-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JXRE7vdh5MeumoeUKXrEjWnKSC15w2R2Dl6wfwO6C8So4mHwWrgvSflfluBcqGmc NpyjPzFG0U+Oz9vuBwfgfA== 0001047469-98-001703.txt : 19980123 0001047469-98-001703.hdr.sgml : 19980123 ACCESSION NUMBER: 0001047469-98-001703 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980122 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980122 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MDC HOLDINGS INC CENTRAL INDEX KEY: 0000773141 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 840622967 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-08951 FILM NUMBER: 98510632 BUSINESS ADDRESS: STREET 1: 3600 S YOSEMITE ST STE 900 CITY: DENVER STATE: CO ZIP: 80237 BUSINESS PHONE: 3037731100 MAIL ADDRESS: STREET 1: 3600 S YOSEMITE ST STREET 2: SUITE 900 CITY: DENVER STATE: CO ZIP: 80237 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): January 22, 1998 M.D.C. Holdings, Inc. -------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 1-8951 84-0622967 ----------------- ----------------------- ------------------- (State or other (Commission file number) (I.R.S. employer jurisdiction of identification no.) incorporation) 3600 South Yosemite Street, Suite 900, Denver, Colorado 80237 -------------------------------------------------- ---------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (303) 773-1100 ----------------------------------------------------------------- Not Applicable -------------------------------------------------------- (Former name or former address, if changed since last report.) ITEM 5. OTHER EVENTS On January 22, 1998, the Company published a News Bulletin reporting the Company's earnings, revenues and profit margins for the fourth quarter and full year ended December 31, 1997, a copy of which is attached to this Form 8-K as Exhibit 99.1. In addition, the Company is publishing a table of Selected Financial and Other Data for the years 1992 through 1997, a copy of which is attached to this Form 8-K as Exhibit 99.2. Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Financial statements of business acquired Not applicable (b) Pro-forma financial information Not applicable (c) Exhibits 99.1 News Bulletin reporting the Company's earnings, revenues and profit margins for the fourth quarter and year ended December 31, 1997. 99.2 Selected Financial and Other Data for the years 1992 through 1997. M.D.C. HOLDINGS, INC. /s/ Paris G. Reece III Paris G. Reece III Senior Vice President and Chief Financial Officer Dated: January 22, 1998 EX-99.1 2 EXHIBIT 99.1 [LETTERHEAD] NEWS BULLETIN FOR IMMEDIATE RELEASE THURSDAY, JANUARY 22, 1998 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Contacts: Paris G. Reece III Daniel S. Japha Chief Financial Officer Director, Investor Relations (303) 804-7706 (303) 804-7730 (Financial Information) (General Information) M.D.C. HOLDINGS REPORTS HIGHER EARNINGS FOR 1997 - - ANNUAL INCOME BEFORE EXTRAORDINARY ITEM OF $24.2 MILLION, A 16% INCREASE - - RECORD ANNUAL REVENUES OF $970 MILLION - - FOURTH QUARTER EPS INCREASED 30% TO $.39 VS. $.30 A YEAR AGO - - ANNUAL HOMEBUILDING PROFITS OF $41.5 MILLION, UP 49% - - ANNUAL HOME GROSS MARGINS OF 14.5% VS. 13.7% A YEAR AGO DENVER, Thursday, January 22, 1998 - M.D.C. Holdings, Inc. (NYSE/PSE: MDC) today announced income before extraordinary item for the quarter ended December 31, 1997 of $8.2 million, or $.39 per share, compared with $6.3 million, or $.30 per share, for the same period in 1996. Income before extraordinary item for the year ended December 31, 1997 was $24.2 million, or $1.18 per share, compared with $20.8 million, or $.98 per share, for 1996. Revenues for the quarter and year ended December 31, 1997, which reached record levels in both periods, totalled $271.8 million and $969.6 million, respectively, compared with $252.3 million and $922.6 million, respectively, for the same periods in 1996. Operating results for 1997 were impacted adversely by non-cash, pre-tax charges of $5.9 million for the impairment of certain homebuilding assets, compared with similar charges of $9.2 million for 1996. No asset impairment charges were recorded for the fourth quarter of 1997, compared with $2.0 million for the fourth quarter of 1996. Larry A. Mizel, MDC's chairman, president and chief executive officer stated, "We are pleased to report one of the strongest annual operating performances in our history, highlighted by new records for revenues, home orders and year-end backlog. The continued improvement in operating results of our core homebuilding operations enabled us to achieve our 1997 goals of improved earnings per share, home gross margins and rates of return, reduced leverage and increased shareowner value." -more- [LETTERHEAD] Page 2 Net income for the year ended December 31, 1997 was $22.0 million, or $1.08 per share, compared with $20.4 million, or $.97 per share, for 1996. Net income for 1997 included an extraordinary loss of $2.2 million from the March 1997 repurchase of $38 million of the Company's 11 1/8% Senior Notes. Net income for 1996 is net of an extraordinary loss of $.4 million, resulting from the early extinguishment of debt. IMPROVED HOMEBUILDING RESULTS Operating profits from the Company's homebuilding operations increased to $14.0 million and $41.5 million, respectively, for the quarter and year ended December 31, 1997, compared with $10.0 million and $28.0 million, respectively, for the same periods in 1996. These profit improvements primarily resulted from higher home closings and increases in home gross margins, which improved to 14.2% and 14.5%, respectively, for the quarter and year ended December 31, 1997, compared with 14.1% and 13.7%, respectively, for the same periods in 1996. In addition, the Company's average selling price per home closed for the quarter and year ended December 31, 1997 increased to $183,300 and $179,800, respectively, from $179,000 and $177,000, respectively, for the same periods in 1996. Paris G. Reece III, MDC's senior vice president and chief financial officer, said, "Each of our homebuilding divisions achieved profitable and improved operating results in 1997 except Maryland and Northern California. Increased home closings in Southern California, Arizona and Las Vegas, resulting from our continued geographic diversification through expansion in these growth markets, contributed to these profit improvements. In addition, home gross margins increased by more than 130 basis points in each of these markets, largely due to our operating efficiency and cost control initiatives. Our Colorado division realized a 22% increase in operating profit in 1997 despite fewer home closings than in 1996. The increase in operating profit was primarily due to a 120 basis points increase in home gross margins and a $14,700 higher average selling price per home closed." FINANCIAL SERVICES Operating profits from the financial services segment (consisting of mortgage lending and asset management operations) were $2.9 million and $9.2 million, respectively, for the fourth quarter and year ended December 31, 1997, compared with $3.0 million and $18.7 million, respectively, for the same periods in 1996. Operating profits were lower in 1997 compared with 1996 primarily due to (i) a $4.0 million pre-tax gain in 1996 from the sale of the Company's asset management subsidiary, Financial Asset Management LLC; and (ii) $4.5 million in gains from -more- [LETTERHEAD] Page 3 sales of mortgage servicing related to mortgage loans originated prior to the January 1, 1996 required change in the accounting for mortgage loans and mortgage servicing. The Company's mortgage lending operations originated and purchased through correspondents $180 million and $632 million, respectively, in mortgage loans in the fourth quarter and year ended December 31, 1997, compared with $163 million and $582 million during the same periods in 1996. Approximately 82% of the mortgage loans originated and purchased in the fourth quarter and year ended December 31, 1997 were for MDC home buyers. STRENGTHENED BALANCE SHEET AND IMPROVED OPERATING EFFICIENCY During 1997, the Company continued to strengthen its balance sheet and improve the efficiency of its operations. At December 31, 1997, compared with December 31, 1996, the Company reduced its investment in unsold homes under construction by 34% to $53 million, decreased homebuilding and corporate indebtedness by $22 million to $222 million, and increased its equity by 7% to $230 million, or $12.91 per outstanding share. These improvements contributed to a reduction in the Company's ratio of homebuilding and corporate debt to total capital (excluding mortgage lending debt) to 49% at December 31, 1997. The Company's lower debt levels in 1997, combined with lower effective interest rates on the Company's variable-rate debt, contributed to reductions of 16% and 13%, respectively, in the Company's corporate and homebuilding interest incurred for the quarter and year ended December 31, 1997. These reductions, combined with a $4.7 million increase in the Company's EBITDA for 1997, resulted in a ratio of EBITDA to interest incurred of 3.4 for 1997, 21% higher than the comparable ratio of 2.8 for 1996. MDC is one of the largest homebuilders in the United States, building homes under the name "Richmond American Homes" and providing mortgage financing, primarily for MDC's home buyers, 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 metropolitan Denver; among the top five builders in Riverside County, California, Northern Virginia, suburban Maryland, Tucson and Colorado Springs; among the top ten homebuilders in Phoenix; and has a growing presence in Orange, Los Angeles, San Bernardino, Ventura and San Diego Counties, California and Las Vegas. The Company also builds homes in the San Francisco Bay area. All earnings per share amounts discussed above are on a diluted basis reflecting the adoption of Statement of Financial Accounting Standards No. 128, "Earnings per Share." -more- M.D.C. HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) DECEMBER 31, ------------------------ 1997 1996 ---------- ---------- ASSETS Corporate Cash and cash equivalents. . . . . . . . . . . . $ 7,110 $ 7,235 Property and equipment, net. . . . . . . . . . . 9,709 9,411 Deferred income taxes. . . . . . . . . . . . . . 12,276 10,804 Deferred debt issue costs, net . . . . . . . . . 6,851 9,155 Other assets, net. . . . . . . . . . . . . . . . 2,944 3,557 ---------- ---------- 38,890 40,162 ---------- ---------- Homebuilding Cash and cash equivalents. . . . . . . . . . . . 3,867 3,393 Home sales and other accounts receivable . . . . 7,559 10,218 Investments and marketable securities, net . . . 1,392 5,159 Inventories, net Housing completed or under construction. . . . 249,928 251,885 Land and land under development. . . . . . . . 193,012 182,927 Prepaid expenses and other assets, net . . . . . 55,788 57,722 ---------- ---------- 511,546 511,304 ---------- ---------- Financial Services . . . . . . . . . . . . . . . . 71,334 65,837 ---------- ---------- Total Assets . . . . . . . . . . . . . . . . . . . . $ 621,770 $ 617,303 ---------- ---------- ---------- ---------- LIABILITIES Corporate Accounts payable and accrued expenses. . . . . . $ 14,288 $ 13,519 Income taxes payable . . . . . . . . . . . . . . 11,806 11,434 Notes payable. . . . . . . . . . . . . . . . . . 3,432 3,487 Senior Notes, net. . . . . . . . . . . . . . . . 150,354 187,721 Subordinated notes, net. . . . . . . . . . . . . 38,229 38,225 ---------- ---------- 218,109 254,386 ---------- ---------- Homebuilding Accounts payable and accrued expenses. . . . . . 105,485 114,794 Line of credit . . . . . . . . . . . . . . . . . 20,766 11,832 Note payable . . . . . . . . . . . . . . . . . . 9,676 3,063 ---------- ---------- 135,927 129,689 ---------- ---------- Financial Services . . . . . . . . . . . . . . . . 38,141 19,381 ---------- ---------- Total Liabilities. . . . . . . . . . . . . . . 392,177 403,456 ---------- ---------- STOCKHOLDERS' EQUITY Total Stockholders' Equity . . . . . . . . . . 229,593 213,847 ---------- ---------- Total Liabilities and Stockholders' Equity . . . . . $ 621,770 $ 617,303 ---------- ---------- ---------- ---------- -more- M.D.C. HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, -------------------------- -------------------------- 1997 1996 1997 1996 ----------- ----------- ----------- ----------- REVENUES Homebuilding . . . . . . . . . . . . . . . . . . . $ 266,042 $ 246,197 $ 949,790 $ 890,536 Financial Services . . . . . . . . . . . . . . . . 5,540 5,544 18,557 30,578 Corporate. . . . . . . . . . . . . . . . . . . . . 258 525 1,215 1,481 ---------- ---------- ---------- ---------- Total Revenues . . . . . . . . . . . . . . . . $ 271,840 $ 252,266 $ 969,562 $ 922,595 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- NET INCOME Homebuilding . . . . . . . . . . . . . . . . . . . $ 14,019 $ 9,984 $ 41,543 $ 27,967 Financial Services Mortgage Lending . . . . . . . . . . . . . . . . 1,842 2,438 7,745 12,584 Asset Management . . . . . . . . . . . . . . . . 1,020 520 1,434 6,073 ---------- ---------- ---------- ---------- Total Financial Services . . . . . . . . . . . 2,862 2,958 9,179 18,657 ---------- ---------- ---------- ---------- Operating Profit . . . . . . . . . . . . . . . 16,881 12,942 50,722 46,624 Corporate general and administrative expense, net. . . . . . . . . . . . . . . . . . . (3,397) (2,552) (10,634) (10,097) Corporate and homebuilding interest expense . . . . . . . . . . . . . . . . . . . . . - - (409) (761) (3,773) ---------- ---------- ---------- ---------- Income before income taxes and extraordinary item. . . . . . . . . . . . . . . . 13,484 9,981 39,327 32,754 Provision for income taxes . . . . . . . . . . . . (5,301) (3,641) (15,122) (11,955) ---------- ---------- ---------- ---------- Income before extraordinary item . . . . . . . . . 8,183 6,340 24,205 20,799 Extraordinary losses from early extinguishment of debt, net of income tax benefit of $1,336 for 1997 and $242 for 1996. . . . . . . . . . . . . . . . . . . . . - - - - (2,179) (421) ---------- ---------- ---------- ---------- Net Income . . . . . . . . . . . . . . . . . . . $ 8,183 $ 6,340 $ 22,026 $ 20,378 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- EARNINGS PER SHARE (1) Basic Income before extraordinary item . . . . . . . . $ .46 $ .35 $ 1.37 $ 1.12 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net Income . . . . . . . . . . . . . . . . . . . $ .46 $ .35 $ 1.25 $ 1.09 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Diluted Income before extraordinary item . . . . . . . . $ .39 $ .30 $ 1.18 $ .98 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net Income . . . . . . . . . . . . . . . . . . . $ .39 $ .30 $ 1.08 $ .97 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- WEIGHTED-AVERAGE SHARES OUTSTANDING (1) Basic. . . . . . . . . . . . . . . . . . . . . . 17,770 18,034 17,673 18,623 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Diluted. . . . . . . . . . . . . . . . . . . . . 22,041 22,157 21,899 22,763 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- DIVIDENDS DECLARED PER SHARE . . . . . . . . . . . . $ .03 $ .03 $ .12 $ .12 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
(1) As adjusted for the adoption of Statement of Financial Accounting Standards No. 128, "Earnings per Share." -more- M.D.C. HOLDINGS, INC. INFORMATION ON BUSINESS SEGMENTS (IN THOUSANDS)
THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, -------------------------- -------------------------- 1997 1996 1997 1996 ----------- ----------- ----------- ----------- HOMEBUILDING Home sales . . . . . . . . . . . . . . . . . . . $ 262,342 $ 244,886 $ 939,016 $ 880,358 Land sales . . . . . . . . . . . . . . . . . . . 3,722 1,126 9,978 9,471 Other revenues . . . . . . . . . . . . . . . . . (22) 185 796 707 ---------- ---------- ---------- ---------- TOTAL HOMEBUILDING REVENUES. . . . . . . . . 266,042 246,197 949,790 890,536 ---------- ---------- ---------- ---------- Home cost of sales . . . . . . . . . . . . . . . 225,102 210,431 802,961 759,405 Land cost of sales . . . . . . . . . . . . . . . 2,541 988 7,740 8,773 Asset impairment charges . . . . . . . . . . . . - - 1,983 5,850 9,191 Marketing. . . . . . . . . . . . . . . . . . . . 16,672 15,411 61,139 56,078 General and administrative . . . . . . . . . . . 7,708 7,400 30,557 29,122 ---------- ---------- ---------- ---------- 252,023 236,213 908,247 862,569 ---------- ---------- ---------- ---------- HOMEBUILDING OPERATING PROFIT. . . . . . . . 14,019 9,984 41,543 27,967 ---------- ---------- ---------- ---------- FINANCIAL SERVICES Mortgage Lending Revenues Interest revenues. . . . . . . . . . . . . . . . 507 925 1,918 3,543 Origination fees . . . . . . . . . . . . . . . . 1,940 1,722 6,751 6,209 Gains on sales of mortgage servicing . . . . . . 179 274 1,739 6,020 Gains on sales of mortgage loans, net. . . . . . 1,814 1,667 6,182 4,905 Mortgage servicing and other . . . . . . . . . . 71 349 490 1,545 Asset Management Revenues Management fees and other. . . . . . . . . . . . 1,029 607 1,477 8,356 ---------- ---------- ---------- ---------- TOTAL FINANCIAL SERVICES REVENUES. . . . . . 5,540 5,544 18,557 30,578 ---------- ---------- ---------- ---------- General and Administrative Expenses Mortgage Lending . . . . . . . . . . . . . . . . 2,669 2,499 9,335 9,638 Asset Management . . . . . . . . . . . . . . . . 9 87 43 2,283 ---------- ---------- ---------- ---------- 2,678 2,586 9,378 11,921 ---------- ---------- ---------- ---------- FINANCIAL SERVICES OPERATING PROFIT. . . . . 2,862 2,958 9,179 18,657 ---------- ---------- ---------- ---------- TOTAL OPERATING PROFIT . . . . . . . . . . . . . . . 16,881 12,942 50,722 46,624 ---------- ---------- ---------- ---------- CORPORATE Interest and other revenues. . . . . . . . . . . 258 525 1,215 1,481 Interest expense . . . . . . . . . . . . . . . . - - (409) (761) (3,773) General and administrative . . . . . . . . . . . (3,655) (3,077) (11,849) (11,578) ---------- ---------- ---------- ---------- NET CORPORATE EXPENSES . . . . . . . . . . . (3,397) (2,961) (11,395) (13,870) ---------- ---------- ---------- ---------- INCOME BEFORE INCOME TAXES AND EXTRAORDINARY ITEM. . $ 13,484 $ 9,981 $ 39,327 $ 32,754 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
-more- M.D.C. HOLDINGS, INC. SELECTED FINANCIAL DATA (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
DECEMBER 31, ---------------------------------------- 1997 1996 1995 ---------- ---------- ---------- BALANCE SHEET DATA Stockholders' Equity . . . . . . . . . . . . . . . . . . . . . . $ 229,593 $ 213,847 $ 205,033 Book Value Per Share Outstanding . . . . . . . . . . . . . . . . $ 12.91 $ 11.83 $ 10.54 Homebuilding and Corporate Debt. . . . . . . . . . . . . . . . . $ 222,457 $ 244,328 $ 283,344 Ratio of Homebuilding and Corporate Debt to Equity . . . . . . .97 1.14 1.38 Total Capital (excluding mortgage lending debt). . . . . . . . . $ 452,050 $ 458,175 $ 488,377 Ratio of Homebuilding and Corporate Debt to Total Capital. . . 0.49 0.53 0.58 Total Liquidity. . . . . . . . . . . . . . . . . . . . . . . . . $ 182,934 $ 187,834 $ 150,068 Total Homebuilding Inventories . . . . . . . . . . . . . . . . . $ 442,940 $ 434,812 $ 442,165 Interest Capitalized in Inventories. . . . . . . . . . . . . . $ 37,991 $ 40,745 $ 40,217 Interest Capitalized as a Percent of Inventories . . . . . . . 8.6% 9.4% 9.1% Total Lots Owned . . . . . . . . . . . . . . . . . . . . . . . . 9,466 10,523 11,556 Total Lots Under Option. . . . . . . . . . . . . . . . . . . . . 5,730 6,698 8,008 Active Subdivisions. . . . . . . . . . . . . . . . . . . . . . . 137 152 144
YEAR ENDED DECEMBER 31, ---------------------------------------- 1997 1996 1995 ---------- ---------- ---------- OPERATING DATA EBITDA Computation Income Before Extraordinary Item . . . . . . . . . . . . . . . $ 24,205 $ 20,799 $ 17,250 Add: Income taxes . . . . . . . . . . . . . . . . . . . . . . . 15,122 11,955 9,401 Corporate & homebuilding interest expense. . . . . . . . . 761 3,773 7,773 Interest in cost of sales. . . . . . . . . . . . . . . . . 28,361 25,995 28,397 Other fixed charges. . . . . . . . . . . . . . . . . . . . 797 1,165 2,492 Depreciation and amortization. . . . . . . . . . . . . . . 15,050 12,067 10,280 Asset impairment charges . . . . . . . . . . . . . . . . . 5,850 9,724 3,677 --------- --------- --------- Total EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . $ 90,146 $ 85,478 $ 79,270 --------- --------- --------- --------- --------- --------- Fixed Charges Incurred . . . . . . . . . . . . . . . . . . . . . $ 27,165 $ 31,461 $ 36,401 Ratio of EBITDA to Fixed Charges . . . . . . . . . . . . . . . . 3.3 2.7 2.2 Ratio of EBITDA to Interest Incurred . . . . . . . . . . . . . . 3.4 2.8 2.3 Homebuilding and Corporate SG&A as a Percent of Home Sales Revenues. . . . . . . . . . . . . . . . . . . . . . 11.0% 11.0% 10.9% Interest Data Interest Incurred. . . . . . . . . . . . . . . . . . . . . . . $ 26,368 $ 30,296 $ 33,909 Interest Capitalized . . . . . . . . . . . . . . . . . . . . . $ 25,607 $ 26,523 $ 26,136 Interest in Cost of Sales as a Percent of Home Sales Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0% 3.0% 3.4%
-more- M.D.C. HOLDINGS, INC. HOMEBUILDING OPERATIONAL DATA
THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, -------------------------- -------------------------- 1997 1996 1997 1996 ---------- ----------- ---------- ----------- Home Sales Revenues (IN THOUSANDS) . . . . . . . . . . . . . $ 262,342 $ 244,886 $ 939,016 $ 880,358 Average Selling Price Per Home Closed (IN THOUSANDS). . . . . . . . . . . . . . . . . . . . . . . $ 183.3 $ 179.0 $ 179.8 $ 177.0 Home Gross Margins . . . . . . . . . . . . . . . . . . . . . 14.2% 14.1% 14.5% 13.7% Orders For Homes, Net (UNITS) Colorado . . . . . . . . . . . . . . . . . . . . . . . . . 474 328 2,039 1,811 Mid-Atlantic . . . . . . . . . . . . . . . . . . . . . . . 287 217 1,061 1,115 California . . . . . . . . . . . . . . . . . . . . . . . . 188 188 938 822 Arizona. . . . . . . . . . . . . . . . . . . . . . . . . . 333 198 1,297 1,041 Nevada . . . . . . . . . . . . . . . . . . . . . . . . . . 88 78 434 260 ---------- ---------- ---------- ---------- Total . . . . . . . . . . . . . . . . . . . . . . . . . 1,370 1,009 5,769 5,049 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Homes Closed (UNITS) Colorado . . . . . . . . . . . . . . . . . . . . . . . . . 476 493 1,735 1,893 Mid-Atlantic . . . . . . . . . . . . . . . . . . . . . . . 282 312 1,088 969 California . . . . . . . . . . . . . . . . . . . . . . . . 226 243 828 837 Arizona. . . . . . . . . . . . . . . . . . . . . . . . . . 311 280 1,135 1,044 Nevada . . . . . . . . . . . . . . . . . . . . . . . . . . 136 40 437 231 ---------- ---------- ---------- ---------- Total . . . . . . . . . . . . . . . . . . . . . . . . . 1,431 1,368 5,223 4,974 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
DECEMBER 31, DECEMBER 31, 1997 1996 ------------ ------------ Backlog (UNITS) Colorado . . . . . . . . . . . . . . . . . . . . . . . . . 880 576 Mid-Atlantic . . . . . . . . . . . . . . . . . . . . . . . 394 421 California . . . . . . . . . . . . . . . . . . . . . . . . 270 160 Arizona. . . . . . . . . . . . . . . . . . . . . . . . . . 393 231 Nevada . . . . . . . . . . . . . . . . . . . . . . . . . . 95 98 ---------- ---------- Total. . . . . . . . . . . . . . . . . . . . . . . . . . 2,032 1,486 ---------- ---------- ---------- ---------- Estimated Sales Value (IN THOUSANDS). . . . . . . . . . $ 380,000 $ 261,000 ---------- ---------- ---------- ----------
EX-99.2 3 EXHIBIT 99.2 M.D.C. HOLDINGS, INC. SELECTED FINANCIAL AND OTHER DATA (DOLLAR AMOUNTS IN THOUSANDS)
YEAR ENDED DECEMBER 31, ------------------------------------------------------------------------------------- 1992 1993 1994 1995 1996 1997 ---------- ---------- ---------- ---------- ---------- ---------- Total Revenues . . . . . . . . . . . . $ 480,177 $ 634,323 $ 817,245 $ 865,856 $ 922,595 $ 969,562 Home Sales Revenues. . . . . . . . . . $ 417,190 $ 587,887 $ 784,453 $ 827,448 $ 880,358 $ 939,016 EBITDA . . . . . . . . . . . . . . . . $ 51,111 $ 61,615 $ 84,790 $ 79,270 $ 85,478 $ 90,146 Homebuilding and Corporate Debt. . . . $ 287,401 $ 316,176 $ 325,069 $ 283,344 $ 244,328 $ 222,457 Stockholders' Equity . . . . . . . . . $ 164,182 $ 175,854 $ 192,295 $ 205,033 $ 213,847 $ 229,593 Homebuilding and Corporate Debt / Total Capital (excluding mortgage lending debt). . . . . . . . . . . . 0.64 0.64 0.63 0.58 0.53 0.49 Orders for homes, net units. . . . . . 2,703 3,875 4,177 4,536 5,049 5,769 Homes closed, units. . . . . . . . . . 2,414 3,344 4,200 4,570 4,974 5,223 Backlog, units (1) . . . . . . . . . . 826 1,357 1,334 1,355 1,486 2,032 Backlog, estimated sales value (1) . . $ 142,800 $ 250,530 $ 241,900 $ 243,000 $ 261,000 $ 380,000
(1) At end of period. -----END PRIVACY-ENHANCED MESSAGE-----