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): April 19, 2005

NVR, Inc.

(Exact name of registrant as specified in its charter)

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

7601 Lewinsville Road, Suite 300, McLean, Virginia	22102
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 703-761-2000

(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:

¨ 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 240.133-4(c))

Item 2.02 Results of Operations and Financial Condition

On April 19, 2005, NVR, Inc. issued a press release reporting its financial results for the first quarter ended March 31, 2005. 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 April 19, 2005.

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.

	NVR, Inc.
Date: April 20, 2005	By:	/s/ Paul C. Saville
	Name:	Paul C. Saville
	Title:	Executive Vice President and Chief Financial Officer

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INDEX TO EXHIBITS

Exhibit Number	Exhibit Description
99.1	Press release dated April 19, 2005.

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EX-99.1

Exhibit 99.1

NVR, INC. ANNOUNCES A 14% INCREASE IN EARNINGS PER SHARE FOR THE FIRST QUARTER OF 2005

FOR IMMEDIATE RELEASE	CONTACT: Dan Malzahn
	OFFICE: 703-761-2137

April 19, 2005 – McLean, VA – NVR, Inc. (AMEX: NVR), one of the nation’s largest homebuilding and mortgage banking companies, today announced that diluted earnings per share for its first quarter ended March 31, 2005 exceeded the 2004 first quarter by 14% and net income increased 17%. Net income for the 2005 quarter was $117,930,000, $14.38 per diluted share, compared to net income of $100,617,000, $12.58 per diluted share, for the same period of 2004. Total revenues increased 9% to $956,622,000 for the quarter when compared to $878,561,000 for the same period of 2004.

Homebuilding revenues for the first three months of 2005 totaled $939,252,000, an increase of 9% over the same period of 2004. Income before tax from the homebuilding segment totaled $186,425,000, an increase of 19% when compared to the first quarter of the prior year. Gross profit margins for the three months ended March 31, 2005 were 27.7% compared to 25.3% for the 2004 first quarter. The margin improvement primarily resulted from the ability to raise prices in certain markets that more than offset rising land and material costs. New orders for the first quarter of 2005 totaled 3,312 units, flat with the 3,318 units reported for the 2004 first quarter. Home settlements for the current quarter decreased 3% to 2,615 units when compared to the same quarter of 2004. Development delays impacted our ability to settle homes in the quarter. The Company’s backlog of homes sold but not settled at the end of the 2005 quarter increased on a unit basis by 9% to 8,141 units and 27% on a dollar basis to $3,306,804,000 when compared to the same period last year.

Closed loan production increased 17% to $614,492,000 during the March 2005 quarter when compared to the first quarter of 2004. Mortgage banking operating income totaled $8,500,000 for the first quarter of 2005, a decrease of 21% when compared to $10,772,000 reported for the same period of 2004. The reduction is primarily due to a shift in product mix from fixed rate mortgages to adjustable rate mortgages and brokered mortgages, both of which are generally less profitable than fixed rate mortgage products.

Due to the favorable backlog position at the beginning of the second quarter, the Company reiterated its full year 2005 guidance of approximately 15% growth in net income over 2004.

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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 1993, 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, 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, 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 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

(amounts in thousands, except per share data)

(unaudited)

	Three Months Ended March 31, 2005			Three Months Ended March 31, 2004
Homebuilding:
Revenues	$	939,252		$	860,685
Other income		2,059			646
Cost of sales		(679,547	)		(643,011	)
Selling, general and administrative		(72,415	)		(58,482	)
Operating income		189,349			159,838
Interest expense		(2,924	)		(2,915	)
Homebuilding income		186,425			156,923
Mortgage Banking:
Mortgage banking fees		14,180			16,108
Interest income		916			953
Other income		215			169
General and administrative		(6,636	)		(6,212	)
Interest expense		(175	)		(246	)
Mortgage banking income		8,500			10,772
Income before taxes		194,925			167,695
Income tax expense		(76,995	)		(67,078	)
Net income	$	117,930		$	100,617
Basic earnings per share	$	17.71		$	15.27
Diluted earnings per share	$	14.38		$	12.58
Basic average shares outstanding		6,659			6,591
Diluted average shares outstanding		8,200			7,997

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NVR, Inc.

Consolidated Balance Sheets

(dollars in thousands, except per share data)

	March 31, 2005		December 31, 2004
	(unaudited)
ASSETS
Homebuilding:
Cash and cash equivalents	$	248,839	$	362,458
Receivables		17,119		14,020
Inventory:
Lots and housing units, covered under sales agreements with customers		640,339		538,770
Unsold lots and housing units		47,588		40,052
Manufacturing materials and other		4,453		9,718
		692,380		588,540
Contract land deposits		418,482		384,959
Assets not owned, consolidated per FIN 46R		144,255		89,924
Property, plant and equipment, net		25,299		25,330
Reorganization value in excess of amounts allocable to identifiable assets, net		41,580		41,580
Goodwill and indefinite life intangibles, net		10,579		6,379
Definite life intangibles, net		469		—
Other assets		115,890		109,778
		1,714,892		1,622,968
Mortgage Banking:
Cash and cash equivalents		4,860		4,907
Mortgage loans held for sale, net		113,991		138,595
Mortgage servicing rights, net		114		126
Property and equipment, net		930		996
Reorganization value in excess of amounts allocable to identifiable assets, net		7,347		7,347
Other assets		2,392		3,028
		129,634		154,999
Total assets	$	1,844,526	$	1,777,967

(Continued)

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NVR, Inc.

Consolidated Balance Sheets (Continued)

(dollars in thousands, except per share data)

	March 31, 2005			December 31, 2004
	(unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Homebuilding:
Accounts payable	$	205,106		$	215,002
Accrued expenses and other liabilities		204,222			234,815
Liabilities related to assets not owned, consolidated per FIN 46R		111,571			63,568
Customer deposits		230,580			203,835
Other term debt		3,983			4,077
Senior notes		200,000			200,000
		955,462			921,297
Mortgage Banking:
Accounts payable and other liabilities		4,715			11,949
Notes payable		98,378			9,726
		103,093			21,675
Total liabilities		1,058,555			942,972
Commitments and contingencies
Shareholders’ equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,592,640 and 20,597,709 shares issued as of March 31, 2005 and December 31, 2004, respectively		206			206
Additional paid-in-capital		458,249			406,705
Deferred compensation trust- 547,697 and 549,029 shares as of March 31, 2005 and December 31, 2004, respectively of NVR, Inc. common stock		(76,303	)		(76,366	)
Deferred compensation liability		76,303			76,366
Retained earnings		2,028,999			1,911,069
Less treasury stock at cost – 14,085,765 and 14,023,631 shares at March 31, 2005 and December 31, 2004, respectively		(1,701,483	)		(1,482,985	)
Total shareholders’ equity		785,971			834,995
Total liabilities and shareholders’ equity	$	1,844,526		$	1,777,967

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NVR, Inc.

Operating Activity

(dollars in thousands)

(unaudited)

	Three Months Ended March 31,
	2005			2004
Homebuilding data:
New orders (units)
Washington (1)		911			981
Baltimore (2)		427			399
North (3)		1,313			1,305
South (4)		661			633
Total		3,312			3,318
Average new order price	$	401.4		$	343.6
Settlements (units)
Washington (1)		629			709
Baltimore (2)		341			392
North (3)		1,019			1,131
South (4)		626			477
Total		2,615			2,709
Average settlement price	$	358.7		$	317.0
Backlog (units)
Washington (1)		2,835			2,536
Baltimore (2)		902			968
North (3)		3,043			2,795
South (4)		1,361			1,200
Total		8,141			7,499
Average backlog price	$	406.2		$	347.4
Community count (average)		481			451
Lots controlled at end of period		88,600			70,800
Mortgage banking data:
Loan closings	$	614,492		$	523,339
Capture rate		87	%		81	%
Common stock information:
Shares outstanding at end of period		6,506,875			6,635,000
Weighted average basic shares outstanding		6,659,000			6,591,000
Weighted average diluted shares outstanding		8,200,000			7,997,000
Number of shares repurchased		315,450			257,330
Aggregate cost of shares repurchased	$	248,406		$	113,937

(1) Washington, D.C. metropolitan area and adjacent counties in Maryland, Virginia and West Virginia

(2) Baltimore, MD metropolitan area and adjacent counties in Pennsylvania

(3) Delaware, Maryland Eastern Shore, New Jersey, New York, Ohio and Pennsylvania

(4) North Carolina, South Carolina, Tennessee and Richmond, VA

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