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Ryland Provides Updated Guidance on 2005 First-Quarter
Earnings
CALABASAS, Calif., March 7, 2005 - The Ryland Group, Inc. (RYL), today
announced that earnings per share for the first quarter of 2005 should
exceed the record $1.03 earnings per share posted in the first quarter of
2004 by at least 15 percent.
Impacting the first quarter of 2005 are approximately 225 home closings
originally scheduled for closing in the first quarter that will be delayed
to later periods as a result of construction delays due to adverse weather
conditions in several markets, which are primarily Southern California,
Maryland, Nevada and Arizona. The Company anticipates that any affected
closings will recover from the weather-related delays and be reported in the
latter quarters of 2005.
Therefore, the Company's previous guidance for record full year 2005 diluted
earnings per share to exceed $7.25 remains unchanged.
With headquarters in Southern California, Ryland is one of the nation's
largest homebuilders and a leading mortgage-finance company. The Company
currently operates in 27 markets across the country and has built more than
230,000 homes and financed more than 200,000 mortgages since its founding in
1967. Ryland is a Fortune 500 company listed on the New York Stock Exchange
under the symbol "RYL." Previous news releases may be obtained at
www.ryland.com.
Note: Certain statements in this press release may be
regarded as "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, and may qualify for the safe
harbor provided for in Section 21E of the Securities Exchange Act of 1934,
as amended. These forward-looking statements represent the Company's
expectations and beliefs concerning future events, and no assurance can be
given that the future results described in this press release will be
achieved. These forward-looking statements can generally be identified by
the use of statements that include words such as "anticipate," "believe,"
"estimate," "expect," "foresee," "goal," "intend," "likely," "may," "plan,"
"project," "should," "target," "will" or other similar words or phrases. All
forward-looking statements contained herein are based upon information
available to the Company on the date of this press release. Except as may be
required under applicable law, the Company does not undertake any obligation
to update or revise any forward-looking statements, whether as a result of
new information, future events, or otherwise.
These forward-looking statements are subject to risks,
uncertainties and other factors, many of which are outside of the Company's
control that could cause actual results to differ materially from the
results discussed in the forward-looking statements. Forward-looking
statements are subject to risks and uncertainties, which include, among
others:
* economic changes nationally or in the Company's local markets,
including volatility in interest rates, inflation, changes in consumer
confidence levels and the state of the market for homes in general;
* the availability and cost of land;
* increased land development costs on projects under development;
* shortages of skilled labor or raw materials used in the production of
houses;
* increased prices for labor, land and raw materials used in the
production of houses;
* increased competition;
* failure to anticipate or react to changing consumer preferences in
home design;
* delays in land development or home construction resulting from adverse
weather conditions;
* potential delays or increased costs in obtaining necessary permits as
a result of changes to laws, regulations, or governmental policies
(including those that affect zoning, density, building standards and
the environment);
* delays in obtaining approvals from applicable regulatory agencies and
others in connection with the Company's communities and land
activities; or
* other factors over which the Company has little or no control.
SOURCE Ryland Group, Inc.
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