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Standard Pacific Corp. Reports 2015 Second Quarter Results
Revenues increase to $694.7 million, up 17%
Q2 2015 backlog value of $1.5 billion, up 30% from Q2 2014

IRVINE, Calif., July 30, 2015 /PRNewswire/ -- Standard Pacific Corp. (NYSE: SPF) today announced results for the second quarter ended June 30, 2015.

2015 Second Quarter Highlights and Comparisons to 2014 Second Quarter

  • Net new orders of 1,567, up 10%; Dollar value of net new orders up 26% (excluding Q2 2014 acquisition)
  • Backlog of 2,572 homes, up 12%; Dollar value of backlog up 30%
  • 203 average active selling communities, up 11%
  • 1,305 new home deliveries, up 6%
  • Average selling price of $532 thousand, up 11%
  • Home sale revenues of $694.7 million, up 17%
  • Gross margin from home sales of 24.6%, compared to 26.6%
  • Operating margin from home sales of $90.8 million, or 13.1%, compared to $89.7 million, or 15.2%
  • Net income of $57.2 million, or $0.14 per diluted share, vs. net income of $56.5 million, or $0.14 per diluted share
  • $190.0 million of land purchases and development costs, compared to $212.0 million
  • Results include $5.2 million of transaction costs related to the proposed merger with The Ryland Group, Inc.

Scott Stowell, the Company's President and Chief Executive Officer commented, "I am pleased with our solid financial performance in the 2015 second quarter.  Our results reflect a continuation of the housing market recovery and our focus on the execution of our strategy, with backlog value, the value of our orders, and home sale revenues up 30%, 26% and 17% respectively."

Orders.  Excluding the impact of the 99 homes in backlog we acquired in connection with our June 2014 acquisition of an Austin, Texas homebuilder, net new orders for the 2015 second quarter were up 10% from the 2014 second quarter, to 1,567 homes, with the dollar value of these orders up 26%, and the Company's monthly sales absorption rate was 2.6 per community for the 2015 second quarter, flat from both the 2014 second quarter and the 2015 first quarter.  The Company's cancellation rate for the 2015 second quarter was 15% compared to 14% for the 2014 second quarter and 11% for the 2015 first quarter.

Backlog.  The dollar value of homes in backlog increased 30% to $1.5 billion, or 2,572 homes, compared to $1.1 billion, or 2,304 homes, for the 2014 second quarter, and increased 15% compared to $1.3 billion, or 2,310 homes, for the 2015 first quarter.  The increase in year-over-year backlog value was driven primarily by our continued growth in orders and a 17% increase in the average selling price of the homes in backlog, reflecting the continued execution of our move-up homebuyer focused strategy and a favorable pricing environment in a majority of our markets.

Revenue.  Revenues from home sales for the 2015 second quarter increased 17%, to $694.7 million, as compared to the prior year period, resulting primarily from an 11% increase in the Company's average home price to $532 thousand, the highest quarterly average home price in Company history, and a 6% increase in new home deliveries.  The increase in average home price was primarily attributable to a shift to more move-up product and general price increases within a majority of our markets. 

Gross Margin.  Gross margin percentage from home sales for the 2015 second quarter was 24.6%, up 40 basis points from last quarter, consistent with the Company's expectations. 

Land.  During the 2015 second quarter, the Company spent $190.0 million on land purchases and development costs, compared to $212.0 million for the 2014 second quarter. The Company purchased $98.6 million of land, consisting of 1,283 homesites, of which 53% (based on homesites) is located in Florida, 23% in the Carolinas, 12% in the California and 12% in Texas.  As of June 30, 2015, the Company owned or controlled 36,034 homesites, of which 24,693 were owned and actively selling or under development, 7,168 were controlled or under option, and the remaining 4,173 homesites were held for future development or for sale.  The homesites owned that are actively selling or under development represent a 4.9x year supply based on the Company's deliveries for the trailing twelve months ended June 30, 2015.

Liquidity.  The Company ended the quarter with $497 million of available liquidity, including $77 million of unrestricted homebuilding cash and $420 million available to borrow under the revolving credit facility. The revolving credit facility has an accordion feature under which the aggregate commitment may be increased from $450 million to a maximum amount of $750 million, subject to the Company's future needs and the availability of additional bank capacity.  The Company's homebuilding debt to book capitalization as of June 30, 2015 and 2014 was 55.3% and 53.8%, respectively, and adjusted net homebuilding debt to adjusted book capitalization was 53.9%* and 51.6%*, respectively.  In addition, the Company's homebuilding debt to adjusted homebuilding EBITDA for the LTM period ending June 30, 2015 and 2014 was 4.4x* and 3.9x*, respectively.  

Proposed Merger with The Ryland Group, Inc.

During the second quarter of 2015, the Company entered into a merger agreement with The Ryland Group, Inc. ("Ryland").  Subject to the terms and conditions of the merger agreement, which was unanimously approved by the boards of directors of the Company and Ryland, the Company and Ryland have agreed that Ryland will merge with and into the Company in a "merger of equals," with the Company continuing as the surviving corporation, and the separate corporate existence of Ryland will cease.  Concurrent with the closing of the merger, each five shares of common stock issued and outstanding of the Company will be combined and converted into one issued and outstanding share of common stock of the surviving corporation and each share of common stock of Ryland issued and outstanding will be converted and exchangeable for 1.0191 issued and outstanding shares of common stock of the surviving corporation.  The proposed merger is subject to approval by the stockholders of the Company and Ryland and other customary closing conditions. The Company currently expects the transaction to close in early fall 2015.  As of June 30, 2015, the Company incurred transaction related fees totaling $5.2 million, which was reported in "other income (expense)" in the condensed consolidated statements of operations during the second quarter.

Earnings Conference Call

A conference call to discuss the Company's 2015 second quarter results will be held at 12:00 p.m. Eastern time July 31, 2015.  The call will be broadcast live over the Internet and can be accessed through the Company's website at http://ir.standardpacifichomes.com.  The call will also be accessible via telephone by dialing (800) 946-0720 (domestic) or (719) 325-2384 (international); Passcode: 2656006.  The audio transmission with the slide presentation will be available on our website for replay within 2 to 3 hours following the live broadcast, and can be accessed by dialing (888) 203-1112 (domestic) or (719) 457-0820 (international); Passcode: 2656006.  

About Standard Pacific

Standard Pacific Homes (NYSE: SPF) has been building beautiful, high-quality homes and neighborhoods since its founding in Southern California in 1965.  With a trusted reputation for quality craftsmanship, an outstanding customer experience and exceptional architectural design, the Company utilizes its decades of land acquisition, development and homebuilding expertise to successfully navigate today's complex landscape to acquire and build desirable communities in locations that meet the high expectations of the Company's targeted move-up homebuyers.  Currently offering new homes in major metropolitan areas in Arizona, California, Colorado, Florida, North Carolina, South Carolina, and Texas, we invite you to learn more about us by visiting standardpacifichomes.com.

This news release contains forward-looking statements.  These statements include but are not limited to statements regarding new home orders; deliveries; backlog; absorption rates; cancellation rates; average home price; revenue; profitability; cash flow; liquidity; gross margin; operating margin; product mix; land supply; the benefit of, and execution on, our strategy; our future cash needs and the availability of additional bank commitments; and the expected closing date of our proposed merger with The Ryland Group, Inc.  Forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements.  Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the Company's control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied.  Such factors include but are not limited to:  local and general economic and market conditions, including consumer confidence, employment rates, interest rates, the cost and availability of mortgage financing, and stock market, home and land valuations; the impact on economic conditions, terrorist attacks or the outbreak or escalation of armed conflict involving the United States; the cost and availability of suitable undeveloped land, building materials and labor; the cost and availability of construction financing and corporate debt and equity capital; our significant amount of debt and the impact of restrictive covenants in our debt agreements; our ability to repay our debt as it comes due; changes in our credit rating or outlook; the demand for and affordability of single-family homes; the supply of housing for sale; cancellations of purchase contracts by homebuyers; the cyclical and competitive nature of the Company's business; governmental regulation, including the impact of "slow growth" or similar initiatives; delays in the land entitlement process, development, construction, or the opening of new home communities; adverse weather conditions and natural disasters; environmental matters; risks relating to the Company's mortgage banking operations; future business decisions and the Company's ability to successfully implement the Company's operational and other strategies; litigation and warranty claims; and other risks discussed in the Company's filings with the Securities and Exchange Commission, including in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2014 and subsequent Quarterly Reports on Form 10-Q.  The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements.  The Company nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release.  No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

Additional Information

In connection with the proposed transaction, Standard Pacific and Ryland will be filing documents with the SEC, including the filing by Standard Pacific of a registration statement on Form S-4, and Standard Pacific and Ryland intend to mail a joint proxy statement regarding the proposed merger to their respective stockholders that will also constitute a prospectus of Standard Pacific.  Before making any voting or investment decision, investors are urged to read the joint proxy statement/prospectus when it becomes available because it will contain important information about the proposed transaction.  You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC's website (www.sec.gov), by accessing Standard Pacific's website at www.standardpacifichomes.com under the heading "Investor Relations" and then under the link "SEC Filings" and from Standard Pacific by directing a request to Standard Pacific Corp., 15360 Barranca Parkway, Irvine, California 92618, Attention:  Secretary, and by accessing Ryland's website at www.ryland.com under the heading "Investors" and then under the link "SEC Filings" and from Ryland by directing a request to The Ryland Group, Inc., 3011 Townsgate Rd., Ste. 200, Westlake Village, California 91361, Attention:  Investor Relations.

Standard Pacific and Ryland and their respective directors and executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction.  You can find information about Standard Pacific's directors and executive officers in its definitive proxy statement filed with the SEC on April 24, 2015.  You can find information about Ryland's directors and executive officers in its definitive proxy statement filed with the SEC on March 13, 2015.  Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holding or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.  You can obtain free copies of these documents from Standard Pacific and Ryland using the contact information above.

No Offer or Solicitation

The information in this communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. 

Contact:
Jeff McCall, EVP & CFO (949) 789-1655, jmccall@stanpac.com

*Please see "Reconciliation of Non-GAAP Financial Measures" at the end of this release.

(Note: Tables Follow)

 

KEY STATISTICS AND FINANCIAL DATA1





As of or For the Three Months Ended




June 30,


June 30,


Percentage


March 31,


Percentage




2015


2014


or % Change


2015


or % Change

Operating Data

(Dollars in thousands)
















Deliveries


1,305



1,236


6%



972


34%

Average selling price

$

532


$

479


11%


$

482


10%

Home sale revenues

$

694,678


$

591,706


17%


$

468,379


48%

Gross margin % (including land sales)


24.6%



26.7%


(2.1%)



24.3%


0.3%

Gross margin % from home sales


24.6%



26.6%


(2.0%)



24.2%


0.4%

Adjusted gross margin % from home sales (excluding interest amortized to cost of home sales)*


29.6%



31.7%


(2.1%)



29.0%



0.6%

Incentive and stock-based compensation expense

$

6,520


$

6,724


(3%)


$

4,422


47%

Selling expenses

$

35,873


$

28,782


25%


$

26,123


37%

G&A expenses (excluding incentive and stock-based  compensation expenses)













$

37,517


$

32,329


16%


$

35,525


6%

SG&A expenses

$

79,910


$

67,835


18%


$

66,070


21%

SG&A % from home sales


11.5%



11.5%


        ―    



14.1%


(2.6%)

Operating margin from home sales

$

90,835


$

89,675


1%


$

47,492


91%

Operating margin % from home sales


13.1%



15.2%


(2.1%)



10.1%


3.0%

Net new orders (homes, excluding Q2 2014 acquisition)


1,567



1,425


10%



1,571


(0%)

Net new orders (dollar value, excluding Q2 2014 acquisition)

$

857,747


$

679,785


26%


$

829,930


3%

Average active selling communities


203



183


11%



198


3%

Monthly sales absorption rate per community (excl. Q2 2014 acq.)


2.6



2.6


(1%)



2.6


(3%)

Cancellation rate


15%



14%


1%



11%


4%

Gross cancellations


268



247


9%



200


34%

Cancellations from current quarter sales


118



93


27%



84


40%

Backlog (homes)


2,572



2,304


12%



2,310


11%

Backlog (dollar value)

$

1,484,544


$

1,138,886


30%


$

1,293,272


15%
















Cash flows (uses) from operating activities

$

(17,126)


$

(25,949)


34%


$

(94,071)


82%

Cash flows (uses) from investing activities

$

(16,156)


$

(36,050)


55%


$

(7,884)


(105%)

Cash flows (uses) from financing activities

$

17,997


$

4,426


307%


$

(6,840)



Land purchases (incl. seller financing)

$

98,627


$

113,001


(13%)


$

78,494


26%

Adjusted Homebuilding EBITDA*

$

135,263


$

131,294


3%


$

79,028


71%

Adjusted Homebuilding EBITDA Margin %*


19.3%



22.2%


(2.9%)



16.8%


2.5%

Homebuilding interest incurred

$

41,857


$

37,641


11%


$

41,803


0%

Homebuilding interest capitalized to inventories owned

$

41,508


$

37,228


11%


$

41,401


0%

Homebuilding interest capitalized to investments in JVs

$

349


$

413


(15%)


$

402


(13%)

Interest amortized to cost of sales (incl. cost of land sales)

$

36,563


$

29,816


23%


$

22,638


62%

 





As of 




June 30,


December 31,


Percentage




2015


2014


or % Change

Balance Sheet Data

(Dollars in thousands, except per share amounts)











Homebuilding cash (including restricted cash)

$

116,802


$

218,650


(47%)

Inventories owned

$

3,624,498


$

3,255,204


11%

Homesites owned and controlled


36,034



35,430


2%

Homes under construction


2,991



2,032


47%

Completed specs


359



515


(30%)

Deferred tax asset valuation allowance

$

1,115


$

2,561


(56%)

Homebuilding debt

$

2,169,038


$

2,136,082


2%

Stockholders' equity

$

1,752,543


$

1,676,688


5%

Adjusted stockholders' equity per share (including if-converted preferred stock)*

$

4.82


$

4.62


4%

Total consolidated debt to book capitalization


56.3%



57.0%


(0.7%)

Adjusted net homebuilding debt to total adjusted book capitalization*


53.9%



53.3%


0.6%


1All statistical numbers exclude unconsolidated joint ventures unless noted otherwise.

*Please see "Reconciliation of Non-GAAP Financial Measures" at the end of this release.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS






Three Months Ended June 30,


Six Months Ended June 30,





2015


2014


2015


2014





(Dollars in thousands, except per share amounts)





(Unaudited)

Homebuilding:













Home sale revenues

$

694,678


$

591,706


$

1,163,057


$

1,038,624


Land sale revenues


4,954



780



6,853



14,061



Total revenues


699,632



592,486



1,169,910



1,052,685


Cost of home sales


(523,933)



(434,196)



(878,750)



(762,441)


Cost of land sales


(3,758)



(350)



(5,114)



(13,354)



Total cost of sales


(527,691)



(434,546)



(883,864)



(775,795)




Gross margin


171,941



157,940



286,046



276,890




Gross margin %


24.6%



26.7%



24.5%



26.3%


Selling, general and administrative expenses


(79,910)



(67,835)



(145,980)



(126,425)


Income (loss) from unconsolidated joint ventures


(51)



(462)



(502)



(899)


Other income (expense)


(5,276)



(363)



(5,572)



(376)




Homebuilding pretax income 


86,704



89,280



133,992



149,190

Financial Services:













Revenues


6,716



6,112



11,635



11,096


Expenses


(4,446)



(3,760)



(8,547)



(7,200)


Other income


548



214



938



375




Financial services pretax income


2,818



2,566



4,026



4,271

Income before taxes


89,522



91,846



138,018



153,461

Provision for income taxes


(32,324)



(35,383)



(49,215)



(58,839)

Net income 


57,198



56,463



88,803



94,622

  Less: Net income allocated to preferred shareholder


(13,798)



(13,496)



(21,475)



(22,650)

  Less: Net income allocated to unvested restricted stock


(112)



(77)



(181)



(134)

Net income available to common stockholders

$

43,288


$

42,890


$

67,147


$

71,838
















Income Per Common Share:













Basic


$

0.16


$

0.15


$

0.24


$

0.26


Diluted

$

0.14


$

0.14


$

0.22


$

0.23
















Weighted Average Common Shares Outstanding:













Basic



275,498,449



279,075,416



274,572,173



278,514,992


Diluted


310,553,895



316,727,592



310,407,657



316,451,929
















Weighted average additional common shares outstanding if preferred shares converted to common shares


87,812,786



87,812,786



87,812,786



87,812,786
















Total weighted average diluted common shares outstanding if preferred shares converted to common shares


398,366,681



404,540,378



398,220,443



404,264,715

 

CONDENSED CONSOLIDATED BALANCE SHEETS








June 30,


December 31,







2015


2014







(Dollars in thousands)

ASSETS

(Unaudited)




Homebuilding:







Cash and equivalents

$

77,088


$

180,428


Restricted cash



39,714



38,222


Inventories:










Owned



3,624,498



3,255,204



Not owned



45,771



85,153


Investments in unconsolidated joint ventures


60,835



50,111


Deferred income taxes, net


266,091



276,402


Other assets



54,424



61,597




Total Homebuilding Assets


4,168,421



3,947,117

Financial Services:







Cash and equivalents


11,225



31,965


Restricted cash



1,045



1,295


Mortgage loans held for sale, net


109,239



174,420


Mortgage loans held for investment, net


23,366



14,380


Other assets



6,596



5,243




Total Financial Services Assets


151,471



227,303





Total Assets

$

4,319,892


$

4,174,420












LIABILITIES AND EQUITY






Homebuilding:







Accounts payable

$

79,719


$

45,085


Accrued liabilities


225,622



223,783


Revolving credit facility


30,000



        ―    


Secured project debt and other notes payable


5,927



4,689


Senior notes payable


2,133,111



2,131,393




Total Homebuilding Liabilities


2,474,379



2,404,950

Financial Services:







Accounts payable and other liabilities


2,629



3,369


Mortgage credit facilities


90,341



89,413




Total Financial Services Liabilities


92,970



92,782





Total Liabilities


2,567,349



2,497,732

Equity:







Stockholders' Equity:








Preferred stock, $0.01 par value; 10,000,000 shares 








    authorized; 267,829 shares issued and outstanding








    at June 30, 2015 and December 31, 2014


3



3



Common stock, $0.01 par value; 600,000,000 shares 








    authorized; 276,042,503 and 275,141,189 shares 








    issued and outstanding at June 30, 2015 and








    December 31, 2014, respectively


2,760



2,751



Additional paid-in capital


1,333,745



1,346,702



Accumulated earnings


416,035



327,232




Total Equity


1,752,543



1,676,688





Total Liabilities and Equity

$

4,319,892


$

4,174,420

 

INVENTORIES




June 30,


December 31,



2015


2014



(Dollars in thousands)

Inventories Owned:


(Unaudited)








     Land and land under development


$ 2,269,998


$   2,248,289

     Homes completed and under construction


1,129,718


827,612

     Model homes


224,782


179,303

        Total inventories owned


$ 3,624,498


$   3,255,204






Inventories Owned by Segment:










     California


$ 1,582,027


$   1,422,330

     Southwest


848,739


799,473

     Southeast


1,193,732


1,033,401

        Total inventories owned


$ 3,624,498


$   3,255,204

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS







Three Months Ended June 30,


Six Months Ended June 30,






2015


2014


2015


2014






(Dollars in thousands)






(Unaudited)

Cash Flows From Operating Activities:













Net income

$

57,198


$

56,463


$

88,803


$

94,622


Adjustments to reconcile net income to net cash provided by (used in) operating activities:



























Depreciation and amortization


8,989



6,822



14,982



12,024




Amortization of stock-based compensation


2,389



2,859



5,084



5,231




Excess tax benefits from share-based payment arrangements


(2,994)



       ―   



(6,363)



       ―   




Deferred income tax provision


32,324



35,383



49,198



59,005




Other operating activities


658



2,337



1,128



2,775




Changes in cash and equivalents due to:
















Mortgage loans held for sale


(10,542)



(9,364)



65,182



42,574





Inventories - owned


(137,351)



(132,828)



(341,894)



(325,611)





Inventories - not owned


(6,183)



(6,629)



(12,061)



(14,794)





Other assets


12,809



5,274



5,877



(13,108)





Accounts payable


21,155



4,773



34,634



6,149





Accrued liabilities


4,422



8,961



(15,767)



(12,379)



Net cash provided by (used in) operating activities


(17,126)



(25,949)



(111,197)



(143,512)

















Cash Flows From Investing Activities:













Investments in unconsolidated homebuilding joint ventures


(13,139)



(2,890)



(20,778)



(5,677)


Distributions of capital from unconsolidated joint ventures


3,028



       ―   



8,760



14,808


Net cash paid for acquisitions


       ―   



(33,408)



       ―   



(33,408)


Other investing activities


(6,045)



248



(12,022)



(1,487)



Net cash provided by (used in) investing activities


(16,156)



(36,050)



(24,040)



(25,764)

















Cash Flows From Financing Activities:













Change in restricted cash


(223)



(4,687)



(1,242)



(9,925)


Borrowings from revolving credit facility


131,200



       ―   



158,900



       ―   


Principal payments on revolving credit facility


(116,200)



       ―   



(128,900)



       ―   


Principal payments on secured project debt and other notes payable


(186)



(171)



(497)



(1,061)


Principal payments on senior notes payable


       ―   



(4,971)



       ―   



(4,971)


Net proceeds from (payments on) mortgage credit facilities


(1,196)



14,082



928



(34,288)


Repurchases of common stock


       ―   



       ―   



(22,073)



       ―   


Excess tax benefits from share-based payment arrangements


2,994



       ―   



6,363



       ―   


Issuance of common stock under employee stock plans, net of tax withholdings


1,608



173



(2,322)



3,769



Net cash provided by (used in) financing activities


17,997



4,426



11,157



(46,476)

















Net increase (decrease) in cash and equivalents


(15,285)



(57,573)



(124,080)



(215,752)

Cash and equivalents at beginning of period


103,598



205,112



212,393



363,291

Cash and equivalents at end of period

$

88,313


$

147,539


$

88,313


$

147,539

















Cash and equivalents at end of period

$

88,313


$

147,539


$

88,313


$

147,539

Homebuilding restricted cash at end of period


39,714



31,385



39,714



31,385

Financial services restricted cash at end of period


1,045



1,295



1,045



1,295

Cash and equivalents and restricted cash at end of period

$

129,072


$

180,219


$

129,072


$

180,219

 







REGIONAL OPERATING DATA












Three Months Ended June 30,






2015


2014


% Change






Homes


ASP


Homes


ASP


Homes


ASP






(Dollars in thousands)

New homes delivered:




















California



438


$

683



439


$

662



(0%)



3%



Arizona



53



315



60



309



(12%)



2%



Texas



265



526



179



466



48%



13%



Colorado



73



583



58



510



26%



14%


Southwest



391



508



297



443



32%



15%



Florida



255



472



265



368



(4%)



28%



Carolinas



221



347



235



306



(6%)



13%


Southeast



476



414



500



339



(5%)



22%




Consolidated total



1,305


$

532



1,236


$

479



6%



11%

 






Six Months Ended June 30,






2015


2014


% Change






Homes


ASP


Homes


ASP


Homes


ASP






(Dollars in thousands)

New homes delivered:




















California



730


$

663



778


$

645



(6%)



3%



Arizona



110



319



123



307



(11%)



4%



Texas



463



512



328



443



41%



16%



Colorado



113



572



111



498



2%



15%


Southwest



686



491



562



424



22%



16%



Florida



456



447



500



360



(9%)



24%



Carolinas



405



342



391



303



4%



13%


Southeast



861



398



891



335



(3%)



19%




Consolidated total



2,277


$

511



2,231


$

466



2%



10%

 






Three Months Ended June 30,






2015


2014


% Change






Homes


ASP


Homes


ASP


Homes


ASP






(Dollars in thousands)

Net new orders:




















California



528


$

720



498


$

611



6%



18%



Arizona



109



343



75



309



45%



11%



Texas (excludes Q2 2014 acquisition)



344



502



260



473



32%



6%



Colorado



62



550



75



526



(17%)



5%


Southwest



515



474



410



453



26%



5%



Florida



284



495



258



420



10%



18%



Carolinas



240



387



259



314



(7%)



23%


Southeast



524



446



517



367



1%



22%




Consolidated total



1,567


$

547



1,425


$

477



10%



15%

 






Six Months Ended June 30,






2015


2014


% Change






Homes


ASP


Homes


ASP


Homes


ASP






(Dollars in thousands)

Net new orders:




















California



1,054


$

704



971


$

628



9%



12%



Arizona



204



344



142



307



44%



12%



Texas (excludes Q2 2014 acquisition)



653



503



495



469



32%



7%



Colorado



145



537



128



507



13%



6%


Southwest



1,002



475



765



445



31%



7%



Florida



597



482



541



407



10%



18%



Carolinas



485



375



459



311



6%



21%


Southeast



1,082



434



1,000



363



8%



20%




Consolidated total



3,138


$

538



2,736


$

480



15%



12%

 






Three Months Ended June 30,


Six Months Ended June 30,






2015


2014


% Change


2015


2014


% Change

Average number of selling communities 













  during the period:














California


47


48


(2%)


47


47


          ―   



Arizona


13


10


30%


13


10


30%



Texas


47


38


24%


47


37


27%



Colorado


8


11


(27%)


8


11


(27%)


Southwest


68


59


15%


68


58


17%



Florida


56


45


24%


55


43


28%



Carolinas


32


31


3%


30


31


(3%)


Southeast


88


76


16%


85


74


15%




Consolidated total


203


183


11%


200


179


12%

 






At June 30,






2015


2014


% Change






Homes


Dollar Value


Homes


Dollar Value


Homes


Dollar Value






(Dollars in thousands)

Backlog:




















California



622


$

499,226



589


$

378,962



6%



32%



Arizona



190



70,954



124



43,678



53%



62%



Texas



661



345,333



556



261,384



19%



32%



Colorado



107



61,094



125



67,005



(14%)



(9%)


Southwest



958



477,381



805



372,067



19%



28%



Florida



592



347,873



545



262,827



9%



32%



Carolinas



400



160,064



365



125,030



10%



28%


Southeast



992



507,937



910



387,857



9%



31%




Consolidated total



2,572


$

1,484,544



2,304


$

1,138,886



12%



30%

 






At June 30,






2015


2014


% Change

Homesites owned and controlled:








California


10,975


9,603


14%



Arizona


1,970


2,242


(12%)



Texas


4,430


5,204


(15%)



Colorado


974


1,196


(19%)



Nevada


920


1,124


(18%)


Southwest


8,294


9,766


(15%)



Florida


12,366


12,138


2%



Carolinas


4,399


4,441


(1%)


Southeast


16,765


16,579


1%



Total (including joint ventures)


36,034


35,948


0%












Homesites owned


28,866


28,774


0%


Homesites optioned or subject to contract