DENVER, April 2, 2020 /PRNewswire/ -- M.D.C. Holdings,
Inc. (NYSE: MDC), one of the nation's leading homebuilders, today
reported selected preliminary results for the 2020 first quarter.
These results are preliminary and unaudited.
2020 First Quarter
Highlights and Comparison to 2019 First Quarter (preliminary and
unaudited)
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• Net new home orders
of 2,399 vs. 1,956
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• New home deliveries
of 1,547 vs. 1,358
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• Ending homes in
backlog of 4,653 vs. 3,534
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2020 March Highlights
and Comparison to 2019 March (preliminary and unaudited)
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• Net new home orders
of 611 vs. 834
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• Cancellations as a
percentage of gross new home orders of 31.8% vs. 15.4%
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• Cancellations as a
percentage of homes in beginning backlog of 6.0% vs.
4.5%
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• New home deliveries
of 712 vs. 648
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March 31, 2020
Financial Position Highlights (preliminary and
unaudited)
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• Total liquidity of
approximately $1.4 billion
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• Total cash and
investments of approximately $450 million
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• More than $950
million of availability under homebuilding line of credit (maturity
of December 2023)
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• No senior note
maturities until 2024
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• Quarterly cash
dividend of thirty-three cents ($0.33) per share declared on April
1, 2020
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As a result of the Coronavirus/COVID-19 pandemic, we experienced
increasingly adverse business conditions, especially in the latter
half of March, which negatively impacted our operating results. It
is unclear how long these adverse conditions will persist or how
they will impact our results in future periods.
MDC will release its 2020 first quarter earnings before the
market opens on Tuesday, May 5, 2020.
MDC will host a teleconference the same day at 12:30 pm ET. The live teleconference will be
available by calling 866-652-5200 and requesting to join the M.D.C.
Holdings, Inc. conference call. A replay of the
teleconference will be available through May
12, 2020 by calling 877-344-7529 and entering Access Code #
10141482.
A webcast of the teleconference will be available live at
www.mdcholdings.com, and beginning two hours after the call, a
replay of the webcast will be available on the website.
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 205,000
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, 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, Seattle and Portland. The Company'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. M.D.C. Holdings, Inc. 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 any 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 the impact of the COVID-19 pandemic,
changes in consumer confidence, inflation or deflation and
employment levels; (2) changes in business conditions experienced
by MDC, including restrictions on business activities resulting
from the COVID-19 pandemic, 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 orders addressing the
COVID-19 pandemic, 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 most recent annual report on Form 10-K 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. 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.
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SOURCE M.D.C. Holdings, Inc.