M.D.C. Holdings, Inc. ( www.RichmondAmerican.com ) today announced the highest level of home orders for any quarter in the Company's history. The Company received orders, net of cancellations, for 2,776 homes during the first quarter of 2002, compared with net orders for 2,727 homes for the same period in 2001. The 1,095 net home orders received in March 2002 were the highest for any month and 24% higher than net home orders received in March 2001. March orders particularly were strong in Northern and Southern California, resulting from the strong demand for new homes in these markets, and in Virginia, due to a higher number of active communities, compared with March 2001. Home orders also improved in Colorado, where the Company had more communities actively selling homes and opened model homes in ten new communities since the beginning of the year.
MDC closed 1,674 homes in the first quarter of 2002, compared with closings of 1,759 homes for the same period in 2001. The Company ended the first quarter of 2002 with a backlog of 3,984 homes with an estimated sales value of $1.050 billion, compared with the backlog of 4,323 homes with an estimated sales value of $1.075 billion at March 31, 2001.
MDC, whose subsidiaries build homes under the name "Richmond American Homes," is one of the largest homebuilders in the United States. The Company also provides mortgage financing, primarily for MDC's homebuyers, 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 Colorado; among the top five homebuilders in Northern Virginia, Phoenix and Tucson; and among the top ten homebuilders in suburban Maryland, Las Vegas, Northern California and Southern California.
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in Thousands)
Ended March 31,
Orders For Homes, net (units)
Colorado 1,001 968
California 591 441
Arizona 670 732
Nevada 207 268
Virginia 242 220
Maryland 65 98
Total 2,776 2,727
Homes Closed (units)
Colorado 609 629
California 292 240
Arizona 438 498
Nevada 141 159
Virginia 130 170
Maryland 64 63
Total 1,674 1,759
March 31, December 31, March 31,
2002 2001 2001
Colorado 1,587 1,195 1,724
California 789 490 709
Arizona 857 625 1,044
Nevada 247 181 307
Virginia 346 234 378
Maryland 158 157 161
Total 3,984 2,882 4,323
Backlog Estimated Sales Value $1,050,000 $760,000 $1,075,000
Active Subdivisions 150 137 138
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.