Delaware
(State or Other
Jurisdiction
of Incorporation)
|
1-8551
(Commission File Number)
|
22-1851059
(I.R.S. Employer
Identification No.)
|
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
HOVNANIAN ENTERPRISES, INC. | ||||||
(Registrant) | ||||||
By:
|
/s/ J. Larry Sorsby
|
|||||
Name: J. Larry Sorsby
|
||||||
Title: Executive Vice President and Chief Financial Officer
|
||||||
|
Exhibit Number
|
Exhibit
|
|
Exhibit 99.1
|
Earnings Press Release–Fiscal Fourth Quarter and Fiscal Year Ended October 31, 2012.
|
HOVNANIAN ENTERPRISES, INC.
|
News Release
|
Contact:
|
J. Larry Sorsby
|
Jeffrey T. O’Keefe
|
Executive Vice President & CFO
|
Vice President, Investor Relations
|
|
732-747-7800
|
732-747-7800
|
|
HOVNANIAN ENTERPRISES REPORTS FISCAL 2012 RESULTS
|
·
|
Total revenues were $487.0 million in the fiscal 2012 fourth quarter up 42.6% compared with $341.6 million in the prior year’s fourth quarter. For all of fiscal 2012, total revenues were $1.5 billion, up 30.9%, compared with $1.1 billion during all of fiscal 2011.
|
·
|
The dollar value of net contracts, including unconsolidated joint ventures, for the fourth quarter ended October 31, 2012 increased 46.3% to $513.4 million compared with $350.9 million in the 2011 fourth quarter. The number of net contracts increased 22.8% to 1,443 homes for the three months ended October 31, 2012 from 1,175 homes in the fourth quarter of the prior year.
|
·
|
In all of fiscal 2012, the dollar value of net contracts, including unconsolidated joint ventures, increased 43.9% to $1.9 billion compared with $1.3 billion in all of fiscal 2011 and the number of net contracts increased 30.1% to 5,838 homes compared with 4,488 homes of the previous year.
|
·
|
Deliveries, including unconsolidated joint ventures, were 1,750 homes during the fourth quarter of 2012, up 40.6% compared with 1,245 homes in the same period of the prior year. During the twelve months ended October 31, 2012, deliveries, including unconsolidated joint ventures, were 5,356 homes compared with 4,216 homes during the twelve month period a year ago, an increase of 27.0%.
|
·
|
Contract backlog, as of October 31, 2012, including unconsolidated joint ventures, was $742.2 million for 2,145 homes, which was an increase of 34.4% and 29.0%, respectively, compared to October 31, 2011.
|
·
|
Homebuilding gross margin percentage, before interest expense included in cost of sales, increased 280 basis points to 18.3% for the fourth quarter ended October 31, 2012, compared to 15.5% in last year’s fourth quarter. The fourth quarter of fiscal 2012 represented the sixth sequential increase in quarterly gross margin percentage. During all of 2012, homebuilding gross margin percentage, before interest expense included in cost of sales, was 17.8% compared with 15.6% in same period of the prior year.
|
·
|
Total SG&A was $48.7 million, or 10.0% of total revenues, for the three months ended October 31, 2012 compared to $57.8 million, or 16.9% of total revenues, during the same quarter a year ago and $48.1 million, or 12.4% of total revenues, in the third quarter of 2012. During all of fiscal 2012, total SG&A was $190.3 million, or 12.8% of total revenues, compared with $211.4 million, or 18.6% of total revenues, last year.
|
·
|
Consolidated pre-tax land-related charges in the fiscal 2012 fourth quarter were $5.3 million compared with $59.9 million in the prior year’s fourth quarter. For all of fiscal 2012 consolidated pre-tax land-related charges were $12.5 million compared with $101.7 million during all of 2011.
|
·
|
Excluding land-related charges and gains or losses on extinguishment of debt, the pre-tax income in the fiscal 2012 fourth quarter was $8.1 million compared with a pre-tax loss of $45.2 million in the previous year’s fourth quarter. After $5.3 million in land-related charges, the pre-tax income, excluding gains or losses on extinguishment of debt, was $2.8 million for the fourth quarter of fiscal 2012. For the twelve months ended October 31, 2012, excluding land-related charges, expenses associated with the debt exchange offer and gains or losses on extinguishment of debt, the pre-tax loss was $55.0 million compared with $194.1 million last year.
|
·
|
The pre-tax loss for the fourth quarter ended October 31, 2012, including an $87.0 million loss on extinguishment of debt, was $84.2 million compared with $97.8 million in the 2011 fourth quarter. For the twelve months ended October 31, 2012, the pre-tax loss, including gains or losses on extinguishment of debt, was $101.2 million compared with $291.6 million for all of the prior year.
|
·
|
The net loss was $84.4 million during the fourth quarter of 2012, or $0.59 per common share, compared with a net loss of $98.3 million, or $0.90 per common share, in the 2011 fourth quarter. For all of fiscal 2012, the net loss was $66.2 million, or $0.52 per common share, compared with a net loss of $286.1 million, or $2.85 per common share, in the prior year. The net loss in the fiscal 2012 fourth quarter and for the full year included an $87.0 million loss on extinguishment of debt, associated with the 2012 fourth quarter $797 million debt refinancing.
|
·
|
The contract cancellation rate, including unconsolidated joint ventures, for the fourth quarter ended October 31, 2012 was 23%, compared with 21% in last year’s fourth quarter.
|
·
|
During November of 2012, the dollar value of net contracts and the number of net contracts, including unconsolidated joint ventures, increased 38.1% and 18.5% respectively to $131.5 million compared with $95.2 million and to 385 homes from 325 homes in the same month last year.
|
·
|
The valuation allowance was $937.9 million as of October 31, 2012. The valuation allowance is a non-cash reserve against the tax assets for GAAP purposes. For tax purposes, the tax deductions associated with the tax assets may be carried forward for 20 years from the date the deductions were incurred.
|
·
|
After spending $127.9 million during the fourth quarter of 2012 on land and land development, homebuilding cash increased $36.9 million from the third quarter to $289.0 million, as of October 31, 2012, including $30.7 million of restricted cash required to collateralize letters of credit.
|
·
|
As of October 31, 2012, the land position, including unconsolidated joint ventures, was 29,619 lots, consisting of 11,418 lots under option and 18,201 owned lots.
|
·
|
Refinanced $797 million of secured senior notes during the fourth quarter of fiscal 2012, which reduces annual cash interest payments by approximately $17 million and extends the maturity of the refinanced debt from 2016 until 2020.
|
·
|
Announced an increase of our land banking arrangement with GSO Capital Partners LP, the credit arm of The Blackstone Group, for up to an additional $125 million of total acquisition and future development costs.
|
Three Months Ended
October 31, |
Twelve Months Ended
October 31, |
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Total Revenues
|
$487,045 | $341,625 | $1,485,353 | $1,134,907 | ||||||||||||
Costs and Expenses (a)
|
487,296 | 447,477 | 1,562,936 | 1,425,065 | ||||||||||||
(Loss) Gain on Extinguishment of Debt
|
(87,033 | ) | 10,563 | (29,066 | ) | 7,528 | ||||||||||
Gain (Loss) from Unconsolidated Joint Ventures
|
3,077 | (2,479 | ) | 5,401 | (8,958 | ) | ||||||||||
Loss Before Income Taxes
|
(84,207 | ) | (97,768 | ) | (101,248 | ) | (291,588 | ) | ||||||||
Income Tax Provision (Benefit)
|
203 | 580 | (35,051 | ) | (5,501 | ) | ||||||||||
Net Loss
|
$(84,410 | ) | $(98,348 | ) | $(66,197 | ) | $(286,087 | ) | ||||||||
Per Share Data:
|
||||||||||||||||
Basic:
|
||||||||||||||||
Loss Per Common Share
|
$(0.59 | ) | $(0.90 | ) | $(0.52 | ) | $(2.85 | ) | ||||||||
Weighted Average Number of Common Shares Outstanding (b)
|
142,249 | 108,740 | 126,350 | 100,444 | ||||||||||||
Assuming Dilution:
|
||||||||||||||||
Loss Per Common Share
|
$(0.59 | ) | $(0.90 | ) | $(0.52 | ) | $(2.85 | ) | ||||||||
Weighted Average Number of Common Shares Outstanding (b)
|
142,249 | 108,740 | 126,350 | 100,444 |
Three Months Ended
October 31, |
Twelve Months Ended
October 31, |
||||||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
||||||||||||||
Loss Before Income Taxes
|
$(84,207 | ) | $(97,768 | ) | $(101,248 | ) | $(291,588 | ) | |||||||
Inventory Impairment Loss and Land Option Write-Offs
|
5,300 | 59,873 | 12,530 | 101,749 | |||||||||||
Expenses Associated with the Debt Exchange Offer
|
- | - | 4,694 | - | |||||||||||
Unconsolidated Joint Venture Investment and Land-Related Charges | - | 3,289 | - | 3,289 | |||||||||||
Loss (Gain) on Extinguishment of Debt
|
87,033 | (10,563 | ) | 29,066 | (7,528 | ) | |||||||||
Income (Loss) Before Income Taxes Excluding Land-Related
|
|||||||||||||||
Charges, Expenses Associated with the Debt Exchange Offer and Loss (Gain) on Extinguishment of Debt (a)
|
$8,126 | $(45,169 | ) | $(54,958 | ) | $(194,078 | ) |
Homebuilding Gross Margin
Three Months Ended |
Homebuilding Gross Margin
Twelve Months Ended |
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Sale of Homes
|
$469,275 | $313,136 | $1,405,580 | $1,072,474 | ||||||||||||
Cost of Sales, Excluding Interest (a)
|
383,275 | 264,747 | 1,155,643 | 905,253 | ||||||||||||
Homebuilding Gross Margin, Excluding Interest
|
86,000 | 48,389 | 249,937 | 167,221 | ||||||||||||
Homebuilding Cost of Sales Interest
|
14,014 | 15,345 | 48,843 | 57,016 | ||||||||||||
Homebuilding Gross Margin, Including Interest
|
$71,986 | $33,044 | $201,094 | $110,205 | ||||||||||||
Gross Margin Percentage, Excluding Interest
|
18.3 | % | 15.5 | % | 17.8 | % | 15.6 | % | ||||||||
Gross Margin Percentage, Including Interest
|
15.3 | % | 10.6 | % | 14.3 | % | 10.3 | % |
Land Sales Gross Margin
Three Months Ended |
Land Sales Gross Margin
Twelve Months Ended |
|||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Land Sales
|
$3,051 | $18,529 | $31,788 | $26,745 | ||||||||||||
Cost of Sales, Excluding Interest (a)
|
2,358 | 3,005 | 24,158 | 8,648 | ||||||||||||
Land Sales Gross Margin, Excluding Interest
|
693 | 15,524 | 7,630 | 18,097 | ||||||||||||
Land Sales Interest
|
433 | 15,527 | 5,695 | 17,660 | ||||||||||||
Land Sales Gross Margin, Including Interest
|
$260 | $(3 | ) | $1,935 | $437 |
Three Months Ended
October 31, |
Twelve Months Ended
October 31, |
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Net Loss
|
$(84,410 | ) | $(98,348 | ) | $(66,197 | ) | $(286,087 | ) | ||||||||
Income Tax Provision (Benefit)
|
203 | 580 | (35,051 | ) | (5,501 | ) | ||||||||||
Interest Expense
|
39,701 | 53,962 | 152,433 | 171,845 | ||||||||||||
EBIT (a)
|
(44,506 | ) | (43,806 | ) | 51,185 | (119,743 | ) | |||||||||
Depreciation
|
1,513 | 2,174 | 6,223 | 9,340 | ||||||||||||
Amortization of Debt Costs
|
905 | 1,041 | 3,713 | 3,978 | ||||||||||||
EBITDA (b)
|
(42,088 | ) | (40,591 | ) | 61,121 | (106,425 | ) | |||||||||
Inventory Impairment Loss and Land Option Write-offs
|
5,300 | 59,873 | 12,530 | 101,749 | ||||||||||||
Expenses Associated with Debt Exchange Offer
|
- | - | 4,694 | - | ||||||||||||
Loss (Gain) on Extinguishment of Debt
|
87,033 | (10,563 | ) | 29,066 | (7,528 | ) | ||||||||||
Adjusted EBITDA (c)
|
$50,245 | $8,719 | $107,411 | $(12,204 | ) | |||||||||||
Interest Incurred
|
$36,733 | $39,225 | $147,048 | $156,998 | ||||||||||||
Adjusted EBITDA to Interest Incurred
|
1.37 | 0.22 | 0.73 | (0.08 | ) |
Three Months Ended
October 31, |
Twelve Months Ended
October 31, |
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Interest Capitalized at Beginning of Period
|
$119,024 | $136,178 | $121,441 | $136,288 | ||||||||||||
Plus Interest Incurred
|
36,733 | 39,225 | 147,048 | 156,998 | ||||||||||||
Less Interest Expensed
|
39,701 | 53,962 | 152,433 | 171,845 | ||||||||||||
Interest Capitalized at End of Period (a)
|
$116,056 | $121,441 | $116,056 | $121,441 |
October 31,
2012
|
October 31,
2011
|
|||||||
(Unaudited)
|
(1) | |||||||
ASSETS | ||||||||
Homebuilding: | ||||||||
Cash and cash equivalents
|
$258,323 | $244,356 | ||||||
Restricted cash
|
41,732 | 73,539 | ||||||
Inventories:
|
||||||||
Sold and unsold homes and lots under development
|
671,851 | 720,149 | ||||||
Land and land options held for future development or sale
|
218,996 | 245,529 | ||||||
Consolidated inventory not owned:
|
||||||||
Specific performance options
|
- | 2,434 | ||||||
Other options
|
90,619 | - | ||||||
Total consolidated inventory not owned
|
90,619 | 2,434 | ||||||
Total inventories
|
981,466 | 968,112 | ||||||
Investments in and advances to unconsolidated joint ventures
|
61,083 | 57,826 | ||||||
Receivables, deposits, and notes
|
61,794 | 52,277 | ||||||
Property, plant, and equipment – net
|
48,524 | 53,266 | ||||||
Prepaid expenses and other assets
|
66,694 | 67,698 | ||||||
Total homebuilding
|
1,519,616 | 1,517,074 | ||||||
Financial services:
|
||||||||
Cash and cash equivalents
|
14,909 | 6,384 | ||||||
Restricted cash
|
22,470 | 4,079 | ||||||
Mortgage loans held for sale
|
117,024 | 72,172 | ||||||
Other assets
|
10,231 | 2,471 | ||||||
Total financial services
|
164,634 | 85,106 | ||||||
Total assets
|
$1,684,250 | $1,602,180 |
October 31,
2012
|
October 31,
2011
|
|||||||
(Unaudited)
|
(1) | |||||||
LIABILITIES AND EQUITY
|
||||||||
Homebuilding:
|
||||||||
Nonrecourse land mortgages
|
$38,302 | $26,121 | ||||||
Accounts payable and other liabilities
|
296,510 | 303,633 | ||||||
Customers’ deposits
|
23,846 | 16,670 | ||||||
Nonrecourse mortgages secured by operating properties
|
18,775 | 19,748 | ||||||
Liabilities from inventory not owned
|
77,791 | 2,434 | ||||||
Total homebuilding
|
455,224 | 368,606 | ||||||
Financial services:
|
||||||||
Accounts payable and other liabilities
|
37,609 | 14,517 | ||||||
Mortgage warehouse line of credit
|
107,485 | 49,729 | ||||||
Total financial services
|
145,094 | 64,246 | ||||||
Notes payable:
|
||||||||
Senior secured notes
|
977,369 | 786,585 | ||||||
Senior notes
|
458,736 | 802,862 | ||||||
Senior amortizing notes
|
23,149 | - | ||||||
Senior exchangeable notes
|
76,851 | - | ||||||
TEU senior subordinated amortizing notes
|
6,091 | 13,323 | ||||||
Accrued interest
|
20,199 | 21,331 | ||||||
Total notes payable
|
1,562,395 | 1,624,101 | ||||||
Income taxes payable
|
6,882 | 41,829 | ||||||
Total liabilities
|
2,169,595 | 2,098,782 | ||||||
Equity:
|
||||||||
Hovnanian Enterprises, Inc. stockholders’ equity deficit:
|
||||||||
Preferred stock, $.01 par value - authorized 100,000 shares; issued 5,600 shares with a liquidation preference of $140,000 at October 31, 2012 and 2011
|
135,299 | 135,299 | ||||||
Common stock, Class A, $.01 par value – authorized 200,000,000 shares; issued and outstanding 130,055,304 shares at October 31, 2012 and 92,141,492 shares at October 31, 2011 (including 11,760,763 and 11,694,720 shares at October 31, 2012 and 2011, respectively, held in Treasury)
|
1,300 | 921 | ||||||
Common stock, Class B, $.01 par value (convertible to Class A at time of sale) – authorized 30,000,000 shares; issued and outstanding 15,350,101 shares at October 31, 2012 and 15,252,212 shares at October 31, 2011 (including 691,748 shares at October 31, 2012 and 2011 held in Treasury)
|
154 | 153 | ||||||
Paid in capital - common stock
|
668,735 | 591,696 | ||||||
Accumulated deficit
|
(1,175,703 | ) | (1,109,506 | ) | ||||
Treasury stock - at cost
|
(115,360 | ) | (115,257 | ) | ||||
Total Hovnanian Enterprises, Inc. stockholders’ equity deficit
|
(485,575 | ) | (496,694 | ) | ||||
Noncontrolling interest in consolidated joint ventures
|
230 | 92 | ||||||
Total equity deficit
|
(485,345 | ) | (496,602 | ) | ||||
Total liabilities and equity
|
$1,684,250 | $1,602,180 |
Three Months Ended October 31,
|
Twelve Months Ended October 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues:
|
||||||||||||||||
Homebuilding:
|
||||||||||||||||
Sale of homes
|
$469,275 | $313,136 | $1,405,580 | $1,072,474 | ||||||||||||
Land sales and other revenues
|
5,025 | 19,257 | 41,038 | 32,952 | ||||||||||||
Total homebuilding
|
474,300 | 332,393 | 1,446,618 | 1,105,426 | ||||||||||||
Financial services
|
12,745 | 9,232 | 38,735 | 29,481 | ||||||||||||
Total revenues
|
487,045 | 341,625 | 1,485,353 | 1,134,907 | ||||||||||||
Expenses:
|
||||||||||||||||
Homebuilding:
|
||||||||||||||||
Cost of sales, excluding interest
|
385,633 | 267,752 | 1,179,801 | 913,901 | ||||||||||||
Cost of sales interest
|
14,447 | 30,872 | 54,538 | 74,676 | ||||||||||||
Inventory impairment loss and land option write-offs
|
5,300 | 59,873 | 12,530 | 101,749 | ||||||||||||
Total cost of sales
|
405,380 | 358,497 | 1,246,869 | 1,090,326 | ||||||||||||
Selling, general and administrative
|
37,477 | 46,512 | 142,087 | 161,456 | ||||||||||||
Total homebuilding expenses
|
442,857 | 405,009 | 1,388,956 | 1,251,782 | ||||||||||||
Financial services
|
6,998 | 5,177 | 23,648 | 21,371 | ||||||||||||
Corporate general and administrative
|
11,271 | 11,329 | 48,232 | 49,938 | ||||||||||||
Other interest
|
25,254 | 23,090 | 97,895 | 97,169 | ||||||||||||
Other operations
|
916 | 2,872 | 4,205 | 4,805 | ||||||||||||
Total expenses
|
487,296 | 447,477 | 1,562,936 | 1,425,065 | ||||||||||||
(Loss) gain on extinguishment of debt
|
(87,033 | ) | 10,563 | (29,066 | ) | 7,528 | ||||||||||
Income (loss) from unconsolidated joint ventures
|
3,077 | (2,479 | ) | 5,401 | (8,958 | ) | ||||||||||
Loss before income taxes
|
(84,207 | ) | (97,768 | ) | (101,248 | ) | (291,588 | ) | ||||||||
State and federal income tax provision (benefit):
|
||||||||||||||||
State
|
133 | 425 | (35,328 | ) | (3,924 | ) | ||||||||||
Federal
|
70 | 155 | 277 | (1,577 | ) | |||||||||||
Total income taxes
|
203 | 580 | (35,051 | ) | (5,501 | ) | ||||||||||
Net loss
|
$(84,410 | ) | $(98,348 | ) | $(66,197 | ) | $(286,087 | ) | ||||||||
Per share data:
|
||||||||||||||||
Basic:
|
||||||||||||||||
Loss per common share
|
$(0.59 | ) | $(0.90 | ) | $(0.52 | ) | $(2.85 | ) | ||||||||
Weighted-average number of common shares outstanding
|
142,249 | 108,740 | 126,350 | 100,444 | ||||||||||||
Assuming dilution:
|
||||||||||||||||
Loss per common share
|
$(0.59 | ) | $(0.90 | ) | $(0.52 | ) | $(2.85 | ) | ||||||||
Weighted-average number of common shares outstanding
|
142,249 | 108,740 | 126,350 | 100,444 |
Communities Under Development
Three Months - October 31, 2012 |
|||||||||||||||||||||||||||||||||
Net Contracts
Three Months Ending |
Deliveries
Three Months Ending |
Contract
Backlog |
|||||||||||||||||||||||||||||||
2012
|
2011
|
% Change
|
2012
|
2011
|
% Change
|
2012
|
2011
|
% Change
|
|||||||||||||||||||||||||
Northeast
|
|||||||||||||||||||||||||||||||||
(includes unconsolidated
|
Home
|
174 | 160 | 8.8 | % | 202 | 174 | 16.1 | % | 294 | 366 | (19.7 | )% | ||||||||||||||||||||
joint ventures)
|
Dollars
|
$94,408 | $75,093 | 25.7 | % | $100,906 | $87,743 | 15.0 | % | $140,954 | $163,778 | (13.9 | )% | ||||||||||||||||||||
(NJ, PA)
|
Avg. Price
|
$542,575 | $469,331 | 15.6 | % | $499,535 | $504,270 | (0.9 | %) | $479,435 | $447,481 | 7.1 | % | ||||||||||||||||||||
Mid-Atlantic
|
|||||||||||||||||||||||||||||||||
(includes unconsolidated
|
Home
|
203 | 175 | 16.0 | % | 275 | 141 | 95.0 | % | 366 | 370 | (1.1 | )% | ||||||||||||||||||||
joint ventures)
|
Dollars
|
$88,474 | $68,491 | 29.2 | % | $115,262 | $52,470 | 119.7 | % | $163,198 | $153,953 | 6.0 | % | ||||||||||||||||||||
(DE, MD, VA, VW)
|
Avg. Price
|
$435,833 | $391,377 | 11.4 | % | $419,135 | $372,128 | 12.6 | % | $445,896 | $416,089 | 7.2 | % | ||||||||||||||||||||
Midwest
|
|||||||||||||||||||||||||||||||||
(includes unconsolidated
|
Home
|
176 | 132 | 33.3 | % | 215 | 154 | 39.6 | % | 499 | 300 | 66.3 | % | ||||||||||||||||||||
joint ventures)
|
Dollars
|
$48,795 | $31,064 | 57.1 | % | $52,299 | $35,401 | 47.7 | % | $115,918 | $63,317 | 83.1 | % | ||||||||||||||||||||
(IL, MN, OH)
|
Avg. Price
|
$277,244 | $235,333 | 17.8 | % | $243,251 | $229,877 | 5.8 | % | $232,301 | $211,057 | 10.1 | % | ||||||||||||||||||||
Southeast
|
|||||||||||||||||||||||||||||||||
(includes unconsolidated
|
Home
|
197 | 116 | 69.8 | % | 224 | 139 | 61.2 | % | 283 | 168 | 68.5 | % | ||||||||||||||||||||
joint ventures)
|
Dollars
|
$54,466 | $27,646 | 97.0 | % | $55,639 | $34,180 | 62.8 | % | $79,340 | $43,570 | 82.1 | % | ||||||||||||||||||||
(FL, GA, NC, SC)
|
Avg. Price
|
$276,477 | $238,328 | 16.0 | % | $248,388 | $245,899 | 1.0 | % | $280,353 | $259,345 | 8.1 | % | ||||||||||||||||||||
Southwest
|
|||||||||||||||||||||||||||||||||
(includes unconsolidated
|
Home
|
511 | 437 | 16.9 | % | 640 | 502 | 27.5 | % | 506 | 331 | 52.9 | % | ||||||||||||||||||||
joint ventures)
|
Dollars
|
$153,700 | $101,549 | 51.4 | % | $170,913 | $126,204 | 35.4 | % | $160,840 | $86,388 | 86.2 | % | ||||||||||||||||||||
(AZ, TX)
|
Avg. Price
|
$300,783 | $232,378 | 29.4 | % | $267,052 | $251,402 | 6.2 | % | $317,866 | $260,991 | 21.8 | % | ||||||||||||||||||||
West
|
|||||||||||||||||||||||||||||||||
(includes unconsolidated
|
Home
|
182 | 155 | 17.4 | % | 194 | 135 | 43.7 | % | 197 | 128 | 53.9 | % | ||||||||||||||||||||
joint ventures)
|
Dollars
|
$73,566 | $47,015 | 56.5 | % | $76,143 | $40,047 | 90.1 | % | $81,973 | $41,348 | 98.3 | % | ||||||||||||||||||||
(CA)
|
Avg. Price
|
$404,209 | $303,323 | 33.3 | % | $392,490 | $296,644 | 32.3 | % | $416,107 | $323,031 | 28.8 | % | ||||||||||||||||||||
Grand Total
|
|||||||||||||||||||||||||||||||||
(includes unconsolidated
|
Home
|
1,443 | 1,175 | 22.8 | % | 1,750 | 1,245 | 40.6 | % | 2,145 | 1,663 | 29.0 | % | ||||||||||||||||||||
joint ventures)
|
Dollars
|
$513,409 | $350,858 | 46.3 | % | $571,162 | $376,045 | 51.9 | % | $742,223 | $552,354 | 34.4 | % | ||||||||||||||||||||
Avg. Price
|
$355,793 | $298,603 | 19.2 | % | $326,378 | $302,044 | 8.1 | % | $346,025 | $332,143 | 4.2 | % | |||||||||||||||||||||
Consolidated Total
|
|||||||||||||||||||||||||||||||||
(excludes unconsolidated
|
Home
|
1,289 | 1,016 | 26.9 | % | 1,532 | 1,095 | 39.9 | % | 1,889 | 1,387 | 36.2 | % | ||||||||||||||||||||
joint ventures)
|
Dollars
|
$440,865 | $278,423 | 58.3 | % | $469,275 | $313,136 | 49.9 | % | $632,318 | $440,200 | 43.6 | % | ||||||||||||||||||||
Avg. Price
|
$342,021 | $274,038 | 24.8 | % | $306,315 | $285,969 | 7.1 | % | $334,737 | $317,376 | 5.5 | % | |||||||||||||||||||||
Unconsolidated
|
|||||||||||||||||||||||||||||||||
Joint Ventures
|
Home
|
154 | 159 | (3.1 | )% | 218 | 150 | 45.3 | % | 256 | 276 | (7.2 | )% | ||||||||||||||||||||
Dollars
|
$72,544 | $72,435 | 0.2 | % | $101,887 | $62,909 | 62.0 | % | $109,905 | $112,154 | (2.0 | )% | |||||||||||||||||||||
Avg. Price
|
$471,065 | $455,566 | 3.4 | % | $467,372 | $419,393 | 11.4 | % | $429,316 | $406,355 | 5.7 | % | |||||||||||||||||||||
DELIVERIES INCLUDE EXTRAS
|
Communities Under Development
Twelve Months - October 31, 2012
|
|||||||||||||||||||||||||||||||||
Net Contracts
Twelve Months Ending
October 31, |
Deliveries
Twelve Months Ending
October 31, |
Contract
Backlog
October 31, |
|||||||||||||||||||||||||||||||
2012
|
2011
|
% Change
|
2012
|
2011
|
% Change
|
2012
|
2011
|
% Change
|
|||||||||||||||||||||||||
Northeast
|
|||||||||||||||||||||||||||||||||
(includes unconsolidated
|
Home
|
646 | 628 | 2.9 | % | 718 | 573 | 25.3 | % | 294 | 366 | (19.7 | )% | ||||||||||||||||||||
joint ventures)
|
Dollars
|
$333,788 | $286,690 | 16.4 | % | $356,611 | $276,012 | 29.2 | % | $140,954 | $163,778 | (13.9 | )% | ||||||||||||||||||||
(NJ, PA)
|
Avg. Price
|
$516,700 | $456,513 | 13.2 | % | $496,673 | $481,696 | 3.1 | % | $479,435 | $447,481 | 7.1 | % | ||||||||||||||||||||
Mid-Atlantic
|
|||||||||||||||||||||||||||||||||
(includes unconsolidated
|
Home
|
828 | 654 | 26.6 | % | 832 | 546 | 52.4 | % | 366 | 370 | (1.1 | )% | ||||||||||||||||||||
joint ventures)
|
Dollars
|
$352,048 | $252,982 | 39.2 | % | $342,802 | $205,584 | 66.7 | % | $163,198 | $153,953 | 6.0 | % | ||||||||||||||||||||
(DE, MD, VA, WV)
|
Avg. Price
|
$425,179 | $386,823 | 9.9 | % | $412,022 | $376,527 | 9.4 | % | $445,896 | $416,089 | 7.2 | % | ||||||||||||||||||||
Midwest
|
|||||||||||||||||||||||||||||||||
(includes unconsolidated
|
Home
|
814 | 493 | 65.1 | % | 615 | 479 | 28.4 | % | 499 | 300 | 66.3 | % | ||||||||||||||||||||
joint ventures)
|
Dollars
|
$197,040 | $109,896 | 79.3 | % | $144,439 | $103,017 | 40.2 | % | $115,918 | $63,317 | 83.1 | % | ||||||||||||||||||||
(IL, MN, OH)
|
Avg. Price
|
$242,064 | $222,913 | 8.6 | % | $234,860 | $215,067 | 9.2 | % | $232,301 | $211,057 | 10.1 | % | ||||||||||||||||||||
Southeast
|
|||||||||||||||||||||||||||||||||
(includes unconsolidated
|
Home
|
681 | 450 | 51.3 | % | 566 | 370 | 53.0 | % | 283 | 168 | 68.5 | % | ||||||||||||||||||||
joint ventures)
|
Dollars
|
$176,735 | $109,459 | 61.5 | % | $140,965 | $89,724 | 57.1 | % | $79,340 | $43,570 | 82.1 | % | ||||||||||||||||||||
(FL, GA, NC, SC)
|
Avg. Price
|
$259,523 | $243,242 | 6.7 | % | $249,055 | $242,497 | 2.7 | % | $280,353 | $259,345 | 8.1 | % | ||||||||||||||||||||
Southwest
|
|||||||||||||||||||||||||||||||||
(includes unconsolidated
|
Home
|
2,178 | 1,720 | 26.6 | % | 2,003 | 1,726 | 16.0 | % | 506 | 331 | 52.9 | % | ||||||||||||||||||||
joint ventures)
|
Dollars
|
$590,208 | $404,715 | 45.8 | % | $515,757 | $418,631 | 23.2 | % | $160,840 | $86,388 | 86.2 | % | ||||||||||||||||||||
(AZ, TX)
|
Avg. Price
|
$270,986 | $235,299 | 15.2 | % | $257,492 | $242,544 | 6.2 | % | $317,866 | $260,991 | 21.8 | % | ||||||||||||||||||||
West
|
|||||||||||||||||||||||||||||||||
(includes unconsolidated
|
Home
|
691 | 543 | 27.3 | % | 622 | 522 | 19.2 | % | 197 | 128 | 53.9 | % | ||||||||||||||||||||
joint ventures)
|
Dollars
|
$266,288 | $167,860 | 58.6 | % | $225,663 | $151,849 | 48.6 | % | $81,973 | $41,348 | 98.3 | % | ||||||||||||||||||||
(CA)
|
Avg. Price
|
$385,366 | $309,134 | 24.7 | % | $362,802 | $290,898 | 24.7 | % | $416,107 | $323,031 | 28.8 | % | ||||||||||||||||||||
Grand Total
|
|||||||||||||||||||||||||||||||||
(includes unconsolidated
|
Home
|
5,838 | 4,488 | 30.1 | % | 5,356 | 4,216 | 27.0 | % | 2,145 | 1,663 | 29.0 | % | ||||||||||||||||||||
joint ventures)
|
Dollars
|
$1,916,107 | $1,331,602 | 43.9 | % | $1,726,237 | $1,244,817 | 38.7 | % | $742,223 | $552,354 | 34.4 | % | ||||||||||||||||||||
Avg. Price
|
$328,213 | $296,703 | 10.6 | % | $322,300 | $295,260 | 9.2 | % | $346,025 | $332,143 | 4.2 | % | |||||||||||||||||||||
Consolidated Total
|
|||||||||||||||||||||||||||||||||
(excludes unconsolidated
|
Home
|
5,137 | 4,023 | 27.7 | % | 4,676 | 3,832 | 22.0 | % | 1,889 | 1,387 | 36.2 | % | ||||||||||||||||||||
joint ventures)
|
Dollars
|
$1,597,698 | $1,129,785 | 41.4 | % | $1,405,580 | $1,072,474 | 31.1 | % | $632,318 | $440,200 | 43.6 | % | ||||||||||||||||||||
Avg. Price
|
$311,018 | $280,831 | 10.7 | % | $300,595 | $279,873 | 7.4 | % | $334,737 | $317,376 | 5.5 | % | |||||||||||||||||||||
Unconsolidated
|
|||||||||||||||||||||||||||||||||
Joint Ventures
|
Home
|
701 | 465 | 50.8 | % | 680 | 384 | 77.1 | % | 256 | 276 | (7.2 | )% | ||||||||||||||||||||
Dollars
|
$318,409 | $201,817 | 57.8 | % | $320,657 | $172,343 | 86.1 | % | $109,905 | $112,154 | (2.0 | )% | |||||||||||||||||||||
Avg. Price
|
$454,221 | $434,015 | 4.7 | % | $471,554 | $448,810 | 5.1 | % | $429,316 | $406,355 | 5.7 | % |
DELIVERIES INCLUDE EXTRAS
|