Segment Information |
Segment Information We have three homebuilding segments operating in 16 states. Revenues in our homebuilding segments are derived from the sale of homes which we construct and from land and lot sales. Our reportable segments have been determined on a basis that is used internally by management for evaluating segment performance and resource allocations. The reportable homebuilding segments and all other homebuilding operations, not required to be reported separately, include operations conducting business in the following states: West: Arizona, California, Nevada and Texas East: Delaware, Indiana, Maryland, New Jersey, New York, Pennsylvania, Tennessee (Nashville) and Virginia Southeast: Florida, Georgia, North Carolina (Raleigh) and South Carolina Management’s evaluation of segment performance is based on segment operating income. Operating income for our homebuilding segments is defined as homebuilding, land sale and other revenues less home construction, land development and land sales expense, commission expense, depreciation and amortization and certain general and administrative expenses which are incurred by or allocated to our homebuilding segments. The accounting policies of our segments are those described in Note 1 above and Note 1 to our consolidated financial statements in our 2013 Annual Report. | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | March 31, | | March 31, | (In thousands) | 2014 | | 2013 | | 2014 | | 2013 | Revenue | | | | | | | | West | $ | 121,886 |
| | $ | 118,996 |
| | $ | 244,462 |
| | $ | 229,122 |
| East | 83,366 |
| | 117,129 |
| | 190,955 |
| | 213,668 |
| Southeast | 64,769 |
| | 51,777 |
| | 127,774 |
| | 92,014 |
| Total revenue | $ | 270,021 |
| | $ | 287,902 |
| | $ | 563,191 |
| | $ | 534,804 |
|
| | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | March 31, | | March 31, | (In thousands) | 2014 | | 2013 | | 2014 | | 2013 | Operating income (loss) | | | | | | | | West | $ | 14,338 |
| | $ | 10,045 |
| | $ | 30,100 |
| | $ | 18,403 |
| East | 2,994 |
| | 10,313 |
| | 11,229 |
| | 16,501 |
| Southeast | 4,162 |
| | 2,050 |
| | 9,790 |
| | 4,380 |
| Segment total | 21,494 |
| | 22,408 |
| | 51,119 |
| | 39,284 |
| Corporate and unallocated (a) | (15,877 | ) | | (22,097 | ) | | (33,970 | ) | | (42,574 | ) | Total operating income (loss) | $ | 5,617 |
| | $ | 311 |
| | $ | 17,149 |
| | $ | (3,290 | ) |
| | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | March 31, | | March 31, | (In thousands) | 2014 | | 2013 | | 2014 | | 2013 | Depreciation and amortization | | | | | | | | West | $ | 1,304 |
| | $ | 1,185 |
| | $ | 2,686 |
| | $ | 2,207 |
| East | 556 |
| | 900 |
| | 1,248 |
| | 1,583 |
| Southeast | 358 |
| | 339 |
| | 749 |
| | 657 |
| Segment total | 2,218 |
| | 2,424 |
| | 4,683 |
| | 4,447 |
| Corporate and unallocated (a) | 613 |
| | 669 |
| | 1,055 |
| | 1,361 |
| Depreciation and amortization - continuing operations | $ | 2,831 |
| | $ | 3,093 |
| | $ | 5,738 |
| | $ | 5,808 |
|
| | | | | | | | | | Six Months Ended | | March 31, | (In thousands) | 2014 | | 2013 | Capital Expenditures | | | | West | $ | 2,661 |
| | $ | 1,866 |
| East | 1,546 |
| | 611 |
| Southeast | 1,022 |
| | 482 |
| Corporate and unallocated | 1,412 |
| | 910 |
| Consolidated total | $ | 6,641 |
| | $ | 3,869 |
|
| | | | | | | | | (In thousands) | March 31, 2014 | | September 30, 2013 | Assets | | | | West | $ | 709,167 |
| | $ | 680,346 |
| East | 428,398 |
| | 369,937 |
| Southeast | 283,985 |
| | 228,814 |
| Corporate and unallocated (b) | 529,834 |
| | 707,692 |
| Consolidated total | $ | 1,951,384 |
| | $ | 1,986,789 |
|
| | (a) | Corporate and unallocated includes amortization of capitalized interest and numerous shared services functions that benefit all segments, the costs of which are not allocated to the operating segments reported above including information technology, national sourcing and purchasing, treasury, corporate finance, legal, branding and other national marketing costs. |
| | (b) | Primarily consists of cash and cash equivalents, consolidated inventory not owned, deferred taxes, capitalized interest and other items that are not allocated to the segments. |
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