M.D.C. Holdings, Inc. (www.RichmondAmerican.com) today announced the highest levels of quarterly home orders, first quarter home closings and quarter-end backlog in the Company's history. The Company received orders for 2,727 homes during the first quarter of 2001, compared with 2,317 for the same period in 2000, an 18% increase. Orders particularly were strong in Phoenix and Colorado, due to a higher number of active subdivisions, and in Las Vegas resulting from the continued strong demand for new homes in this market. Also in the first quarter of 2001, the Company's home buyer traffic through its subdivisions was 19% higher than in the first quarter of 2000. March 2001 home buyer traffic was the highest for any month in the Company's history and 24% higher than in March 2000.
MDC closed 1,759 homes in the first quarter of 2001, compared with closings of 1,551 homes for the same period in 2000. The Company ended the first quarter of 2001 with a record backlog of 4,323 homes with an estimated sales value of $1.075 billion, 17% and 39% higher, respectively, than the backlog of 3,707 homes with an estimated sales value of $775 million at March 31, 2000.
MDC, whose subsidiaries build homes under the name "Richmond American Homes," is one of the largest homebuilders in the United States. The Company's wholly owned subsidiary HomeAmerican Mortgage Corporation provides mortgage financing primarily for MDC's home buyers. MDC is a major regional homebuilder with a significant presence in some of the country's best housing markets. Richmond American Homes is the largest homebuilder in metropolitan Denver; among the top five homebuilders in Northern Virginia, Tucson and Colorado Springs; and among the top ten homebuilders in suburban Maryland, Phoenix, Las Vegas, Southern California and Northern California.
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
Ended March 31,
Orders For Homes, net (units)
Colorado 968 851
California 441 412
Arizona 732 457
Nevada 268 233
Virginia 220 278
Maryland 98 86
Total 2,727 2,317
Homes Closed (units)
Colorado 629 652
California 240 219
Arizona 498 325
Nevada 159 122
Virginia 170 164
Maryland 63 69
Total 1,759 1,551
March 31, December 31, March 31,
2001 2000 2000
Colorado 1,724 1,385 1,825
California 709 508 450
Arizona 1,044* 747 584
Nevada 307 198 248
Virginia 378 328 404
Maryland 161 126 196
Total 4,323 3,292 3,707
Estimated Sales Value $1,075,000 $775,000 $775,000
Active Subdivisions -
Beginning of Month 141 130 121
* In February 2001, MDC acquired certain assets of KE&G, LLC, a Tucson
area homebuilder, including 63 homes in backlog, 17 of which have closed
and 46 of which are in backlog at March 31, 2001.
SOURCE: M.D.C. Holdings, Inc.
Contact: Paris G. Reece III, Chief Financial Officer, 303-804-7706, email@example.com; or Rick Matthews of Rubenstein Associates, Inc.,
212-843-8007, firstname.lastname@example.org, for M.D.C. Holdings, Inc.
The Richmond American Homes companies (RAH), HomeAmerican Mortgage Corporation (HMC), American Home Insurance
Agency (also known as AHI Insurance Agency) (AHI) and American Home Title and Escrow Company (AHT) are
owned, directly or indirectly, by M.D.C. Holdings, Inc. and, therefore, are affiliated companies. Each of
RAH, HMC, AHI and AHT offers services independently of each other, and if you obtain a product or service
from one company, you are not required to utilize the services of, or obtain products from, the other
company. Your decision to use a company that is not affiliated with RAH, HMC, AHI or AHT will not affect
your ability to obtain products and services from these companies. See licensing information.
Certain statements on the Site, including statements regarding the MDC Companies' 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. These forward-looking statements may be
identified by terminology such as "likely," "may," "will," "should," "expects," "plans," "anticipates,"
"believes," "estimates," "predicts," "potential" or "continue," or the negative of such terms and other
comparable terminology. Such forward-looking statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or achievements of the MDC Companies to be materially
different from any future results, performance or achievements expressed or implied by the forward-looking
statements. Additional information about the risks and uncertainties applicable to the MDC Companies' business
is contained in MDC's filings with the Securities and Exchange Commission, including MDC's Annual Reports on
Form 10-K and Quarterly Reports on Form 10-Q. The MDC Companies undertake no duty to update publicly any
forward-looking statements, whether as a result of new information, future events or otherwise. However, any
further disclosures made on related subjects in MDC's subsequent filings with the Securities and Exchange
Commission, press releases and/or presentations should be considered.