EX-99 3 exhibit99_1.txt PRESS RELEASE DATED 7/2/03 Exhibit 99.1 NEWS BULLETIN [GRAPHIC OMITTED] M.D.C. HOLDINGS, INC. RICHMOND AMERICAN HOMES HOMEAMERICAN MORTGAGE FOR IMMEDIATE RELEASE WEDNESDAY, JULY 2, 2003 ---------------------------------------------------------------------------- Contacts: Paris G. Reece III Robert Solomon Chief Financial Officer Rubenstein Associates, Inc. (303) 804-7706 (212) 843-8050 greece@mdch.com rsolomon@rubenstein.com M.D.C. HOLDINGS REPORTS RECORD HOME ORDERS, HOME CLOSINGS AND QUARTER-END BACKLOG o Quarterly orders of 3,665 homes, a 33% year-over-year increase o Closed 2,624 homes, up 34% o Backlog of 6,341 homes with estimated sales value of $1.630 billion DENVER, Wednesday, July 2, 2003 - M.D.C. Holdings, Inc. (NYSE/PCX: MDC) (www.RichmondAmerican.com) today announced the highest level of home orders for any quarter in the Company's history. The Company received orders, net of cancellations, for 3,665 homes and 7,030 homes, respectively, during the second quarter and first half of 2003, compared with net orders of 2,753 homes and 5,529 homes for the same periods in 2002. Second quarter 2003 home orders particularly were strong in Nevada, Virginia, Maryland and Phoenix (up 88%, 73%, 55% and 51%, respectively), aided by year-over-year increases in the number of active subdivisions and the continued strong demand for new homes in each of these markets. In addition, MDC's home orders in Colorado increased 7% compared with the 2002 second quarter. The Company also received 162 home orders in the 2003 second quarter from its new markets in Utah and Dallas/Fort Worth. Home orders were lower in Southern California primarily due to a temporary reduction in the number of active subdivisions resulting from the sell-out of certain communities earlier than expected. MDC closed 2,624 homes and 4,724 homes, respectively, in the second quarter and six months ended June 30, 2003. These record home closing levels represent increases of 34% and 30% from the closings of 1,956 homes and 3,630 homes, respectively, for the same periods in 2002. The Company ended the 2003 second quarter with a backlog of 6,341 homes with an estimated sales value of $1.630 billion, compared with a backlog of 4,935 homes with an estimated sales value of $1.300 billion at June 30, 2002. -more- 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; and among the top ten homebuilders in suburban Maryland, Northern California, Southern California and Salt Lake City. MDC also has a growing presence in Dallas/Fort Worth and has recently entered the Houston and Philadelphia/Delaware Valley markets. -more- M.D.C. HOLDINGS, INC. Homebuilding Operational Data (Dollars in Thousands)
Three Months Six Months Ended Ended June 30, Ended June 30, ----------------------------- ----------------------------- 2003 2002 2003 2002 ------------ ------------ ------------ ------------ Orders For Homes, net (units) Colorado...................... 812 757 1,483 1,758 California.................... 511 633 1,041 1,224 Nevada........................ 774 411 1,357 618 Arizona....................... 986 671 1,910 1,341 Utah.......................... 93 31 186 31 Texas......................... 69 - - 119 - - Virginia...................... 305 176 708 418 Maryland...................... 115 74 226 139 ------------ ------------ ------------ ------------ Total.................... 3,665 2,753 7,030 5,529 ============ ============ ============ ============ Homes Closed (units) Colorado...................... 625 706 1,234 1,315 California.................... 487 362 915 654 Nevada........................ 508 247 781 388 Arizona....................... 663 446 1,234 884 Utah.......................... 69 25 109 25 Texas......................... 29 - - 39 - - Virginia...................... 166 104 268 234 Maryland...................... 77 66 144 130 ------------ ------------ ------------ ------------ Total.................... 2,624 1,956 4,724 3,630 ============ ============ ============ ============
June 30, June 30, 2003 2002 ------------ ------------ Backlog (units) Colorado...................... 1,206 1,638 California.................... 1,048 1,060 Nevada........................ 926 524 Arizona....................... 1,752 1,082 Utah.......................... 127 47 Texas......................... 96 - - Virginia...................... 916 418 Maryland...................... 270 166 ------------ ------------ Total.................... 6,341 4,935 ============ ============ Backlog Estimated Sales Value........ $ 1,630,000 $ 1,300,000 ============ ============ Active Subdivisions at the Beginning of the Month............. 194 167 ============ ============
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