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0001104659-07-052641.txt : 20070706
0001104659-07-052641.hdr.sgml : 20070706
20070706120749
ACCESSION NUMBER: 0001104659-07-052641
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 4
CONFORMED PERIOD OF REPORT: 20070706
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Material Impairments
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20070706
DATE AS OF CHANGE: 20070706
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: 07966839
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
a07-18217_18k.htm
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) July
6, 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
of Incorporation)
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(Commission File
Number)
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(IRS Employer
Identification No.)
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17851 N.
85th Street, Suite 300, Scottsdale, Arizona 85255
(Address of Principal
Executive Offices)(Zip Code)
(480)
515-8100
(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
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RESULTS OF OPERATIONS AND FINANCIAL CONDITION
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On July 6, 2007,
Meritage Homes Corporation (the Company) announced in a press release
information concerning its preliminary closings, orders and backlog for the
second quarter of 2007. A copy of this press release, including information
concerning forward-looking statements and factors that may affect its future
results, is attached as Exhibit 99.1.
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ITEM 2.06
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MATERIAL IMPAIRMENTS
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In connection with the preparation
and review of its second quarter financial statements, the Company concluded
that material charges for impairment to certain assets are required because
of the continuing difficulty in certain of the housing markets in which it
operates. As further discussed in the press release attached hereto at
Exhibit 99.1, which is incorporated by reference herein, the housing market
in general continues to be very challenging. Weak demand and high inventory
levels have increased competition among homebuilders, pressuring margins
despite reductions in new home starts, lot supplies and operating costs. As a
result of the continued deterioration in the housing market, the Company
expects to incur approximately $75-$80 million in pre-tax charges relating to
inventory impairments and the write-off of land options.
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In addition, the
Companys operations in Ft. Myers/Naples, Florida, continue to be
significantly challenged. The Company expects such severely depressed
conditions in the Ft. Myers area for the foreseeable future and therefore,
the Company will record a non-cash pre-tax impairment charge of approximately
$28 million related to the write-off of the goodwill and intangible assets
related to its February 2005 acquisition in Ft. Myers/Naples.
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Of the total impairment
charges discussed above, the Company believes that substantially all
represents prior cash expenditures, although a minimal portion of the current
charges will be comprised of future cash expenditures.
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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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99.1
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Press Release dated July 6, 2007
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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 hereunto
duly authorized.
Dated: July 6,
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
Financial Officer
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3
EX-99.1
2
a07-18217_1ex99d1.htm
EX-99.1
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 reports preliminary
operating results and estimated impairments for the second quarter 2007
SCOTTSDALE,
Ariz., July 6, 2007 Meritage Homes Corporation (NYSE: MTH),
a leading U.S. homebuilder, today reported preliminary sales, closings and
backlog for the second quarter ended June 30, 2007. Preliminary results for the
quarter include approximately $569 million home closing revenue, $502 million
home orders, and $1.2 billion ending backlog. These results represent declines
of 37%, 28% and 39% from the second quarter of 2006, consistent with the trends
for April and May we previously announced on June 6, 2007.
Cancellations rose
to approximately 37% of gross orders for the quarter, compared to 32% in the
second quarter 2006 and 27% in the first quarter 2007. As reported by other
homebuilders, the housing market in general continues to be very challenging,
said Steven J. Hilton, chairman and CEO of Meritage Homes. Weak demand and
high inventory levels have increased competition among homebuilders, pressuring
margins despite reductions in new home starts, lot supplies and operating costs.
We continue to adjust our operations to compete effectively, maintain a strong
balance sheet and better position ourselves for the future.
Due to continued deterioration
in the housing market during the second quarter of 2007, the Company expects to
incur additional pre-tax charges in the $75 to $80 million range related to inventory
impairments and the write-off of land options. These charges are based on the
Companys regular quarterly review of all projects.
In addition, the
Companys operations in Ft. Myers/Naples, Florida continue to be significantly
challenged and management expects the homebuilding market in southwest Florida
will continue to be severely depressed for the foreseeable future. As a result, the Company believes the goodwill
and other intangible assets relating to a February 2005 acquisition in Ft.
Myers/Naples are impaired, and anticipates recording non-cash, pre-tax charges
in the second quarter of 2007 of approximately $28 million relating to these
assets.
Southwest Florida
has been experiencing some of the most difficult housing market conditions in
the country. While our 2006 home closings there represented only approximately
2% of our Company-
wide closings, our year-to-date
2007 home closings in Ft. Myers/Naples are down more than 70% from the level a year
ago, said Mr. Hilton. We have been unable to renegotiate acceptable terms for
existing lot options, which led us to terminate all of our existing option contracts,
and we have been unable to acquire new lots at prices that reflect todays
market values. Both factors significantly limit this divisions available lot
inventory.
Meritage plans to
release second quarter 2007 earnings on Thursday, July 26, 2007 after market
close. A conference call has been scheduled to review and discuss these results
on July 27, 2007, at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time.) The call
will be webcast by Thomson/CCBN and distributed through the Thomson
StreetEvents Network, with an accompanying slideshow on the Investor Relations
page of the Companys web site at http://www.meritagehomes.com. For telephone
participants, the dial-in number is 866-831-6247 with a passcode of Meritage.
Participants are encouraged to dial in five minutes before the call begins. A
replay of the call will be available after 2:00 p.m. EDT July 27, 2007, through
midnight August 6, 2007 on the websites noted above, or by dialing
888-286-8010, and referencing passcode 43585367.
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 12th largest homebuilder in the U.S. and was
selected in 2006 for the fourth consecutive year to Forbes Platinum 400
Best-Managed Big Companies in America. Meritage is in the S&P SmallCap 600
Index, and ranks #580 on the 2007 FORTUNE 1000 list. 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
reported its 19th consecutive year of record revenue through 2006. 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 our preliminary sales, closings and backlog
as of and for the quarter ended June 30, 2007; the outlook for the homebuilding
market in southwest Florida; and estimated charges relating to inventory
impairments and the write-off of land options and goodwill. 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 makes no commitment, and disclaims any
duty, to update 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 and senior subordinated 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; 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 for the year ended December 31, 2006, and Form
10-Q for the quarter ended March 31, 2007, 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-----