Ryland Reports 44% Increase in First-Quarter EPS; New Quarterly Records Set

Apr 24, 2001, 01:00 ET from The Ryland Group, Inc.

    CALABASAS, Calif., April 24 /PRNewswire Interactive News Release/ -- The
 Ryland Group, Inc. (NYSE:   RYL) today announced record results for its first
 quarter ended March 31, 2001, including the highest quarterly new orders and
 backlog in its history.  Additionally, the Company reported record
 first-quarter homebuilding revenues, homebuilding pretax earnings and
 closings.  Highlights include:
 
     -- Diluted EPS of $1.12 per share for the quarter ended March 31, 2001,
        representing an increase of 43.6 percent over the same period in the
        prior year;
 
     -- Diluted EPS exceeded the consensus estimate ($.88 per share) by
        27 percent;
 
     -- Homebuilding pretax earnings of $29.6 million for the three-month
        period ended March 31, 2001, representing an increase of $8 million
        over the period ended March 31, 2000;
 
     -- Homebuilding revenues of $503 million for the quarter ended
        March 31, 2001, reflecting an increase of $82.7 million, or
        19.7 percent, over the quarter ended March 31, 2000;
 
     -- Record quarterly new orders of 3,970, representing an increase of
        25.2 percent over the first quarter of 2000 and a 22.8 percent increase
        over the previous quarterly record established in the second quarter of
        2000;
 
     -- Record first-quarter closing volume of 2,381, representing an increase
        of 10.2 percent over the same period in the prior year; and
 
     -- Record backlog of 5,757, representing a 23.1 percent increase over the
        backlog at March 31, 2000, and a 10 percent increase over the Company's
        previous record backlog.
 
     "Ryland continues to report record results, and we are proud of our
 accomplishments," said R. Chad Dreier, chairman, president, and chief
 executive officer.  "Based on continued high traffic to our communities, our
 outlook for this year remains very positive.  In fact, our backlog of homes as
 of March 31, 2001, makes up over 55 percent of the homes we expect to close
 for the rest of the year.  We remain confident that 2001 will be another
 outstanding year for Ryland," Dreier added.
 
     RECORD NEW ORDERS AND BACKLOG HIGHLIGHT FIRST-QUARTER RESULTS
     The Company's consolidated net earnings for the first quarter of 2001 were
 $16.1 million, or $1.19 per share ($1.12 per share diluted).  This compares
 with consolidated net earnings of $10.9 million, or $.80 per share
 ($.78 per share diluted), for the first quarter of 2000.
     The homebuilding segment reported its 11th consecutive record quarter for
 pretax earnings and its highest first-quarter results in the Company's history
 -- increasing to $29.6 million for the first quarter of 2001.  This represents
 an $8 million increase over the $21.6 million reported for the first quarter
 of 2000.  The increase over last year was primarily attributable to a higher
 closing volume, a 7.9 percent increase in average sales price and an increase
 in gross profit margins.
     "The ongoing improvements in our results are due primarily to Ryland's
 ability to grow its business through internal initiatives," said Dreier.
 "Ryland is one of the best managed and most diversified homebuilders in the
 country, and has a proven strategy that supports future growth internally.
 Ryland's business model enables revenue and profit growth by expanding within
 its existing markets.  The Company's strategy focuses on product lines for key
 customer segments, and should reduce the impact of a downturn in the market,"
 Dreier added.
     Homebuilding revenues rose 19.7 percent to $503 million for the first
 quarter of 2001.  This was primarily due to a 10.2 percent increase in
 closings, with 2,381 homes closed in the first quarter of 2001 versus
 2,161 homes closed in the same quarter of the prior year.  Homebuilding
 revenues for the first quarter of 2001 included revenues of $16.1 million from
 land sales, contributing a net loss of $0.5 million to pretax earnings.
     For the first quarter of 2001, new orders of 3,970 represented a
 25.2 percent increase over the first quarter of 2000.  Sales per community
 were up 15.9 percent, and the Company operated in 21 additional active
 communities compared to the first quarter of last year.  The Company's backlog
 achieved a quarter-end high, increasing 23.1 percent to 5,757 outstanding
 contracts as of March 31, 2001.  The dollar value of the Company's
 first-quarter backlog reached $1.2 billion, an increase of 36.2 percent over
 the first quarter of 2000.
     Gross profit margins from home sales averaged 17.6 percent in the first
 quarter of 2001, an increase of 160 basis points over the first quarter of
 last year.  Selling, general and administrative expenses, as a percentage of
 revenue, were 10.4 percent in the first quarter of 2001, approximately the
 same as that reported for the corresponding period in 2000.  Compared to the
 first quarter of the previous year, interest expense increased $1 million to
 $3.5 million in the first quarter of 2001.  This was primarily attributable to
 a heightened level of activity in the homebuilding operations, and the new
 debt issue of $150 million in August 2000, which was partially offset by
 declining interest rates.  The pretax homebuilding margin increased 80 basis
 points to 5.9 percent in the first quarter of 2001, compared to 5.1 percent in
 the first quarter of 2000.
     During the quarter, Ryland also expanded and launched new features on its
 Web Site (www.ryland.com), including the ability for visitors to create custom
 driving maps to Ryland communities and access the most up to date information
 regarding home designs, options, and pricing through the use of e-brochure
 technology.  "The revamped site has attracted an increasing number of new
 visitors and has received a very favorable response," said Dreier.
     The Company's financial services segment reported $3.4 million in
 first-quarter pretax earnings from operations, as compared with $0.7 million
 for the same period last year.  Operational highlights for the first quarter
 of 2001 included a 34.2 percent increase in originations, compared to the
 first quarter 2000; and a 68.9 percent increase in loan sales volume, compared
 to the same period in 2000.  In addition, the percentage of Ryland homebuyers
 who chose Ryland Mortgage to finance their new home purchase increased
 significantly -- from 63 percent in the first quarter of 2000 to 77 percent in
 the first quarter of 2001.
     "Ryland Mortgage Company is doing a tremendous job of providing
 outstanding service to our customers while contributing positive income to our
 bottom line as they continually work to improve cost efficiencies," said
 Dreier.  "Ryland Mortgage focuses exclusively on providing Ryland's homebuyers
 with mortgage-financing and related services, including title search,
 settlement and escrow services, and homeowners insurance," Dreier added.
 
     STOCK REPURCHASE PROGRAM
     The Company has repurchased 176,000 shares of its common stock through
 March 31 of this year and has authorization to purchase an additional
 448,000 shares.  Since 1997, the Company has repurchased 4.6 million shares of
 its common stock, at a cost of approximately $92 million, and currently has
 13.3 million shares outstanding.
 
     With headquarters in Southern California, Ryland is one of the nation's
 largest homebuilders and a leading mortgage-finance company.  The Company
 currently operates in 21 markets across the country and has built more than
 175,000 homes and financed over 155,000 mortgages since its founding in 1967.
 
     Note: Certain statements in this press release are "forward-looking
 statements" within the meaning of the Private Securities Litigation Act of
 1995.  Forward-looking statements are based on various factors and assumptions
 that include such risks and uncertainties as the completion and profitability
 of sales reported; the market for homes generally and in areas where the
 Company operates; the availability and cost of land; changes in economic
 conditions and interest rates; increases in raw materials and labor costs;
 consumer confidence; government regulation; and general economic, business and
 competitive factors, all or each of which may cause actual results to differ
 from the statements made in this press release.
 
 
     CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
     The Ryland Group, Inc. and subsidiaries
     (amounts in thousands, except share data)
 
                                                Three months ended March 31,
                                                     2001           2000
 
     Revenues:
 
       Homebuilding                                $503,043       $420,318
       Financial services                            11,116          8,694
 
         Total revenues                             514,159        429,012
 
     Expenses:
 
       Homebuilding:
         Cost of sales                              417,723        352,981
         Selling, general and administrative         52,246         43,178
         Interest                                     3,451          2,546
 
         Total homebuilding expenses                473,420        398,705
 
       Financial services:
         General and administrative                   4,886          5,183
         Interest                                     2,804          2,793
 
         Total financial services expenses            7,690          7,976
 
       Corporate expenses                             6,455          4,417
 
         Total expenses                             487,565        411,098
 
     Earnings before taxes                           26,594         17,914
 
     Tax expense                                     10,505          6,986
 
     Net earnings                                   $16,089        $10,928
 
     Net earnings per common share:
         Basic                                        $1.19          $0.80
         Diluted                                      $1.12          $0.78
 
     Average common shares outstanding:
         Basic                                   13,340,204     13,449,381
         Diluted                                 14,363,808     14,009,823
 
 
     CONSOLIDATED BALANCE SHEETS
     The Ryland Group, Inc. and subsidiaries
     (amounts in thousands, except share data)
 
                                                   March 31,    December 31,
                                                      2001          2000
                                                  (unaudited)
 
     ASSETS
 
     Homebuilding:
       Cash and cash equivalents                    $63,277       $135,371
       Housing inventories:
         Homes under construction                   529,920        451,723
         Land under development
          and improved lots                         387,317        436,682
         Total inventories                          917,237        888,405
 
     Property, plant and equipment                   37,339         35,577
     Purchase price in excess of
      net assets acquired                            19,507         19,947
     Other                                           66,465         71,932
 
                                                  1,103,825      1,151,232
 
     Financial Services:
       Cash and cash equivalents                     11,031          6,830
       Mortgage loans held-for-sale                  10,388         11,217
       Mortgage-backed securities
        and notes receivable                         77,556         84,600
       Other                                          9,464         11,843
 
                                                    108,439        114,490
 
     Other Assets:
       Collateral for bonds payable
        of limited-purpose subsidiaries              22,087         23,005
       Net deferred taxes                            33,734         34,858
       Other                                         36,554         37,756
 
       Total assets                              $1,304,639     $1,361,341
 
 
     LIABILITIES
 
       Homebuilding:
         Accounts payable and
          other liabilities                        $212,610       $254,949
         Long-term debt                             450,000        450,000
 
                                                    662,610        704,949
 
     Financial Services:
       Accounts payable and other liabilities        17,102         22,600
       Short-term notes payable                      76,457         82,563
 
                                                     93,559        105,163
 
     Other Liabilities:
       Bonds payable of limited-purpose
        subsidiaries                                 20,012         21,250
       Other                                         57,828         76,350
 
       Total liabilities                            834,009        907,712
 
 
     STOCKHOLDERS' EQUITY
 
       Convertible preferred stock, $1 par value:
         Authorized - 1,400,000 shares
         Issued - 283,667 shares
          (295,018 for 2000)                            284            295
       Common stock, $1 par value:
         Authorized - 78,600,000 shares
         Issued - 13,287,090 shares
          (13,248,948 for 2000)                      13,287         13,249
       Paid-in capital                               61,344         60,535
       Retained earnings                            394,402        379,006
       Accumulated other comprehensive income         1,313            544
 
       Total stockholders' equity                   470,630        453,629
 
       Total liabilities and
        stockholders' equity                     $1,304,639     $1,361,341
 
     Stockholders' equity per common share           $34.68         $33.49
 
 
     SEGMENT INFORMATION (unaudited)
     The Ryland Group, Inc. and subsidiaries
     (amounts in thousands)
 
                                                Three months ended March 31,
                                                     2001           2000
 
     Pretax earnings:
       Homebuilding                                 $29,623        $21,613
       Financial services                             3,426            718
       Corporate and other                           (6,455)        (4,417)
 
       Total                                        $26,594        $17,914
 
 
     HOMEBUILDING OPERATIONAL DATA (unaudited)
     The Ryland Group, Inc. and subsidiaries
     Outstanding Contracts
     ($'s in thousands)
 
                                            As of March 31, 2001
                                                                   Average
                                  Units            Dollars          Price
 
     North                        1,939           $419,095           $216
     South                        2,797            494,785            177
     West                         1,021            282,964            277
 
     Total                        5,757         $1,196,844           $208
 
 
                                            As of March 31, 2000
                                                                   Average
                                  Units            Dollars          Price
 
     North                        1,511           $289,733           $192
     South                        2,628            459,042            175
     West                           539            130,074            241
 
     Total                        4,678           $878,849           $188
 
 
     HOMEBUILDING OPERATIONAL DATA (unaudited)
     The Ryland Group, Inc. and subsidiaries
 
                                                 Three months ended March 31,
                                                      2001           2000
 
     New Orders (Units)
 
     North                                            1,211            949
     South                                            1,904          1,686
     West                                               855            537
 
     Total                                            3,970          3,172
 
 
     Closings (Units)
 
     North                                              752            649
     South                                            1,205          1,126
     West                                               424            386
 
     Total                                            2,381          2,161
 
 
     Average closing price                             $205           $190
 
 
     FINANCIAL SERVICES SUPPLEMENTAL INFORMATION (unaudited)
     The Ryland Group, Inc. and subsidiaries
     (dollars in thousands, except as indicated)
 
                                                      Three months ended
                                                          March 31,
                                                     2001            2000
 
     FINANCIAL SERVICES
 
     Revenues                                       $11,116         $8,694
     Expenses:
       General and administrative                     4,886          5,183
       Interest                                       2,804          2,793
 
     Pretax earnings                                 $3,426           $718
 
 
     RETAIL EARNINGS
 
     Revenues:
       Interest and net origination fees               $313           $618
       Gains on sales of mortgages
        and servicing rights                          4,983          2,807
       Loan servicing                                    30             11
       Title/escrow/insurance                         2,449          2,049
         Total retail revenues                        7,775          5,485
     Expenses                                         4,672          5,362
 
     Pretax earnings                                 $3,103           $123
 
 
     INVESTMENT EARNINGS
 
     Interest spread and other                         $323           $595
 
     Pretax earnings                                   $323           $595
 
 
     OPERATIONAL DATA:
 
     Originations                                     1,754          1,307
 
     Percentage of total closings:
       Ryland Homes closings                            97%            96%
       Other closings                                    3%             4%
         Total closings                                100%           100%
 
     Ryland Homes capture percentage                    77%            63%
 
     Investment portfolio average balance
      (in millions)                                   $78.6         $100.7
 
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SOURCE The Ryland Group, Inc.
    CALABASAS, Calif., April 24 /PRNewswire Interactive News Release/ -- The
 Ryland Group, Inc. (NYSE:   RYL) today announced record results for its first
 quarter ended March 31, 2001, including the highest quarterly new orders and
 backlog in its history.  Additionally, the Company reported record
 first-quarter homebuilding revenues, homebuilding pretax earnings and
 closings.  Highlights include:
 
     -- Diluted EPS of $1.12 per share for the quarter ended March 31, 2001,
        representing an increase of 43.6 percent over the same period in the
        prior year;
 
     -- Diluted EPS exceeded the consensus estimate ($.88 per share) by
        27 percent;
 
     -- Homebuilding pretax earnings of $29.6 million for the three-month
        period ended March 31, 2001, representing an increase of $8 million
        over the period ended March 31, 2000;
 
     -- Homebuilding revenues of $503 million for the quarter ended
        March 31, 2001, reflecting an increase of $82.7 million, or
        19.7 percent, over the quarter ended March 31, 2000;
 
     -- Record quarterly new orders of 3,970, representing an increase of
        25.2 percent over the first quarter of 2000 and a 22.8 percent increase
        over the previous quarterly record established in the second quarter of
        2000;
 
     -- Record first-quarter closing volume of 2,381, representing an increase
        of 10.2 percent over the same period in the prior year; and
 
     -- Record backlog of 5,757, representing a 23.1 percent increase over the
        backlog at March 31, 2000, and a 10 percent increase over the Company's
        previous record backlog.
 
     "Ryland continues to report record results, and we are proud of our
 accomplishments," said R. Chad Dreier, chairman, president, and chief
 executive officer.  "Based on continued high traffic to our communities, our
 outlook for this year remains very positive.  In fact, our backlog of homes as
 of March 31, 2001, makes up over 55 percent of the homes we expect to close
 for the rest of the year.  We remain confident that 2001 will be another
 outstanding year for Ryland," Dreier added.
 
     RECORD NEW ORDERS AND BACKLOG HIGHLIGHT FIRST-QUARTER RESULTS
     The Company's consolidated net earnings for the first quarter of 2001 were
 $16.1 million, or $1.19 per share ($1.12 per share diluted).  This compares
 with consolidated net earnings of $10.9 million, or $.80 per share
 ($.78 per share diluted), for the first quarter of 2000.
     The homebuilding segment reported its 11th consecutive record quarter for
 pretax earnings and its highest first-quarter results in the Company's history
 -- increasing to $29.6 million for the first quarter of 2001.  This represents
 an $8 million increase over the $21.6 million reported for the first quarter
 of 2000.  The increase over last year was primarily attributable to a higher
 closing volume, a 7.9 percent increase in average sales price and an increase
 in gross profit margins.
     "The ongoing improvements in our results are due primarily to Ryland's
 ability to grow its business through internal initiatives," said Dreier.
 "Ryland is one of the best managed and most diversified homebuilders in the
 country, and has a proven strategy that supports future growth internally.
 Ryland's business model enables revenue and profit growth by expanding within
 its existing markets.  The Company's strategy focuses on product lines for key
 customer segments, and should reduce the impact of a downturn in the market,"
 Dreier added.
     Homebuilding revenues rose 19.7 percent to $503 million for the first
 quarter of 2001.  This was primarily due to a 10.2 percent increase in
 closings, with 2,381 homes closed in the first quarter of 2001 versus
 2,161 homes closed in the same quarter of the prior year.  Homebuilding
 revenues for the first quarter of 2001 included revenues of $16.1 million from
 land sales, contributing a net loss of $0.5 million to pretax earnings.
     For the first quarter of 2001, new orders of 3,970 represented a
 25.2 percent increase over the first quarter of 2000.  Sales per community
 were up 15.9 percent, and the Company operated in 21 additional active
 communities compared to the first quarter of last year.  The Company's backlog
 achieved a quarter-end high, increasing 23.1 percent to 5,757 outstanding
 contracts as of March 31, 2001.  The dollar value of the Company's
 first-quarter backlog reached $1.2 billion, an increase of 36.2 percent over
 the first quarter of 2000.
     Gross profit margins from home sales averaged 17.6 percent in the first
 quarter of 2001, an increase of 160 basis points over the first quarter of
 last year.  Selling, general and administrative expenses, as a percentage of
 revenue, were 10.4 percent in the first quarter of 2001, approximately the
 same as that reported for the corresponding period in 2000.  Compared to the
 first quarter of the previous year, interest expense increased $1 million to
 $3.5 million in the first quarter of 2001.  This was primarily attributable to
 a heightened level of activity in the homebuilding operations, and the new
 debt issue of $150 million in August 2000, which was partially offset by
 declining interest rates.  The pretax homebuilding margin increased 80 basis
 points to 5.9 percent in the first quarter of 2001, compared to 5.1 percent in
 the first quarter of 2000.
     During the quarter, Ryland also expanded and launched new features on its
 Web Site (www.ryland.com), including the ability for visitors to create custom
 driving maps to Ryland communities and access the most up to date information
 regarding home designs, options, and pricing through the use of e-brochure
 technology.  "The revamped site has attracted an increasing number of new
 visitors and has received a very favorable response," said Dreier.
     The Company's financial services segment reported $3.4 million in
 first-quarter pretax earnings from operations, as compared with $0.7 million
 for the same period last year.  Operational highlights for the first quarter
 of 2001 included a 34.2 percent increase in originations, compared to the
 first quarter 2000; and a 68.9 percent increase in loan sales volume, compared
 to the same period in 2000.  In addition, the percentage of Ryland homebuyers
 who chose Ryland Mortgage to finance their new home purchase increased
 significantly -- from 63 percent in the first quarter of 2000 to 77 percent in
 the first quarter of 2001.
     "Ryland Mortgage Company is doing a tremendous job of providing
 outstanding service to our customers while contributing positive income to our
 bottom line as they continually work to improve cost efficiencies," said
 Dreier.  "Ryland Mortgage focuses exclusively on providing Ryland's homebuyers
 with mortgage-financing and related services, including title search,
 settlement and escrow services, and homeowners insurance," Dreier added.
 
     STOCK REPURCHASE PROGRAM
     The Company has repurchased 176,000 shares of its common stock through
 March 31 of this year and has authorization to purchase an additional
 448,000 shares.  Since 1997, the Company has repurchased 4.6 million shares of
 its common stock, at a cost of approximately $92 million, and currently has
 13.3 million shares outstanding.
 
     With headquarters in Southern California, Ryland is one of the nation's
 largest homebuilders and a leading mortgage-finance company.  The Company
 currently operates in 21 markets across the country and has built more than
 175,000 homes and financed over 155,000 mortgages since its founding in 1967.
 
     Note: Certain statements in this press release are "forward-looking
 statements" within the meaning of the Private Securities Litigation Act of
 1995.  Forward-looking statements are based on various factors and assumptions
 that include such risks and uncertainties as the completion and profitability
 of sales reported; the market for homes generally and in areas where the
 Company operates; the availability and cost of land; changes in economic
 conditions and interest rates; increases in raw materials and labor costs;
 consumer confidence; government regulation; and general economic, business and
 competitive factors, all or each of which may cause actual results to differ
 from the statements made in this press release.
 
 
     CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
     The Ryland Group, Inc. and subsidiaries
     (amounts in thousands, except share data)
 
                                                Three months ended March 31,
                                                     2001           2000
 
     Revenues:
 
       Homebuilding                                $503,043       $420,318
       Financial services                            11,116          8,694
 
         Total revenues                             514,159        429,012
 
     Expenses:
 
       Homebuilding:
         Cost of sales                              417,723        352,981
         Selling, general and administrative         52,246         43,178
         Interest                                     3,451          2,546
 
         Total homebuilding expenses                473,420        398,705
 
       Financial services:
         General and administrative                   4,886          5,183
         Interest                                     2,804          2,793
 
         Total financial services expenses            7,690          7,976
 
       Corporate expenses                             6,455          4,417
 
         Total expenses                             487,565        411,098
 
     Earnings before taxes                           26,594         17,914
 
     Tax expense                                     10,505          6,986
 
     Net earnings                                   $16,089        $10,928
 
     Net earnings per common share:
         Basic                                        $1.19          $0.80
         Diluted                                      $1.12          $0.78
 
     Average common shares outstanding:
         Basic                                   13,340,204     13,449,381
         Diluted                                 14,363,808     14,009,823
 
 
     CONSOLIDATED BALANCE SHEETS
     The Ryland Group, Inc. and subsidiaries
     (amounts in thousands, except share data)
 
                                                   March 31,    December 31,
                                                      2001          2000
                                                  (unaudited)
 
     ASSETS
 
     Homebuilding:
       Cash and cash equivalents                    $63,277       $135,371
       Housing inventories:
         Homes under construction                   529,920        451,723
         Land under development
          and improved lots                         387,317        436,682
         Total inventories                          917,237        888,405
 
     Property, plant and equipment                   37,339         35,577
     Purchase price in excess of
      net assets acquired                            19,507         19,947
     Other                                           66,465         71,932
 
                                                  1,103,825      1,151,232
 
     Financial Services:
       Cash and cash equivalents                     11,031          6,830
       Mortgage loans held-for-sale                  10,388         11,217
       Mortgage-backed securities
        and notes receivable                         77,556         84,600
       Other                                          9,464         11,843
 
                                                    108,439        114,490
 
     Other Assets:
       Collateral for bonds payable
        of limited-purpose subsidiaries              22,087         23,005
       Net deferred taxes                            33,734         34,858
       Other                                         36,554         37,756
 
       Total assets                              $1,304,639     $1,361,341
 
 
     LIABILITIES
 
       Homebuilding:
         Accounts payable and
          other liabilities                        $212,610       $254,949
         Long-term debt                             450,000        450,000
 
                                                    662,610        704,949
 
     Financial Services:
       Accounts payable and other liabilities        17,102         22,600
       Short-term notes payable                      76,457         82,563
 
                                                     93,559        105,163
 
     Other Liabilities:
       Bonds payable of limited-purpose
        subsidiaries                                 20,012         21,250
       Other                                         57,828         76,350
 
       Total liabilities                            834,009        907,712
 
 
     STOCKHOLDERS' EQUITY
 
       Convertible preferred stock, $1 par value:
         Authorized - 1,400,000 shares
         Issued - 283,667 shares
          (295,018 for 2000)                            284            295
       Common stock, $1 par value:
         Authorized - 78,600,000 shares
         Issued - 13,287,090 shares
          (13,248,948 for 2000)                      13,287         13,249
       Paid-in capital                               61,344         60,535
       Retained earnings                            394,402        379,006
       Accumulated other comprehensive income         1,313            544
 
       Total stockholders' equity                   470,630        453,629
 
       Total liabilities and
        stockholders' equity                     $1,304,639     $1,361,341
 
     Stockholders' equity per common share           $34.68         $33.49
 
 
     SEGMENT INFORMATION (unaudited)
     The Ryland Group, Inc. and subsidiaries
     (amounts in thousands)
 
                                                Three months ended March 31,
                                                     2001           2000
 
     Pretax earnings:
       Homebuilding                                 $29,623        $21,613
       Financial services                             3,426            718
       Corporate and other                           (6,455)        (4,417)
 
       Total                                        $26,594        $17,914
 
 
     HOMEBUILDING OPERATIONAL DATA (unaudited)
     The Ryland Group, Inc. and subsidiaries
     Outstanding Contracts
     ($'s in thousands)
 
                                            As of March 31, 2001
                                                                   Average
                                  Units            Dollars          Price
 
     North                        1,939           $419,095           $216
     South                        2,797            494,785            177
     West                         1,021            282,964            277
 
     Total                        5,757         $1,196,844           $208
 
 
                                            As of March 31, 2000
                                                                   Average
                                  Units            Dollars          Price
 
     North                        1,511           $289,733           $192
     South                        2,628            459,042            175
     West                           539            130,074            241
 
     Total                        4,678           $878,849           $188
 
 
     HOMEBUILDING OPERATIONAL DATA (unaudited)
     The Ryland Group, Inc. and subsidiaries
 
                                                 Three months ended March 31,
                                                      2001           2000
 
     New Orders (Units)
 
     North                                            1,211            949
     South                                            1,904          1,686
     West                                               855            537
 
     Total                                            3,970          3,172
 
 
     Closings (Units)
 
     North                                              752            649
     South                                            1,205          1,126
     West                                               424            386
 
     Total                                            2,381          2,161
 
 
     Average closing price                             $205           $190
 
 
     FINANCIAL SERVICES SUPPLEMENTAL INFORMATION (unaudited)
     The Ryland Group, Inc. and subsidiaries
     (dollars in thousands, except as indicated)
 
                                                      Three months ended
                                                          March 31,
                                                     2001            2000
 
     FINANCIAL SERVICES
 
     Revenues                                       $11,116         $8,694
     Expenses:
       General and administrative                     4,886          5,183
       Interest                                       2,804          2,793
 
     Pretax earnings                                 $3,426           $718
 
 
     RETAIL EARNINGS
 
     Revenues:
       Interest and net origination fees               $313           $618
       Gains on sales of mortgages
        and servicing rights                          4,983          2,807
       Loan servicing                                    30             11
       Title/escrow/insurance                         2,449          2,049
         Total retail revenues                        7,775          5,485
     Expenses                                         4,672          5,362
 
     Pretax earnings                                 $3,103           $123
 
 
     INVESTMENT EARNINGS
 
     Interest spread and other                         $323           $595
 
     Pretax earnings                                   $323           $595
 
 
     OPERATIONAL DATA:
 
     Originations                                     1,754          1,307
 
     Percentage of total closings:
       Ryland Homes closings                            97%            96%
       Other closings                                    3%             4%
         Total closings                                100%           100%
 
     Ryland Homes capture percentage                    77%            63%
 
     Investment portfolio average balance
      (in millions)                                   $78.6         $100.7
 
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 SOURCE  The Ryland Group, Inc.