|
Meritage Homes Corporation Ranked
Number One by Forbes Magazine for Five-Year Annualized Total Return
National Homebuilder Included on Prestigious Platinum 400 List of America's
Best Big Companies for Second Consecutive Year
SCOTTSDALE, Ariz. & DALLAS, Jan 18, 2005 (BUSINESS WIRE) -- Meritage Homes
Corporation (MTH), which in 2004 completed its 17th consecutive year of
record revenue and net earnings, today announced that it was ranked No. 1 by
Forbes for five-year annualized total return in the magazine's 2005 Platinum
400 ranking of America's Best Big Companies.
"We are pleased that Forbes has once again recognized the continued success
of our company," said Steven J. Hilton, Meritage Co-Chairman and CEO. "Our
performance is a direct result of our strategy to be in the right markets
with the right product at the right price."
In order to qualify, companies on the list must have generated at least $1
billion in revenue during their previous fiscal year. The rankings were
based on five-year annualized total return, long- and short-term revenues
and earnings growth, along with other financial measures. Meritage led the
Forbes list for five-year annualized total return to stockholders, with a
reported 76.3%.
"Our results are a strong validation of our ability to consistently execute
our growth strategy, which is especially relevant as we expand into Colorado
and the fast-growing Florida real estate market," said John R. Landon,
Meritage Co-Chairman and CEO. "We are pleased with this national recognition
from Forbes and to be ranked with other leading companies."
Companies such as Starbucks, Coach, Reebok and Dell were also included in
the ranking of five-year annualized return. More information regarding the
Platinum 400 can be found in the January 10, 2005 issue of Forbes magazine,
as well as on its website, www.forbes.com.
Meritage was previously included on Forbes' Platinum 400 ranking of Best Big
Companies in 2004 and placed fourth in the magazine's ranking of 200 Best
Small Companies in 2001.
About Meritage Homes Corporation
Meritage Homes Corporation 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 35,000 homes, ranging from entry-level to semi-custom luxury.
Meritage operates in fast-growing states of the Southern and Western U.S.,
including six of the top ten single-family housing markets in the country.
For more information about the Company, please visit the Meritage website
located 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 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
December 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 September 30, 2004. As a result of these and
other factors, the Company's stock and note prices may fluctuate
dramatically.
SOURCE: Meritage Homes Corporation
|
|
