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 Exchange Act of 1934

Date of Report (Date of earliest event reported):  July 22, 2009

NVR, Inc.

(Exact name of registrant as specified in its

charter)

Virginia	1-12378	54-1394360
(State or other jurisdiction of	(Commission File	(I.R.S. Employer
incorporation or organization)	Number)	Identification No.)

11700 Plaza America Drive, Suite 500, Reston, Virginia	20190
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:  703-956-4000

_______________________________________________________

(Former name or former address, if changed since last report)

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

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 240.133-4(c))

Item 2.02                      Results of Operations and Financial Condition

On July 22, 2009, NVR, Inc. issued a press release reporting its financial results for the quarter and year to date periods ended June 30, 2009.  A copy of this press release is furnished hereto as Exhibit 99.1.

Item 9.01                      Financial Statements and Exhibits

(c)  Exhibits
Number	Description
99.1	Press release dated July 22, 2009.

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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.

		NVR, Inc.
Date:  July 22, 2009	By:	/s/ Dennis M. Seremet
	Name:	Dennis M. Seremet
	Title:	Senior Vice President and
		Chief Financial Officer

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INDEX TO EXHIBITS

Exhibit Number	Exhibit Description
99.1	Press release dated July 22, 2009.

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EX-99.1

Exhibit 99.1

NVR, INC. ANNOUNCES SECOND QUARTER RESULTS

FOR IMMEDIATE RELEASE	Contact:	Dan Malzahn
	Office:	(703) 956-4204

July 22, 2009, Reston, VA—NVR, Inc. (NYSE: NVR), one of the nation’s largest homebuilding and mortgage banking companies, announced net income for its second quarter ended June 30, 2009 of $41,426,000, $6.79 per diluted share.  Net income and diluted earnings per share for its second quarter ended June 30, 2009 decreased 19% and 21%, respectively, when compared to the 2008 second quarter.  Consolidated revenues for the second quarter of 2009 totaled $625,431,000, a 35% decrease from $955,723,000 for the comparable 2008 quarter.

For the six months ended June 30, 2009, consolidated revenues were $1,184,030,000, 36% lower than the $1,843,654,000 reported for the same period of 2008.  Net income for the six months ended June 30, 2009 was $59,414,000, a decrease of 37% when compared to the six months ended June 30, 2008.  Diluted earnings per share for the six months ended June 30, 2009 was $9.85, a decrease of 39% from $16.10 per diluted share for the comparable period of 2008.

Homebuilding

New orders in the second quarter of 2009 increased 2% to 2,728 units, when compared to 2,670 units in the second quarter of 2008.  The cancellation rate in the quarter ended June 30, 2009 was 14% compared to 19% in the second quarter of 2008 and 15% in the first quarter of 2009. Settlements decreased in the second quarter of 2009 to 2,048 units, 26% less than the same period of 2008.  The Company’s backlog of homes sold but not settled at the end of the 2009 quarter decreased on a unit basis by 16% to 4,497 units and on a dollar basis by 27% to $1,332,056,000 when compared to the same period last year.

Homebuilding revenues for the three months ended June 30, 2009 totaled $612,488,000, 35% lower than the year earlier period.  Gross profit margins increased to 19.3% in the 2009 second quarter compared to 17.9% for the same period in 2008.  The 2009 second quarter gross profit margin was favorably impacted by the recovery of approximately $4,500,000 of land deposits previously determined to be uncollectible.  In the second quarter of 2008, the Company had recorded a $5,800,000 land deposit impairment charge.  Income before tax from the homebuilding segment totaled $62,872,000 in the 2009 second quarter, a decrease of 21% when compared to the second quarter of the previous year.

Mortgage Banking

Mortgage closed loan production of $487,618,000 for the three months ended June 30, 2009 was 18% lower than the same period last year.  Operating income for the mortgage banking operations during the second quarter of 2009 decreased 3% to $6,957,000, when compared to $7,155,000 reported for the same period of 2008.

Other News

The Company reported that it closed the 2009 second quarter with a cash and cash equivalents and marketable security position of $1,241,630,000.  

Some of the statements in this release made by the Company constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934.  Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “may,” “will,” “should” or “anticipates” or the negative thereof or other variations thereof or comparable terminology, or by discussion of strategies, each of which involves risks and uncertainties.  All statements other than those of historical facts included herein, including those regarding market trends, NVR’s financial position, business strategy, the outcome of pending litigation, projected plans and objectives of management for future operations, are forward-looking statements.  Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements.  Such risk factors include, but are not limited to, general economic and business conditions (on both a national and regional level), interest rate changes, access to suitable financing by NVR and by NVR’s customers, competition, the availability and cost of land and other raw materials used by NVR in its homebuilding operations, shortages of labor, weather related slow downs, building moratoria, governmental regulation, the ability of NVR to integrate any acquired business, fluctuation and volatility of stock and other financial markets, mortgage financing availability and other factors over which NVR has little or no control.  The Company has no obligation to update such forward-looking statements.

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NVR, Inc.

Consolidated Statements of Income

(in thousands, except per share data)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008
Homebuilding:
Revenues	$	612,488		$	941,033		$	1,160,817		$	1,810,902
Other income		1,750			3,701			4,289			10,100
Cost of sales		(494,240	)		(772,369	)		(956,870	)		(1,499,300	)
Selling, general and administrative		(54,664	)		(89,871	)		(114,358	)		(174,037	)
Operating income		65,334			82,494			93,878			147,665
Interest expense		(2,462	)		(3,232	)		(5,236	)		(6,471	)
Homebuilding income		62,872			79,262			88,642			141,194
Mortgage Banking:
Mortgage banking fees		12,943			14,690			23,213			32,752
Interest income		611			869			1,195			1,679
Other income		154			184			243			343
General and administrative		(6,475	)		(8,408	)		(12,233	)		(16,062	)
Interest expense		(276	)		(180	)		(613	)		(314	)
Mortgage banking income		6,957			7,155			11,805			18,398
Income before taxes		69,829			86,417			100,447			159,592
Income tax expense		(28,403	)		(35,085	)		(41,033	)		(64,794	)
Net income	$	41,426		$	51,332		$	59,414		$	94,798
Basic earnings per share	$	7.17		$	9.58		$	10.41		$	17.92
Diluted earnings per share	$	6.79		$	8.64		$	9.85		$	16.10
Basic average shares outstanding		5,777			5,357			5,710			5,290
Diluted average shares outstanding		6,101			5,938			6,032			5,888

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NVR, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)

	June 30, 2009		December 31, 2008
	(unaudited)
ASSETS
Homebuilding:
Cash and cash equivalents	$	582,157	$	1,146,426
Marketable securities		658,362		-
Receivables		9,227		11,594
Inventory:
Lots and housing units, covered under
sales agreements with customers		416,270		335,238
Unsold lots and housing units		38,537		57,639
Manufacturing materials and other		5,763		7,693
		460,570		400,570
Contract land deposits, net		31,664		29,073
Assets not owned, consolidated
per FIN 46R		65,990		114,930
Property, plant and equipment, net		21,660		25,658
Reorganization value in excess of amounts
allocable to identifiable assets, net		41,580		41,580
Other assets, net		224,081		242,626
		2,095,291		2,012,457
Mortgage Banking:
Cash and cash equivalents		1,111		1,217
Mortgage loans held for sale, net		123,177		72,488
Property and equipment, net		586		759
Reorganization value in excess of amounts
allocable to identifiable assets, net		7,347		7,347
Other assets		9,573		8,968
		141,794		90,779
Total assets	$	2,237,085	$	2,103,236

(Continued)

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NVR, Inc.

Consolidated Balance Sheets (Continued)

(in thousands, except share and per share data)

	June 30, 2009			December 31, 2008
	(unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Homebuilding:
Accounts payable	$	142,557		$	137,285
Accrued expenses and other liabilities		163,250			194,869
Liabilities related to assets not owned,
consolidated per FIN 46R		60,687			109,439
Customer deposits		70,163			59,623
Other term debt		2,388			2,530
Senior notes		135,370			163,320
		574,415			667,066
Mortgage Banking:
Accounts payable and other liabilities		17,047			17,842
Notes payable		97,021			44,539
		114,068			62,381
Total liabilities		688,483			729,447
Commitments and contingencies
Shareholders’ equity:
Common stock, $0.01 par value; 60,000,000
shares authorized; 20,559,671 and 20,561,187
shares issued for June 30, 2009 and
December 31, 2008, respectively		206			206
Additional paid-in capital		784,080			722,265
Deferred compensation trust – 270,335 and
514,470 shares of NVR, Inc. common stock for
June 30, 2009 and December 31, 2008,
respectively		(44,307	)		(74,978	)
Deferred compensation liability		44,307			74,978
Retained earnings		3,690,301			3,630,887
Less treasury stock at cost – 14,758,071 and
15,028,335 shares for June 30, 2009 and
December 31, 2008, respectively		(2,925,985	)		(2,979,569	)
Total shareholders’ equity		1,548,602			1,373,789
Total liabilities and shareholders’
equity	$	2,237,085		$	2,103,236

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NVR, Inc.

Operating Activity

(unaudited)

(dollars in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008
Homebuilding data:
New orders (units):
Mid Atlantic (1)		1,421			1,341			2,624			2,633
North East (2)		246			240			481			520
Mid East (3)		746			726			1,447			1,443
South East (4)		315			363			602			805
Total		2,728			2,670			5,154			5,401
Average new order price	$	294.8		$	316.4		$	288.7		$	318.2
Settlements (units):
Mid Atlantic (1)		1,057			1,344			1,985			2,585
North East (2)		197			304			381			549
Mid East (3)		533			639			946			1,256
South East (4)		261			463			509			825
Total		2,048			2,750			3,821			5,215
Average settlement price	$	298.6		$	341.7		$	303.3		$	346.9
Backlog (units):
Mid Atlantic (1)								2,415			2,774
North East (2)								403			476
Mid East (3)								1,232			1,300
South East (4)								447			781
Total								4,497			5,331
Average backlog price							$	296.2		$	341.5
Community count (average)		356			435			357			439
Lots controlled at end of period								44,000			60,500
Mortgage banking data:
Loan closings	$	487,618		$	593,867		$	914,912		$	1,117,405
Capture rate		92	%		84	%		91	%		83	%
Common stock information:
Shares outstanding at end of period								5,801,600			5,424,257

(1) Virginia, West Virginia, Maryland and Delaware

(2) Eastern Pennsylvania and New Jersey

(3) Western Pennsylvania, Kentucky, New York and Ohio

(4) North Carolina, South Carolina and Tennessee

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