EX-99 3 exhibit99_1.txt PRESS RELEASE DATED OCTOBER 3, 2002 Exhibit 99.1 NEWS BULLETIN [GRAPHIC OMITTED] M.D.C. HOLDINGS, INC. RICHMOND AMERICAN HOMES HOMEAMERICAN MORTGAGE FOR IMMEDIATE RELEASE THURSDAY, OCTOBER 3, 2002 ------------------------------------------------------------------------------ Contacts: Paris G. Reece III Rodger VanAllen Chief Financial Officer Rubenstein Associates, Inc. (303) 804-7706 (212) 843-8000 greece@mdch.com rvanallen@rubenstein.com M.D.C. HOLDINGS REPORTS RECORD 2002 THIRD QUARTER HOME ORDERS, HOME CLOSINGS AND QUARTER-END BACKLOG * Third quarter home orders increase 50% * September home orders up 95%; seventh consecutive monthly record * Active subdivisions rise 28% year-to-date to 175 * Company's highest quarter-end backlog with $1.35 billion sales value DENVER, Thursday, October 3, 2002 - M.D.C. Holdings, Inc. (NYSE/PCX: MDC) (www.RichmondAmerican.com) today announced the highest third quarter and nine-month home orders, home closings and quarter-end backlog in the Company's history. The Company received orders for 2,439 homes and 7,968 homes, respectively, net of cancellations, during the third quarter and first nine months of 2002, compared with net orders for 1,628 homes and 6,328 homes, respectively, for the same periods in 2001. The 2002 home orders included 791 net orders in September, a 95% increase from the 405 net orders received in September 2001, which reflected the impact of the events of September 11th. In addition, September 2002 represented the Company's seventh consecutive month of record home orders. The Company increased the number of active subdivisions to 175 at September 30, 2002 from 137 at December 31, 2001, including an additional 16 in Phoenix, eight in Nevada and eight in Virginia. These additional subdivisions, combined with the strong demand for new homes in these markets, contributed to year-over-year increases in third quarter home orders of 113% in Phoenix, 123% in Nevada and 59% in Virginia. An improved demand for new homes also contributed to home order increases of 36% and 29%, respectively, in Northern California and Southern California, from a comparable year-over-year level of active subdivisions. MDC closed 2,276 homes and 5,906 homes, respectively, in the three and nine months ended September 30, 2002, compared with 2,076 homes closed and 5,759 homes closed, respectively, for the same periods in 2001. The Company ended the 2002 third quarter with a -more- [GRAPHIC OMITTED] Page 2 record quarter-end backlog of 5,098 homes with an estimated sales value of $1.350 billion, compared with a backlog of 3,924 homes with an estimated sales value of $1.050 billion at September 30, 2001. MDC, whose subsidiaries build homes under the name "Richmond American Homes," is one of the largest homebuilders in the United States. The Company also provides mortgage financing, primarily for MDC's homebuyers, through its wholly owned subsidiary HomeAmerican Mortgage Corporation. MDC is a major regional homebuilder with a significant presence in some of the country's best housing markets. The Company is the largest homebuilder in Colorado; among the top five homebuilders in Northern Virginia, Phoenix, Tucson and Las Vegas; among the top ten homebuilders in suburban Maryland, Northern California and Southern California; and has recently entered the Salt Lake City and Dallas/Fort Worth markets. -more- M.D.C. HOLDINGS, INC. Homebuilding Operational Data (Dollars in Thousands)
Three Months Nine Months Ended September 30, Ended September 30, ----------------------------- ----------------------------- 2002 2001 2002 2001 ------------ ------------ ------------ ------------ Orders For Homes, net (units) Colorado...................... 541 494 2,299 2,101 Utah.......................... 46 - - 77 - - California.................... 475 362 1,699 1,217 Arizona....................... 755 433 2,096 1,699 Nevada........................ 359 161 977 591 Virginia...................... 186 117 604 481 Maryland...................... 75 61 214 239 Texas......................... 2 - - 2 - - ------------ ------------ -------------- ------------ Total.................... 2,439 1,628 7,968 6,328 ============ ============ ============ ============ Homes Closed (units) Colorado...................... 790 688 2,105 1,988 Utah.......................... 39 - - 64 - - California.................... 394 433 1,048 1,048 Arizona....................... 550 611 1,434 1,622 Nevada........................ 306 165 694 493 Virginia...................... 134 107 368 413 Maryland...................... 63 72 193 195 Texas......................... - - - - - - - - ----------- ------------ ------------ ------------ Total.................... 2,276 2,076 5,906 5,759 ============ ============ ============ ============
September 30, December 31, September 30, 2002 2001 2001 ------------ ------------ ------------ Backlog (units) Colorado...................... 1,389 1,195 1,498 Utah.......................... 54 - - - - California.................... 1,141 490 677 Arizona....................... 1,287 625 887 Nevada........................ 577 181 296 Virginia...................... 470 234 396 Maryland...................... 178 157 170 Texas......................... 2 - - - - ------------ ------------ ------------ Total.................... 5,098 2,882 3,924 ============ ============ ============ Backlog Estimated Sales Value........ $ 1,350,000 $ 760,000 $ 1,050,000 ============ ============ ============ Active Subdivisions.................. 175 137 141 ============ ============ ============
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