0001193125-13-032821.txt : 20130131 0001193125-13-032821.hdr.sgml : 20130131 20130131172259 ACCESSION NUMBER: 0001193125-13-032821 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130131 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130131 DATE AS OF CHANGE: 20130131 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-08951 FILM NUMBER: 13563790 BUSINESS ADDRESS: STREET 1: 4350 S MONACO STREET STREET 2: SUITE 500 CITY: DENVER STATE: CO ZIP: 80237 BUSINESS PHONE: 3037731100 MAIL ADDRESS: STREET 1: 4350 S MONACO STREET STREET 2: SUITE 500 CITY: DENVER STATE: CO ZIP: 80237 8-K/A 1 d476885d8ka.htm AMENDMENT NO. 1 TO 8-K Amendment No. 1 to 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K/A

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): January 31, 2013

 

 

M.D.C. Holdings, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-8951   84-0622967

(State or other jurisdiction

of incorporation)

   (Commission file number)  

(I.R.S. employer

identification no.)

4350 South Monaco Street, Suite 500, 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)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On January 31, 2013, M.D.C. Holdings, Inc. issued a press release reporting its fourth quarter results for 2012. The press release was accurate as transmitted to the newswire by PR Newswire. The press release was also furnished as an exhibit to a Current Report on Form 8-K dated January 31, 2013. The “Consolidated Statements of Operations and Comprehensive Income” on page 5 of the exhibit contained a typographical error under “selling, general and administrative expenses” for the 2012 fourth quarter. The correct number is $49,160,000 (shown on page 5 in thousands as $49,160). The corrected page is furnished and attached hereto as Exhibit 99.1.

 

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

 

  (d) Exhibits

The following exhibit is furnished as part of this Current Report on Form 8-K.

 

Exhibit Number

   

Description

Exhibit 99.1    Corrected page 5 to exhibit from Form 8-K dated January 31, 2013

The information in Item 2.02 of the Current Report, including the press release, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (“Exchange Act”) or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such filing.

 

2

SIGNATURES

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 thereunto duly authorized.

 

    M.D.C. HOLDINGS, INC.
Dated: January 31, 2013     By:   /s/ Joseph H. Fretz
      Joseph H. Fretz
      Secretary and Corporate Counsel

 

 

 

 

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INDEX TO EXHIBITS

 

Exhibit Number

   

Description

Exhibit 99.1    Corrected page 5 to exhibit from Form 8-K dated January 31, 2013

 

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EX-99.1 2 d476885dex991.htm CORRECTED PAGE 5 TO EXHIBIT FROM 8-K DATED JANUARY 31, 2013 Corrected page 5 to exhibit from 8-K dated January 31, 2013

M.D.C. HOLDINGS, INC.

Consolidated Statements of Operations and Comprehensive Income

 

     Three Months
Ended December 31,		     Year Ended
December 31,		  
     2012     2011     2012     2011  
     (Dollars in thousands, except per share amounts)  
     (Unaudited)  

Homebuilding:

   

Home sale revenues

    $ 389,141      $ 230,732      $ 1,150,998      $ 805,164   

Land sale revenues

      1,724        8,360        5,144        11,859   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total home sale and land revenues

      390,865        239,092        1,156,142        817,023   
  

 

 

    

 

 

    

 

 

    

 

 

  

Home cost of sales

      (323,179 )      (196,140 )      (973,120 )      (686,661 ) 

Land cost of sales

      (1,613 )      (8,314 )      (4,823 )      (10,796 ) 

Inventory impairments

      (1,105 )      (283 )      (1,105 )      (12,965 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total cost of sales

      (325,897 )      (204,737 )      (979,048 )      (710,422 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross margin

      64,968        34,355        177,094        106,601   
  

 

 

    

 

 

    

 

 

    

 

 

  

Selling, general and administrative expenses

      (49,160 )      (35,934 )      (167,295 )      (179,105 ) 

Interest income

      6,747        6,631        23,398        26,068   

Interest expense

      —          (1,200 )      (808 )      (20,842 ) 

Other income (expense)

      (364 )      (22,365 )      228        (43,350 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Homebuilding pretax income (loss)

      22,191        (18,513 )      32,617        (110,628 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Financial Services:

         

Revenues

      14,908        8,111        46,881        26,086   

Expenses

      (8,186 )      (10,244 )      (21,645 )      (26,306 ) 

Interest and other income

      938        870        3,262        3,376   
  

 

 

    

 

 

    

 

 

    

 

 

  

Financial services pretax income (loss)

      7,660        (1,263 )      28,498        3,156   
  

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) before income taxes

      29,851        (19,776 )      61,115        (107,472 ) 

Benefit (provision) for income taxes

      (181 )      955        1,584        9,082   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

    $ 29,670      $ (18,821 )    $ 62,699      $ (98,390 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Other comprehensive income (loss):

         

Unrealized gain related to available-for-sale securities

      1,133        6,781        12,078        (12,124 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Comprehensive income (loss)

    $ 30,803      $ (12,040 )    $ 74,777      $ (110,514 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss) per share:

         

Basic

    $ 0.60      $ (0.40 )    $ 1.29      $ (2.12 ) 

Diluted

    $ 0.59      $ (0.40 )    $ 1.28      $ (2.12 ) 

Weighted Average Common Shares Outstanding:

         

Basic

      48,140,725        47,011,311        47,660,629        46,796,334   

Diluted

      48,865,996        47,011,311        48,064,839        46,796,334   

Dividends declared per share

    $ 1.25      $ 0.25      $ 2.00      $ 1.00   

 

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