respectively, over the 2000 first quarter in
 Arizona and Las Vegas, and average selling prices were higher by more than
 $27,000 in each of our other markets.  In addition, we improved our home gross
 margins by more than 150 basis points in every market except Arizona, as a
 result of our disciplined approach to controlling construction costs, our
 continued ability to raise selling prices as a partial offset to rising land
 costs, the continued improvement in design center revenues and margins, and
 lower incentive costs."
     The Company's mortgage lending operations reported operating profits of
 $4.2 million for the three months ended March 31, 2001, compared with
 $2.4 million for the same period in 2000.  The significant improvement in
 operating profits primarily was due to a $1.2 million increase in gains from
 sales of mortgage loan servicing in the first quarter of 2001.  In addition,
 mortgage loan origination fees in the 2001 first quarter were $3.7 million,
 compared with $2.8 million in the 2000 first quarter.  The Company originated
 or brokered a record $293 million in mortgage loans for 83% of the MDC's home
 buyers in the 2001 first quarter, compared with $224 million in mortgage loans
 for 80% of MDC's home buyers for the same period in 2000.
 
     Strengthened Balance Sheet and Improved Operating Efficiency
     The Company continued to strengthen its balance sheet and improve the
 efficiency of its operations in the first quarter of 2001.  This success is
 represented by the achievement of ratios of homebuilding and corporate
 debt-to-capital and debt-to-EBITDA (as defined below) at March 31, 2001 of
 .35 and 1.07, respectively.  In addition, MDC improved its returns on average
 assets and average equity for the 12 months ended March 31, 2001 to 12.9% and
 29.2%, respectively.  Each of these ratios and returns rank among the best in
 the homebuilding industry.  The Company's strong operating results over the
 past year have increased MDC's stockholders equity by 34% to $522 million, or
 $22.04 per outstanding share, at March 31, 2001.  Further, notwithstanding
 higher inventory levels needed to support the Company's expanded homebuilding
 operations, the Company ended the first quarter 2001 with liquidity of
 $341 million, 30% higher than at March 31, 2000.
     First quarter 2001 earnings before interest, taxes, depreciation and
 amortization ("EBITDA") increased 23% to $59.9 million, compared with
 $48.8 million for the same period in 2000.  This EBITDA increase enabled the
 Company to maintain an EBITDA interest coverage of approximately ten times for
 the quarter and 12 months ended March 31, 2001, which is second highest among
 all the major public homebuilders.
 
     MDC, whose subsidiaries build homes under the name "Richmond American
 Homes," is one of the largest homebuilders in the United States.  The
 Company's wholly owned subsidiary HomeAmerican Mortgage Corporation provides
 mortgage financing primarily for MDC's home buyers.  MDC is a major regional
 homebuilder with a significant presence in some of the country's best housing
 markets.  Richmond American Homes is the largest homebuilder in metropolitan
 Denver; among the top five homebuilders in northern Virginia, suburban
 Maryland, Phoenix, Tucson and Colorado Springs; and among the top ten
 homebuilders in Las Vegas, Southern California and Northern California.
 
     All earnings per share amounts discussed above are on a diluted basis.
 
 
                               M.D.C. HOLDINGS, INC.
                       Condensed Consolidated Balance Sheets
                                   (In thousands)
 
                                                     March 31,    December 31,
                                                       2001           2000
     ASSETS
 
     Corporate
       Cash and cash equivalents                       $9,724         $8,411
       Property and equipment, net                      3,286          3,069
       Deferred income taxes                           35,684         31,821
       Deferred debt issue costs, net                   2,123          2,180
       Other assets, net                                7,415          8,039
                                                       58,232         53,520
 
     Homebuilding
       Cash and cash equivalents                        5,219          5,265
       Home sales and other accounts receivable        13,732          4,713
       Inventories, net
         Housing completed or under construction      486,616        443,512
         Land and land under development              386,307        388,711
       Prepaid expenses and other assets, net          57,604         51,631
                                                      949,478        893,832
 
     Financial Services
       Cash and cash equivalents                          410            439
       Mortgage loans held in inventory               112,560        107,151
       Other assets, net                                6,674          6,656
                                                      119,644        114,246
 
     Total Assets                                  $1,127,354     $1,061,598
 
     LIABILITIES
 
     Corporate
       Accounts payable and accrued expenses          $37,978        $50,843
       Income taxes payable                            22,548          9,558
       Senior notes, net                              174,458        174,444
                                                      234,984        234,845
     Homebuilding
       Accounts payable and accrued expenses          168,315        164,660
       Line of credit                                 110,000         90,000
                                                      278,315        254,660
 
     Financial Services
       Accounts payable and accrued expenses           27,400         15,404
       Line of credit                                  64,693         74,459
                                                       92,093         89,863
 
         Total Liabilities                            605,392        579,368
 
     STOCKHOLDERS' EQUITY
         Total Stockholders' Equity                   521,962        482,230
 
     Total Liabilities and Stockholders' Equity    $1,127,354     $1,061,598
 
 
                               M.D.C. HOLDINGS, INC.
                    Condensed Consolidated Statements of Income
                      (In thousands, except per share amounts)
 
                                                        Three Months Ended
                                                            March 31,
                                                      2001            2000
     REVENUES
 
       Homebuilding                                  $411,096       $341,009
       Financial Services                               8,341          5,874
       Corporate                                          285            275
 
         Total Revenues                              $419,722       $347,158
 
     NET INCOME
 
       Homebuilding                                   $53,931        $45,471
       Financial Services                               4,204          2,449
 
         Operating Profit                              58,135         47,920
 
     Corporate general and administrative
      expense, net                                    (10,121)        (8,279)
 
     Income before income taxes                        48,014         39,641
     Provision for income taxes                       (18,731)       (18,620)
 
         Net Income                                   $29,283        $21,021
 
     EARNINGS PER SHARE
       Basic                                            $1.24           $.86
       Diluted                                          $1.20           $.85
 
 
     WEIGHTED-AVERAGE SHARES OUTSTANDING
       Basic                                           23,575         24,321
       Diluted                                         24,489         24,587
 
     DIVIDENDS PAID PER SHARE                            $.06           $.06
 
 
                               M.D.C. HOLDINGS, INC.
                          Information on Business Segments
                                   (In thousands)
 
                                                            Three Months
                                                          Ended March 31,
                                                       2001           2000
     Homebuilding
       Home sales                                    $409,720       $329,451
       Land sales                                         346          1,493
       Other revenues                                   1,030         10,065
         Total Homebuilding Revenues                  411,096        341,009
 
       Home cost of sales                             314,437        259,827
       Land cost of sales                                 263            999
       Marketing                                       22,853         18,684
       General and administrative                      19,612         16,028
                                                      357,165        295,538
         Homebuilding Operating Profit                 53,931         45,471
 
     Financial Services
       Interest revenues                                  541            492
       Origination fees                                 3,685          2,796
       Gains on sales of mortgage servicing             1,683            457
       Gains on sales of mortgage loans, net            2,574          2,000
       Mortgage servicing and other                      (142)           129
         Total Financial Services Revenues              8,341          5,874
 
       General and administrative                       4,137          3,425
         Financial Services Operating Profit            4,204          2,449
 
     Total Operating Profit                            58,135         47,920
 
     Corporate
       Interest and other revenues                        285            275
       General and administrative                     (10,406)        (8,554)
         Net Corporate Expenses                       (10,121)        (8,279)
 
     Income Before Income Taxes                       $48,014        $39,641
 
 
                               M.D.C. HOLDINGS, INC.
                              Selected Financial Data
                  (Dollars in thousands, except per share amounts)
 
                                       March 31,     December 31,  March 31,
                                          2001           2000        2000
     BALANCE SHEET DATA
 
       Stockholders' Equity             $521,962      $482,230    $390,904
 
       Book Value Per Share Outstanding   $22.04        $20.69      $16.49
 
       Homebuilding and Corporate Debt  $284,458      $264,444    $234,402
       Ratio of Homebuilding and
        Corporate Debt to Equity             .54           .55         .60
 
       Total Capital (excluding
        mortgage lending debt)          $806,420      $746,674    $625,306
       Ratio of Homebuilding and
        Corporate Debt to Total Capital      .35           .35         .37
 
       Ratio of Homebuilding and
        Corporate Debt to EBITDA            1.07          1.04        1.09
 
       Total Liquidity                  $341,380      $342,583    $263,173
 
       Total Homebuilding Inventories   $872,923      $832,223    $694,603
       Interest Capitalized in
        Inventories                      $19,770       $19,417     $17,615
       Interest Capitalized as a
        Percent of Inventories              2.3%          2.3%        2.5%
 
       Total Lots Owned                   11,453        11,633      10,340
       Total Lots Under Option             9,703         8,131       8,727
       Homes Under Construction            3,459         3,230       3,399
       Active Subdivisions                   138           133         128
 
 
                                           Three Months Ended
                                                March 31,
                                           2001          2000
     OPERATING DATA
 
       EBITDA
         Net Income                      $29,283       $21,021
           Add:
             Income taxes                 18,731        18,620
             Interest in home and
              land cost of sales           5,679         4,572
             Other fixed charges             876           771
             Depreciation and
              amortization                 5,376         3,776
     Total EBITDA                        $59,945       $48,760
 
     Ratio of EBITDA, to Interest
      Incurred                               9.9          10.2
 
     Homebuilding and Corporate
      SG&A as a Percent of
      Home Sales Revenues                  12.9%         13.1%
 
       Interest Incurred                  $6,032        $4,781
       Interest Capitalized               $6,032        $4,781
       Interest in Home Cost of
        Sales as a Percent of
        Home Sales Revenues                 1.3%          1.4%
 
       Operating Return on Revenues         7.0%          6.1%
       Operating Return on Average Assets* 12.9%         11.5%
       Operating Return on Average Equity* 29.2%         26.9%
 
      *Rolling 12 months Ended March 31
 
 
                               M.D.C. HOLDINGS, INC.
                           Homebuilding Operational Data
                               (Dollars in thousands)
 
                                            Three Months Ended
                                                 March 31,
                                             2001         2000
 
     Home Sales Revenues                  $409,720    $329,451
 
     Average Selling Price Per Home Closed  $232.9      $212.4
 
     Home Gross Margins                      23.3%       21.1%
       Excluding Interest in
        Home Cost of Sales                   24.6%       22.5%
 
     Orders For Homes, net (Units)
       Colorado                                968         851
       California                              441         412
       Arizona                                 732         457
       Nevada                                  268         233
       Virginia                                220         278
       Maryland                                 98          86
 
         Total                               2,727       2,317
 
     Homes Closed (Units)
       Colorado                                629         652
       California                              240         219
       Arizona                                 498         325
       Nevada                                  159         122
       Virginia                                170         164
       Maryland                                 63          69
 
         Total                               1,759       1,551
 
 
                                           March 31,   December 31,  March 31,
                                             2001          2000        2000
 
     Backlog (Units)
       Colorado                              1,724       1,385       1,825
       California                              709         508         450
       Arizona                               1,044*        747         584
       Nevada                                  307         198         248
       Virginia                                378         328         404
       Maryland                                161         126         196
 
         Total                               4,323       3,292       3,707
 
     Backlog Estimated Sales Value      $1,075,000    $775,000    $775,000
 
     *In February 2001, MDC acquired certain assets of KE&G, LLC, a Tucson
     area homebuilder, including 63 homes in backlog, 17 of which closed and
     46 of which were in backlog at March 31, 2001.
 
 

SOURCE M.D.C. Holdings, Inc.
    DENVER, April 18 /PRNewswire/ -- M.D.C. Holdings, Inc. (NYSE:   MDC; PCX)
 (www.RichmondAmerican.com) today announced net income for the three months
 ended March 31, 2001 of $29.3 million, or $1.20 per share -- the highest first
 quarter net income in the Company's history and 39% higher than net income of
 $21.0 million, or $.85 per share, for the same period in 2000.  Net income for
 the 2000 first quarter included realized, non-recurring after-tax gains of
 $3.4 million, or $.14 per share, from the sale of certain investments by MDC's
 captive insurance subsidiary.  Excluding the impact of these non-recurring
 gains, 2001 first quarter earnings per share increased 69% compared with the
 2000 first quarter.  Total revenues for the first quarter of 2001 were a
 record $420 million, 21% higher than revenues of $347 million for the same
 period in 2000.
     Larry A. Mizel, MDC's chairman and chief executive officer, stated, "We
 are pleased to report the strongest first quarter operating performance in the
 Company's 29-year history, representing the sixteenth consecutive quarter of
 year-over-year increases in operating results.  The continued success of our
 operating strategy has enabled us to achieve several important milestones
 during the first quarter of 2001, which include exceeding $1 billion sales
 value in backlog, approaching a 12-month return on assets of 13% and achieving
 a return on equity of almost 30%.  We also are pleased that the rating
 agencies continue to acknowledge the soundness of our operating strategy and
 our position as an industry leader in financial performance, capital stability
 and interest coverage.  After having received ratings upgrades from all three
 major rating agencies between December 1999 and September 2000, Standard &
 Poor's recently upgraded its outlook for MDC to 'positive,' and Fitch IBCA,
 Duff & Phelps has assigned an investment grade rating of 'BBB-' to the
 Company's senior debt."
 
     Record Homebuilding and Mortgage Lending Results
     Operating profits from the Company's homebuilding operations for the first
 quarter of 2001 increased to $53.9 million.  These profits are the highest for
 any first quarter in the Company's history, and 49% higher than homebuilding
 profits for the same period in 2000, excluding the investment gains discussed
 above of $9.3 million on a pre-tax basis.  This increase in operating profits
 primarily resulted from a 13% increase in first quarter home closings to
 1,759 units, a $20,500 higher average selling price per home closed and a
 220 basis point improvement in home gross margins.
     Paris G. Reece III, MDC's executive vice president and chief financial
 officer, said, "We realized substantially improved operating results from each
 of our major homebuilding divisions.  Our home closings in the 2001 first
 quarter increased 53% and 30%, respectively, over the 2000 first quarter in
 Arizona and Las Vegas, and average selling prices were higher by more than
 $27,000 in each of our other markets.  In addition, we improved our home gross
 margins by more than 150 basis points in every market except Arizona, as a
 result of our disciplined approach to controlling construction costs, our
 continued ability to raise selling prices as a partial offset to rising land
 costs, the continued improvement in design center revenues and margins, and
 lower incentive costs."
     The Company's mortgage lending operations reported operating profits of
 $4.2 million for the three months ended March 31, 2001, compared with
 $2.4 million for the same period in 2000.  The significant improvement in
 operating profits primarily was due to a $1.2 million increase in gains from
 sales of mortgage loan servicing in the first quarter of 2001.  In addition,
 mortgage loan origination fees in the 2001 first quarter were $3.7 million,
 compared with $2.8 million in the 2000 first quarter.  The Company originated
 or brokered a record $293 million in mortgage loans for 83% of the MDC's home
 buyers in the 2001 first quarter, compared with $224 million in mortgage loans
 for 80% of MDC's home buyers for the same period in 2000.
 
     Strengthened Balance Sheet and Improved Operating Efficiency
     The Company continued to strengthen its balance sheet and improve the
 efficiency of its operations in the first quarter of 2001.  This success is
 represented by the achievement of ratios of homebuilding and corporate
 debt-to-capital and debt-to-EBITDA (as defined below) at March 31, 2001 of
 .35 and 1.07, respectively.  In addition, MDC improved its returns on average
 assets and average equity for the 12 months ended March 31, 2001 to 12.9% and
 29.2%, respectively.  Each of these ratios and returns rank among the best in
 the homebuilding industry.  The Company's strong operating results over the
 past year have increased MDC's stockholders equity by 34% to $522 million, or
 $22.04 per outstanding share, at March 31, 2001.  Further, notwithstanding
 higher inventory levels needed to support the Company's expanded homebuilding
 operations, the Company ended the first quarter 2001 with liquidity of
 $341 million, 30% higher than at March 31, 2000.
     First quarter 2001 earnings before interest, taxes, depreciation and
 amortization ("EBITDA") increased 23% to $59.9 million, compared with
 $48.8 million for the same period in 2000.  This EBITDA increase enabled the
 Company to maintain an EBITDA interest coverage of approximately ten times for
 the quarter and 12 months ended March 31, 2001, which is second highest among
 all the major public homebuilders.
 
     MDC, whose subsidiaries build homes under the name "Richmond American
 Homes," is one of the largest homebuilders in the United States.  The
 Company's wholly owned subsidiary HomeAmerican Mortgage Corporation provides
 mortgage financing primarily for MDC's home buyers.  MDC is a major regional
 homebuilder with a significant presence in some of the country's best housing
 markets.  Richmond American Homes is the largest homebuilder in metropolitan
 Denver; among the top five homebuilders in northern Virginia, suburban
 Maryland, Phoenix, Tucson and Colorado Springs; and among the top ten
 homebuilders in Las Vegas, Southern California and Northern California.
 
     All earnings per share amounts discussed above are on a diluted basis.
 
 
                               M.D.C. HOLDINGS, INC.
                       Condensed Consolidated Balance Sheets
                                   (In thousands)
 
                                                     March 31,    December 31,
                                                       2001           2000
     ASSETS
 
     Corporate
       Cash and cash equivalents                       $9,724         $8,411
       Property and equipment, net                      3,286          3,069
       Deferred income taxes                           35,684         31,821
       Deferred debt issue costs, net                   2,123          2,180
       Other assets, net                                7,415          8,039
                                                       58,232         53,520
 
     Homebuilding
       Cash and cash equivalents                        5,219          5,265
       Home sales and other accounts receivable        13,732          4,713
       Inventories, net
         Housing completed or under construction      486,616        443,512
         Land and land under development              386,307        388,711
       Prepaid expenses and other assets, net          57,604         51,631
                                                      949,478        893,832
 
     Financial Services
       Cash and cash equivalents                          410            439
       Mortgage loans held in inventory               112,560        107,151
       Other assets, net                                6,674          6,656
                                                      119,644        114,246
 
     Total Assets                                  $1,127,354     $1,061,598
 
     LIABILITIES
 
     Corporate
       Accounts payable and accrued expenses          $37,978        $50,843
       Income taxes payable                            22,548          9,558
       Senior notes, net                              174,458        174,444
                                                      234,984        234,845
     Homebuilding
       Accounts payable and accrued expenses          168,315        164,660
       Line of credit                                 110,000         90,000
                                                      278,315        254,660
 
     Financial Services
       Accounts payable and accrued expenses           27,400         15,404
       Line of credit                                  64,693         74,459
                                                       92,093         89,863
 
         Total Liabilities                            605,392        579,368
 
     STOCKHOLDERS' EQUITY
         Total Stockholders' Equity                   521,962        482,230
 
     Total Liabilities and Stockholders' Equity    $1,127,354     $1,061,598
 
 
                               M.D.C. HOLDINGS, INC.
                    Condensed Consolidated Statements of Income
                      (In thousands, except per share amounts)
 
                                                        Three Months Ended
                                                            March 31,
                                                      2001            2000
     REVENUES
 
       Homebuilding                                  $411,096       $341,009
       Financial Services                               8,341          5,874
       Corporate                                          285            275
 
         Total Revenues                              $419,722       $347,158
 
     NET INCOME
 
       Homebuilding                                   $53,931        $45,471
       Financial Services                               4,204          2,449
 
         Operating Profit                              58,135         47,920
 
     Corporate general and administrative
      expense, net                                    (10,121)        (8,279)
 
     Income before income taxes                        48,014         39,641
     Provision for income taxes                       (18,731)       (18,620)
 
         Net Income                                   $29,283        $21,021
 
     EARNINGS PER SHARE
       Basic                                            $1.24           $.86
       Diluted                                          $1.20           $.85
 
 
     WEIGHTED-AVERAGE SHARES OUTSTANDING
       Basic                                           23,575         24,321
       Diluted                                         24,489         24,587
 
     DIVIDENDS PAID PER SHARE                            $.06           $.06
 
 
                               M.D.C. HOLDINGS, INC.
                          Information on Business Segments
                                   (In thousands)
 
                                                            Three Months
                                                          Ended March 31,
                                                       2001           2000
     Homebuilding
       Home sales                                    $409,720       $329,451
       Land sales                                         346          1,493
       Other revenues                                   1,030         10,065
         Total Homebuilding Revenues                  411,096        341,009
 
       Home cost of sales                             314,437        259,827
       Land cost of sales                                 263            999
       Marketing                                       22,853         18,684
       General and administrative                      19,612         16,028
                                                      357,165        295,538
         Homebuilding Operating Profit                 53,931         45,471
 
     Financial Services
       Interest revenues                                  541            492
       Origination fees                                 3,685          2,796
       Gains on sales of mortgage servicing             1,683            457
       Gains on sales of mortgage loans, net            2,574          2,000
       Mortgage servicing and other                      (142)           129
         Total Financial Services Revenues              8,341          5,874
 
       General and administrative                       4,137          3,425
         Financial Services Operating Profit            4,204          2,449
 
     Total Operating Profit                            58,135         47,920
 
     Corporate
       Interest and other revenues                        285            275
       General and administrative                     (10,406)        (8,554)
         Net Corporate Expenses                       (10,121)        (8,279)
 
     Income Before Income Taxes                       $48,014        $39,641
 
 
                               M.D.C. HOLDINGS, INC.
                              Selected Financial Data
                  (Dollars in thousands, except per share amounts)
 
                                       March 31,     December 31,  March 31,
                                          2001           2000        2000
     BALANCE SHEET DATA
 
       Stockholders' Equity             $521,962      $482,230    $390,904
 
       Book Value Per Share Outstanding   $22.04        $20.69      $16.49
 
       Homebuilding and Corporate Debt  $284,458      $264,444    $234,402
       Ratio of Homebuilding and
        Corporate Debt to Equity             .54           .55         .60
 
       Total Capital (excluding
        mortgage lending debt)          $806,420      $746,674    $625,306
       Ratio of Homebuilding and
        Corporate Debt to Total Capital      .35           .35         .37
 
       Ratio of Homebuilding and
        Corporate Debt to EBITDA            1.07          1.04        1.09
 
       Total Liquidity                  $341,380      $342,583    $263,173
 
       Total Homebuilding Inventories   $872,923      $832,223    $694,603
       Interest Capitalized in
        Inventories                      $19,770       $19,417     $17,615
       Interest Capitalized as a
        Percent of Inventories              2.3%          2.3%        2.5%
 
       Total Lots Owned                   11,453        11,633      10,340
       Total Lots Under Option             9,703         8,131       8,727
       Homes Under Construction            3,459         3,230       3,399
       Active Subdivisions                   138           133         128
 
 
                                           Three Months Ended
                                                March 31,
                                           2001          2000
     OPERATING DATA
 
       EBITDA
         Net Income                      $29,283       $21,021
           Add:
             Income taxes                 18,731        18,620
             Interest in home and
              land cost of sales           5,679         4,572
             Other fixed charges             876           771
             Depreciation and
              amortization                 5,376         3,776
     Total EBITDA                        $59,945       $48,760
 
     Ratio of EBITDA, to Interest
      Incurred                               9.9          10.2
 
     Homebuilding and Corporate
      SG&A as a Percent of
      Home Sales Revenues                  12.9%         13.1%
 
       Interest Incurred                  $6,032        $4,781
       Interest Capitalized               $6,032        $4,781
       Interest in Home Cost of
        Sales as a Percent of
        Home Sales Revenues                 1.3%          1.4%
 
       Operating Return on Revenues         7.0%          6.1%
       Operating Return on Average Assets* 12.9%         11.5%
       Operating Return on Average Equity* 29.2%         26.9%
 
      *Rolling 12 months Ended March 31
 
 
                               M.D.C. HOLDINGS, INC.
                           Homebuilding Operational Data
                               (Dollars in thousands)
 
                                            Three Months Ended
                                                 March 31,
                                             2001         2000
 
     Home Sales Revenues                  $409,720    $329,451
 
     Average Selling Price Per Home Closed  $232.9      $212.4
 
     Home Gross Margins                      23.3%       21.1%
       Excluding Interest in
        Home Cost of Sales                   24.6%       22.5%
 
     Orders For Homes, net (Units)
       Colorado                                968         851
       California                              441         412
       Arizona                                 732         457
       Nevada                                  268         233
       Virginia                                220         278
       Maryland                                 98          86
 
         Total                               2,727       2,317
 
     Homes Closed (Units)
       Colorado                                629         652
       California                              240         219
       Arizona                                 498         325
       Nevada                                  159         122
       Virginia                                170         164
       Maryland                                 63          69
 
         Total                               1,759       1,551
 
 
                                           March 31,   December 31,  March 31,
                                             2001          2000        2000
 
     Backlog (Units)
       Colorado                              1,724       1,385       1,825
       California                              709         508         450
       Arizona                               1,044*        747         584
       Nevada                                  307         198         248
       Virginia                                378         328         404
       Maryland                                161         126         196
 
         Total                               4,323       3,292       3,707
 
     Backlog Estimated Sales Value      $1,075,000    $775,000    $775,000
 
     *In February 2001, MDC acquired certain assets of KE&G, LLC, a Tucson
     area homebuilder, including 63 homes in backlog, 17 of which closed and
     46 of which were in backlog at March 31, 2001.
 
 SOURCE  M.D.C. Holdings, Inc.