M.D.C. Holdings, Inc. ( www.RichmondAmerican.com ), one of the nation's largest homebuilders, building under the name Richmond American Homes, today announced that Mark Butler has joined the Company as President of their San Ramon, California division.
Mr. Butler has nearly 15 years of experience in the homebuilding industry, all of which has been in various California markets. Most recently Mr. Butler served as Vice President of D.R. Horton's California Region, managing land acquisition strategies and operational results for the region's nine operating divisions.
David D. Mandarich, MDC's President and Chief Operating Officer, commented, "As we continue to expand our presence in the Northern California marketplace, we are very pleased to have Mark's depth and breadth of experience to guide our efforts in the San Francisco Bay area."
M.D.C. Holdings reached new heights in 2002, completing the best year in the Company's 31-year history. The Company closed 8,900 homes, generated more than $2.3 billion in revenues and earned $167.3 million, or $6.03 per share. In order to facilitate continued quality growth, MDC is committed to pursuing strategic and opportunistic expansion in both their existing and new markets.
MDC is one of the largest and best performing 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, Tucson and Las Vegas; among the top ten homebuilders in suburban Maryland, Northern California and Southern California; and has recently entered the Salt Lake City and Dallas/Fort Worth markets.
SOURCE: M.D.C. Holdings, Inc.
CONTACT: Paris G. Reece III, Chief Financial Officer of M.D.C. Holdings,
Inc., +1-303-804-7706, greece@mdch.com; or Robert Solomon of Rubenstein
Associates, Inc., +1-212-843-8050, rsolomon@rubenstein.com, 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.
