|
01.02.2017 12:00:00
|
M.D.C. Holdings Announces 2016 Fourth Quarter And Full Year Results
DENVER, Feb. 1, 2017 /PRNewswire/ -- M.D.C. Holdings, Inc. (NYSE: MDC) announced results for the fourth quarter and full year ended December 31, 2016.
2016 Fourth Quarter Highlights and Comparisons to 2015 Fourth Quarter
- Net income up 79% to $40.4 million, or $0.78 per diluted share*, from $22.6 million or $0.44 per diluted share*
- Home sale revenues up 29% to $715.8 million from $554.4 million
- Selling, general and administrative expenses as a percentage of home sale revenues ("SG&A rate") improved 200 basis points from 11.5% to 9.5%
- Dollar value of net new orders up 5% to $473.4 million from $450.5 million
- Ending backlog dollar value up 31% to $1.38 billion from $1.05 billion
- Industry-leading dividend payment of $0.25 per share declared in January 2017
- 5% stock dividend paid in December 2016
2016 Full Year Highlights and Comparisons to 2015 Full Year
- Net income up 57% to $103.2 million, or $2.00 per diluted share* vs. $65.8 million, or $1.28 per diluted share*
- Home sale revenues of $2.26 billion, up 22%
- SG&A rate improved 110 basis points to 11.1%
- Dollar value of net new orders up 12% to $2.56 billion from $2.29 billion
*All per share amounts have been adjusted for the 5% stock dividend declared and paid in the 2016 fourth quarter.
Larry A. Mizel, MDC's Chairman and Chief Executive Officer, stated, "We are very pleased with our 2016 fourth quarter results, highlighted by a 79% increase in our net income. Our solid backlog to start the quarter enabled us to increase our home sale revenues by 29% year-over-year, driving a 200 basis point improvement in our SG&A rate. These strong fourth quarter results pushed our full year return on equity to 8.1% for 2016, a 280 basis points improvement over the prior year."
Mr. Mizel continued, "We are proud that our success in 2016 was achieved without losing focus on our balance sheet, which features a unique combination of low leverage, carefully managed exposure to homebuilding assets, and liquidity exceeding $900 million. The combination of strong balance sheet metrics and accelerating returns gave us the confidence to continue to reward shareholders during 2016 through our industry-leading dividend program, not only with the payment of our long-standing cash dividend, but also with a special 5% stock dividend in the fourth quarter."
Mr. Mizel concluded, "Early in 2016, we announced the roll-out of a more affordable collection of home plans. This new product has been well-received by potential homebuyers, which helps to reinforce our belief that the first-time homebuyer can drive growth in new home sales nationwide for the industry in the coming year. Based on our positive experience thus far, expanding the offering of our more affordable home plans will continue to be a strategic focus of the Company in 2017. With the dollar value of our backlog up 31% year-over-year and encouraging macroeconomic drivers such as increasing personal income levels, high employment levels and increasing consumer confidence, we are optimistic as we enter the 2017 spring selling season. However, this optimism is somewhat tempered by an increased risk for a rise in interest rates, which already increased significantly during the final quarter of 2016, and uncertainty surrounding potential changes in government policy following the 2016 Presidential Election."
Homebuilding
Home sale revenues for the 2016 fourth quarter increased 29% to $715.8 million, primarily driven by a 24% increase in deliveries, which was mostly the result of a 33% year-over-year increase in our homes in beginning backlog.
For the 2016 fourth quarter, our gross margin from home sales was 16.1%, unchanged from the same period a year ago. The 2016 fourth quarter included $2.4 million in adjustments to increase our warranty accrual and $3.9 of inventory impairments while the 2015 fourth quarter included $0.4 million in adjustments to increase our warranty accrual and $5.3 of inventory impairments.
Selling, general and administrative ("SG&A") expenses for the 2016 fourth quarter were $67.9 million, up $4.3 million from $63.6 million for the same period in 2015. Our SG&A expenses as a percentage of home sale revenues ("SG&A rate") improved by 200 basis points to 9.5% for the 2016 fourth quarter from 11.5% in the 2015 fourth quarter. This decrease in our SG&A rate was primarily the result of our increase in home sale revenues.
The dollar value of net new orders for the 2016 fourth quarter increased 5% year-over-year to $473.4 million. The improvement was the result of a 5% increase in the average selling price of net new orders due primarily to a shift in mix to higher priced communities.
Our backlog value at the end of the 2016 fourth quarter was up 31% year-over-year to $1.38 billion. The improvement was due mostly to a 24% increase in the number of units in backlog, which was primarily the result of (1) an increase in net new order activity over the last twelve months for most of our markets, (2) a higher percentage of our backlog coming from build-to-order sales, which are generally in backlog for a longer period of time and, (3) limited subcontractor availability, which has extended our cycle times in most of our larger markets.
Financial Services
Income before taxes for our financial services operations for the 2016 fourth quarter was $11.4 million, a $2.3 million increase from $9.1 million in the 2015 fourth quarter. This improvement was primarily due to our mortgage operations segment, which had (1) year-over-year increases in the dollar value of loans locked, originated, and sold, and (2) higher gains on loans locked and sold.
About MDC
M.D.C. Holdings, Inc. was founded in 1972. MDC's homebuilding subsidiaries, which operate under the name Richmond American Homes, have built and financed the American Dream for more than 190,000 homebuyers since 1977. 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, Northern Colorado, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Diego, Orange County, San Francisco Bay Area, Sacramento, Washington D.C., Baltimore, Orlando, Jacksonville, South Florida and Seattle. MDC'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. MDC's stock 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 MDC 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 MDC, 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 MDC's investments in marketable securities; (5) uncertainty in the mortgage lending industry, including repurchase requirements associated with HomeAmerican Mortgage Corporation'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 MDC 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 and natural disasters; (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; (16) changes in energy prices; and (17) other factors over which MDC has little or no control. Additional information about the risks and uncertainties applicable to MDC's business is contained in MDC's Form 10-K for the year ended December 31, 2016, 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. MDC 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.
M.D.C. HOLDINGS, INC. | |||||||||||
Consolidated Statements of Operations and Comprehensive Income | |||||||||||
Three Months Ended | Year Ended | ||||||||||
December 31, | December 31, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
(Dollars in thousands, except per share amounts) | |||||||||||
Homebuilding: | (Unaudited) | (Unaudited) | |||||||||
Home sale revenues | $ | 715,816 | $ | 554,432 | $ | 2,257,153 | $ | 1,847,889 | |||
Land sale revenues | 770 | 10,521 | 5,700 | 12,337 | |||||||
Total home and land sale revenues | 716,586 | 564,953 | 2,262,853 | 1,860,226 | |||||||
Home cost of sales | (597,018) | (459,787) | (1,884,391) | (1,539,396) | |||||||
Land cost of sales | (669) | (10,667) | (4,866) | (12,611) | |||||||
Inventory impairments | (3,873) | (5,292) | (10,173) | (9,993) | |||||||
Total cost of sales | (601,560) | (475,746) | (1,899,430) | (1,562,000) | |||||||
Gross margin | 115,026 | 89,207 | 363,423 | 298,226 | |||||||
Selling, general and administrative expenses | (67,919) | (63,560) | (250,540) | (226,317) | |||||||
Interest and other income | 1,654 | 1,297 | 7,012 | 6,709 | |||||||
Other expense | (984) | (1,669) | (3,447) | (4,208) | |||||||
Other-than-temporary impairment of marketable securities | (136) | (1,793) | (1,070) | (3,969) | |||||||
Homebuilding pretax income | 47,641 | 23,482 | 115,378 | 70,441 | |||||||
Financial Services: | |||||||||||
Revenues | 19,743 | 13,958 | 63,991 | 48,810 | |||||||
Expenses | (9,181) | (5,742) | (30,920) | (21,572) | |||||||
Interest and other income | 1,057 | 860 | 3,705 | 3,745 | |||||||
Other-than-temporary impairment of marketable securities | (262) | - | (373) | - | |||||||
Financial services pretax income | 11,357 | 9,076 | 36,403 | 30,983 | |||||||
Income before income taxes | 58,998 | 32,558 | 151,781 | 101,424 | |||||||
Provision for income taxes | (18,622) | (9,963) | (48,570) | (35,633) | |||||||
Net income | $ | 40,376 | $ | 22,595 | $ | 103,211 | $ | 65,791 | |||
Other comprehensive income (loss) related to available for sale securities, net of tax | 2,485 | 4,538 | 6,356 | 5,260 | |||||||
Comprehensive income | $ | 42,861 | $ | 27,133 | $ | 109,567 | $ | 71,051 | |||
Earnings per share | |||||||||||
Basic | $ | 0.78 | $ | 0.44 | $ | 2.01 | $ | 1.28 | |||
Diluted | $ | 0.78 | $ | 0.44 | $ | 2.00 | $ | 1.28 | |||
Weighted average common shares outstanding | |||||||||||
Basic | 51,294,826 | 51,227,950 | 51,286,942 | 51,202,616 | |||||||
Diluted | 51,476,735 | 51,399,721 | 51,447,147 | 51,415,580 | |||||||
Dividends declared per share | $ | 0.24 | $ | 0.24 | $ | 0.95 | $ | 0.95 | |||
M.D.C. HOLDINGS, INC. | |||||
Consolidated Balance Sheets | |||||
December 31, | December 31, | ||||
2016 | 2015 | ||||
(Dollars in thousands, except | |||||
per share amounts) | |||||
ASSETS | |||||
Homebuilding: | |||||
Cash and cash equivalents | $ | 259,087 | $ | 144,342 | |
Marketable securities | 59,770 | 92,387 | |||
Restricted cash | 3,778 | 3,750 | |||
Trade and other receivables | 42,492 | 23,314 | |||
Inventories: | |||||
Housing completed or under construction | 874,199 | 747,036 | |||
Land and land under development | 884,615 | 1,016,926 | |||
Total inventories | 1,758,814 | 1,763,962 | |||
Property and equipment, net | 28,041 | 28,226 | |||
Deferred tax assets, net | 74,888 | 99,107 | |||
Metropolitan district bond securities (related party) | 30,162 | 25,911 | |||
Prepaid and other assets | 60,463 | 65,394 | |||
Total homebuilding assets | 2,317,495 | 2,246,393 | |||
Financial Services: | |||||
Cash and cash equivalents | 23,822 | 36,646 | |||
Marketable securities | 36,436 | 11,307 | |||
Mortgage loans held-for-sale, net | 138,774 | 115,670 | |||
Other assets | 12,062 | 5,883 | |||
Total financial services assets | 211,094 | 169,506 | |||
Total Assets | $ | 2,528,589 | $ | 2,415,899 | |
LIABILITIES AND EQUITY | |||||
Homebuilding: | |||||
Accounts payable | $ | 42,088 | $ | 40,472 | |
Accrued liabilities | 144,566 | 122,886 | |||
Revolving credit facility | 15,000 | 15,000 | |||
Senior notes, net | 841,646 | 840,524 | |||
Total homebuilding liabilities | 1,043,300 | 1,018,882 | |||
Financial Services: | |||||
Accounts payable and accrued liabilities | 50,734 | 52,114 | |||
Mortgage repurchase facility | 114,485 | 88,611 | |||
Total financial services liabilities | 165,219 | 140,725 | |||
Total Liabilities | 1,208,519 | 1,159,607 | |||
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; 51,485,090 and 48,888,424 | 515 | 489 | |||
Additional paid-in-capital | 983,532 | 915,746 | |||
Retained earnings | 313,952 | 324,342 | |||
Accumulated other comprehensive income | 22,071 | 15,715 | |||
Total Stockholders' Equity | 1,320,070 | 1,256,292 | |||
Total Liabilities and Stockholders' Equity | $ | 2,528,589 | $ | 2,415,899 | |
M.D.C. HOLDINGS, INC. | |||||||||||
Consolidated Statement of Cash Flows | |||||||||||
Three Months Ended | Year Ended | ||||||||||
December 31, | December 31, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
(Dollars in thousands) | |||||||||||
(Unaudited) | (Unaudited) | ||||||||||
Operating Activities: | |||||||||||
Net income | $ | 40,376 | $ | 22,595 | $ | 103,211 | $ | 65,791 | |||
Adjustments to reconcile net income to net cash provided by | |||||||||||
(used in) operating activities: | |||||||||||
Stock-based compensation expense | 841 | 3,477 | 7,477 | 10,066 | |||||||
Depreciation and amortization | 1,430 | 985 | 5,132 | 4,069 | |||||||
Inventory impairments | 3,873 | 5,292 | 10,173 | 9,993 | |||||||
Other-than-temporary impairment of marketable securities | 398 | 1,793 | 1,443 | 3,969 | |||||||
Net realized loss (gain) on sale of marketable securities | (163) | 785 | (1,074) | 911 | |||||||
Amortization of discount / premiums on marketable debt securities | - | - | - | 100 | |||||||
Deferred income tax expense | 4,788 | 8,551 | 16,145 | 33,333 | |||||||
Net changes in assets and liabilities: | |||||||||||
Restricted cash | 843 | 1,050 | (28) | (934) | |||||||
Trade and other receivables | 1,255 | 5,822 | (20,424) | 5,247 | |||||||
Mortgage loans held-for-sale | (20,785) | (47,037) | (23,104) | (27,278) | |||||||
Housing completed or under construction | 101,214 | 74,290 | (128,525) | (15,551) | |||||||
Land and land under development | (16,509) | (63,583) | 124,622 | (89,388) | |||||||
Prepaid expenses and other assets | 3,537 | 424 | (1,036) | (7,648) | |||||||
Accounts payable and accrued liabilities | 3,722 | 12,257 | 21,905 | 7,535 | |||||||
Net cash provided by operating activities | 124,820 | 26,701 | 115,917 | 215 | |||||||
Investing Activities: | |||||||||||
Purchases of marketable securities | (19,778) | (6,936) | (48,050) | (53,822) | |||||||
Maturities of marketable securities | - | - | - | 1,510 | |||||||
Sales of marketable securities | 4,863 | 6,255 | 61,736 | 101,165 | |||||||
Purchases of property and equipment | (603) | (661) | (4,468) | (1,491) | |||||||
Net cash provided by (used in) investing activities | (15,518) | (1,342) | 9,218 | 47,362 | |||||||
Financing Activities: | |||||||||||
Advances on mortgage repurchase facility, net | 22,474 | 44,856 | 25,874 | 27,789 | |||||||
Dividend payments | (12,325) | (12,222) | (49,088) | (48,868) | |||||||
Proceeds from exercise of stock options | - | - | - | 665 | |||||||
Net cash provided by (used in) financing activities | 10,149 | 32,634 | (23,214) | (20,414) | |||||||
Net increase in cash and cash equivalents | 119,451 | 57,993 | 101,921 | 27,163 | |||||||
Cash and cash equivalents: | |||||||||||
Beginning of year | 163,458 | 122,995 | 180,988 | 153,825 | |||||||
End of year | $ | 282,909 | $ | 180,988 | $ | 282,909 | $ | 180,988 | |||
M.D.C. HOLDINGS, INC. | |||||||||||||||||||||
Homebuilding Operational Data | |||||||||||||||||||||
New Home Deliveries | |||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||
2016 | 2015 | % Change | |||||||||||||||||||
Homes | Dollar | Average | Homes | Dollar | Average | Homes | Dollar | Average | |||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Arizona | 207 | $ | 62,159 | $ | 300.3 | 210 | $ | 60,129 | $ | 286.3 | (1)% | 3% | 5% | ||||||||
California | 295 | 176,818 | 599.4 | 220 | 127,196 | 578.2 | 34% | 39% | 4% | ||||||||||||
Nevada | 251 | 88,580 | 352.9 | 171 | 67,691 | 395.9 | 47% | 31% | (11)% | ||||||||||||
Washington | 111 | 54,963 | 495.2 | 80 | 35,983 | 449.8 | 39% | 53% | 10% | ||||||||||||
West | 864 | 382,520 | 442.7 | 681 | 290,999 | 427.3 | 27% | 31% | 4% | ||||||||||||
Colorado | 424 | 207,774 | 490.0 | 349 | 160,794 | 460.7 | 21% | 29% | 6% | ||||||||||||
Utah | 74 | 27,441 | 370.8 | 54 | 19,194 | 355.4 | 37% | 43% | 4% | ||||||||||||
Mountain | 498 | 235,215 | 472.3 | 403 | 179,988 | 446.6 | 24% | 31% | 6% | ||||||||||||
Maryland | 65 | 29,337 | 451.3 | 47 | 24,168 | 514.2 | 38% | 21% | (12)% | ||||||||||||
Virginia | 69 | 36,822 | 533.7 | 46 | 22,838 | 496.5 | 50% | 61% | 7% | ||||||||||||
Florida | 86 | 31,922 | 371.2 | 98 | 36,439 | 371.8 | (12)% | (12)% | (0)% | ||||||||||||
East | 220 | 98,081 | 445.8 | 191 | 83,445 | 436.9 | 15% | 18% | 2% | ||||||||||||
Total | 1,582 | $ | 715,816 | $ | 452.5 | 1,275 | $ | 554,432 | $ | 434.8 | 24% | 29% | 4% | ||||||||
Year Ended December 31, | |||||||||||||||||||||
2016 | 2015 | % Change | |||||||||||||||||||
Homes | Dollar | Average | Homes | Dollar | Average | Homes | Dollar | Average | |||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Arizona | 789 | $ | 232,511 | $ | 294.7 | 753 | $ | 220,140 | $ | 292.4 | 5% | 6% | 1% | ||||||||
California | 807 | 495,934 | 614.5 | 706 | 370,603 | 524.9 | 14% | 34% | 17% | ||||||||||||
Nevada | 683 | 238,441 | 349.1 | 575 | 215,479 | 374.7 | 19% | 11% | (7)% | ||||||||||||
Washington | 345 | 161,628 | 468.5 | 270 | 109,038 | 403.8 | 28% | 48% | 16% | ||||||||||||
West | 2,624 | 1,128,514 | 430.1 | 2,304 | 915,260 | 397.2 | 14% | 23% | 8% | ||||||||||||
Colorado | 1,369 | 671,308 | 490.4 | 1,192 | 553,573 | 464.4 | 15% | 21% | 6% | ||||||||||||
Utah | 219 | 80,679 | 368.4 | 149 | 52,794 | 354.3 | 47% | 53% | 4% | ||||||||||||
Mountain | 1,588 | 751,987 | 473.5 | 1,341 | 606,367 | 452.2 | 18% | 24% | 5% | ||||||||||||
Maryland | 243 | 114,079 | 469.5 | 215 | 103,148 | 479.8 | 13% | 11% | (2)% | ||||||||||||
Virginia | 262 | 135,394 | 516.8 | 216 | 105,593 | 488.9 | 21% | 28% | 6% | ||||||||||||
Florida | 337 | 127,179 | 377.4 | 314 | 117,521 | 374.3 | 7% | 8% | 1% | ||||||||||||
East | 842 | 376,652 | 447.3 | 745 | 326,262 | 437.9 | 13% | 15% | 2% | ||||||||||||
Total | 5,054 | $ | 2,257,153 | $ | 446.6 | 4,390 | $ | 1,847,889 | $ | 420.9 | 15% | 22% | 6% | ||||||||
M.D.C. HOLDINGS, INC. | |||||||||||||||||||||||||||
Homebuilding Operational Data | |||||||||||||||||||||||||||
Net New Orders | |||||||||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||||||||
2016 | 2015 | % Change | |||||||||||||||||||||||||
Homes | Dollar | Average | Monthly | Homes | Dollar | Average | Monthly | Homes | Dollar | Average | Monthly | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Arizona | 106 | $ | 31,937 | $ | 301.3 | 1.23 | 154 | $ | 43,448 | $ | 282.1 | 1.64 | (31)% | (26)% | 7% | (25)% | |||||||||||
California | 149 | 99,903 | 670.5 | 2.42 | 160 | 101,300 | 633.1 | 2.81 | (7)% | (1)% | 6% | (14)% | |||||||||||||||
Nevada | 161 | 57,324 | 356.0 | 2.50 | 128 | 41,560 | 324.7 | 2.44 | 26% | 38% | 10% | 2% | |||||||||||||||
Washington | 78 | 40,210 | 515.5 | 1.86 | 80 | 38,612 | 482.7 | 1.98 | (3)% | 4% | 7% | (6)% | |||||||||||||||
West | 494 | 229,374 | 464.3 | 1.94 | 522 | 224,920 | 430.9 | 2.14 | (5)% | 2% | 8% | (9)% | |||||||||||||||
Colorado | 284 | 138,194 | 486.6 | 2.89 | 262 | 122,119 | 466.1 | 2.28 | 8% | 13% | 4% | 27% | |||||||||||||||
Utah | 37 | 15,841 | 428.1 | 1.37 | 40 | 14,343 | 358.6 | 1.72 | (8)% | 10% | 19% | (20)% | |||||||||||||||
Mountain | 321 | 154,035 | 479.9 | 2.56 | 302 | 136,462 | 451.9 | 2.19 | 6% | 13% | 6% | 17% | |||||||||||||||
Maryland | 37 | 17,509 | 473.2 | 1.17 | 56 | 26,253 | 468.8 | 1.74 | (34)% | (33)% | 1% | (33)% | |||||||||||||||
Virginia | 62 | 32,753 | 528.3 | 2.76 | 64 | 33,159 | 518.1 | 2.25 | (3)% | (1)% | 2% | 23% | |||||||||||||||
Florida | 104 | 39,705 | 381.8 | 1.98 | 76 | 29,694 | 390.7 | 1.72 | 37% | 34% | (2)% | 15% | |||||||||||||||
East | 203 | 89,967 | 443.2 | 1.91 | 196 | 89,106 | 454.6 | 1.87 | 4% | 1% | (3)% | 2% | |||||||||||||||
Total | 1,018 | $ | 473,376 | $ | 465.0 | 2.09 | 1,020 | $ | 450,488 | $ | 441.7 | 2.10 | (0)% | 5% | 5% | (0)% | |||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||
2016 | 2015 | % Change | |||||||||||||||||||||||||
Homes | Dollar | Average | Monthly | Homes | Dollar | Average | Monthly | Homes | Dollar | Average | Monthly | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Arizona | 790 | $ | 243,358 | $ | 308.0 | 2.21 | 843 | $ | 241,192 | $ | 286.1 | 2.07 | (6)% | 1% | 8% | 7% | |||||||||||
California | 946 | 582,460 | 615.7 | 3.88 | 856 | 506,445 | 591.6 | 3.55 | 11% | 15% | 4% | 9% | |||||||||||||||
Nevada | 795 | 282,198 | 355.0 | 3.09 | 615 | 227,560 | 370.0 | 3.62 | 29% | 24% | (4)% | (15)% | |||||||||||||||
Washington | 403 | 199,011 | 493.8 | 2.57 | 394 | 173,071 | 439.3 | 2.50 | 2% | 15% | 12% | 3% | |||||||||||||||
West | 2,934 | 1,307,027 | 445.5 | 2.89 | 2,708 | 1,148,268 | 424.0 | 2.77 | 8% | 14% | 5% | 4% | |||||||||||||||
Colorado | 1,511 | 730,924 | 483.7 | 3.69 | 1,435 | 687,695 | 479.2 | 2.97 | 5% | 6% | 1% | 24% | |||||||||||||||
Utah | 215 | 84,455 | 392.8 | 2.18 | 217 | 79,203 | 365.0 | 2.58 | (1)% | 7% | 8% | (16)% | |||||||||||||||
Mountain | 1,726 | 815,379 | 472.4 | 3.39 | 1,652 | 766,898 | 464.2 | 2.91 | 4% | 6% | 2% | 16% | |||||||||||||||
Maryland | 245 | 116,813 | 476.8 | 1.73 | 237 | 116,010 | 489.5 | 2.02 | 3% | 1% | (3)% | (14)% | |||||||||||||||
Virginia | 272 | 143,680 | 528.2 | 2.75 | 227 | 114,713 | 505.3 | 2.12 | 20% | 25% | 5% | 30% | |||||||||||||||
Florida | 429 | 176,862 | 412.3 | 2.14 | 379 | 143,594 | 378.9 | 2.18 | 13% | 23% | 9% | (2)% | |||||||||||||||
East | 946 | 437,355 | 462.3 | 2.15 | 843 | 374,317 | 444.0 | 2.12 | 12% | 17% | 4% | 1% | |||||||||||||||
Total | 5,606 | $ | 2,559,761 | $ | 456.6 | 2.85 | 5,203 | $ | 2,289,483 | $ | 440.0 | 2.68 | 8% | 12% | 4% | 6% | |||||||||||
* Calculated as total net new orders in period ÷ average active communities during period ÷ number of months in period |
M.D.C. HOLDINGS, INC. | |||||||||||||||||
Homebuilding Operational Data | |||||||||||||||||
Active Subdivisions | |||||||||||||||||
Average Active Subdivisions | |||||||||||||||||
Active Subdivisions | Three Months Ended | Year Ended | |||||||||||||||
December 31, | % | December 31, | % | December 31, | % | ||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||
Arizona | 28 | 32 | (13)% | 29 | 31 | (6)% | 30 | 34 | (12)% | ||||||||
California | 20 | 20 | 0% | 21 | 19 | 11% | 20 | 20 | 0% | ||||||||
Nevada | 21 | 20 | 5% | 21 | 17 | 24% | 21 | 14 | 50% | ||||||||
Washington | 14 | 14 | 0% | 14 | 14 | 0% | 13 | 13 | 0% | ||||||||
West | 83 | 86 | (3)% | 85 | 81 | 5% | 84 | 81 | 4% | ||||||||
Colorado | 38 | 40 | (5)% | 33 | 38 | (13)% | 34 | 40 | (15)% | ||||||||
Utah | 9 | 7 | 29% | 9 | 8 | 13% | 8 | 7 | 14% | ||||||||
Mountain | 47 | 47 | 0% | 42 | 46 | (9)% | 42 | 47 | (11)% | ||||||||
Maryland | 10 | 11 | (9)% | 10 | 11 | (9)% | 12 | 10 | 20% | ||||||||
Virginia | 7 | 9 | (22)% | 8 | 9 | (11)% | 8 | 9 | (11)% | ||||||||
Florida | 17 | 14 | 21% | 18 | 15 | 20% | 17 | 14 | 21% | ||||||||
East | 34 | 34 | 0% | 36 | 35 | 3% | 37 | 33 | 12% | ||||||||
Total | 164 | 167 | (2)% | 163 | 162 | 1% | 163 | 161 | 1% | ||||||||
Backlog | |||||||||||||||||||||
At December 31, | |||||||||||||||||||||
2016 | 2015 | % Change | |||||||||||||||||||
Homes | Dollar | Average | Homes | Dollar | Average | Homes | Dollar | Average | |||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Arizona | 322 | $ | 104,899 | $ | 325.8 | 321 | $ | 89,464 | $ | 278.7 | 0% | 17% | 17% | ||||||||
California | 481 | 314,305 | 653.4 | 342 | 220,755 | 645.5 | 41% | 42% | 1% | ||||||||||||
Nevada | 307 | 108,720 | 354.1 | 195 | 67,901 | 348.2 | 57% | 60% | 2% | ||||||||||||
Washington | 237 | 120,305 | 507.6 | 179 | 80,134 | 447.7 | 32% | 50% | 13% | ||||||||||||
West | 1,347 | 648,229 | 481.2 | 1,037 | 458,254 | 441.9 | 30% | 41% | 9% | ||||||||||||
Colorado | 964 | 466,565 | 484.0 | 822 | 390,635 | 475.2 | 17% | 19% | 2% | ||||||||||||
Utah | 104 | 41,689 | 400.9 | 108 | 38,549 | 356.9 | (4)% | 8% | 12% | ||||||||||||
Mountain | 1,068 | 508,254 | 475.9 | 930 | 429,184 | 461.5 | 15% | 18% | 3% | ||||||||||||
Maryland | 92 | 45,160 | 490.9 | 90 | 43,317 | 481.3 | 2% | 4% | 2% | ||||||||||||
Virginia | 111 | 60,701 | 546.9 | 101 | 52,622 | 521.0 | 10% | 15% | 5% | ||||||||||||
Florida | 266 | 119,305 | 448.5 | 174 | 70,837 | 407.1 | 53% | 68% | 10% | ||||||||||||
East | 469 | 225,166 | 480.1 | 365 | 166,776 | 456.9 | 28% | 35% | 5% | ||||||||||||
Total | 2,884 | $ | 1,381,649 | $ | 479.1 | 2,332 | $ | 1,054,214 | $ | 452.1 | 24% | 31% | 6% | ||||||||
M.D.C. HOLDINGS, INC. | |||||
Homebuilding Operational Data | |||||
Homes Completed or Under Construction (WIP lots) | |||||
December 31, | |||||
2016 | 2015 | % Change | |||
Unsold: | |||||
Completed | 115 | 189 | (39)% | ||
Under construction | 279 | 334 | (16)% | ||
Total unsold started homes | 394 | 523 | (25)% | ||
Sold homes under construction or completed | 2,186 | 1,697 | 29% | ||
Model homes under construction or completed | 302 | 281 | 7% | ||
Total homes completed or under construction | 2,882 | 2,501 | 15% | ||
Lots Owned and Optioned (including homes completed or under construction) | |||||||||||||
December 31, 2016 | December 31, 2015 | ||||||||||||
Lots | Lots | Total | Lots | Lots | Total | Total % | |||||||
Arizona | 1,521 | 287 | 1,808 | 1,735 | 201 | 1,936 | (7)% | ||||||
California | 1,702 | 298 | 2,000 | 1,759 | 352 | 2,111 | (5)% | ||||||
Nevada | 1,934 | 65 | 1,999 | 2,240 | 100 | 2,340 | (15)% | ||||||
Washington | 862 | - | 862 | 832 | 107 | 939 | (8)% | ||||||
West | 6,019 | 650 | 6,669 | 6,566 | 760 | 7,326 | (9)% | ||||||
Colorado | 3,982 | 1,683 | 5,665 | 4,086 | 832 | 4,918 | 15% | ||||||
Utah | 306 | 30 | 336 | 442 | - | 442 | (24)% | ||||||
Mountain | 4,288 | 1,713 | 6,001 | 4,528 | 832 | 5,360 | 12% | ||||||
Maryland | 221 | 62 | 283 | 368 | 219 | 587 | (52)% | ||||||
Virginia | 367 | 19 | 386 | 562 | 158 | 720 | (46)% | ||||||
Florida | 910 | 421 | 1,331 | 1,078 | 230 | 1,308 | 2% | ||||||
East | 1,498 | 502 | 2,000 | 2,008 | 607 | 2,615 | (24)% | ||||||
Total | 11,805 | 2,865 | 14,670 | 13,102 | 2,199 | 15,301 | (4)% | ||||||
M.D.C. HOLDINGS, INC. | |||||||||||||||||
Other Financial Data | |||||||||||||||||
Selling, General and Administrative Expense | |||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||
(Dollars in thousands) | |||||||||||||||||
General and administrative expenses | $ | 27,438 | $ | 30,150 | $ | (2,712) | $ | 118,076 | $ | 112,134 | $ | 5,942 | |||||
General and administrative expenses | |||||||||||||||||
as a percentage of home sale revenues | 3.8% | 5.4% | (160) bps | 5.2% | 6.1% | (90) bps | |||||||||||
Marketing expenses | $ | 17,050 | $ | 14,551 | $ | 2,499 | $ | 58,778 | $ | 52,417 | $ | 6,361 | |||||
Marketing expenses as a percentage of | |||||||||||||||||
home sale revenues | 2.4% | 2.6% | (20) bps | 2.6% | 2.8% | (20) bps | |||||||||||
Commissions expenses | $ | 23,431 | $ | 18,859 | $ | 4,572 | $ | 73,686 | $ | 61,766 | $ | 11,920 | |||||
Commissions expenses as a percentage of | |||||||||||||||||
home sale revenues | 3.3% | 3.4% | (10) bps | 3.3% | 3.3% | 0 bps | |||||||||||
Total selling, general and administrative | |||||||||||||||||
expenses | $ | 67,919 | $ | 63,560 | $ | 4,359 | $ | 250,540 | $ | 226,317 | $ | 24,223 | |||||
Total selling, general and administrative | |||||||||||||||||
expenses as a percentage of home | |||||||||||||||||
sale revenues (SG&A Rate) | 9.5% | 11.5% | (200) bps | 11.1% | 12.2% | (110) bps | |||||||||||
Capitalized Interest | |||||||||||
Three Months Ended | Year Ended | ||||||||||
December 31, | December 31, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
(Dollars in thousands) | |||||||||||
Homebuilding interest incurred | $ | 13,170 | $ | 13,240 | $ | 52,681 | $ | 53,061 | |||
Less: Interest capitalized | (13,170) | (13,240) | (52,681) | (53,061) | |||||||
Homebuilding interest expensed | $ | - | $ | - | $ | - | $ | - | |||
Interest capitalized, beginning of period | $ | 74,415 | $ | 79,244 | $ | 77,541 | $ | 79,231 | |||
Plus: Interest capitalized during period | 13,170 | 13,240 | 52,681 | 53,061 | |||||||
Less: Previously capitalized interest included in home and land cost of sales | (19,500) | (14,943) | (62,137) | (54,751) | |||||||
Interest capitalized, end of period | $ | 68,085 | $ | 77,541 | $ | 68,085 | $ | 77,541 | |||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mdc-holdings-announces-2016-fourth-quarter-and-full-year-results-300400245.html
SOURCE M.D.C. Holdings, Inc.
Der finanzen.at Ratgeber für Aktien!
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!
Nachrichten zu M.D.C. Holdings Inc.mehr Nachrichten
| Keine Nachrichten verfügbar. |
Analysen zu M.D.C. Holdings Inc.mehr Analysen
Letzte Top-Ranking Nachrichten
Nachrichten
ETF-Sparplan
Oskar ist der einfache und intelligente ETF-Sparplan. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig.