M.D.C. Holdings, Inc.
MDC closed 2,129 and 7,484 homes, respectively, in the fourth quarter and year ended December 31, 2000, compared with closings of 2,035 and 7,221 homes, respectively, for the same periods in 1999. The Company ended 2000 with a backlog of 3,292 homes with an estimated sales value of $775 million, 12% and 29% higher, respectively, than the backlog of 2,941 homes with an estimated sales value of $600 million at December 31, 1999.
Fourth Quarter Earnings Expected to Exceed Analyst Estimates
MDC also announced that it anticipates releasing its earnings for the quarter and year ended December 31, 2000 and holding its quarterly conference call on Wednesday, January 17, 2001. Analysts who cover the Company's common stock have published estimates for MDC's fourth quarter earnings per share which range from $1.62 to $1.71. The Company currently believes that its fourth quarter earnings per share will exceed the high end of this range, resulting in the highest level of quarterly earnings per share in the Company's history. Please refer to the last paragraph of this release for a discussion of factors that may impact the Company's estimate of fourth quarter earnings.
MDC is one of the largest homebuilders in the United States. The Company also provides mortgage financing, primarily for MDC's home buyers, through its wholly owned subsidiary, HomeAmerican Mortgage Corporation. MDC is a major regional homebuilder with a significant presence in some of the country's best housing markets. The Company is the largest homebuilder in metropolitan Denver; among the top five homebuilders in Northern Virginia, suburban Maryland, Tucson and Colorado Springs; and among the top ten homebuilders in Phoenix, Las Vegas, Southern California and Northern California.
Certain statements in this release, including those related to the Company's anticipated earnings and analysts' estimates, 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; (2) interest rate changes; (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) demographic changes; (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; and (14) other factors over which the Company has little or no control.
M.D.C. HOLDINGS, INC. Homebuilding Operational Data Three Months Year Ended Ended December 31, December 31, 2000 1999 2000 1999 Orders For Homes, net (units) Colorado 473 496 2,607 2,755 California 342 267 1,614 1,396 Arizona 363 256 1,849 1,455 Nevada 108 127 739 552 Virginia 124 127 765 738 Maryland 44 68 261 336 Total 1,454 1,341 7,835 7,232 Homes Closed (units) Colorado 696 638 2,848 2,484 California 476 544 1,363 1,465 Arizona 460 400 1,554 1,699 Nevada 178 154 678 561 Virginia 230 209 727 702 Maryland 89 90 314 310 Total 2,129 2,035 7,484 7,221 December 31, December 31, 2000 1999 Backlog (units) Colorado 1,385 1,626 California 508 257 Arizona 747 452 Nevada 198 137 Virginia 328 290 Maryland 126 179 Total 3,292 2,941 Estimated Sales Value (dollars in thousands) $775,000 $600,000
SOURCE: M.D.C. Holdings, Inc.
Contact: Paris G. Reece III, Chief Financial Officer of M.D.C. Holdings,
Inc., 303-804-7706; or Rick Matthews of Rubenstein Associates, Inc.,