0000833079-15-000087.txt : 20150910 0000833079-15-000087.hdr.sgml : 20150910 20150909174347 ACCESSION NUMBER: 0000833079-15-000087 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150909 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150910 DATE AS OF CHANGE: 20150909 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Meritage Homes CORP CENTRAL INDEX KEY: 0000833079 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 860611231 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09977 FILM NUMBER: 151099627 BUSINESS ADDRESS: STREET 1: 8800 EAST RAINTREE DRIVE STREET 2: SUITE 300 CITY: SCOTTSDALE STATE: AZ ZIP: 85260 BUSINESS PHONE: 480-515-8100 MAIL ADDRESS: STREET 1: 8800 EAST RAINTREE DRIVE STREET 2: SUITE 300 CITY: SCOTTSDALE STATE: AZ ZIP: 85260 FORMER COMPANY: FORMER CONFORMED NAME: MERITAGE CORP DATE OF NAME CHANGE: 19981009 FORMER COMPANY: FORMER CONFORMED NAME: MONTEREY HOMES CORP DATE OF NAME CHANGE: 19970113 FORMER COMPANY: FORMER CONFORMED NAME: HOMEPLEX MORTGAGE INVESTMENTS CORP DATE OF NAME CHANGE: 19920703 8-K 1 q3estimate.htm 8-K 8-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549
_______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported) September 9, 2015
_______________________
MERITAGE HOMES CORPORATION
(Exact Name of Registrant as Specified in Charter)
 
 
 
 
 
 
 
 
Maryland
 
1-9977
 
86-0611231
(State or Other Jurisdiction
of Incorporation)
 
(Commission File
Number)
 
(IRS Employer
Identification No.)
 
           8800 E. Raintree Drive, Suite 300, Scottsdale, Arizona 85260
 
 
(Address of Principal Executive Offices) (Zip Code)
 
 
 
 
 
(480) 515-8100
 
 
(Registrant’s telephone number, including area code)
 
 
 
 
 
 
 
 
(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 (see General Instruction A.2. below):
   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))
 





ITEM 8.01 OTHER EVENTS

On September 9, 2015, Meritage Homes Corporation, a Maryland Corporation, announced in a press release updated projected financial guidance for the third quarter and full year 2015. A copy of this press release is attached as Exhibit 99.1. This press release is being furnished, not filed, under Item 9.01 in this Current Report on Form 8-K.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits

99.1 Press Release dated September 9, 2015
 






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 hereunto duly authorized.
Dated: September 9, 2015
 

MERITAGE HOMES CORPORATION
 
 
/s/
Larry W. Seay
By:
Larry W. Seay
 
Executive Vice President and Chief Financial Officer



EX-99.1 2 mth9-10x2015updateprexzelm.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1
 
Contacts:
Brent Anderson, VP Investor Relations
 
 
(972) 580-6360 (office)
 
 
Brent.Anderson@meritagehomes.com
Meritage Homes Updates 2015 Guidance in Advance of Investor Conference
SCOTTSDALE, Ariz., September 9, 2015 - In advance of an investor conference this week where Meritage (NYSE: MTH) management will be speaking with investors, the company updated its projected EPS for 2015 and provided guidance for the third quarter.
Management revised its full-year guidance for earnings per diluted share to $3.30-3.75, including estimated earnings per diluted share of $0.70-0.85 for the third quarter. The company had previously projected 2015 earnings of $3.60-3.90 per diluted share. By comparison, Meritage earned $0.79 per diluted share in the third quarter of 2014 and $3.46 per diluted share for the full year 2014.
The estimate revisions are due to a combination of factors including delays in home closings that are expected to reduce revenue, increased labor costs impacting home closing margins, and slower than anticipated realization of benefits from the company’s newer divisions in the Southeast.
“There are shortages of skilled labor in many markets as subcontractors struggle to catch up with the increased demand of a continued recovery in homebuilding,” said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. “Competition for labor has resulted in increased costs and longer construction times, intensified by the impact of severe spring weather in certain Texas and Colorado markets. While we have taken steps to deal with the labor pressures on our short-term results, we are encouraged that they illustrate a recovering homebuilding market.”
Mr. Hilton further added, “The expected contributions from some of our newer markets in the Southeast have not materialized as quickly as we previously projected and we have made operational changes to improve their performance. We remain optimistic about the longer term potential of those newer markets.”









About Meritage Homes Corporation
Meritage Homes is the eighth-largest public homebuilder in the United States, based on homes closed in 2014. Meritage builds and sells single-family homes for first-time, move-up, luxury and active adult buyers across the Western, Southern and Southeastern United States. Meritage builds in markets including Sacramento, San Francisco's East Bay, Southern California coastal and Inland Empire markets; Houston, Dallas-Ft. Worth, Austin and San Antonio, Texas; Phoenix/Scottsdale, Green Valley and Tucson, Arizona; Denver and Fort Collins, Colorado; Orlando and Tampa, Florida; Raleigh and Charlotte, North Carolina; Greenville-Spartanburg and York County, South Carolina; Nashville, Tennessee and Atlanta, Georgia.
Meritage has designed and built more than 85,000 homes in its 30-year history, and has a reputation for its distinctive style, quality construction, and positive customer experience. Meritage is the industry leader in energy-efficient homebuilding and has received the U.S. Environmental Protection Agency's ENERGY STAR Partner of the Year for Sustained Excellence Award in 2013, 2014 and 2015, for innovation and industry leadership in energy efficient homebuilding. Meritage was the first national homebuilder to be 100 percent ENERGY STAR qualified in every home it builds, and far exceeds ENERGY STAR standards today.
For more information, visit investors.meritagehomes.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include management's expectations with respect to earnings per diluted share for both the third quarter and full year 2015.
Such statements are based upon the current beliefs and expectations of Company management, and current market conditions, which are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, to update or revise any forward-looking statements to reflect future events or changes in these expectations. Meritage's business is subject to a number of risks and uncertainties. As a result of those risks and uncertainties, the Company's stock and note prices may fluctuate dramatically. These risks and uncertainties include, but are not limited to, the following: the availability of finished lots and undeveloped land; interest rates and changes in the availability and pricing of residential mortgages; fluctuations in the availability and cost of labor; changes in or our failure to comply with tax laws that adversely impact our homebuyers; the ability of our potential buyers to sell their existing homes; cancellation rates and home prices in our markets; weakness in the homebuilding market resulting from an unexpected setback in the current economic recovery due to lower oil prices or other factors; inflation in the cost of materials used to develop communities and construct homes; the adverse effect of slower order absorption rates; potential write-downs or write-offs of assets; a change to the feasibility of projects under option or contract that could result in the write-down or write-off of option deposits; our ability to successfully integrate acquired companies and achieve anticipated benefits from these acquisitions; our potential exposure to natural disasters; competition; construction defect and home warranty claims; adverse legal rulings; our success in prevailing on




contested tax positions; our ability to obtain performance bonds in connection with our development work; the loss of key personnel; changes in, or our failure to comply with, laws and regulations; limitations of our geographic diversification; fluctuations in quarterly operating results; our financial leverage and level of indebtedness and our ability to take certain actions because of restrictions contained in the indentures for our senior notes and our ability to raise additional capital when and if needed; our credit ratings; successful integration of future acquisitions; our compliance with government regulations and the effect of legislative or other initiatives that seek to restrain growth of new housing construction or similar measures; acts of war; the replication of our "Green" technologies by our competitors; our exposure to information technology failures and security breaches; and other factors identified in documents filed by the company with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2014 and subsequent quarterly reports on Forms 10-Q under the caption "Risk Factors," which can be found on our website.

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