M.D.C. Holdings, Inc. today announced that it received 2,685 home orders in January and February 2004, the best start for a first quarter in MDC's history and an increase of 36% over the 1,981 home orders received for the same period in 2003. Northern California and Nevada experienced exceptionally strong home order increases in January and February 2004 (up 117% and 87%, respectively), aided by year-over-year increases in the number of active subdivisions and the continued strong demand for new homes in these markets. Southern California home orders also were strong (up 37%) on a consistent number of active subdivisions. The Company received 315 home orders in January and February 2004 from its newest markets in Texas, Utah and Jacksonville, compared with 80 home orders from these markets in the same period in 2003. Home orders were 12% lower year-over-year in Colorado due to a reduced number of active subdivisions, but were 12% higher on a same store basis.
January and February
2004 2003
Orders for Homes, net
Colorado 391 444
California 534 335
Nevada 644 344
Arizona 532 519
Utah 105 55
Texas 135 25
Virginia 187 191
Maryland 82 68
Florida 75 --
Total 2,685 1,981
Although MDC's current practice is to report home orders on a quarterly basis, this information is being provided to comply with Regulation FD in anticipation of communications with the investment community next week. Detailed information on home orders will be provided when MDC releases its 2004 first quarter home orders, home closings and quarter-end backlog during the first week of April.
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, suburban Maryland, Phoenix, Tucson, Las Vegas and Salt Lake City; and among the top ten homebuilders in Northern California and Southern California. MDC also has a growing presence in Dallas/Fort Worth and has recently entered the Houston, San Antonio, Philadelphia/Delaware Valley, West Florida, Jacksonville and Chicago markets. For more information, please visit www.richmondamerican.com.
SOURCE: M.D.C. Holdings, Inc.
CONTACT: Paris G. Reece III, Chief Financial Officer, +1-303-804-7706, greece@mdch.com, or Rachel Neumann, Communications Director, +1-303-804-7729, rlneumann@mdch.com, both of 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
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