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Cash flow from operations of $239.5 million, including $161.4 million tax refund
Quarter-end cash and investments of $1.61 billion
No borrowings on homebuilding line of credit
Pre-tax loss of $41.1 million; includes asset impairments of $14.6 million
Net loss of $40.9 million vs. $72.8 million in 2008
Diluted loss per share of $0.88 vs. $1.58 in 2008
Total revenue of $175.9 million vs. $395.8 million in 2008
SG&A expenses of $53.6 million vs. $83.8 million in 2008
Closed 580 homes at an average selling price of $287,900
Net orders for 676 homes with an estimated value of $191.0 million
Cancellation rate of 23% vs. 43% in 2008
DENVER, May 8, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- M.D.C. Holdings, Inc. (NYSE: MDC) today reported results for its first quarter ended March 31, 2009. The Company announced a net loss for the quarter of $40.9 million, or $0.88 per diluted share, which included pre-tax charges of $14.6 million for asset impairments and a $15.3 million increase in our deferred tax valuation allowance. The net loss for the 2008 first quarter was $72.8 million, or $1.58 per diluted share, which included pre-tax charges of $54.8 million for asset impairments and an increase in our deferred tax valuation allowance of $10.6 million.
Larry A. Mizel, MDC's chairman and chief executive officer, stated, "During the first quarter of 2009, we battled many of the same issues we faced in 2008, including high foreclosure rates, rising unemployment and low consumer confidence. While declining home prices and historically low interest rates have improved affordability across our markets, we have yet to see a meaningful recovery in sales activity."
Mizel continued, "In an effort to accelerate our sales pace, we are introducing smaller, more affordable homes in many of our markets. These homes are designed both to meet the current needs of our customers and to allow for a more efficient construction process. As we await a recovery in homebuilding activity, we will continue to pursue and implement improvements to our business processes that we believe will enhance profitability for our Company in the future."
Mizel concluded, "On the strength of nearly $240 million of operating cash flow, our cash and investments balance grew to more than $1.6 billion during the quarter. With no borrowings outstanding on our homebuilding line of credit and no senior debt maturities until 2012, we are well positioned with the option to take advantage of market opportunities as they arise. However, in the face of continued economic and regulatory uncertainty, we will take a cautious and conservative approach to redeploying our capital."
Homebuilding Results
Homebuilding loss before taxes for the quarter ended March 31, 2009 improved to $18.3 million compared with a loss of $77.3 million for the same period in 2008. The loss in 2009 was lower in large part due to a decline in asset impairments, an improvement in home gross margin and a decrease in marketing, commissions and general and administrative expenses ("SG&A"), partially offset by the impact of closing fewer homes and a lower average selling price compared with the same period in 2008.
Homebuilding revenue for the 2009 first quarter fell to $173.0 million, compared with $388.3 million in the first quarter of 2008. The decline in revenue was primarily the result of a year-over-year decline in home closings of 49%. All of our markets experienced significant year-over-year decreases in home closings in the first quarter of 2009. Most notable were the decreases in Arizona, California and Nevada, where our homebuilding activity has been most heavily concentrated. Additionally, the average selling price during the first quarter of 2009 was down 8% from the prior year. Each of our markets experienced a decrease in its average selling price with the exception of Virginia, which showed a significant increase due to changes in the size and style of the homes that were closed during the quarter. Home gross margins during the first quarter of 2009 increased to 15.4% from 11.5% in the first quarter of 2008, primarily due to significant prior period impairments, which lowered the lot cost basis on homes that closed during the quarter, and also due to a $3.6 million reduction of our warranty reserves. These positive adjustments partially were offset by the decline in the average selling prices of homes closed and by a shift in mix to a higher percentage of low-margin model and finished spec home closings during the first quarter of 2009.
Homebuilding SG&A decreased to $31.0 million for the quarter ended March 31, 2009, compared with $63.3 million for the same period in the prior year. The decrease in SG&A resulted from various cost saving initiatives associated with right-sizing our operations in response to the reduced level of home closings. Also contributing to this decrease was a reduction in marketing expenses, primarily due to a significant reduction in sales office and model home expenses related to a 57% reduction in the number of model homes, as well as a decline in commission expenses resulting from fewer home closings and lower average selling prices.
During the first quarter of 2009, we recognized $14.6 million of asset impairments, a decrease of 73% from the 2008 first quarter. The impairments were concentrated in Nevada, which experienced a significant decrease in the value of homes during the 2009 first quarter. Overall, the year-over-year decrease in asset impairments can be attributed to a decrease in the total number of owned lots at March 31, 2009 and the impact of recording significant impairments over the last ten quarters, thereby reducing our exposure to further impairments.
Net orders for the first quarter ended March 31, 2009 totaled 676 homes with an estimated sales value of $191.0 million, compared with net orders for 1,098 homes with an estimated sales value of $324.0 million during the same period in 2008. The lower net orders for the quarter contributed to a significant decline in our backlog compared to the prior year, although we saw a slight increase compared to the quarter ended December 31, 2008. We ended the first quarter of 2009 with a backlog of 629 homes under contract with an estimated sales value of $196.0 million, compared with a backlog of 1,909 homes with an estimated sales value of $623.0 million at March 31, 2008. During the first quarter of 2009, the Company's cancellation rate dropped to 23% compared with 43% during the same period in 2008. Each of our markets experienced a decline in cancellation rate, primarily resulting from a decrease in mortgage-related issues and a decline in the number of prospective home buyers with a contingency to sell an existing home.
Christopher M. Anderson, MDC's senior vice president and chief financial officer, said, "We continued to focus on controlling our expenses during the quarter, as evidenced by a 51% decline in homebuilding SG&A from the same period last year. While we are hopeful that the significant declines in our cancellation rate and our impairments are signs of stabilization for our industry and our Company, we continue to look for opportunities to reduce our overhead as we navigate an uncertain homebuilding market and drive toward a goal of once again achieving a sustainable level of profitability."
Financial Services and Other
Income before taxes from the Company's Financial Services and Other segment for the quarter ended March 31, 2009 was $1.6 million compared with $4.1 million for the same period in 2008. The decreases in the 2009 first quarter primarily resulted from a combined decrease in gains on sales of mortgage loans and broker origination fees. These declines partially were offset by reductions in general and administrative expenses for our mortgage operations.
Balance Sheet and Cash Flow Highlights
For the quarter ended March 31, 2009, the Company generated $239.5 million in operating cash flow and ended the quarter with $1.61 billion in cash and investments. Our strong operating cash flow primarily was the result of a $161 million tax refund, combined with a continued reduction of our inventories. Total lots owned including WIP lots at March 31, 2009 decreased by 35% from a year ago and 7% from December 31, 2008, leaving a total inventory balance of $556.0 million at March 31, 2009, compared with $1.25 billion at March 31, 2008 and $637.3 million at December 31, 2008. For the 2,284 lots we controlled under option contracts at March 31, 2009, we only had $9.7 million at risk.
About MDC
Since 1972, MDC has built and financed the American dream for almost 160,000 families. MDC's commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. As one of the largest homebuilders in the United States, the Company has homebuilding divisions across the country, including Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, California, Northern Virginia, Maryland, Philadelphia/Delaware Valley and Jacksonville. The Company also provides mortgage financing, insurance and title services, primarily for MDC homebuyers, through its wholly owned subsidiaries, 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 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 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 conditions, including changes in consumer confidence, inflation or deflation and employment levels; (2) changes in business conditions experienced by the Company, including cancellation rates, net home orders, home gross margins, and land and home values; (3) changes in interest rates, mortgage lending programs and the availability of credit; (4) the relative stability of debt and equity markets; (5) competition; (6) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (7) the availability and cost of performance bonds and insurance covering risks associated with our business; (8) shortages and the cost of labor; (9) weather related slowdowns; (10) slow growth initiatives; (11) building moratoria; (12) governmental regulation, including the interpretation of tax, labor and environmental laws; (13) changes in consumer confidence and preferences; (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 Annual Report on Form 10-Q for the quarter ended March 31, 2009, which is scheduled to be filed with the Securities and Exchange Commission today. 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 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 presentations should be consulted.
M.D.C. HOLDINGS, INC.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months
Ended March 31,
--------------
2009 2008
---- ----
Revenue
Home sales revenue $166,982 $355,792
Land sales revenue 2,618 28,568
Other revenue 6,332 11,418
----- ------
Total Revenue 175,932 395,778
------- -------
Costs and Expenses
Home cost of sales 141,325 315,037
Land cost of sales 1,341 27,949
Asset impairments 14,569 54,832
Marketing expenses 8,832 19,203
Commission expenses 6,358 13,433
General and administrative expenses 38,381 51,188
Other operating expenses 265 1,724
Related party expenses 5 5
------- -------
Total Operating Costs and Expenses 211,076 483,371
------- -------
Loss from Operations (35,144) (87,593)
------- -------
Other income (expense)
Interest income 4,071 10,476
Interest expense (9,740) (130)
Gain (loss) on sale of other assets (260) 21
---- --
Loss Before Taxes (41,073) (77,226)
------- -------
Benefit from income taxes, net 220 4,406
--- -----
NET LOSS $(40,853) $(72,820)
======== ========
LOSS PER SHARE
Basic $(0.88) $(1.58)
====== ======
Diluted $(0.88) $(1.58)
====== ======
WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic 46,397 45,953
====== ======
Diluted 46,397 45,953
====== ======
DIVIDENDS DECLARED PER SHARE $0.25 $0.25
===== =====
M.D.C. HOLDINGS, INC.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
(Unaudited)
March 31, December 31,
2009 2008
---- ----
Assets
Cash and cash equivalents $1,584,631 $1,304,728
Short-term investments 22,909 54,864
Unsettled trades, net 3,254 57,687
Restricted cash 471 670
Receivables
Home sales receivables 12,306 17,104
Income taxes receivable 6,931 170,753
Other receivables 13,596 16,697
Mortgage loans held-for-
sale, net 29,900 68,604
Inventories, net
Housing completed or under
construction 349,405 415,500
Land and land under development 206,581 221,822
Property and equipment, net 37,119 38,343
Deferred tax asset, net
of valuation allowance - -
Related party assets 28,627 28,627
Prepaid expenses and other
assets, net 77,421 79,539
------ ------
Total Assets $2,373,151 $2,474,938
========== ==========
Liabilities
Accounts payable $21,100 $28,793
Accrued liabilities 319,667 332,825
Mortgage repurchase facility 4,117 34,873
Senior notes, net 997,640 997,527
------- -------
Total Liabilities 1,342,524 1,394,018
--------- ---------
Commitments and Contingencies - -
--------- ---------
Stockholders' Equity
Preferred stock, $0.01 par
value; 25,000,000 shares
authorized; none issued
or outstanding - -
Common stock, $0.01 par value;
250,000,000 shares authorized;
46,838,000 and 46,789,000 issued
and outstanding, respectively, at
March 31, 2009 and 46,715,000 and
46,666,000 issued and outstanding,
respectively, at December 31, 2008 468 467
Additional paid-in-capital 790,361 788,207
Retained earnings 240,457 292,905
Treasury stock, at cost; 49,000
shares at March 31, 2009 and
December 31, 2008 (659) (659)
---- ----
Total Stockholders' Equity 1,030,627 1,080,920
--------- ---------
Total Liabilities and Stockholders'
Equity $2,373,151 $2,474,938
========== ==========
M.D.C. HOLDINGS, INC.
Information on Segments
(Dollars in thousands)
(Unaudited)
Three Months
Ended March 31,
--------------------
2009 2008
---- ----
REVENUE
Homebuilding
West $74,682 $223,379
Mountain 44,117 70,482
East 40,492 67,345
Other Homebuilding 13,683 27,049
------ ------
Total Homebuilding 172,974 388,255
Financial Services and Other 5,563 10,180
Corporate 50 184
Inter-company adjustments (2,655) (2,841)
------ ------
Consolidated $175,932 $395,778
======== ========
(LOSS) INCOME BEFORE INCOME TAXES
Homebuilding
West $(10,303) $(61,391)
Mountain (4,811) (11,608)
East (2,371) (2,379)
Other Homebuilding (831) (1,896)
---- ------
Total Homebuilding (18,316) (77,274)
Financial Services and Other 1,621 4,148
Corporate (24,378) (4,100)
------- ------
Consolidated $(41,073) $(77,226)
======== ========
ASSET IMPAIRMENTS
West $13,067 $48,312
Mountain 254 3,954
East 964 1,533
Other Homebuilding 284 1,033
--- -----
Consolidated $14,569 $54,832
======= =======
March 31, December 31,
2009 2008
---- ----
TOTAL ASSETS
Homebuilding
West $210,626 $255,652
Mountain 270,753 288,221
East 131,866 151,367
Other Homebuilding 29,228 38,179
------ ------
Total Homebuilding 642,473 733,419
Financial Services and Other 100,430 139,569
Corporate 1,676,205 1,647,907
--------- ---------
Inter-company adjustments (45,957) (45,957)
------- -------
Consolidated $2,373,151 $2,474,938
========== ==========
M.D.C. HOLDINGS, INC.
Selected Financial Data
(Dollars in thousands)
(Unaudited)
Three Months
Ended March 31, Change
----------------- --------
2009 2008 Amount %
------ ------ -------- ----
SELECTED FINANCIAL DATA
General and Administrative
Expenses
Homebuilding $15,779 $30,702 $(14,923) -49%
Financial Services
and Other $4,498 $7,023 $(2,525) -36%
Corporate (1) $18,109 $13,468 $4,641 34%
------- ------- ------
Total $38,386 $51,193 $(12,807) -25%
======= ======= ========
SG&A as a % of Home Sales Revenue
Homebuilding Segments 18.5% 17.8% 0.7%
Corporate Segment (1) 10.8% 3.8% 7.0%
Depreciation and
Amortization (2) $3,893 $8,612 $(4,719) -55%
Home Gross Margins (3) 15.4% 11.5% 3.9%
Interest in Home Cost
of Sales as a % of Home
Sales Revenue -4.8% -4.4% -0.4%
Cash Provided by (Used in)
Operating Activities $239,493 $230,733 $8,760 4%
Investing Activities $82,690 $(43) $82,733 N/A
Financing Activities $(42,280) $(41,604) $(676) 2%
Corporate and
Homebuilding Interest
Interest capitalized,
beginning of period $39,239 $53,487 $(14,248) -27%
Interest capitalized, net of
interest expense $4,844 $14,453 $(9,609) -66%
Previously capitalized
interest included
in home cost of sales $(8,033) $(15,773) $7,740 -49%
Interest capitalized,
end of period $36,050 $52,167 $(16,117) -31%
(1) Includes related party expenses.
(2) Includes depreciation and amortization of long-lived assets and
amortization of deferred marketing costs.
(3) Home sales revenue less home cost of sales (excluding commissions,
amortization of deferred marketing, project cost write offs and asset
impairments) as a percent of home sales revenue. During the three months
ended March 31, 2009 and March 31, 2008, we closed homes on lots for which
we had previously recorded $43.2 million and $49.9 million, respectively,
of asset impairments.
M.D.C. HOLDINGS, INC.
Selected Financial Data
(Dollars in thousands)
(Unaudited)
Three Months
Ended March 31, Change
----------------- -----------------
2009 2008 Amount %
------ ------- -------- ----
HOMEAMERICAN OPERATING
ACTIVITIES
Principal amount of mortgage
loans originated $126,507 $164,743 $(38,236) -23%
Principal amount of mortgage
loans brokered $12,965 $59,571 $(46,606) -78%
Capture Rate 82% 58% 24%
Including brokered loans 90% 75% 15%
Mortgage products (% of mortgage
loans originated)
Fixed rate 100% 94% 6%
Adjustable rate -
interest only 0% 2% -2%
Adjustable rate - other 0% 4% -4%
Prime loans (4) 42% 63% -21%
Alt A loans (5) 0% 0% 0%
Government loans (6) 58% 37% 21%
Sub-prime loans (7) 0% 0% 0%
(4) Prime loans generally are defined as loans with Fair, Isaac and
Company ("FICO") scores greater than 620 and that comply with the
documentation standards of the government sponsored enterprise guidelines.
(5) Alt-A loans are defined as loans that would otherwise qualify as prime
loans except that they do not comply with the documentation standards of
the government sponsored enterprise guidelines.
(6) Government loans are loans either insured by the Federal Housing
Administration or guaranteed by the Department of Veteran Affairs.
(7) Sub-prime loans generally are defined as non government insured loans
that have FICO scores of less than or equal to 620.
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(unaudited)
March 31, December 31, March 31,
2009 2008 2008
---- ---- ----
HOMES COMPLETED OR UNDER
CONSTRUCTION
Unsold Home Under
Construction - Final 293 451 449
Unsold Home Under
Construction - Frame 255 329 516
Unsold Home Under Construction
- Foundation 100 41 134
--- -- ---
Total Unsold Homes Under
Construction 648 821 1,099
Sold Homes Under Construction 471 409 1,340
Model Homes 274 387 640
--- --- ---
Homes Completed or Under
Construction 1,393 1,617 3,079
===== ===== =====
LOTS OWNED (excluding homes
completed or under construction)
Arizona 1,365 1,458 2,423
California 695 839 1,150
Nevada 1,045 1,111 1,241
----- ----- -----
West 3,105 3,408 4,814
----- ----- -----
Colorado 2,523 2,597 2,890
Utah 621 642 830
--- --- ---
Mountain 3,144 3,239 3,720
----- ----- -----
Delaware Valley 110 115 138
Maryland 180 176 287
Virginia 227 241 336
--- --- ---
East 517 532 761
--- --- ---
Florida 242 257 561
Illinois 141 141 165
--- --- ---
Other Homebuilding 383 398 726
--- --- ---
Total 7,149 7,577 10,021
===== ===== ======
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(unaudited)
March 31, December 31, March 31,
2009 2008 2008
---- ---- ----
LOTS CONTROLLED UNDER OPTION
Arizona 460 472 400
California 149 149 157
Nevada 95 95 -
--- --- ---
West 704 716 557
--- --- ---
Colorado 158 184 255
Utah - - -
--- --- ---
Mountain 158 184 255
--- --- ---
Delaware Valley 14 40 327
Maryland 350 355 449
Virginia 620 592 1,072
--- --- -----
East 984 987 1,848
--- --- -----
Florida 438 471 470
Illinois - - -
--- --- ---
Other Homebuilding 438 471 470
--- --- ---
Total 2,284 2,358 3,130
===== ===== =====
NON-REFUNDABLE OPTION DEPOSITS
Cash $5,526 $5,145 $6,476
Letters of Credit 3,257 4,358 4,221
----- ----- -----
Total Non-Refundable Option
Deposits $8,783 $9,503 $10,697
====== ====== =======
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)
Three Months Ended
March 31,
Change
-------------- -----------------
2009 2008 Amount %
---- ---- -------- ----
HOMES CLOSED (UNITS)
Arizona 172 351 (179) -51%
California 59 154 (95) -62%
Nevada 74 180 (106) -59%
-- --- ----
West 305 685 (380) -55%
--- --- ----
Colorado 91 117 (26) -22%
Utah 40 82 (42) -51%
--- --- ---
Mountain 131 199 (68) -34%
--- --- ---
Delaware Valley 19 31 (12) -39%
Maryland 26 49 (23) -47%
Virginia 41 65 (24) -37%
--- --- ---
East 86 145 (59) -41%
--- --- ---
Florida 49 95 (46) -48%
Illinois 9 12 (3) -25%
--- --- ---
Other Homebuilding 58 107 (49) -46%
--- --- ---
Total 580 1,136 (556) -49%
=== ===== ====
AVERAGE SELLING PRICES PER
HOME CLOSED
Arizona $192.6 $232.2 $(39.6) -17%
California 398.1 444.6 (46.5) -10%
Colorado 352.3 354.4 (2.1) -1%
Delaware Valley 424.9 425.8 (0.9) 0%
Florida 219.2 233.4 (14.2) -6%
Illinois 320.4 400.5 (80.1) -20%
Maryland 440.6 496.9 (56.3) -11%
Nevada 203.0 247.3 (44.3) -18%
Utah 298.6 340.1 (41.5) -12%
Virginia 508.5 453.5 55.0 12%
Company Average $287.9 $313.2 $(25.3) -8%
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)
Three Months
Ended March 31, Change
---------------- ------------------
2009 2008 Amount %
------ ------ ---------- ------
ORDERS FOR HOMES, NET (UNITS)
Arizona 158 282 (124) -44%
California 75 159 (84) -53%
Nevada 95 181 (86) -48%
--- --- ---
West 328 622 (294) -47%
--- --- ----
Colorado 134 163 (29) -18%
Utah 41 44 (3) -7%
--- --- ---
Mountain 175 207 (32) -15%
--- --- ---
Delaware Valley 14 22 (8) -36%
Maryland 37 47 (10) -21%
Virginia 56 70 (14) -20%
--- --- ---
East 107 139 (32) -23%
--- --- ---
Florida 58 115 (57) -50%
Illinois 8 15 (7) -47%
--- --- ---
Other Homebuilding 66 130 (64) -49%
--- --- ---
Total 676 1,098 (422) -38%
=== ===== ====
Estimated Value of Orders for
Homes, net $191,000 $324,000 $(133,000) -41%
Estimated Average Selling
Price of Orders for Homes, net $282.5 $295.1 $(12.5) -4%
Cancellation Rate(8) 23% 43% -20%
(8) We define "Cancellation Rate" as the approximate number of cancelled
home order contracts during a reporting period as a percent of total home
orders received during such reporting period.
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)
March 31, December 31, March 31,
2009 2008 2008
---- ---- ----
BACKLOG (UNITS)
Arizona 144 158 523
California 65 49 208
Nevada 74 53 308
--- --- ---
West 283 260 1,039
--- --- -----
Colorado 115 72 259
Utah 43 42 140
--- --- ---
Mountain 158 114 399
--- --- ---
Delaware Valley 22 27 48
Maryland 69 58 124
Virginia 51 36 105
--- --- ---
East 142 121 277
--- --- ---
Florida 44 35 145
Illinois 2 3 49
Other Homebuilding 46 38 194
--- --- ---
Total 629 533 1,909
=== === =====
Backlog Estimated Sales Value $196,000 $173,000 $623,000
======== ======== ========
Estimated Average Selling Price
of Homes in Backlog $311.6 $324.6 $326.3
====== ====== ======
ACTIVE SUBDIVISIONS
Arizona 37 44 62
California 16 18 34
Nevada 23 24 34
--- --- ---
West 76 86 130
--- --- ---
Colorado 45 49 49
Utah 22 22 24
--- --- ---
Mountain 67 71 73
--- --- ---
Delaware Valley 2 3 2
Maryland 12 11 17
Virginia 10 12 19
--- --- ---
East 24 26 38
--- --- ---
Florida 7 7 15
Illinois 1 1 4
--- --- ---
Other Homebuilding 8 8 19
--- --- ---
Total 175 191 260
=== === ===
Average for quarter ended 182 202 272
=== === ===
SOURCE M.D.C. Holdings, Inc.
http://www.mdcholdings.com
Copyright © 2009 PR Newswire. All rights reserved