July 25, 2007

M.D.C. Holdings Announces Second Quarter 2007 Results

- Net loss of $106.1 million; diluted loss per share of $2.32 - Pre-tax loss of $171.0 million; includes asset impairments and project cost write-offs of $167.5 million - Cash flow from operations of $50.0 million; $674.6 million over last 12 months - Quarter-end cash of $668 million; no borrowings on homebuilding line of credit - Ending cash and available borrowing capacity of $1.89 billion - Only 423 finished speculative homes in inventory at quarter-end - Total revenue of $716.7 million; $1.23 billion in 2006 - Closed 2,031 homes at an average selling price of $338,700 - Net orders for 1,970 homes with an estimated value of $653.0 million

DENVER, July 25, 2007 /PRNewswire-FirstCall via COMTEX News Network/ --

M.D.C. Holdings, Inc. (NYSE: MDC) today announced a net loss for the quarter ended June 30, 2007 of $106.1 million, or $2.32 per diluted share, which included pre-tax charges of $161.1 million for asset impairments and $6.4 million for write-offs of deposits and pre-acquisition costs associated with land option contracts the Company does not intend to pursue. Net income for the second quarter of 2006 was $76.5 million, or $1.66 per diluted share, including pre-tax charges of $12.1 million for write-offs of deposits and pre-acquisition costs. Total revenue for the second quarter was $716.7 million, compared with revenue of $1.23 billion for the same period in 2006.

Net loss for the six months ended June 30, 2007 was $200.5 million, or $4.40 per diluted share, which included pre-tax charges of $302.5 million for asset impairments and $10.5 million for write-offs of deposits and pre-acquisition costs associated with land option contracts the Company does not intend to pursue. Net income for the first six months of 2006 was $171.9 million, or $3.74 per diluted share, including pre-tax charges of $15.8 million for write-offs of deposits and pre-acquisition costs. Total revenue for the 2007 first six months was $1.46 billion, compared with revenue of $2.38 billion for the same period in 2006.

Larry A. Mizel, MDC's chairman and chief executive officer, stated, "While industry conditions deteriorated further in all of our markets throughout the 2007 second quarter, we made significant strides, both operationally and financially, in positioning our Company to take advantage of opportunities that may be presented when these markets begin to stabilize and recover."

Mizel concluded, "Our continuing focus on conforming our operating and administrative infrastructure to changes in demand levels in each of our markets resulted in a year-over-year reduction in our total second quarter general and administrative expense of more than $35 million. Adding to the strength of our investment grade balance sheet, we reduced our lot supply by 15% in the second quarter alone, which enabled us to generate almost $160 million in cash flow from a decrease in our land inventory. At the same time, we minimized our incremental investment in work-in-process inventory by closely monitoring our supply of unsold homes. The combination of these efforts enabled us to generate $50 million in operating cash flow this quarter, raising our cumulative total over the last twelve months to $675 million. As a result, we ended the quarter with $668 million in cash and no borrowings under our $1.25 billion homebuilding line of credit, contributing to a 44% year-over-year increase in our cash and available borrowing capacity."

Homebuilding Results

Homebuilding loss before taxes for the quarter and six months ended June 30, 2007 was $171.3 million and $310.3 million, respectively, compared with income before taxes of $132.5 million and $303.4 million for the same periods in 2006. The pre-tax differences were driven in large part by the asset impairment charges discussed above, as well as significant declines in home closings and home gross margins from the second quarter and six month levels achieved during the same periods in 2006. These income decreases were offset partially by the impact of reduced homebuilding commissions, marketing, general and administrative expense ("SG&A").

The Company closed 2,031 homes and produced home gross margins of 14.1% in the 2007 second quarter, compared with 3,376 home closings and home gross margins of 23.3% for the comparable period in 2006. For the six months ended June 30, 2007, the Company closed 4,032 homes and produced home gross margins of 15.0%, compared with 6,574 home closings and 25.1% home gross margins for the six months ended June 30, 2006. Average selling prices were $338,700 and $347,100, respectively, for the quarter and six months ended June 30, 2007, down $13,400 and $3,600 from the same periods in 2006. Homebuilding SG&A decreased to $111.6 million and $224.9 million, respectively, for the three and six months ended June 30, 2007, compared with $147.8 million and $281.3 million for the same periods in the prior year.

Paris G. Reece III, MDC's executive vice president and chief financial officer, said, "In the 2007 second quarter, we recognized impairments to land inventory and work-in-process inventory of $123 million and $38 million, respectively, as the high level of competition for new home orders caused us to reduce prices, increase incentives and, as a result, decrease our performance expectations with respect to certain subdivisions. As in the prior three quarters, the largest impairments occurred in California, which accounted for almost 50% of the total charge. Outside of California, the impairments occurred primarily in Arizona, Nevada, Florida and Colorado. In total, more than 4,400 lots in 83 subdivisions were impaired. The quarter-end book value of the impaired subdivisions after the impairments was $448 million, including $190 million of land and $258 million of work-in- process. Over the last twelve months, we have impaired approximately 40% of the 21,000 lots we owned at the end of our 2007 second quarter."

Financial Services and Other Results

Income before taxes from the Company's Financial Services and Other segment for the quarter and six months ended June 30, 2007 was $4.2 million and $11.8 million, respectively, compared with $11.0 million and $22.2 million for the same periods in the previous year. The decrease for both periods primarily resulted from lower gains on sales of mortgage loans, as the dollar volumes of mortgage loan originations and mortgage loans sold declined in line with builder home closings. Additionally, in an effort to reduce its exposure to the risks inherent in holding mortgage loans, the Company shifted to a less profitable loan sales strategy during the quarter.

Home Orders and Backlog

MDC received orders, net of cancellations, for 1,970 homes with an estimated sales value of $653 million during the 2007 second quarter, compared with net orders for 2,738 homes with an estimated sales value of $914 million during the same period in 2006. For the six months ended June 30, 2007, the Company received net orders for 4,528 homes with a sales value of $1.56 billion, compared with 6,538 homes with a sales value of $2.27 billion for the six months ended June 30, 2006. Net home orders in the 2007 second quarter declined year-over-year in all of the Company's markets except Illinois, with the largest unit decreases occurring in the Mountain and West homebuilding segments. During the second quarter and first six months of 2007, the Company's approximate order cancellation rates of 44% and 39%, respectively, were consistent with the 43% and 37% rates experienced during the same periods in 2006. The Company ended the second quarter of 2007 with a backlog of 4,134 homes with an estimated sales value of $1.48 billion, compared with a backlog of 6,496 homes with an estimated sales value of $2.44 billion at June 30, 2006.

MDC, whose subsidiaries build homes under the name "Richmond American Homes," is one of the top ten homebuilders in the United States, based on 2006 revenue. The Company also provides mortgage financing, primarily for MDC's homebuyers, through its wholly owned subsidiary HomeAmerican Mortgage Corporation. MDC, a Fortune 500 Company, is a major regional homebuilder with a significant presence in Colorado, Jacksonville, Las Vegas, Maryland, Northern California, Northern Virginia, Phoenix, Salt Lake City, Southern California and Tucson. MDC also has established operating divisions in Chicago, Philadelphia/Delaware Valley and West Florida. For more information about our Company, please visit RichmondAmerican.com.

Forward-Looking Statements

Certain statements in this release, including statements regarding our business, financial condition, results of operation, cash flows, strategies and prospects, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic and business conditions, including changes in cancellation rates, net home orders, home gross margins, and land and home values; (2) changes in interest rates and mortgage lending programs; (3) the relative stability of debt and equity markets; (4) competition; (5) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (6) the availability and cost of performance bonds and insurance covering risks associated with our business; (7) shortages and the cost of labor; (8) weather related slowdowns; (9) slow growth initiatives; (10) building moratoria; (11) governmental regulation, including the interpretation of tax, labor and environmental laws; (12) changes in consumer confidence and preferences; (13) required accounting changes; (14) terrorist acts and other acts of war; and (15) other factors over which the Company has little or no control. Additional information about the risks and uncertainties applicable to the Company's business is contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2006 and Form 10-Q for the quarter ended March 31, 2007, which were filed with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. The Company undertakes no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.



                            M.D.C. HOLDINGS, INC.
                    Consolidated Statements of Operations
                   (In thousands, except per share amounts)
                                 (Unaudited)

                                  Three Months Ended       Six Months Ended
                                       June 30,                June 30,
                                   2007        2006        2007        2006
    REVENUE

       Home sales revenue        $687,813  $1,188,561  $1,399,613  $2,305,716
       Land sales revenue           3,417      13,639       9,451      15,476
       Other revenue               25,478      29,781      52,768      56,214
             Total Revenue        716,708   1,231,981   1,461,832   2,377,406

    COSTS AND EXPENSES

       Home cost of sales         590,564     911,707   1,189,763   1,726,557
       Land cost of sales           2,181      13,140       7,288      14,914
       Asset impairments          161,050         260     302,472         860
       Marketing expenses          29,371      31,568      58,450      60,603
       Commission expenses         24,380      37,394      47,630      70,237
       General and administrative
        expenses                   80,090     115,551     170,747     226,816
       Related party expenses         100         127         191       2,704
             Total Costs and
              Expenses            887,736   1,109,747   1,776,541   2,102,691

    (Loss) income before income
     taxes                       (171,028)    122,234    (314,709)    274,715

    Benefit from (provision for)
     income taxes                  64,956     (45,743)    114,239    (102,803)

    NET (LOSS) INCOME           $(106,072)    $76,491   $(200,470)   $171,912

    (LOSS) EARNINGS PER SHARE
          Basic                    $(2.32)      $1.70      $(4.40)      $3.83
          Diluted                  $(2.32)      $1.66      $(4.40)      $3.74

    WEIGHTED-AVERAGE SHARES
          Basic                    45,722      44,939      45,612      44,880
          Diluted                  45,722      45,972      45,612      45,967

    DIVIDENDS DECLARED PER SHARE    $0.25       $0.25       $0.50       $0.50



                            M.D.C. HOLDINGS, INC.
                         Consolidated Balance Sheets
              (In thousands, except share and per share amounts)
                                 (Unaudited)


                                                  June 30,        December 31,
                                                    2007              2006
    ASSETS
       Cash and cash equivalents                  $668,379          $507,947
       Restricted cash                               2,176             2,641
       Home sales and other receivables             87,823           143,936
       Mortgage loans held in inventory, net       125,717           212,903
       Inventories
          Housing completed or under
           construction                          1,273,042         1,178,671
          Land and land under development        1,061,884         1,575,158
       Property and equipment, net                  38,983            44,606
       Deferred income taxes                       229,291           124,880
       Prepaid expenses and other assets, net       98,406           119,133

                 Total Assets                   $3,585,701        $3,909,875

    LIABILITIES
       Accounts payable                           $161,208          $171,005
       Accrued liabilities                         361,154           418,953
       Income taxes payable                              -            28,485
       Related party liabilities                       701             2,401
       Homebuilding line of credit                       -                 -
       Mortgage line of credit                      99,411           130,467
       Senior notes, net                           996,883           996,682

                 Total Liabilities               1,619,357         1,747,993

    COMMITMENTS AND CONTINGENCIES                        -                 -

    STOCKHOLDERS' EQUITY
      Preferred stock, $0.01 par value;
       25,000,000 shares authorized; none
       issued or outstanding                             -                 -
      Common stock, $0.01 par value;
       250,000,000 shares authorized;
       45,866,000 and 45,841,000
       issued and outstanding, respectively,
       at June 30, 2007 and 45,179,000
       and 45,165,000 issued and outstanding,
       respectively, at December 31, 2006              458               452
      Additional paid-in capital                   788,316           760,831
      Retained earnings                          1,179,232         1,402,261
      Accumulated other comprehensive loss          (1,003)           (1,003)
      Less treasury stock, at cost; 25,000
       and 14,000 shares, respectively, at
       June 30, 2007 and December 31, 2006            (659)             (659)
                 Total Stockholders' Equity      1,966,344         2,161,882

                 Total Liabilities and
                  Stockholders' Equity          $3,585,701        $3,909,875



                            M.D.C. HOLDINGS, INC.
                           Information on Segments
                            (Dollars in thousands)
                                 (Unaudited)

                                  Three Months Ended       Six Months Ended
                                       June 30,                June 30,
                                   2007        2006        2007        2006
    REVENUE
        Homebuilding
            West                 $433,049    $720,530    $887,703  $1,407,776
            Mountain              134,670     187,724     279,861     350,914
            East                   71,800     160,534     133,155     307,715
            Other Homebuilding     58,971     142,859     123,831     268,746

                Total
                 Homebuilding     698,490   1,211,647   1,424,550   2,335,151

        Financial Services and
         Other                     13,614      26,673      33,184      50,315
        Corporate                   9,029         183      14,462         615
        Inter-company Adjustments  (4,425)     (6,522)    (10,364)     (8,675)

            Consolidated         $716,708  $1,231,981  $1,461,832  $2,377,406

    (LOSS) INCOME BEFORE INCOME TAXES
        Homebuilding
            West                $(139,239)    $98,817   $(264,630)   $220,880
            Mountain               (6,828)      7,228       4,143      15,863
            East                   (6,784)     26,462     (11,170)     61,780
            Other Homebuilding    (18,487)         15     (38,618)      4,897

                Total
                 Homebuilding    (171,338)    132,522    (310,275)    303,420

        Financial Services and
         Other                      4,241      10,988      11,758      22,172
        Corporate                  (3,931)    (21,276)    (16,192)    (50,877)

            Consolidated        $(171,028)   $122,234   $(314,709)   $274,715

    ASSET IMPAIRMENTS
        West                     $132,730        $-      $254,634        $-
        Mountain                    9,123         -         9,777         -
        East                        5,865         -         8,432         -
        Other Homebuilding         13,332         260      29,629         860

            Total Homebuilding   $161,050        $260    $302,472        $860

        Realized Benefit of
         Prior-Period Asset
          Impairments             $18,793        $-       $28,006        $-



                                 June 30,  December 31,
                                   2007        2006
    TOTAL ASSETS
        West                   $1,438,028  $1,869,442
        Mountain                  545,487     535,554
        East                      313,380     333,902
        Other Homebuilding        208,654     266,326

            Total Homebuilding  2,505,549   3,005,224

        Financial Services
         and Other                196,655     284,791
        Corporate                 924,354     657,917
        Inter-company             (40,857)    (38,057)

            Consolidated       $3,585,701  $3,909,875



                            M.D.C. HOLDINGS, INC.
                           Selected Financial Data
                            (Dollars in thousands)
                                 (Unaudited)

                                        Three Months Ended
                                             June 30,              Change
                                         2007        2006      Amount     %
    SELECTED FINANCIAL DATA

       General and Administrative
        Expenses
             Homebuilding Operations     $57,859     $78,821   $(20,962) -27%
             Financial Services and
              Other Operations            $9,367     $15,397    $(6,030) -39%
             Corporate (1)               $12,964     $21,459    $(8,495) -40%

       SG&A as a % of Home Sales
        Revenue
             Homebuilding Operations       16.2%       12.4%       3.8%
             Corporate (1)                  1.9%        1.8%       0.1%

       Depreciation and Amortization     $10,397     $14,881    $(4,484) -30%

       Home Gross Margins (2)              14.1%       23.3%      -9.2%

       Cash Provided by (Used in)
        Operating Activities             $49,999     $(3,828)   $53,827
       Cash Used in Investing
        Activities                       $(1,345)    $(2,693)    $1,348
       Cash Used in Financing
        Activities                      $(10,956)   $(67,734)   $56,778

       Ending Unrestricted Cash and
        Available Borrowing Capacity  $1,888,793  $1,311,515   $577,278   44%

       Corporate and Homebuilding
        Interest
           Interest Capitalized During
            the Period                   $14,435     $15,006      $(571)  -4%
           Interest Included in Home
            Cost of Sales for the Period $12,258     $13,659    $(1,401) -10%
           Interest in Home Cost of
            Sales as a % of Home Sales
            Revenue                         1.8%        1.2%       0.6%
           Interest Capitalized in
            Inventories at End of Period $53,988     $48,569     $5,419   11%



                                         Six Months Ended
                                             June 30,             Change
                                          2007      2006      Amount      %
    SELECTED FINANCIAL DATA

       General and Administrative
        Expenses
             Homebuilding Operations    $118,858   $150,503   $(31,645)  -21%
             Financial Services and
              Other Operations           $21,425    $27,525    $(6,100)  -22%
             Corporate (1)               $30,655    $51,492   $(20,837)  -40%

       SG&A as a % of Home Sales Revenue
             Homebuilding Operations       16.1%      12.2%       3.9%
             Corporate (1)                  2.2%       2.2%       0.0%

       Depreciation and Amortization     $22,217    $28,509    $(6,292)  -22%

       Home Gross Margins (2)              15.0%      25.1%     -10.1%

       Cash Provided by (Used in)
        Operating Activities            $199,322  $(112,271)  $311,593
       Cash Used in Investing
        Activities                       $(2,055)   $(4,331)    $2,276
       Cash Used in Financing
        Activities                      $(36,835)   $(6,445)  $(30,390)

       Ending Unrestricted Cash and
        Available Borrowing Capacity

       Corporate and Homebuilding
        Interest
           Interest Capitalized During
            the Period                   $28,876    $29,843      $(967)   -3%
           Interest Included in Home
            Cost of Sales for the Period $25,543    $23,273     $2,270    10%
           Interest in Home Cost of
            Sales as a % of Home Sales
            Revenue                         1.8%       1.0%       0.8%
           Interest Capitalized in
            Inventories at End of Period


    (1) Includes related party expenses.

    (2) Home sales revenue less home cost of sales (excluding commissions,
        amortization of deferred marketing, project cost write offs and asset
        impairments) as a percent of home sales revenue.



                            M.D.C. HOLDINGS, INC.
                           Selected Financial Data
                            (Dollars in thousands)
                                 (Unaudited)

                                         Three Months Ended
                                              June 30,            Change
                                           2007      2006     Amount      %
    HOMEAMERICAN OPERATING ACTIVITIES
       Principal Amount of Mortgage
           Loans Originated              $293,544  $604,419  $(310,875)  -51%
       Principal Amount of Mortgage
           Loans Brokered                $127,892  $171,847   $(43,955)  -26%

       Capture Rate                           52%       59%        -7%
          Including Brokered Loans            72%       75%        -3%

       Mortgage Products (% of Loans
        Originated)
          Fixed Rate                          83%       49%        34%
          Adjustable Rate - Interest
           Only                               14%       43%       -29%
          Adjustable Rate - Other              3%        8%        -5%

          Prime Loans (3)                     86%       61%        25%
          Alt-A Loans (4)                      5%       33%       -28%
          Government Loans (5)                 9%        4%         5%
          Sub-Prime Loans (6)                  0%        2%        -2%



                                          Six Months Ended
                                              June 30,              Change
                                          2007       2006      Amount     %
    HOMEAMERICAN OPERATING ACTIVITIES
       Principal Amount of Mortgage
           Loans Originated             $644,577  $1,130,650  $(486,073) -43%
       Principal Amount of Mortgage
           Loans Brokered               $246,233    $329,090   $(82,857) -25%

       Capture Rate                          55%         57%        -2%
          Including Brokered Loans           74%         73%         1%

       Mortgage Products (% of Loans
        Originated)
          Fixed Rate                         76%         49%        27%
          Adjustable Rate - Interest
           Only                              20%         44%       -24%
          Adjustable Rate - Other             4%          7%        -3%

          Prime Loans (3)                    73%         64%         9%
          Alt-A Loans (4)                    20%         30%       -10%
          Government Loans (5)                7%          4%         3%
          Sub-Prime Loans (6)                 0%          2%        -2%


    (3)  Prime loans are defined as loans with Fair, Isaac and Company
         ("FICO") scores greater than 620 and that comply in all ways with the
         documentation standards of the government sponsored enterprise
         guidelines.

    (4)  Alt-A loans are defined as loans that would otherwise qualify as
         prime loans except that they do not comply in all ways with the
         government sponsored enterprise guidelines.

    (5)  Government loans are loans either insured by the Federal Housing
         Administration or guaranteed by the Department of Veteran Affairs.

    (6)  Sub-prime loans are loans that have FICO scores of less than or equal
         to 620.



                            M.D.C. HOLDINGS, INC.
                        Homebuilding Operational Data
                            (Dollars in thousands)
                                 (Unaudited)


                                              June 30,  December 31,  June 30,
                                                2007        2006        2006
    HOMES COMPLETED OR UNDER CONSTRUCTION
        Unsold Homes Under Construction -
         Final                                   423         476         279
        Unsold Homes Under Construction -
         Frame                                   690         573         781
        Unsold Homes Under Construction -
         Foundation                              382         400         395
            Total Unsold Homes Under
             Construction                      1,495       1,449       1,455
        Sold Homes Under Construction          3,095       2,430       4,699
        Model Homes                              764         757         720
            Homes Completed or Under
             Construction                      5,354       4,636       6,874

    LOTS OWNED (excluding homes completed
     or under construction)
        Arizona                                4,771       6,368       7,477
        California                             2,182       2,802       3,391
        Nevada                                 2,038       2,747       3,619
            West                               8,991      11,917      14,487
        Colorado                               3,052       3,479       3,390
        Utah                                     933       1,185       1,159
            Mountain                           3,985       4,664       4,549
        Maryland                                 389         528         558
        Virginia                                 542         643         822
            East                                 931       1,171       1,380
        Delaware Valley                          212         265         372
        Florida                                  907       1,093       1,307
        Illinois                                 233         287         312
        Texas                                    -            13          77
            Other Homebuilding                 1,352       1,658       2,068
                 Total                        15,259      19,410      22,484

    LOTS UNDER OPTION
        Arizona                                  548         744       2,506
        California                               157         387       1,510
        Nevada                                     4         250         568
            West                                 709       1,381       4,584
        Colorado                                 312         801       1,785
        Utah                                      93          91         553
            Mountain                             405         892       2,338
        Maryland                                 925         960       1,156
        Virginia                               1,894       2,381       2,642
            East                               2,819       3,341       3,798
        Delaware Valley                          741         683         966
        Florida                                1,073       1,800       2,367
        Illinois                                 -           -           139
        Texas                                    -           -           -
            Other Homebuilding                 1,814       2,483       3,472
                 Total                         5,747       8,097      14,192

        Non-refundable Option Deposits
            Cash                             $11,009     $20,228     $37,993
            Letters of Credit                 11,850      14,224      17,640
                Total Non-refundable
                 Option Deposits             $22,859     $34,452     $55,633



                            M.D.C. HOLDINGS, INC.
                        Homebuilding Operational Data
                            (Dollars in thousands)
                                 (Unaudited)

                                           Three Months Ended
                                                June 30,         Change
                                             2007     2006    Amount    %
    HOMES CLOSED (UNITS)
        Arizona                               645      843     (198)  -23%
        California                            266      405     (139)  -34%
        Nevada                                405      738     (333)  -45%
            West                            1,316    1,986     (670)  -34%
        Colorado                              200      421     (221)  -52%
        Utah                                  178      201      (23)  -11%
            Mountain                          378      622     (244)  -39%
        Maryland                               61      112      (51)  -46%
        Virginia                               76      171      (95)  -56%
            East                              137      283     (146)  -52%
        Delaware Valley                        35       41       (6)  -15%
        Florida                               138      255     (117)  -46%
        Illinois                               13       37      (24)  -65%
        Texas                                  14      152     (138)  -91%
            Other Homebuilding                200      485     (285)  -59%
                 Total                      2,031    3,376   (1,345)  -40%

    AVERAGE SELLING PRICES PER HOME CLOSED
        Arizona                            $253.1   $313.6   $(60.5)  -19%
        California                          534.6    574.5    (39.9)   -7%
        Colorado                            326.5    308.3     18.2     6%
        Delaware Valley                     439.9    387.5     52.4    14%
        Florida                             260.1    293.5    (33.4)  -11%
        Illinois                            412.0    374.5     37.5    10%
        Maryland                            513.4    573.9    (60.5)  -11%
        Nevada                              304.2    320.9    (16.7)   -5%
        Texas                               126.3    166.8    (40.5)  -24%
        Utah                                369.2    291.5     77.7    27%
        Virginia                            497.8    573.3    (75.5)  -13%
            Company Average                $338.7   $352.1   $(13.4)   -4%



                                            Six Months Ended
                                                June 30,         Change
                                             2007     2006    Amount    %
    HOMES CLOSED (UNITS)
        Arizona                             1,297    1,621     (324)  -20%
        California                            594      869     (275)  -32%
        Nevada                                718    1,413     (695)  -49%
            West                            2,609    3,903   (1,294)  -33%
        Colorado                              364      820     (456)  -56%
        Utah                                  406      374       32     9%
            Mountain                          770    1,194     (424)  -36%
        Maryland                              110      186      (76)  -41%
        Virginia                              144      348     (204)  -59%
            East                              254      534     (280)  -52%
        Delaware Valley                        81       72        9    13%
        Florida                               266      507     (241)  -48%
        Illinois                               27       73      (46)  -63%
        Texas                                  25      291     (266)  -91%
            Other Homebuilding                399      943     (544)  -58%
                 Total                      4,032    6,574   (2,542)  -39%

    AVERAGE SELLING PRICES PER HOME CLOSED
        Arizona                            $257.8   $300.0   $(42.2)  -14%
        California                          537.6    552.5    (14.9)   -3%
        Colorado                            338.2    302.6     35.6    12%
        Delaware Valley                     468.1    398.0     70.1    18%
        Florida                             270.1    295.6    (25.5)   -9%
        Illinois                            359.8    369.0     (9.2)   -2%
        Maryland                            521.2    572.5    (51.3)   -9%
        Nevada                              304.7    321.9    (17.2)   -5%
        Texas                               130.4    167.9    (37.5)  -22%
        Utah                                358.4    277.3     81.1    29%
        Virginia                            495.1    584.9    (89.8)  -15%
            Company Average                $347.1   $350.7    $(3.6)   -1%



                            M.D.C. HOLDINGS, INC.
                        Homebuilding Operational Data
                            (Dollars in thousands)
                                 (Unaudited)

                                            Three Months Ended
                                                 June 30,            Change
                                              2007      2006      Amount  %
    ORDERS FOR HOMES, NET (UNITS)
        Arizona                                611       679        (68) -10%
        California                             282       392       (110) -28%
        Nevada                                 365       519       (154) -30%
            West                             1,258     1,590       (332) -21%
        Colorado                               224       291        (67) -23%
        Utah                                   139       326       (187) -57%
            Mountain                           363       617       (254) -41%
        Maryland                                92        98         (6)  -6%
        Virginia                                82       113        (31) -27%
            East                               174       211        (37) -18%
        Delaware Valley                         19        35        (16) -46%
        Florida                                117       177        (60) -34%
        Illinois                                31        18         13   72%
        Texas                                    8        90        (82) -91%
            Other Homebuilding                 175       320       (145) -45%
                 Total                       1,970     2,738       (768) -28%

    Estimated Value of Orders
     for Homes, net                       $653,000  $914,000  $(261,000) -29%

    Estimated Average Selling Price
     of Orders for Homes, net               $331.5    $333.8      $(2.3)  -1%

    Approximate Order
     Cancellation Rate (7)                     44%       43%          1%



                                            Six Months Ended
                                                June 30,             Change
                                            2007        2006      Amount   %
    ORDERS FOR HOMES, NET (UNITS)
        Arizona                            1,365       1,598       (233) -15%
        California                           697         936       (239) -26%
        Nevada                               745       1,298       (553) -43%
            West                           2,807       3,832     (1,025) -27%
        Colorado                             524         742       (218) -29%
        Utah                                 349         665       (316) -48%
            Mountain                         873       1,407       (534) -38%
        Maryland                             191         250        (59) -24%
        Virginia                             194         307       (113) -37%
            East                             385         557       (172) -31%
        Delaware Valley                       81          74          7    9%
        Florida                              296         449       (153) -34%
        Illinois                              72          62         10   16%
        Texas                                 14         157       (143) -91%
            Other Homebuilding               463         742       (279) -38%
                 Total                     4,528       6,538     (2,010) -31%

    Estimated Value of Orders
     for Homes, net                   $1,555,000  $2,274,000  $(719,000) -32%

    Estimated Average Selling Price
     of Orders for Homes, net             $343.4      $347.8      $(4.4)  -1%

    Approximate Order
     Cancellation Rate (7)                   39%         37%          2%


    (7)  Gross number of cancellations received divided by gross number of
         orders received.



                            M.D.C. HOLDINGS, INC.
                        Homebuilding Operational Data
                            (Dollars in thousands)
                                 (Unaudited)

                                               June 30,  December 31, June 30,
                                                 2007        2006       2006
    BACKLOG (UNITS)
        Arizona                                 1,572       1,504      2,076
        California                                530         427        832
        Nevada                                    342         315        908
            West                                2,444       2,246      3,816
        Colorado                                  413         253        499
        Utah                                      408         465        629
            Mountain                              821         718      1,128
        Maryland                                  268         187        315
        Virginia                                  186         136        340
            East                                  454         323        655
        Delaware Valley                           119         119        183
        Florida                                   227         197        541
        Illinois                                   68          23         69
        Texas                                       1          12        104
            Other Homebuilding                    415         351        897
                 Total                          4,134       3,638      6,496

    Backlog Estimated Sales Value          $1,480,000  $1,300,000 $2,440,000
    Estimated Average Selling Price of
     Homes in Backlog                          $358.0      $357.3     $375.6

    ACTIVE SUBDIVISIONS
        Arizona                                    69          67         61
        California                                 44          45         45
        Nevada                                     43          41         35
            West                                  156         153        141
        Colorado                                   50          47         45
        Utah                                       25          22         20
            Mountain                               75          69         65
        Maryland                                   16          19         18
        Virginia                                   23          19         23
            East                                   39          38         41
        Delaware Valley                             5           8          7
        Florida                                    27          30         28
        Illinois                                    6           6          7
        Texas                                     -             2          4
            Other Homebuilding                     38          46         46
                 Total                            308         306        293
            Average for Quarter Ended             311         299        300



                            M.D.C. HOLDINGS, INC.
                Reconciliation of Non-GAAP Financial Measures
                            (Dollars in thousands)
                                 (Unaudited)

                                            June 30,  December 31,  June 30,
                                              2007        2006        2006

    CORPORATE AND HOMEBUILDING DEBT-TO-
     CAPITAL, NET OF CASH

       Total Debt                          $1,096,294  $1,127,149  $1,164,649
       Less Mortgage Line of Credit           (99,411)   (130,467)   (168,163)
          Total Corporate and Homebuilding
           Debt                               996,883     996,682     996,486
       Less Cash (Including Restricted
        Cash)                                (670,555)   (510,588)    (98,339)
          Total Corporate and Homebuilding
           Debt, Net of Cash                  326,328     486,094     898,147
       Stockholders' Equity                 1,966,344   2,161,882   2,126,233
          Total Corporate and Homebuilding
           Capital, Net of Cash            $2,292,672  $2,647,976  $3,024,380

       Ratio of Corporate and Homebuilding
        Debt to Capital, Net of Cash             0.14        0.18        0.30


NOTE: From time to time, MDC discloses selected non-GAAP financial measures. While non-GAAP financial measures are not a substitute for the comparable GAAP measures, we believe that certain non-GAAP information is useful to investors and management in comparing current results to historical periods and to competitor results, and that it provides additional information on the performance of MDC's businesses. The above is a presentation of and reconciliation of a selected non-GAAP measure with the most directly comparable GAAP financial measure.

"Ratio of corporate and homebuilding debt to capital, net of cash" is a non-GAAP financial measure. MDC's management and investors use this ratio to help assess the risk associated with debt in the Company's capital structure. It excludes debt incurred under MDC's mortgage line of credit from both the numerator and denominator, as this debt is directly collateralized by mortgage loans held in inventory, which are typical liquidated within 45 days of origination, thereby reducing the risk associated with this type of debt. The ratio's numerator and denominator are also reduced by MDC's cash position, as this balance could be used to reduce MDC's exposure to debt outstanding.

SOURCE M.D.C. Holdings, Inc.

Paris G. Reece III, Chief Financial Officer, +1-303-804-7706, greece@mdch.com, or
Robert N. Martin, Investor Relations, +1-720-977-3431, bob.martin@mdch.com, or Joelle
Lipski-Rockwood, Corporate Communications, +1-720-977-3204,
joelle.lipski-rockwood@mdch.com
http://www.richmondamerican.com

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