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 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.)

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:

¨ 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 July 19, 2005, NVR, Inc. issued a press release reporting its financial results for the quarter and year-to-date periods ended June 30, 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 July 19, 2005.

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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 20, 2005	By:	/s/ Dennis M. Seremet
	Name:	Dennis M. Seremet
	Title:	Vice President and Chief Financial Officer

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INDEX TO EXHIBITS

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

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EX-99.1

Exhibit 99.1

NVR, INC. ANNOUNCES A 45% INCREASE IN EARNINGS PER SHARE AND 21% NEW ORDER GROWTH FOR THE SECOND QUARTER OF 2005

FOR IMMEDIATE RELEASE	CONTACT: Dan Malzahn
	OFFICE: 703-956-4204

July 19, 2005 — Reston, 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 second quarter ended June 30, 2005 exceeded the 2004 second quarter by 45%. Net income for the 2005 second quarter was $167,649,000, $21.42 per diluted share, compared to net income of $115,970,000, $14.82 per diluted share, for the same period of 2004. Consolidated revenues increased 28% to $1,277,689,000 for the quarter when compared to $1,001,376,000 for the same period of 2004. The Company reported that new orders increased 21% to 4,829 units for the second quarter of 2005 when compared to the second quarter of 2004. Backlog at the end of the period increased 13% to 9,554 units when compared to the same time last year. The dollar value of the backlog units totaled $4,021,893,000 at the end of the June 2005 quarter, a 31% increase from a year earlier.

Homebuilding revenues for the three months ended June 30, 2005, totaled $1,257,248,000, 28% higher than the year earlier period. Income before tax from the homebuilding segment totaled $263,597,000, an increase of 45% when compared to the second quarter of the previous year. Gross profit margins improved to 27.8% for the second quarter of 2005 when compared to 25.3% for the same quarter of 2004. The margin improvement primarily resulted from the ability to raise prices in certain markets that more than offset rising material and land costs.

The Company reported that closed loan production from its mortgage banking segment increased 36% during the June 2005 quarter when compared to the second quarter of 2004. Operating income for the 2005 second quarter increased to $13,510,000, a 21% increase from the same period of 2004.

For the six months ended June 30, 2005, consolidated revenues were $2,231,121,000, 19% higher than the $1,878,169,000 reported for the same period of 2004. Net income for the six months ended June 30, 2005 was $285,579,000, an increase of 32% when compared to the six months ended June 30, 2004. Earnings per diluted share for the six months ended June 30, 2005 was $35.68, an increase of 30% from $27.38 per diluted share for the comparable period of 2004.

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Because of the favorable backlog position at the beginning of the third quarter the Company has increased its full year 2005 guidance to 20% growth in net income when compared to 2004. The Company also stated that during the first six months of 2005 it had repurchased approximately 506,000 shares of its common stock.

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

(in thousands, except per share data)

	Three Months Ended June 30, 2005			Three Months Ended June 30, 2004
Homebuilding:
Revenues	$	1,257,248		$	984,833
Other income		874			681
Cost of sales		(907,284	)		(735,978	)
Selling, general and administrative		(84,235	)		(64,341	)
Operating income		266,603			185,195
Interest expense		(3,006	)		(3,038	)
Homebuilding income		263,597			182,157
Mortgage Banking:
Mortgage banking fees		20,441			16,543
Interest income		868			949
Other income		372			276
General and administrative		(7,893	)		(6,270	)
Interest expense		(278	)		(371	)
Mortgage banking income		13,510			11,127
Income before taxes		277,107			193,284
Income tax expense		(109,458	)		(77,314	)
Net income	$	167,649		$	115,970
Basic earnings per share	$	26.31		$	17.91
Diluted earnings per share	$	21.42		$	14.82
Basic average shares outstanding		6,372			6,475
Diluted average shares outstanding		7,825			7,825

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NVR, Inc.

Consolidated Statements of Income

(in thousands, except per share data)

	Six Months Ended June 30, 2005			Six Months Ended June 30, 2004
Homebuilding:
Revenues	$	2,196,500		$	1,845,518
Other income		2,933			1,327
Cost of sales		(1,586,831	)		(1,378,989	)
Selling, general and administrative		(156,650	)		(122,823	)
Operating income		455,952			345,033
Interest expense		(5,930	)		(5,953	)
Homebuilding income		450,022			339,080
Mortgage Banking:
Mortgage banking fees		34,621			32,651
Interest income		1,784			1,902
Other income		587			445
General and administrative		(14,529	)		(12,482	)
Interest expense		(453	)		(617	)
Mortgage banking income		22,010			21,899
Income before taxes		472,032			360,979
Income tax expense		(186,453	)		(144,392	)
Net income	$	285,579		$	216,587
Basic earnings per share	$	43.84		$	33.15
Diluted earnings per share	$	35.68		$	27.38
Basic average shares outstanding		6,515			6,533
Diluted average shares outstanding		8,004			7,911

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NVR, Inc.

Consolidated Balance Sheets

(in thousands, except per share and share data)

	June 30, 2005		December 31, 2004
	(unaudited)
ASSETS
Homebuilding:
Cash and cash equivalents	$	259,804	$	362,458
Receivables		36,346		14,020
Inventory:
Lots and housing units, covered under sales agreements with customers		754,876		538,770
Unsold lots and housing units		42,419		40,052
Manufacturing materials and other		12,098		9,718
		809,393		588,540
Contract land deposits		478,774		384,959
Assets not owned, consolidated per FIN 46R		163,114		89,924
Property, plant and equipment, net		25,556		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		437		—
Other assets		118,876		109,778
		1,944,459		1,622,968
Mortgage Banking:
Cash and cash equivalents		5,275		4,907
Mortgage loans held for sale, net		153,614		138,595
Mortgage servicing rights, net		105		126
Property and equipment, net		925		996
Reorganization value in excess of amounts allocable to identifiable assets, net		7,347		7,347
Other assets		2,886		3,028
		170,152		154,999
Total assets	$	2,114,611	$	1,777,967

(Continued)

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NVR, Inc.

Consolidated Balance Sheets (Continued)

(in thousands, except per share and share data)

	June 30, 2005			December 31, 2004
	(unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Homebuilding:
Accounts payable	$	240,726		$	215,002
Accrued expenses and other liabilities		294,937			234,815
Liabilities related to assets not owned, consolidated per FIN 46R		130,360			63,568
Customer deposits		287,813			203,835
Other term debt		3,464			4,077
Senior notes		200,000			200,000
		1,157,300			921,297
Mortgage Banking:
Accounts payable and other liabilities		13,149			11,949
Notes payable		127,772			9,726
		140,921			21,675
Total liabilities		1,298,221			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 June 30, 2005 and December 31, 2004, respectively		206			206
Additional paid-in-capital		464,154			406,705
Deferred compensation trust- 547,697 and 549,029 shares of NVR, Inc. common stock as of June 30, 2005 and December 31, 2004, respectively		(76,303	)		(76,366	)
Deferred compensation liability		76,303			76,366
Retained earnings		2,196,648			1,911,069
Less treasury stock at cost – 14,247,194 and 14,023,631 shares as of June 30, 2005 and December 31, 2004, respectively		(1,844,618	)		(1,482,985	)
Total shareholders’ equity		816,390			834,995
Total liabilities and shareholders’ equity	$	2,114,611		$	1,777,967

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NVR, Inc.

Operating Activity

(unaudited)

(dollars in thousands)

	Three Months Ended June 30,
	2005			2004
Homebuilding data:
New orders (units)
Washington (1)		1,348			1,160
Baltimore (2)		603			431
North (3)		1,942			1,572
South (4)		936			838
Total		4,829			4,001
Average new order price	$	408.1		$	360.2
Settlements (units)
Washington (1)		977			764
Baltimore (2)		317			400
North (3)		1,379			1,274
South (4)		743			572
Total		3,416			3,010
Average settlement price	$	366.8		$	326.0
Community count (average)		504			438
Mortgage banking data:
Loan closings	$	857,821		$	628,598
Capture rate		88	%		84	%
Common stock information:
Weighted average basic shares outstanding		6,372,000			6,475,000
Weighted average diluted shares outstanding		7,825,000			7,825,000
Number of shares repurchased		190,700			294,289
Aggregate cost of shares repurchased	$	146,910		$	131,920

(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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NVR, Inc.

Operating Activity

(unaudited)

(dollars in thousands)

	Six Months Ended June 30,
	2005			2004
Homebuilding data:
New orders (units)
Washington (1)		2,259			2,141
Baltimore (2)		1,030			830
North (3)		3,255			2,877
South (4)		1,597			1,471
Total		8,141			7,319
Average new order price	$	405.4		$	352.7
Settlements (units)
Washington (1)		1,606			1,473
Baltimore (2)		658			792
North (3)		2,398			2,405
South (4)		1,369			1,049
Total		6,031			5,719
Average settlement price	$	363.2		$	321.8
Backlog (units)
Washington (1)		3,206			2,906
Baltimore (2)		1,188			922
North (3)		3,606			3,196
South (4)		1,554			1,466
Total		9,554			8,490
Average backlog price	$	421.0		$	361.0
Community count (average)		493			444
Lots controlled at end of period		97,000			75,000
Mortgage banking data:
Loan closings	$	1,472,313		$	1,151,937
Capture rate		88	%		83	%
Common stock information:
Shares outstanding at end of period		6,345,446			6,379,940
Weighted average basic shares outstanding		6,515,000			6,533,000
Weighted average diluted shares outstanding		8,004,000			7,911,000
Number of shares repurchased		506,150			551,619
Aggregate cost of shares repurchased	$	395,316		$	245,857

(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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