|
M.D.C. Holdings Reports Record First Quarter Home Orders,
Home Closings and Ending Backlog
* Quarterly Orders for 4,546 Homes, Highest in MDC's History * Closed 3,158
Homes, a First Quarter Record and 9% Above Last Year * Record March 31st
Backlog of 7,893 Homes; Estimated Sales Value of $2.43 Billion * First
Quarter Earnings to Be Released After Market Close on April 18, 2005
DENVER, April 5, 2005 -- M.D.C. Holdings, Inc. (MDC) today announced the
highest level of home orders for any quarter in the Company's history. The
Company received orders, net of cancellations, for 4,546 homes during the
2005 first quarter, compared with net orders for 4,429 homes during the same
period in 2004. This increase in home orders was achieved despite the wet
weather experienced in key western markets over the past several months, as
well as the difficult comparison created by the 32% year-over-year increase
in home orders in the 2004 first quarter.
First quarter home orders particularly were strong in Arizona, Virginia and
Maryland (up 27%, 17% and 17% year-over-year, respectively), primarily due
to the continued strong demand for new homes in these markets. In addition,
the Company received 961 net home orders in the 2005 first quarter from its
newest markets in Utah, Texas, Florida, Philadelphia/Delaware Valley and
Illinois, compared with only 556 home orders from Utah, Texas and Florida in
the 2004 first quarter. Similar to the 2004 fourth quarter, these increases
partially were offset by lower home orders year-over-year in Nevada and
California, compared with the extraordinary levels experienced in these
markets during the first quarter of 2004.
Record Home Closings and Backlog
MDC closed 3,158 homes in the first quarter of 2005, a 9% increase from the
2,910 home closings for the same period in 2004. The Company ended the first
quarter of 2005 with a record March 31st backlog of 7,893 homes with an
estimated sales value of $2.43 billion, 11% and 17% greater, respectively,
than the backlog of 7,112 homes with an estimated sales value of $2.08
billion at March 31, 2004.
Earnings Release, Conference Call and Webcast
The Company plans to release its 2005 first quarter earnings after the
market closes on Monday, April 18, 2005. A synchronized slide show and audio
presentation will be broadcast over the Internet on Tuesday, April 19, 2005,
at 9:30 a.m. Eastern Daylight Saving Time in conjunction with its conference
call. The presentation can be accessed by entering MDC's website,
www.richmondamerican.com,
clicking on "Investors" and selecting "M.D.C. Holdings 2005 First Quarter
Conference Call." Minimum requirements to listen to broadcast: Windows Media
Player software, downloadable free from
http://www.microsoft.com/windows/windowsmedia/mp10/default.aspx , and at
least a 28.8Kbps connection to the Internet. If you experience problems
listening to the broadcast, send an email to
patricia.joseph@thomson.com.
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 Jacksonville, Northern California and Southern
California. MDC also has established operating divisions in Dallas/Fort
Worth, Houston, West Florida, Philadelphia/Delaware Valley and Chicago. For
more information about our Company, please visit
www.richmondamerican.com.
Forward-Looking Statements
Certain statements in this release 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 and business conditions; (2) interest rate changes; (3) the
relative stability of debt and equity markets; (4) competition; (5) the
availability and cost of land and other raw materials used by the Company in
its homebuilding operations; (6) the availability and cost of performance
bonds and insurance covering risks associated with our business; (7)
shortages and the cost of labor; (8) weather related slowdowns; (9) slow
growth initiatives; (10) building moratoria; (11) governmental regulation,
including the interpretation of tax, labor and environmental laws; (12)
changes in consumer confidence and preferences; (13) required accounting
changes; (14) terrorist acts and other acts of war; and (15) 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-K for the year ended December 31, 2004,
which was filed with the Securities and Exchange Commission. 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 publicly update 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 presentations should be
consulted.
M.D.C. HOLDINGS, INC.
|
|
