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Meritage Homes Announces 2-for-1 Stock Split
DALLAS & SCOTTSDALE, Ariz., Dec 16, 2004 (BUSINESS WIRE) -- Meritage Homes
Corp. (MTH) today authorized a 2-for-1 split of its common stock, which will
be effected in the form of a stock dividend. This dividend will be issued to
shareholders of record at the close of market on Dec. 28, 2004 and will be
distributed on Jan. 7, 2005.
"This stock split is a reflection of the recent appreciation in our stock
price as well as our expectation that 2004 and 2005 will be our 17th and
18th consecutive years of record revenue and earnings," said John R. Landon,
Meritage co-chairman and CEO. "Through the first nine months of 2004, new
home orders were 39% higher than the first nine months of 2003 and demand
for our homes continues to be solid for the first two months of the fourth
quarter 2004."
"John and I remain very positive about the outlook of the homebuilding
industry and in particular, the outlook for Meritage Homes," said Steven J.
Hilton, Meritage co-chairman and CEO. "We believe that this stock split will
enhance the attractiveness of our company in the investment community and
will ultimately help increase our market capitalization. Upon completion of
the split, Meritage Homes will have approximately 25.8 million shares
outstanding."
About Meritage Homes Corp.
Meritage Homes Corp. is one of the nation's largest single-family
homebuilders, and is traded on the NYSE, symbol: MTH. Fortune Magazine
recently named Meritage to its "Fortune 1000" list of America's largest
corporations and included the company as a "top pick from 50 great
investors" in its Investor's Guide 2004. Additionally, Meritage is ranked as
one of Fortune's Fastest Growing Companies in America, its fourth appearance
on this list in six years. The company is included in the S&P SmallCap 600
Index and appears on Forbes' "Platinum 400" list as part of an elite group
of only five companies on the list that have exceeded 50% in five-year
annualized total return. In its 18-year history the company has built
approximately 34,000 homes, ranging from entry-level to semi-custom luxury.
Meritage operates in fast-growing states of the southern and western United
States, including six of the top 10 single-family housing markets in the
country. For more information about the company, please visit the Meritage
Web site at www.meritagehomes.com.
This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements include statements concerning our expectation that 2004 and
2005 will be our 17th and 18th consecutive years of record revenue and
earnings and that the stock split will enhance the attractiveness of our
company and will ultimately help increase our market capitalization. Such
statements are based upon the current beliefs and expectations of our
management and are subject to significant risks and uncertainties. Actual
results may differ from those set forth in the forward-looking statements.
Meritage's business is subject to a number of risks and uncertainties
including: the strength and competitive pricing of the single-family housing
market; demand for and acceptance of our homes; changes in the availability
and pricing of real estate in the markets in which we operate; our ability
to continue to acquire additional land or options to acquire additional land
on acceptable terms; general economic slow downs; consumer confidence, which
can be impacted by economic and other factors such as terrorism, war, or
threats thereof and changes in stock markets; the impact of construction
defect and home warranty claims; the cost and availability of insurance,
including the unavailability of insurance for the presence of mold; interest
rates and changes in the availability and pricing of residential mortgages;
our lack of geographic diversification; our level of indebtedness and our
ability to raise additional capital when and if needed; our ability to take
certain actions because of restrictions contained in the indentures for our
senior notes and the agreement for our senior unsecured credit facility;
legislative or other initiatives that seek to restrain growth in new housing
construction or similar measures; the success of our program to integrate
existing operations with any new operations or those of past or future
acquisitions; our success in locating and negotiating favorably with
possible acquisition candidates; our ability to achieve certain pre-tax
margins; our dependence on key personnel and the availability of
satisfactory subcontractors; the impact of inflation; our potential exposure
to natural disasters; the impact of new accounting principles; and other
factors identified in documents filed by us with the Securities and Exchange
Commission, including those set forth in our Form 10-K for the year ended
Dec. 31, 2003 under the caption "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Factors That May Affect Our
Future Results and Financial Condition" and in Exhibit 99.1 of Meritage's
Form 10-Q for the quarter ended Sept. 30, 2004. As a result of these and
other factors, the company's stock and note prices may fluctuate
dramatically.
SOURCE: Meritage Homes Corp.
Meritage Homes Corp.
Larry Seay, 480-609-3330 (Arizona)
Jane Hays, 972-543-8123 (Texas)
or
Broadgate Consultants
Chris Tofalli, 212-232-2222 (New York)
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