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Originator-Name: webmaster@www.sec.gov
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0001104659-07-001457.txt : 20070109
0001104659-07-001457.hdr.sgml : 20070109
20070109113418
ACCESSION NUMBER: 0001104659-07-001457
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 4
CONFORMED PERIOD OF REPORT: 20070109
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20070109
DATE AS OF CHANGE: 20070109
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: 07519503
BUSINESS ADDRESS:
STREET 1: 8501 E. PRINCESS DRIVE
STREET 2: STE 290
CITY: SCOTTSDALE
STATE: AZ
ZIP: 85255
BUSINESS PHONE: 4802222444
MAIL ADDRESS:
STREET 1: 8501 E. PRINCESS DRIVE
STREET 2: SUITE 290
CITY: SCOTTSDALE
STATE: AZ
ZIP: 85255
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
a07-1477_18k.htm
CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES
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) January 9, 2007
MERITAGE
HOMES CORPORATION
(Exact Name of Registrant as Specified in
Charter)
Maryland
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1-9977
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86-0611231
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(State or Other
Jurisdiction
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(Commission File
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(IRS Employer
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of
Incorporation)
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Number)
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Identification
No.)
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17851
N. 85th Street, Suite 300, Scottsdale, Arizona
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85255
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(Address of
Principal Executive Offices)
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(Zip Code)
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(480) 609-3330
(Registrants
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 2.02 RESULTS OF
OPERATIONS AND FINANCIAL CONDITION
On January 9, 2007, we
announced in a press release information concerning our preliminary results for
the quarterly period ended December 31, 2006, including estimated sales,
closings and backlog information and estimated impairments of inventories and
write-offs of option deposits. A copy of
this press release, including information concerning forward-looking statements
and factors that may affect our future results, is attached as Exhibit
99.1. This press release is being
furnished, not filed, under Item 2.02 in this Report on Form 8-K.
ITEM 9.01
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FINANCIAL STATEMENTS AND EXHIBITS
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(d)
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Exhibits
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99.
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1
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Press Release dated January 9, 2007
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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: January 9,
2007
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MERITAGE HOMES CORPORATION
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/s/
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Larry W. Seay
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By:
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Larry W. Seay
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Executive Vice President and Chief
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Financial Officer
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EX-99.1
2
a07-1477_1ex99d1.htm
EX-99
Exhibit 99.1
Contacts:
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Investor Relations:
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Corporate Communications:
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Brent Anderson
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Jane Hays
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Director Investor Relations
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Vice President-Corp. Develop.
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(972) 543-8207
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(972) 543-8123
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meritage homes corporation reports preliminary results for fourth
quarter and full year 2006, updates estimated impairment charges
SCOTTSDALE,
ARIZ. (January 9, 2007) Meritage Homes Corporation (NYSE: MTH)
today reported preliminary fourth quarter results and provided an update on
estimated impairments of inventories and write-offs of option deposits, in
advance of its scheduled earnings release later this month.
In the fourth
quarter of 2006, Meritage delivered 2,601 homes for total home closing revenue
of $821 million, compared to the Companys all-time record 2005 fourth quarter closings
of 3,214 homes for $1.04 billion in revenue. The Company ended the year with a backlog
of 3,685 homes valued at a total of $1.2 billion, compared to $2.2 billion at
December 31, 2005.
Chairman and Chief
Executive Officer Steven J. Hilton commented on the results, Based on our
closings this quarter, we expect to report our 19th consecutive record year of revenue growth, a
record we are proud to have achieved considering the challenging housing market
of 2006. Even so, we saw a further decline in total home sales this quarter as
demand remains slow in most of our markets.
Net sales declined
to 1,201 homes totaling $356 million in the fourth quarter 2006, from the fourth
quarter record of 2,072 orders totaling $723 million in 2005. Cancellations of
orders represented 22% of the quarters beginning backlog, compared to 13% of
beginning backlog cancelled in the fourth quarter 2005. As a percentage of fourth
quarter gross sales orders, cancellations represented a record high 48% of
orders in 2006 compared to 32% in 2005.
The Company is in the
process of finalizing its quarterly analysis to ascertain the amount of charges
required to reflect write-offs of lot option deposits and asset impairments
based on current market conditions. While not yet concluded, Mr. Hilton offered
this update. As a result of the slower absorption rate and lower sales prices
we are experiencing in many markets, were estimating land and inventory charges
this quarter of $55-65 million pre-tax. These charges would reduce our earnings
by $1.25-1.50 per diluted share, but we expect to remain profitable for the
quarter.
MERITAGE
HOMES 4Q06 PRELIMINARY RESULTS
We continue to actively
renegotiate a number of option contracts that would enable us to move forward on
projects that are no longer feasible at the land prices in the original contracts.
But when these negotiations are unsuccessful, we must sometimes make the
difficult decision to forfeit the option deposit and leave the project. We plan
to continue to operate cautiously until we are confident that housing demand is
strengthening in our markets, concluded Mr. Hilton.
The Company
expects to provide guidance for 2007 when reporting final results later this
month. As previously announced, the Company has scheduled a conference call for
January 25, 2007 at 7:00 a.m. Pacific Time (10:00 a.m. Eastern Time,) following
the quarterly earnings release. Interested
investors can access the audio webcasts of the presentations and accompanying
slides through the Meritage Homes website, http://www.meritagehomes.com, by
following the links to Investor Relations, then Webcasts & Presentations,
and selecting the corresponding conference link.
About Meritage Homes Corporation
Meritage Homes
Corporation (NYSE:MTH) is a leader in the homebuilding industry. The Company is
ranked by Builder magazine as the 13th largest homebuilder in the U.S. and was
recently selected for the fourth consecutive year to Forbes
Platinum 400 - Best Big Companies in America. Meritage is in the S&P
SmallCap 600 Index, ranks #615 on the 2006 Fortune 1000 list
and has appeared on Fortunes Fastest
Growing Companies in America list in five of the last seven years. Meritage
operates in many of the dominant homebuilding markets of the southern and
western United States, including six of the top 10 single-family housing
markets in the country, and 2005 represented its 18th consecutive year of
record revenue and net earnings. For more information about the Company, visit
www.meritagehomes.com. Meritage is a member of the Public Home Builders Council
of America (www.phbca.org).
This
press release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such
statements include those regarding the Companys preliminary results for
closings, revenue, sales, backlog, cancellations and potential write-offs related
to option deposits and asset impairments for the fourth quarter 2006, and their
expected impact on diluted earnings per share and expected profitability for
the fourth quarter and full year 2006. Such statements are based upon preliminary
financial and operating data, 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 intends to report final results later this month, but makes no
commitment, and disclaims any duty, to update or revise any forward-looking
statements to reflect future events or changes in these expectations.
Meritages
business is subject to a number of risks and uncertainties, including:
fluctuations in demand, competition, sales orders, cancellation rates and home
prices in our markets; potential write-downs or write-offs of assets or
deposits; interest rates and changes in the availability and pricing of
residential mortgages; housing affordability; our success in locating and
negotiating potential acquisitions; successful integration of acquired operations
with existing operations; our investments in land and development joint
ventures; our dependence on key personnel and the availability of satisfactory
subcontractors; materials and labor costs; our ability to take certain actions
because of restrictions contained in the indentures for our senior notes and
the agreement for our unsecured credit facility; our lack of geographic
diversification; the cost and availability of insurance, including the
unavailability of insurance for the presence of mold; our potential exposure to
natural disasters; the impact of construction defect and home warranty claims;
demand for and acceptance of our homes; changes in the availability and pricing
of real estate in the markets in which we operate; our ability to acquire
additional land or options to acquire additional land on acceptable terms,
particularly in our start-up markets; our exposure to obligations under
performance and surety bonds, performance guarantees and letters of credit; general
economic slow downs; consumer confidence, which can be impacted by economic and
other factors such as terrorism, war, or threats thereof and changes in energy
prices or stock markets; inflation in the cost of materials used to construct
our homes; our level of indebtedness and our ability to raise additional
capital when and if needed; legislative or other initiatives that seek to
restrain growth or new housing construction or similar measures and other
factors identified in documents filed by us with the Securities and Exchange
Commission, including those set forth in our Form 10-K/A for the year ended
December 31, 2005, and our Form 10-Q for the quarter ended September 30, 2006,
under the caption Risk Factors. As a result of these and other factors, the
Companys stock and note prices may fluctuate dramatically.
# # #
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end
-----END PRIVACY-ENHANCED MESSAGE-----