News
DENVER, May 2, 2013 /PRNewswire/ -- M.D.C. Holdings, Inc. (NYSE: MDC) announced results for the quarter ended March 31, 2013.
2013 First Quarter Highlights and Comparisons to 2012 First Quarter
- Net income of $22.5 million, or $0.45 per diluted share vs. net income of $2.3 million, or $0.04 per diluted share
- Net new orders of 1,300 homes, up 22%
- Backlog of 1,927 homes, up 30%; backlog dollar value up 45% to $693.1 million
- Home sale revenues of $331.7 million, up 80%
- Homes delivered of 1,018, up 64%
- Gross margin from home sales of 17.4% vs. 14.1%, a 330 basis point increase
- Improvement of 70 basis points vs. 16.7% in 2012 fourth quarter
- SG&A expenses as a percentage of home sale revenues of 14.5% vs. 18.5%, a 400 basis point improvement
- Homebuilding pretax income of $14.8 million vs. loss of $2.7 million
- Financial services segment pretax profit of $7.7 million vs. pretax profit of $4.9 million
- Acquired 1,652 lots in 53 communities, including 28 new communities
- Total land acquisition spend of $118.0 million
Larry A. Mizel, MDC's Chairman and Chief Executive Officer, stated, "I am pleased to announce a first quarter profit of $0.45 per diluted share, our fifth consecutive quarterly operating profit, with net income improving by $20.3 million over the prior year. Our favorable results were mostly attributable to significantly improved operating profits from our homebuilding segment, which continued to benefit from strong execution by our management team amidst improving market conditions, leading to increased volume and margin."
Mr. Mizel continued, "Even after achieving significant order growth throughout 2012, during the first quarter of 2013 we realized a further 22% year-over-year increase on the strength of a monthly absorption rate of 3.0 net new home orders per active community, our highest level since 2006. The continued strengthening of our sales pace occurred even as we increased prices in most of our active subdivisions, reflecting an environment of improving demand for and low supply of single-family housing. Our focus on pricing has allowed us to again improve our gross margin percentage on both a sequential and year-over-year basis. Going forward, even though we expect increases in land and building costs based on improving demand, we continue to believe that it is a reasonable goal for our Company to improve gross margins on a sequential basis for the remainder of 2013."
Mr. Mizel concluded, "The improvement in our gross margin during the quarter complemented a year-over-year increase in our home sale revenues of 80%, thereby driving significant operating leverage for our Company, as evidenced by a 600 basis point expansion in our homebuilding pretax operating margin to 4.5%. Based on the strength of our backlog, which ended the quarter with a sales value up 45% from a year ago, we believe that we are in a strong position to drive revenue increases to improve our operating leverage further in future periods. Given the expanding volume for our business, we remain focused on controlling land for our future and ended the first quarter with more than 12,700 lots controlled, an increase of 11% from the end of the 2012 fourth quarter. Furthermore, many of the new subdivisions we have acquired over the past few quarters have recently opened, giving us the opportunity to increase our active subdivision count in the second quarter on a sequential basis for the first time in six quarters."
Homebuilding
Home sale revenues for the 2013 first quarter increased 80% to $331.7 million compared to $184.7 million for the prior year period. The increase in revenues resulted primarily from a 64% increase in homes delivered to 1,018 homes as compared to 619 in the prior year. The Company's average selling price for homes closed was $325,900, up 9% year-over-year compared to $298,300 for the prior year period, largely due to price appreciation and lower incentives in many of our markets.
Gross margin from home sales for the 2013 first quarter increased to 17.4% from 14.1% for the year-earlier period. On a sequential basis, our 2013 first quarter gross margin from home sales was up 70 basis points as compared to 16.7% for the 2012 fourth quarter. The increase was attributable to the Company's continued increases in pricing and decreased incentives in most of its markets over the prior 12 months.
SG&A expenses as a percentage of home sales revenues decreased by 400 basis points to 14.5% for the 2013 first quarter versus 18.5% for the same period in 2012. The improvement was the result of operating leverage created by the Company's 80% year-over-year increase in home sale revenues, which far outpaced a year-over-year increase in the Company's absolute level of SG&A expenses.
Net new orders for the 2013 first quarter increased 22% to 1,300 homes, compared to 1,063 homes during the same period in 2012. The Company's monthly sales absorption rate for the 2013 first quarter rose 60% to 3.0 per community, compared to 1.9 per community for the 2012 first quarter. The Company's cancellation rate for the 2013 first quarter was 18% versus 21% in the prior year first quarter and 24% in the 2012 fourth quarter.
The Company ended the 2013 first quarter with 1,927 homes in backlog, with an estimated sales value of $693.1 million, compared with a backlog of 1,487 homes with an estimated sales value of $477.1 million at March 31, 2012.
At March 31, 2013, we had 139 active subdivisions, down 6% from December 31, 2012, however, our lots owned and under option increased by 11% since December 31, 2012 to more than 12,700 lots. While we accelerated our land acquisition activity in the latter half of 2012 and into 2013, higher than expected sales rates over the past year resulted in various subdivisions selling out more quickly than anticipated. Additionally, many of the new subdivisions acquired over the past few quarters have recently opened, but did not yet meet our internal definition of an "active community" as of the end of the 2013 first quarter. As a result, at the end of the 2013 first quarter, the number of subdivisions classified as "soon to be active" exceeded the number classified as "soon to be inactive" for the first time in six quarters.
Financial Services
Income before taxes from our financial services operations for the 2013 first quarter was $7.7 million, compared to $4.9 million for the 2012 first quarter. The increase in pretax income primarily reflected a $2.7 million increase in our mortgage operations pretax income to $6.0 million for the 2013 first quarter, compared to $3.3 million in the 2012 first quarter. The improvement in our mortgage profitability was driven primarily by year-over-year increases in the volume of loans locked and originated.
About MDC
Since 1972, MDC's subsidiary companies have built and financed the American dream for more than 170,000 homebuyers. MDC's commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. MDC is one of the largest homebuilders in the United States. Its subsidiaries have homebuilding operations across the country, including the metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Francisco Bay Area, Washington D.C., Baltimore, Philadelphia, Jacksonville and Seattle. The Company's subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is traded on the New York Stock Exchange under the symbol "MDC." For more information, visit www.mdcholdings.com.
Forward-Looking Statements
Certain statements in this release, including statements regarding our 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. 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 conditions, including changes in consumer confidence, inflation or deflation and employment levels; (2) changes in business conditions experienced by the Company, including cancellation rates, net home orders, home gross margins, land and home values and subdivision counts; (3) changes in interest rates, mortgage lending programs and the availability of credit; (4) changes in the market value of the Company's investments in marketable securities; (5) uncertainty in the mortgage lending industry, including repurchase requirements associated with HomeAmerican's sale of mortgage loans (6) the relative stability of debt and equity markets; (7) competition; (8) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (9) the availability and cost of performance bonds and insurance covering risks associated with our business; (10) shortages and the cost of labor; (11) weather related slowdowns; (12) slow growth initiatives; (13) building moratoria; (14) governmental regulation, including the interpretation of tax, labor and environmental laws; (15) terrorist acts and other acts of war; and (16) other factors over which the Company has little or no control. Additional information about the risks and uncertainties applicable to the Company's business is contained in the Company's Form 10-Q for the quarter ended March 31, 2013, which is scheduled to be filed with the Securities and Exchange Commission today. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. The Company undertakes 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 our subsequent filings, releases or webcasts should be consulted.
*Please see "Reconciliation of Non-GAAP Financial Measures" at the end of this release.
M.D.C. HOLDINGS, INC. | ||||||||||
Consolidated Statements of Operations and Comprehensive Income | ||||||||||
Three Months |
||||||||||
Ended March 31, |
||||||||||
2013 |
2012 |
|||||||||
(Dollars in thousands, except per share amounts) |
||||||||||
Homebuilding: |
(Unaudited) |
|||||||||
Home sale revenues |
$ 331,748 |
$ 184,678 |
||||||||
Land sale revenues |
- |
1,590 |
||||||||
Total home sale and land revenues |
331,748 |
186,268 |
||||||||
Home cost of sales |
(274,076) |
(158,654) |
||||||||
Land cost of sales |
- |
(1,490) |
||||||||
Total cost of sales |
(274,076) |
(160,144) |
||||||||
Gross margin |
57,672 |
26,124 |
||||||||
Gross margin % |
17.4% |
14.0% |
||||||||
Selling, general and administrative expenses |
(48,201) |
(34,124) |
||||||||
Interest income |
6,182 |
5,913 |
||||||||
Interest expense |
(817) |
(808) |
||||||||
Other income (expense), net |
11 |
158 |
||||||||
Homebuilding pretax income (loss) |
14,847 |
(2,737) |
||||||||
Financial Services: |
||||||||||
Revenues |
12,506 |
7,720 |
||||||||
Expenses |
(5,642) |
(3,665) |
||||||||
Interest and other income |
875 |
807 |
||||||||
Financial services pretax income |
7,739 |
4,862 |
||||||||
Income before income taxes |
22,586 |
2,125 |
||||||||
Benefit from (provision for) income taxes |
(70) |
140 |
||||||||
Net income |
$ 22,516 |
$ 2,265 |
||||||||
Other comprehensive income: |
||||||||||
Unrealized gain related to |
||||||||||
available for sales securities |
2,535 |
6,548 |
||||||||
Tax effect |
- |
- |
||||||||
Comprehensive income |
$ 25,051 |
$ 8,813 |
||||||||
Earnings per share: |
||||||||||
Basic |
$ 0.46 |
$ 0.04 |
||||||||
Diluted |
$ 0.45 |
$ 0.04 |
||||||||
Weighted average common shares outstanding: |
||||||||||
Basic |
48,342,145 |
47,311,840 |
||||||||
Diluted |
48,922,335 |
47,382,921 |
||||||||
Dividends declared per share |
$ - |
$ 0.25 |
||||||||
M.D.C. HOLDINGS, INC. | ||||
Consolidated Balance Sheets | ||||
March 31, |
December 31, | |||
2013 |
2012 | |||
ASSETS |
(Dollars in thousands, except per share amounts) | |||
Homebuilding: |
(Unaudited) |
|||
Cash and cash equivalents |
$ 183,236 |
$ 129,535 | ||
Marketable securities |
626,707 |
519,465 | ||
Restricted cash |
2,526 |
1,859 | ||
Trade and other receivables |
31,885 |
28,163 | ||
Inventories: |
||||
Housing completed or under construction |
521,661 |
512,949 | ||
Land and land under development |
534,438 |
489,572 | ||
Total inventories |
1,056,099 |
1,002,521 | ||
Property and equipment, net |
33,056 |
33,125 | ||
Deferred tax asset, net of valuation allowance of $238,795 and $248,306 at March 31, 2013 and December 31, 2012, respectively |
||||
- |
- | |||
Other assets |
52,274 |
44,777 | ||
Total homebuilding assets |
1,985,783 |
1,759,445 | ||
Financial Services: |
||||
Cash and cash equivalents |
32,444 |
30,560 | ||
Marketable securities |
33,292 |
32,473 | ||
Mortgage loans held-for-sale, net |
86,429 |
119,953 | ||
Other assets |
4,386 |
3,010 | ||
Total financial services assets |
156,551 |
185,996 | ||
Total Assets |
$ 2,142,334 |
$ 1,945,441 | ||
LIABILITIES AND EQUITY |
||||
Homebuilding: |
||||
Accounts payable |
$ 21,712 |
$ 73,055 | ||
Accrued liabilities |
115,139 |
118,456 | ||
Senior notes, net |
995,032 |
744,842 | ||
Total homebuilding liabilities |
1,131,883 |
936,353 | ||
Financial Services: |
||||
Accounts payable and accrued liabilities |
54,540 |
51,864 | ||
Mortgage repurchase facility |
41,468 |
76,327 | ||
Total financial services liabilities |
96,008 |
128,191 | ||
Total Liabilities |
1,227,891 |
1,064,544 | ||
Stockholders' Equity |
||||
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding |
||||
- |
- | |||
Common stock, $0.01 par value; 250,000,000 shares authorized; 48,869,726 issued and outstanding at March 31, 2013 and 48,698,757 issued and outstanding, respectively, at December 31, 2012 |
||||
489 |
487 | |||
Additional paid-in-capital |
905,354 |
896,861 | ||
Retained earnings |
1,227 |
(21,289) | ||
Accumulated other comprehensive income (loss) |
7,373 |
4,838 | ||
Total Stockholders' Equity |
914,443 |
880,897 | ||
Total Liabilities and Stockholders' Equity |
$ 2,142,334 |
$ 1,945,441 | ||
M.D.C. HOLDINGS, INC. | |||
Consolidated Statement of Cash Flows | |||
Three Months Ended March 31, | |||
2013 |
2012 | ||
(Dollars in thousands) | |||
(Unaudited) | |||
Operating Activities: |
|||
Net income |
$ 22,516 |
$ 2,265 | |
Adjustments to reconcile net income to net cash |
|||
provided by (used in) operating activities: |
|||
Stock-based compensation expense |
3,376 |
2,611 | |
Depreciation and amortization |
1,078 |
1,307 | |
Write-offs of land option deposits |
226 |
82 | |
Amortization of discount (premiums) on marketable debt securities |
619 |
(152) | |
Net changes in assets and liabilities: |
|||
Restricted cash |
(667) |
(413) | |
Trade and other receivables |
(3,970) |
(11,062) | |
Mortgage loans held-for-sale |
33,524 |
23,345 | |
Housing completed or under construction |
(8,618) |
(45,875) | |
Land and land under development |
(44,770) |
17,000 | |
Other assets |
(6,696) |
3,394 | |
Accounts payable and accrued liabilities |
(52,036) |
(11,315) | |
Net cash used in operating activities |
(55,418) |
(18,813) | |
Investing Activities: |
|||
Purchase of marketable securities |
(150,811) |
(185,610) | |
Sale of marketable securities |
44,668 |
182,021 | |
Purchase of property and equipment |
(926) |
(364) | |
Net cash used in investing activities |
(107,069) |
(3,953) | |
Financing Activities: |
|||
Payments on mortgage repurchase facility |
(79,769) |
(53,625) | |
Advances on mortgage repurchase facility |
44,910 |
30,763 | |
Dividend payments |
- |
(11,994) | |
Proceeds from issuance of senior notes |
247,813 |
- | |
Proceeds from exercise of stock options |
5,118 |
- | |
Net cash provided by (used in) financing activities |
218,072 |
(34,856) | |
Net increase (decrease) in cash and cash equivalents |
55,585 |
(57,622) | |
Cash and cash equivalents: |
|||
Beginning of period |
160,095 |
343,361 | |
End of period |
$ 215,680 |
$ 285,739 |
M.D.C. HOLDINGS, INC. | |||||||||||||||||
Homebuilding Operational Data | |||||||||||||||||
New Home Deliveries: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2013 |
2012 |
% Change | |||||||||||||||
Homes |
Dollar Value |
Average Price |
Homes |
Dollar Value |
Average Price |
Homes |
Dollar Value |
Average Price | |||||||||
(Dollars in thousands) | |||||||||||||||||
Arizona |
140 |
$ 33,161 |
$ 236.9 |
88 |
$ 17,957 |
$ 204.1 |
59% |
85% |
16% | ||||||||
California |
146 |
49,589 |
339.7 |
55 |
17,993 |
327.1 |
165% |
176% |
4% | ||||||||
Nevada |
133 |
32,745 |
246.2 |
106 |
21,596 |
203.7 |
25% |
52% |
21% | ||||||||
Washington |
61 |
19,484 |
319.4 |
44 |
11,996 |
272.6 |
39% |
62% |
17% | ||||||||
West |
480 |
134,979 |
281.2 |
293 |
69,542 |
237.3 |
64% |
94% |
18% | ||||||||
Colorado |
304 |
113,488 |
373.3 |
125 |
44,963 |
359.7 |
143% |
152% |
4% | ||||||||
Utah |
67 |
19,889 |
296.9 |
52 |
14,100 |
271.2 |
29% |
41% |
9% | ||||||||
Mountain |
371 |
133,377 |
359.5 |
177 |
59,063 |
333.7 |
110% |
126% |
8% | ||||||||
Maryland |
54 |
21,704 |
401.9 |
44 |
18,794 |
427.1 |
23% |
15% |
-6% | ||||||||
Virginia |
63 |
29,119 |
462.2 |
59 |
26,155 |
443.3 |
7% |
11% |
4% | ||||||||
Florida |
50 |
12,569 |
251.4 |
46 |
11,124 |
241.8 |
9% |
13% |
4% | ||||||||
East |
167 |
63,392 |
379.6 |
149 |
56,073 |
376.3 |
12% |
13% |
1% | ||||||||
Total |
1,018 |
$ 331,748 |
$ 325.9 |
619 |
$ 184,678 |
$ 298.3 |
64% |
80% |
9% |
Net New Orders: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2013 |
2012 |
% Change | |||||||||||||||
Homes |
Dollar Value |
Average Price |
Homes |
Dollar Value |
Average Price |
Homes |
Dollar Value |
Average Price | |||||||||
(Dollars in thousands) | |||||||||||||||||
Arizona |
127 |
$ 30,293 |
$ 238.5 |
187 |
$ 38,174 |
$ 204.1 |
-32% |
-21% |
17% | ||||||||
California |
164 |
60,401 |
368.3 |
121 |
40,131 |
331.7 |
36% |
51% |
11% | ||||||||
Nevada |
170 |
47,042 |
276.7 |
166 |
33,716 |
203.1 |
2% |
40% |
36% | ||||||||
Washington |
93 |
28,546 |
306.9 |
76 |
22,696 |
298.6 |
22% |
26% |
3% | ||||||||
West |
554 |
166,282 |
300.1 |
550 |
134,717 |
244.9 |
1% |
23% |
23% | ||||||||
Colorado |
418 |
147,589 |
353.1 |
235 |
84,147 |
358.1 |
78% |
75% |
-1% | ||||||||
Utah |
65 |
20,238 |
311.4 |
68 |
18,804 |
276.5 |
-4% |
8% |
13% | ||||||||
Mountain |
483 |
167,827 |
347.5 |
303 |
102,951 |
339.8 |
59% |
63% |
2% | ||||||||
Maryland |
90 |
38,450 |
427.2 |
83 |
34,607 |
417.0 |
8% |
11% |
2% | ||||||||
Virginia |
93 |
48,656 |
523.2 |
90 |
41,358 |
459.5 |
3% |
18% |
14% | ||||||||
Florida |
80 |
19,981 |
249.8 |
36 |
8,134 |
225.9 |
122% |
146% |
11% | ||||||||
Illinois |
- |
- |
- |
1 |
235 |
235.0 |
N/M |
N/M |
N/M | ||||||||
East |
263 |
107,087 |
407.2 |
210 |
84,334 |
401.6 |
25% |
27% |
1% | ||||||||
Total |
1,300 |
$ 441,196 |
$ 339.4 |
1,063 |
$ 322,002 |
$ 302.9 |
22% |
37% |
12% | ||||||||
N/M - Not meaningful |
Active Subdivisions: | |||||
March 31, |
|||||
2013 |
2012 |
% Change | |||
Arizona |
16 |
22 |
-27% | ||
California |
12 |
18 |
-33% | ||
Nevada |
9 |
20 |
-55% | ||
Washington |
12 |
11 |
9% | ||
West |
49 |
71 |
-31% | ||
Colorado |
36 |
48 |
-25% | ||
Utah |
9 |
17 |
-47% | ||
Mountain |
45 |
65 |
-31% | ||
Maryland |
19 |
18 |
6% | ||
Virginia |
12 |
16 |
-25% | ||
Florida |
14 |
16 |
-13% | ||
East |
45 |
50 |
-10% | ||
Total |
139 |
186 |
-25% | ||
Average for quarter ended |
143 |
187 |
-24% |
Backlog: | |||||||||||||||||
March 31, | |||||||||||||||||
2013 |
2012 |
% Change | |||||||||||||||
Homes |
Dollar Value |
Average Price |
Homes |
Dollar Value |
Average Price |
Homes |
Dollar Value |
Average Price | |||||||||
(Dollars in thousands) |
|||||||||||||||||
Arizona |
137 |
$ 32,224 |
$ 235.2 |
227 |
$ 48,990 |
$ 215.8 |
-40% |
-34% |
9% | ||||||||
California |
247 |
89,688 |
363.1 |
184 |
61,745 |
335.6 |
34% |
45% |
8% | ||||||||
Nevada |
241 |
64,216 |
266.5 |
216 |
42,517 |
196.8 |
12% |
51% |
35% | ||||||||
Washington |
111 |
36,118 |
325.4 |
86 |
25,900 |
301.2 |
29% |
39% |
8% | ||||||||
West |
736 |
222,246 |
302.0 |
713 |
179,152 |
251.3 |
3% |
24% |
20% | ||||||||
Colorado |
584 |
212,109 |
363.2 |
343 |
127,092 |
370.5 |
70% |
67% |
-2% | ||||||||
Utah |
79 |
25,556 |
323.5 |
84 |
23,705 |
282.2 |
-6% |
8% |
15% | ||||||||
Mountain |
663 |
237,665 |
358.5 |
427 |
150,797 |
353.2 |
55% |
58% |
2% | ||||||||
Maryland |
219 |
95,970 |
438.2 |
152 |
64,121 |
421.8 |
44% |
50% |
4% | ||||||||
Virginia |
215 |
111,823 |
520.1 |
134 |
67,095 |
500.7 |
60% |
67% |
4% | ||||||||
Florida |
94 |
25,350 |
269.7 |
60 |
15,725 |
262.1 |
57% |
61% |
3% | ||||||||
Illinois |
- |
- |
- |
1 |
245 |
245.0 |
N/M |
N/M |
N/M | ||||||||
East |
528 |
233,143 |
441.6 |
347 |
147,186 |
424.2 |
52% |
58% |
4% | ||||||||
Total |
1,927 |
$ 693,054 |
$ 359.7 |
1,487 |
$ 477,135 |
$ 320.9 |
30% |
45% |
12% | ||||||||
N/M - Not meaningful |
Homes Completed or Under Construction (WIP lots): | |||||
March 31, |
|||||
2013 |
2012 |
% Change | |||
Unsold |
|||||
Completed |
222 |
147 |
51% | ||
Under construction |
514 |
380 |
35% | ||
Total unsold started homes |
736 |
527 |
40% | ||
Sold homes under construction or completed |
1,345 |
872 |
54% | ||
Model homes |
221 |
236 |
-6% | ||
Total homes completed or under construction |
2,302 |
1,635 |
41% |
Lots Owned and Optioned (including homes completed or under construction): | |||||||||||||
March 31, 2013 |
March 31, 2012 |
||||||||||||
Lots Owned |
Lots Optioned |
Total |
Lots Owned |
Lots Optioned |
Total |
Total % Change | |||||||
Arizona |
2,146 |
40 |
2,186 |
872 |
118 |
990 |
121% | ||||||
California |
997 |
- |
997 |
1,329 |
- |
1,329 |
-25% | ||||||
Nevada |
1,442 |
39 |
1,481 |
1,030 |
75 |
1,105 |
34% | ||||||
Washington |
493 |
168 |
661 |
439 |
97 |
536 |
23% | ||||||
West |
5,078 |
247 |
5,325 |
3,670 |
290 |
3,960 |
34% | ||||||
Colorado |
3,336 |
1,327 |
4,663 |
3,128 |
363 |
3,491 |
34% | ||||||
Utah |
465 |
13 |
478 |
528 |
- |
528 |
-9% | ||||||
Mountain |
3,801 |
1,340 |
5,141 |
3,656 |
363 |
4,019 |
28% | ||||||
Maryland |
592 |
297 |
889 |
653 |
400 |
1,053 |
-16% | ||||||
Virginia |
507 |
287 |
794 |
649 |
156 |
805 |
-1% | ||||||
Florida |
479 |
113 |
592 |
289 |
255 |
544 |
9% | ||||||
Illinois |
- |
- |
- |
125 |
- |
125 |
N/M | ||||||
East |
1,578 |
697 |
2,275 |
1,716 |
811 |
2,527 |
-10% | ||||||
Total |
10,457 |
2,284 |
12,741 |
9,042 |
1,464 |
10,506 |
21% | ||||||
N/M - Not meaningful |
SOURCE M.D.C. Holdings, Inc.