IRVINE, Calif., April 30, 2012 /PRNewswire/ -- Standard Pacific Corp. (NYSE: SPF) today announced results for the first quarter ended March 31, 2012.
2012 First Quarter Highlights and Comparisons to the 2011 First Quarter:
Scott Stowell, the Company's Chief Executive Officer and President commented, "After a strong finish to 2011, we are pleased to report that the positive momentum has continued into the first quarter. We believe our solid first quarter results reflect the execution of our strategy and suggest that there may be some stabilization in the economy and the overall housing market." Mr. Stowell added, "We have achieved a profitable first quarter, with net new orders, new home deliveries, home sale revenues and homes in backlog up over the prior year by 43%, 46%, 53% and 55%, respectively. In addition to these significant year-over-year improvements, I am also particularly pleased with our gross margin from home sales, which was 20.3% for the 2012 first quarter."
Net income for the first quarter of 2012 was $8.5 million, or $0.02 per diluted share, compared to a net loss of $14.8 million, or $0.04 per diluted share, for the year earlier period. The 2012 first quarter included $4.1 million of income related to the settlement of a property insurance claim.
Home sale revenues for the 2012 first quarter increased 53% from $143.7 million for the 2011 first quarter to $220.3 million, driven primarily by a 46% increase in new home deliveries (excluding joint ventures) to 642 homes and a 5% increase in the Company's consolidated average home price to $343 thousand. The increase in new home deliveries was driven primarily by a 64% increase in the number of homes in backlog at the beginning of the quarter as compared to the prior year period and a 20% increase in speculative homes sold and delivered during the quarter to 259 homes, compared to 216 homes. The increase in the Company's consolidated average home price was primarily due to general price increases and a product mix shift to move-up home deliveries.
Gross margin from home sales for the 2012 first quarter decreased slightly to 20.3% compared to 20.5% in the prior year period, driven by a reduction in the overall percentage of new home deliveries from California, which typically have higher gross margins than deliveries from the Company's other markets, and an increase in previously capitalized interest included in cost of home sales, partially offset by a decrease in sales incentives and general price increases. Excluding previously capitalized interest costs, gross margin from home sales was 28.7%* for the 2012 first quarter versus 28.1%* for the 2011 first quarter.
The Company's 2012 first quarter SG&A expenses (including Corporate G&A) were $37.7 million compared to $32.3 million for the prior year period, down 540 basis points as a percentage of home sale revenues to 17.1%, compared to 22.5% for the 2011 first quarter. The improvement in the Company's SG&A rate was primarily due to a 53% increase in revenues from home sales and the operating leverage inherent in our business. The Company's G&A expenses (excluding incentive and stock-based compensation and restructuring charges) were $20.9 million for the 2012 first quarter, compared to $20.0 million for the 2011 first quarter and $21.4 million for the 2011 fourth quarter. The increase in the Company's 2012 first quarter G&A expenses (excluding incentive and stock-based compensation and restructuring charges), compared to the 2011 first quarter, was primarily due to an increase in insurance expense, which is a variable expense based on homebuilding revenues.
Net new orders (excluding joint ventures) for the 2012 first quarter increased 43% from the 2011 first quarter to 934 homes on a 14% increase in the number of average active selling communities, from 138 to 158, reflecting the Company's progress in growing its community count and an increase in the Company's monthly sales absorption rate for the 2012 first quarter to 2.0 per community, compared to 1.6 per community for the 2011 first quarter and 1.3 per community for the 2011 fourth quarter. The Company's cancellation rate for the 2012 first quarter was 13%, compared to 14% for the 2011 first quarter and 19% for the 2011 fourth quarter. The total number of sales cancellations for the 2012 first quarter was 144, of which 65 cancellations related to homes in the Company's 2012 first quarter beginning backlog and 79 related to orders generated during the quarter.
The dollar value of homes in backlog (excluding joint ventures) increased 57% to $331.9 million, or 973 homes, compared to $211.8 million, or 627 homes, for the 2011 first quarter, and increased 43% compared to $232.6 million, or 681 homes, for the 2011 fourth quarter. The increase in year over year backlog value was driven primarily by a 43% increase in net new orders and an increase in the average home price in backlog to $341 thousand, compared to $338 thousand for the prior year period.
The Company used $42.1 million of cash in operating activities for the 2012 first quarter versus $110.2 million in the 2011 first quarter. Cash flows used in operating activities for the 2012 first quarter included $34.0 million of cash land purchases and $31.8 million of land development costs, compared to $87.1 million and $33.5 million, respectively, for the 2011 first quarter. Excluding land purchases and development costs, cash inflows from operating activities for the 2012 first quarter were $23.6 million* versus $10.4 million* in the 2011 first quarter. The year over year increase in cash inflows from operating activities (excluding land purchases and development costs) was primarily due to a 53% increase in home sale revenues, partially offset by a $17 million increase in interest payments.
The Company purchased $34.0 million of land (524 homesites) during the 2012 first quarter. Approximately 15% of land purchases (based on land value) were located in California and 60% in Texas, with the balance spread throughout the Company's other operations. As of March 31, 2012, the Company owned or controlled 26,117 homesites, of which 13,370 owned homesites are actively selling or under development. The homesites owned that are actively selling or under development represent a 4.9 year supply based on the Company's deliveries for the trailing twelve months ended March 31, 2012.
Earnings Conference Call
A conference call to discuss the Company's 2012 first quarter results will be held at 11:00 a.m. Eastern time May 1, 2012. 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 (888) 277-7104 (domestic) or (913) 312-1483 (international); Passcode: 7604881. 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: 7604881.
About Standard Pacific
Standard Pacific, one of the nation's largest homebuilders, has built more than 115,000 homes during its 47-year history. The Company constructs homes within a wide range of price and size targeting a broad range of homebuyers. Standard Pacific operates in many of the largest housing markets in the country with operations in major metropolitan areas in California, Florida, Arizona, the Carolinas, Texas, Colorado and Nevada. For more information about the Company and its new home developments, please visit our website at: www.standardpacifichomes.com.
This news release contains forward-looking statements. These statements include but are not limited to statements regarding new home orders, deliveries, backlog, average home price, revenue, profitability, cash flow, liquidity, gross margins, overhead expenses and other costs; community count growth; product mix; execut ion on our strategy; and the future condition of the economy and the housing market. 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, 2011 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.
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 DATA(1) |
||||||||||||||
|
|
|
|
As of or For the Three Months Ended |
|||||||||||
|
|
|
|
March 31, |
|
March 31, |
|
Percentage |
|
December 31, |
|
Percentage |
|||
|
|
|
|
2012 |
|
2011 |
|
or % Change |
|
2011 |
|
or % Change |
|||
|
Operating Data |
(Dollars in thousands) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deliveries |
|
642 |
|
|
439 |
|
46% |
|
|
782 |
|
(18%) |
||
|
Average selling price |
$ |
343 |
|
$ |
327 |
|
5% |
|
$ |
374 |
|
(8%) |
||
|
Home sale revenues |
$ |
220,317 |
|
$ |
143,699 |
|
53% |
|
$ |
292,725 |
|
(25%) |
||
|
Gross margin % |
|
20.0% |
|
|
20.5% |
|
(0.5%) |
|
|
20.4% |
|
(0.4%) |
||
|
Gross margin % from home sales (excluding warranty accrual |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
adjustments)* |
|
20.3% |
|
|
20.5% |
|
(0.2%) |
|
|
19.4% |
|
0.9% |
||
|
Gross margin % from home sales (excluding warranty accrual |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
adjustments and interest amortized to cost of home sales)* |
|
28.7% |
|
|
28.1% |
|
0.6% |
|
|
27.5% |
|
1.2% |
||
|
Restructuring charges |
$ |
― |
|
$ |
561 |
|
(100%) |
|
$ |
875 |
|
(100%) |
||
|
Incentive and stock-based compensation expense |
$ |
3,905 |
|
$ |
3,302 |
|
18% |
|
$ |
6,650 |
|
(41%) |
||
|
Selling expenses |
$ |
12,866 |
|
$ |
8,391 |
|
53% |
|
$ |
15,609 |
|
(18%) |
||
|
G&A expenses (excluding incentive and stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
expenses and restructuring charges) |
$ |
20,921 |
|
$ |
20,007 |
|
5% |
|
$ |
21,413 |
|
(2%) |
||
|
SG&A expenses |
$ |
37,692 |
|
$ |
32,261 |
|
17% |
|
$ |
44,547 |
|
(15%) |
||
|
SG&A % from home sales |
|
17.1% |
|
|
22.5% |
|
(5.4%) |
|
|
15.2% |
|
1.9% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new orders |
|
934 |
|
|
652 |
|
43% |
|
|
615 |
|
52% |
||
|
Average active selling communities |
|
158 |
|
|
138 |
|
14% |
|
|
160 |
|
(1%) |
||
|
Monthly sales absorption rate per community |
|
2.0 |
|
|
1.6 |
|
25% |
|
|
1.3 |
|
54% |
||
|
Cancellation rate |
|
13% |
|
|
14% |
|
(1%) |
|
|
19% |
|
(6%) |
||
|
Gross cancellations |
|
144 |
|
|
106 |
|
36% |
|
|
141 |
|
2% |
||
|
Cancellations from current quarter sales |
|
79 |
|
|
47 |
|
68% |
|
|
53 |
|
49% |
||
|
Backlog (homes) |
|
973 |
|
|
627 |
|
55% |
|
|
681 |
|
43% |
||
|
Backlog (dollar value) |
$ |
331,884 |
|
$ |
211,813 |
|
57% |
|
$ |
232,583 |
|
43% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows (uses) from operating activities |
$ |
(42,118) |
|
$ |
(110,150) |
|
62% |
|
$ |
(12,036) |
|
(250%) |
||
|
Cash flows (uses) from investing activities |
$ |
(2,346) |
|
$ |
(4,049) |
|
42% |
|
$ |
(3,043) |
|
23% |
||
|
Cash flows (uses) from financing activities |
$ |
6,607 |
|
$ |
(18,997) |
|
|
|
$ |
(5,748) |
|
|
||
|
Land purchases |
$ |
33,986 |
|
$ |
87,110 |
|
(61%) |
|
$ |
49,759 |
|
(32%) |
||
|
Adjusted Homebuilding EBITDA* |
$ |
31,768 |
|
$ |
11,018 |
|
188% |
|
$ |
42,809 |
|
(26%) |
||
|
Adjusted Homebuilding EBITDA Margin %* |
|
14.2% |
|
|
7.7% |
|
6.5% |
|
|
14.6% |
|
(0.4%) |
||
|
Homebuilding interest incurred |
$ |
35,315 |
|
$ |
34,854 |
|
1% |
|
$ |
35,425 |
|
(0%) |
||
|
Homebuilding interest capitalized to inventories owned |
$ |
30,992 |
|
$ |
22,710 |
|
36% |
|
$ |
30,777 |
|
1% |
||
|
Homebuilding interest capitalized to investments in JVs |
$ |
1,793 |
|
$ |
1,629 |
|
10% |
|
$ |
1,689 |
|
6% |
||
|
Interest amortized to cost of sales (incl. cost of land sales) |
$ |
18,575 |
|
$ |
10,980 |
|
69% |
|
$ |
23,657 |
|
(21%) |
||
|
|
|
|
As of |
|||||||||||
|
|
|
|
March 31, |
|
December 31, |
|
Percentage |
|||||||
|
|
|
|
2012 |
|
2011 |
|
or % Change |
|||||||
|
Balance Sheet Data |
(Dollars in thousands, except per share amounts) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Homebuilding cash (including restricted cash) |
$ |
394,368 |
|
$ |
438,157 |
|
(10%) |
|||||||
|
Inventories owned |
$ |
1,525,930 |
|
$ |
1,477,239 |
|
3% |
|||||||
|
Homesites owned and controlled |
|
26,117 |
|
|
26,444 |
|
(1%) |
|||||||
|
Homes under construction |
|
990 |
|
|
940 |
|
5% |
|||||||
|
Completed specs |
|
349 |
|
|
383 |
|
(9%) |
|||||||
|
Deferred tax asset valuation allowance |
$ |
507,208 |
|
$ |
510,621 |
|
(1%) |
|||||||
|
Homebuilding debt |
$ |
1,326,080 |
|
$ |
1,324,948 |
|
0% |
|||||||
|
Stockholders' equity |
$ |
637,912 |
|
$ |
623,754 |
|
2% |
|||||||
|
Stockholders' equity per share (including if-converted |
|
|
|
|
|
|
|
|||||||
|
|
preferred stock)* |
$ |
1.86 |
|
$ |
1.82 |
|
2% |
||||||
|
Total debt to book capitalization* |
|
68.3% |
|
|
68.7% |
|
(0.4%) |
|||||||
|
Adjusted net homebuilding debt to total adjusted |
|
|
|
|
|
|
|
|||||||
|
|
book capitalization* |
|
59.4% |
|
|
58.7% |
|
0.7% |
||||||
|
|
|
(1) All 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 March 31, |
||||
|
|
|
|
|
2012 |
|
2011 |
||
|
|
|
|
|
(Dollars in thousands, except per share amounts) |
||||
|
|
|
|
|
(Unaudited) |
||||
|
Homebuilding: |
|
|
|
|
|
|||
|
|
Home sale revenues |
$ |
220,317 |
|
$ |
143,699 |
||
|
|
Land sale revenues |
|
3,385 |
|
|
― |
||
|
|
|
Total revenues |
|
223,702 |
|
|
143,699 |
|
|
|
Cost of home sales |
|
(175,595) |
|
|
(114,312) |
||
|
|
Cost of land sales |
|
(3,366) |
|
|
― |
||
|
|
|
Total cost of sales |
|
(178,961) |
|
|
(114,312) |
|
|
|
|
|
Gross margin |
|
44,741 |
|
|
29,387 |
|
|
|
|
Gross margin % |
|
20.0% |
|
|
20.5% |
|
|
Selling, general and administrative expenses |
|
(37,692) |
|
|
(32,261) |
||
|
|
Loss from unconsolidated joint ventures |
|
(1,522) |
|
|
(257) |
||
|
|
Interest expense |
|
(2,530) |
|
|
(10,515) |
||
|
|
Other income (expense) |
|
4,284 |
|
|
292 |
||
|
|
|
|
Homebuilding pretax income (loss) |
|
7,281 |
|
|
(13,354) |
|
Financial Services: |
|
|
|
|
|
|||
|
|
Revenues |
|
3,626 |
|
|
1,060 |
||
|
|
Expenses |
|
(2,260) |
|
|
(2,418) |
||
|
|
Other income |
|
63 |
|
|
15 |
||
|
|
|
|
Financial services pretax income (loss) |
|
1,429 |
|
|
(1,343) |
|
Income (loss) before income taxes |
|
8,710 |
|
|
(14,697) |
|||
|
Provision for income taxes |
|
(187) |
|
|
(100) |
|||
|
Net income (loss) |
|
8,523 |
|
|
(14,797) |
|||
|
Less: Net (income) loss allocated to preferred shareholder |
|
(3,674) |
|
|
6,415 |
|||
|
Net income (loss) available to common stockholders |
$ |
4,849 |
|
$ |
(8,382) |
|||
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Per Common Share: |
|
|
|
|
|
|||
|
|
Basic |
|
$ |
0.02 |
|
$ |
(0.04) |
|
|
|
Diluted |
$ |
0.02 |
|
$ |
(0.04) |
||
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|||
|
|
Basic |
|
|
195,109,252 |
|
|
193,158,727 |
|
|
|
Diluted |
|
199,873,977 |
|
|
193,158,727 |
||
|
|
|
|
|
|
|
|
|
|
|
Weighted average additional common shares outstanding |
|
|
|
|
|
|||
|
|
if preferred shares converted to common shares |
|
147,812,786 |
|
|
147,812,786 |
||
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
March 31, |
|
December 31, |
||
|
|
|
|
|
|
|
2012 |
|
2011 |
||
|
|
|
|
|
|
|
(Dollars in thousands) |
||||
|
ASSETS |
(Unaudited) |
|
|
|
||||||
|
Homebuilding: |
|
|
|
|
|
|||||
|
|
Cash and equivalents |
$ |
366,570 |
|
$ |
406,785 |
||||
|
|
Restricted cash |
|
|
27,798 |
|
|
31,372 |
|||
|
|
Trade and other receivables |
|
18,516 |
|
|
11,525 |
||||
|
|
Inventories: |
|
|
|
|
|
|
|
||
|
|
|
Owned |
|
|
|
1,525,930 |
|
|
1,477,239 |
|
|
|
|
Not owned |
|
|
50,160 |
|
|
59,840 |
||
|
|
Investments in unconsolidated joint ventures |
|
82,163 |
|
|
81,807 |
||||
|
|
Deferred income taxes, net |
|
4,343 |
|
|
5,326 |
||||
|
|
Other assets |
|
|
|
34,176 |
|
|
35,693 |
||
|
|
|
|
Total Homebuilding Assets |
|
2,109,656 |
|
|
2,109,587 |
||
|
Financial Services: |
|
|
|
|
|
|||||
|
|
Cash and equivalents |
|
6,095 |
|
|
3,737 |
||||
|
|
Restricted cash |
|
|
1,295 |
|
|
1,295 |
|||
|
|
Mortgage loans held for sale, net |
|
65,398 |
|
|
73,811 |
||||
|
|
Mortgage loans held for investment, net |
|
9,650 |
|
|
10,115 |
||||
|
|
Other assets |
|
|
|
2,536 |
|
|
1,838 |
||
|
|
|
|
Total Financial Services Assets |
|
84,974 |
|
|
90,796 |
||
|
|
|
|
|
Total Assets |
$ |
2,194,630 |
|
$ |
2,200,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|||||
|
Homebuilding: |
|
|
|
|
|
|||||
|
|
Accounts payable |
|
$ |
19,744 |
|
$ |
17,829 |
|||
|
|
Accrued liabilities |
|
|
160,081 |
|
|
185,890 |
|||
|
|
Secured project debt and other notes payable |
|
3,065 |
|
|
3,531 |
||||
|
|
Senior notes payable |
|
1,275,660 |
|
|
1,275,093 |
||||
|
|
Senior subordinated notes payable |
|
47,355 |
|
|
46,324 |
||||
|
|
|
|
Total Homebuilding Liabilities |
|
1,505,905 |
|
|
1,528,667 |
||
|
Financial Services: |
|
|
|
|
|
|||||
|
|
Accounts payable and other liabilities |
|
1,284 |
|
|
1,154 |
||||
|
|
Mortgage credit facilities |
|
49,529 |
|
|
46,808 |
||||
|
|
|
|
Total Financial Services Liabilities |
|
50,813 |
|
|
47,962 |
||
|
|
|
|
|
Total Liabilities |
|
1,556,718 |
|
|
1,576,629 |
|
|
Equity: |
|
|
|
|
|
|||||
|
|
Stockholders' Equity: |
|
|
|
|
|
||||
|
|
|
Preferred stock, $0.01 par value; 10,000,000 shares |
|
|
|
|
|
|||
|
|
|
authorized; 450,829 shares issued and outstanding |
|
|
|
|
|
|||
|
|
|
at March 31, 2012 and December 31, 2011 |
|
5 |
|
|
5 |
|||
|
|
|
Common stock, $0.01 par value; 600,000,000 shares |
|
|
|
|
|
|||
|
|
|
authorized; 199,423,826 and 198,563,273 shares |
|
|
|
|
|
|||
|
|
|
issued and outstanding at March 31, 2012 and |
|
|
|
|
|
|||
|
|
|
and December 31, 2011, respectively |
|
1,994 |
|
|
1,985 |
|||
|
|
|
Additional paid-in capital |
|
1,243,210 |
|
|
1,239,180 |
|||
|
|
|
Accumulated deficit |
|
(600,246) |
|
|
(608,769) |
|||
|
|
|
Accumulated other comprehensive loss, net of tax |
|
(7,051) |
|
|
(8,647) |
|||
|
|
|
|
Total Equity |
|
637,912 |
|
|
623,754 |
||
|
|
|
|
|
Total Liabilities and Equity |
$ |
2,194,630 |
|
$ |
2,200,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVENTORIES |
||||
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
2012 |
|
2011 |
|
|
|
(Dollars in thousands) |
||
|
Inventories Owned: |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
Land and land under development |
|
$ 1,044,237 |
|
$ 1,036,829 |
|
Homes completed and under construction |
|
376,372 |
|
339,849 |
|
Model homes |
|
105,321 |
|
100,561 |
|
Total inventories owned |
|
$ 1,525,930 |
|
$ 1,477,239 |
|
|
|
|
|
|
|
Inventories Owned by Segment: |
|
|
|
|
|
|
|
|
|
|
|
California |
|
$ 903,227 |
|
$ 890,300 |
|
Southwest |
|
329,357 |
|
302,686 |
|
Southeast |
|
293,346 |
|
284,253 |
|
Total inventories owned |
|
$ 1,525,930 |
|
$ 1,477,239 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
Three Months Ended March 31, |
||||
|
|
|
|
|
|
2012 |
|
2011 |
||
|
|
|
|
|
|
(Dollars in thousands) |
||||
|
|
|
|
|
|
(Unaudited) |
||||
|
Cash Flows From Operating Activities: |
|
|
|
|
|
||||
|
|
Net income (loss) |
$ |
8,523 |
|
$ |
(14,797) |
|||
|
|
Adjustments to reconcile net income (loss) to net cash |
|
|
|
|
|
|||
|
|
|
provided by (used in) operating activities: |
|
|
|
|
|
||
|
|
|
|
Amortization of stock-based compensation |
|
1,074 |
|
|
1,922 |
|
|
|
|
|
Deposit write-offs |
|
133 |
|
|
― |
|
|
|
|
|
Other operating activities |
|
2,128 |
|
|
1,285 |
|
|
|
|
|
Changes in cash and equivalents due to: |
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables |
|
(6,991) |
|
|
(1,163) |
|
|
|
|
|
Mortgage loans held for sale |
|
8,533 |
|
|
10,294 |
|
|
|
|
|
Inventories - owned |
|
(44,201) |
|
|
(105,146) |
|
|
|
|
|
Inventories - not owned |
|
(2,627) |
|
|
(2,810) |
|
|
|
|
|
Other assets |
|
1,028 |
|
|
3,140 |
|
|
|
|
|
Accounts payable |
|
1,915 |
|
|
(931) |
|
|
|
|
|
Accrued liabilities |
|
(11,633) |
|
|
(1,944) |
|
|
|
Net cash provided by (used in) operating activities |
|
(42,118) |
|
|
(110,150) |
||
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activities: |
|
|
|
|
|
||||
|
|
Investments in unconsolidated homebuilding joint ventures |
|
(2,867) |
|
|
(3,369) |
|||
|
|
Other investing activities |
|
521 |
|
|
(680) |
|||
|
|
|
Net cash provided by (used in) investing activities |
|
(2,346) |
|
|
(4,049) |
||
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities: |
|
|
|
|
|
||||
|
|
Change in restricted cash |
|
3,574 |
|
|
(4,175) |
|||
|
|
Principal payments on secured project debt and other notes payable |
|
(466) |
|
|
(405) |
|||
|
|
Net proceeds from (payments on) mortgage credit facilities |
|
2,721 |
|
|
(9,649) |
|||
|
|
Other financing activities |
|
778 |
|
|
(4,768) |
|||
|
|
|
Net cash provided by (used in) financing activities |
|
6,607 |
|
|
(18,997) |
||
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and equivalents |
|
(37,857) |
|
|
(133,196) |
||||
|
Cash and equivalents at beginning of period |
|
410,522 |
|
|
731,371 |
||||
|
Cash and equivalents at end of period |
$ |
372,665 |
|
$ |
598,175 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
Cash and equivalents at end of period |
$ |
372,665 |
|
$ |
598,175 |
||||
|
Homebuilding restricted cash at end of period |
|
27,798 |
|
|
32,413 |
||||
|
Financial services restricted cash at end of period |
|
1,295 |
|
|
2,870 |
||||
|
Cash and equivalents and restricted cash at end of period |
$ |
401,758 |
|
$ |
633,458 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
REGIONAL OPERATING DATA |
||||||||||
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
Three Months Ended March 31, |
||||
|
|
|
|
|
|
|
2012 |
|
2011 |
|
% Change |
|
New homes delivered: |
|
|
|
|
|
|
||||
|
|
California |
|
225 |
|
170 |
|
32% |
|||
|
|
Arizona |
|
|
46 |
|
35 |
|
31% |
||
|
|
Texas |
|
|
124 |
|
76 |
|
63% |
||
|
|
Colorado |
|
24 |
|
17 |
|
41% |
|||
|
|
Nevada |
|
|
3 |
|
5 |
|
(40%) |
||
|
|
Florida |
|
|
126 |
|
62 |
|
103% |
||
|
|
Carolinas |
|
94 |
|
74 |
|
27% |
|||
|
|
|
|
Consolidated total |
|
642 |
|
439 |
|
46% |
|
|
|
Unconsolidated joint ventures |
|
4 |
|
8 |
|
(50%) |
|||
|
|
|
|
Total (including joint ventures) |
|
646 |
|
447 |
|
45% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
||||||
|
|
|
|
|
|
2012 |
|
2011 |
|
% Change |
||
|
|
|
|
|
|
(Dollars in thousands) |
||||||
|
Average selling prices of homes delivered: |
|
|
|
|
|
|
|
|
|||
|
|
California |
|
$ |
498 |
|
$ |
464 |
|
7% |
||
|
|
Arizona |
|
|
208 |
|
|
205 |
|
1% |
||
|
|
Texas |
|
|
298 |
|
|
294 |
|
1% |
||
|
|
Colorado |
|
|
377 |
|
|
311 |
|
21% |
||
|
|
Nevada |
|
|
190 |
|
|
192 |
|
(1%) |
||
|
|
Florida |
|
|
246 |
|
|
203 |
|
21% |
||
|
|
Carolinas |
|
|
226 |
|
|
222 |
|
2% |
||
|
|
|
|
Consolidated |
|
|
343 |
|
|
327 |
|
5% |
|
|
Unconsolidated joint ventures |
|
|
460 |
|
|
391 |
|
18% |
||
|
|
|
|
Total (including joint ventures) |
|
$ |
344 |
|
$ |
328 |
|
5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
||||
|
|
|
|
|
|
2012 |
|
2011 |
|
% Change |
|
Net new orders: |
|
|
|
|
|
|
|||
|
|
California |
|
327 |
|
232 |
|
41% |
||
|
|
Arizona |
|
83 |
|
46 |
|
80% |
||
|
|
Texas |
|
141 |
|
120 |
|
18% |
||
|
|
Colorado |
|
26 |
|
26 |
|
― |
||
|
|
Nevada |
|
5 |
|
1 |
|
400% |
||
|
|
Florida |
|
186 |
|
115 |
|
62% |
||
|
|
Carolinas |
|
166 |
|
112 |
|
48% |
||
|
|
|
|
Consolidated total |
|
934 |
|
652 |
|
43% |
|
|
Unconsolidated joint ventures |
|
8 |
|
8 |
|
― |
||
|
|
|
|
Total (including joint ventures) |
|
942 |
|
660 |
|
43% |
|
|
|
|
|
|
Three Months Ended March 31, |
||||
|
|
|
|
|
|
2012 |
|
2011 |
|
% Change |
|
Average number of selling communities |
|
|
|
|
|
|
|||
|
during the period: |
|
|
|
|
|
|
|||
|
|
California |
|
51 |
|
45 |
|
13% |
||
|
|
Arizona |
|
9 |
|
9 |
|
― |
||
|
|
Texas |
|
19 |
|
21 |
|
(10%) |
||
|
|
Colorado |
|
6 |
|
5 |
|
20% |
||
|
|
Nevada |
|
1 |
|
1 |
|
― |
||
|
|
Florida |
|
37 |
|
33 |
|
12% |
||
|
|
Carolinas |
|
35 |
|
24 |
|
46% |
||
|
|
|
|
Consolidated total |
|
158 |
|
138 |
|
14% |
|
|
Unconsolidated joint ventures |
|
3 |
|
3 |
|
― |
||
|
|
|
|
Total (including joint ventures) |
|
161 |
|
141 |
|
14% |
|
|
|
|
|
|
At March 31, |
||||||||||||||||
|
|
|
|
|
|
2012 |
|
2011 |
|
% Change |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homes |
|
Dollar Value |
|
Homes |
|
Dollar Value |
|
Homes |
|
Dollar Value |
||||||
|
|
|
|
|
|
(Dollars in thousands) |
||||||||||||||||
|
Backlog: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
California |
|
|
276 |
|
$ |
142,152 |
|
|
181 |
|
$ |
97,424 |
|
|
52% |
|
|
46% |
||
|
|
Arizona |
|
|
94 |
|
|
18,384 |
|
|
47 |
|
|
10,331 |
|
|
100% |
|
|
78% |
||
|
|
Texas |
|
|
166 |
|
|
53,438 |
|
|
143 |
|
|
43,335 |
|
|
16% |
|
|
23% |
||
|
|
Colorado |
|
|
35 |
|
|
14,118 |
|
|
39 |
|
|
12,302 |
|
|
(10%) |
|
|
15% |
||
|
|
Nevada |
|
|
5 |
|
|
953 |
|
|
4 |
|
|
859 |
|
|
25% |
|
|
11% |
||
|
|
Florida |
|
|
222 |
|
|
57,632 |
|
|
120 |
|
|
24,632 |
|
|
85% |
|
|
134% |
||
|
|
Carolinas |
|
|
175 |
|
|
45,207 |
|
|
93 |
|
|
22,930 |
|
|
88% |
|
|
97% |
||
|
|
|
|
Consolidated total |
|
|
973 |
|
|
331,884 |
|
|
627 |
|
|
211,813 |
|
|
55% |
|
|
57% |
|
|
Unconsolidated joint ventures |
|
|
7 |
|
|
3,304 |
|
|
5 |
|
|
2,361 |
|
|
40% |
|
|
40% |
||
|
|
|
|
Total (including joint ventures) |
|
|
980 |
|
$ |
335,188 |
|
|
632 |
|
$ |
214,174 |
|
|
55% |
|
|
57% |
|
|
|
|
|
|
At March 31, |
||||
|
|
|
|
|
|
2012 |
|
2011 |
|
% Change |
|
Homesites owned and controlled: |
|
|
|
|
|
|
|||
|
|
California |
|
9,031 |
|
9,577 |
|
(6%) |
||
|
|
Arizona |
|
1,826 |
|
1,926 |
|
(5%) |
||
|
|
Texas |
|
4,199 |
|
3,478 |
|
21% |
||
|
|
Colorado |
|
666 |
|
768 |
|
(13%) |
||
|
|
Nevada |
|
1,130 |
|
1,143 |
|
(1%) |
||
|
|
Florida |
|
6,276 |
|
5,916 |
|
6% |
||
|
|
Carolinas |
|
2,989 |
|
2,697 |
|
11% |
||
|
|
|
Total (including joint ventures) |
|
26,117 |
|
25,505 |
|
2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homesites owned |
|
19,935 |
|
18,221 |
|
9% |
||
|
|
Homesites optioned or subject to contract |
|
4,960 |
|
5,844 |
|
(15%) |
||
|
|
Joint venture homesites |
|
1,222 |
|
1,440 |
|
(15%) |
||
|
|
|
Total (including joint ventures) |
|
26,117 |
|
25,505 |
|
2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homesites owned: |
|
|
|
|
|
|
|||
|
|
Raw lots |
|
2,749 |
|
3,118 |
|
(12%) |
||
|
|
Homesites under development |
|
5,897 |
|
3,896 |
|
51% |
||
|
|
Finished homesites |
|
5,531 |
|
5,901 |
|
(6%) |
||
|
|
Under construction or completed homes |
|
1,872 |
|
1,680 |
|
11% |
||
|
|
Held for sale |
|
3,886 |
|
3,626 |
|
7% |
||
|
|
|
Total |
|
19,935 |
|
18,221 |
|
9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
Each of the below measures are non-GAAP financial measures and other companies may calculate such non-GAAP measures differently. Due to the significance of the GAAP components excluded, such measures should not be considered in isolation or as an alternative to operating performance measures prescribed by GAAP.
The table set forth below reconciles the Company's gross margin percentage from home sales to the gross margin percentage from home sales, excluding warranty accrual adjustments and interest amortized to cost of home sales. We believe these measures are useful to management and investors as they provide perspective on the underlying operating performance of the business excluding these charges and provide comparability with the Company's peer group.
|
|
Three Months Ended |
|||||||||||||
|
|
March 31, |
|
Gross |
|
March 31, |
|
Gross |
|
December 31, |
|
Gross |
|||
|
|
(Dollars in thousands) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home sale revenues |
$ |
220,317 |
|
|
|
$ |
143,699 |
|
|
|
$ |
292,725 |
|
|
|
Less: Cost of home sales |
|
(175,595) |
|
|
|
|
(114,312) |
|
|
|
|
(232,960) |
|
|
|
Gross margin from home sales |
|
44,722 |
|
20.3% |
|
|
29,387 |
|
20.5% |
|
|
59,765 |
|
20.4% |
|
Less: Benefit from warranty accrual adjustments |
|
― |
|
|
|
|
― |
|
|
|
|
(2,900) |
|
|
|
Gross margin from home sales, excluding warranty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
accrual adjustments |
|
44,722 |
|
20.3% |
|
|
29,387 |
|
20.5% |
|
|
56,865 |
|
19.4% |
|
Add: Capitalized interest included in cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of home sales |
|
18,556 |
|
8.4% |
|
|
10,980 |
|
7.6% |
|
|
23,557 |
|
8.1% |
|
Gross margin from home sales, excluding warranty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
accrual adjustments and interest amortized to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
cost of home sales |
$ |
63,278 |
|
28.7% |
|
$ |
40,367 |
|
28.1% |
|
$ |
80,422 |
|
27.5% |
The table set forth below reconciles the Company's cash flows used in operations to cash inflows from operations excluding land purchases and development costs. We believe this measure is useful to management and investors to provide perspective on underlying cash flow generation excluding swings related to the timing of land purchases and development costs.
|
|
Three Months Ended |
|||||||
|
|
March 31, |
|
March 31, |
|
December 31, |
|||
|
|
(Dollars in thousands) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows used in operations |
$ |
(42,118) |
|
$ |
(110,150) |
|
$ |
(12,036) |
|
Add: Cash land purchases |
|
33,986 |
|
|
87,055 |
|
|
49,759 |
|
Add: Land development costs |
|
31,778 |
|
|
33,456 |
|
|
36,587 |
|
Cash inflows from operations (excluding land purchases and development costs) |
$ |
23,646 |
|
$ |
10,361 |
|
$ |
74,310 |
The table set forth below reconciles the Company's total consolidated debt to adjusted net homebuilding debt and provides the Company's total debt to book capitalization and adjusted net homebuilding debt to total adjusted book capitalization ratios. We believe that the adjusted net homebuilding debt to total adjusted book capitalization ratio is useful to management and investors as a measure of the Company's ability to obtain financing. For purposes of the ratio of adjusted net homebuilding debt to total adjusted book capitalization, total adjusted book capitalization is adjusted net homebuilding debt plus stockholders' equity. Adjusted net homebuilding debt excludes indebtedness of the Company's financial services subsidiary and additionally reflects the offset of cash and equivalents.
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|||||||||||||||
|
|
|
|
2012 |
|
2011 |
|
2011 |
|||||||||||||||
|
|
|
|
(Dollars in thousands) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total consolidated debt |
$ |
1,375,609 |
|
$ |
1,371,756 |
|
$ |
1,341,907 |
||||||||||||||
|
Less: |
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Financial services indebtedness |
|
(49,529) |
|
|
(46,808) |
|
|
(20,695) |
|||||||||||||
|
|
Homebuilding cash |
|
(394,368) |
|
|
(438,157) |
|
|
(619,807) |
|||||||||||||
|
Adjusted net homebuilding debt |
|
931,712 |
|
|
886,791 |
|
|
701,405 |
||||||||||||||
|
Stockholders' equity |
|
637,912 |
|
|
623,754 |
|
|
613,252 |
||||||||||||||
|
Total adjusted book capitalization |
$ |
1,569,624 |
|
$ |
1,510,545 |
|
$ |
1,314,657 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total debt to book capitalization |
|
68.3% |
|
|
68.7% |
|
|
68.6% |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Adjusted net homebuilding debt to total adjusted book capitalization |
|
59.4% |
|
|
58.7% |
|
|
53.4% |
||||||||||||||
The table set forth below calculates EBITDA and Adjusted Homebuilding EBITDA. Adjusted Homebuilding EBITDA means net income (loss) (plus cash distributions of income from unconsolidated joint ventures) before (a) income taxes, (b) homebuilding interest expense (c) expensing of previously capitalized interest included in cost of sales, (d) impairment charges and deposit write-offs, (e) (gain) loss on early extinguishment of debt (f) homebuilding depreciation and amortization, (g) amortization of stock-based compensation, (h) income (loss) from unconsolidated joint ventures and (i) income (loss) from financial services subsidiary. Other companies may calculate Adjusted Homebuilding EBITDA (or similarly titled measures) differently. We believe Adjusted Homebuilding EBITDA information is useful to management and investors as one measure of the Company's ability to service debt and obtain financing. Adjusted Homebuilding EBITDA is a non-GAAP financial measure and due to the significance of the GAAP components excluded, should not be considered in isolation or as an alternative to net income, cash flow from operations or any other operating or liquidity performance measure prescribed by GAAP.
|
|
|
|
Three Months Ended |
|
LTM Ended March 31, |
|||||||||||
|
|
|
|
March 31, |
|
March 31, |
|
December 31, |
|
|
2012 |
|
|
2011 |
|||
|
|
|
|
(Dollars in thousands) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
8,523 |
|
$ |
(14,797) |
|
$ |
15,333 |
|
$ |
6,903 |
|
$ |
(21,450) |
||
|
|
Provision (benefit) for income taxes |
|
187 |
|
|
100 |
|
|
(481) |
|
|
31 |
|
|
(546) |
|
|
|
Homebuilding interest amortized to cost of sales and interest expense |
|
21,105 |
|
|
21,495 |
|
|
26,616 |
|
|
94,414 |
|
|
98,453 |
|
|
|
Homebuilding depreciation and amortization |
|
590 |
|
|
663 |
|
|
631 |
|
|
2,571 |
|
|
2,180 |
|
|
|
Amortization of stock-based compensation |
|
1,074 |
|
|
1,922 |
|
|
3,145 |
|
|
10,391 |
|
|
11,806 |
|
|
EBITDA |
|
31,479 |
|
|
9,383 |
|
|
45,244 |
|
|
114,310 |
|
|
90,443 |
||
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Cash distributions of income from unconsolidated joint ventures |
|
― |
|
|
20 |
|
|
― |
|
|
― |
|
|
20 |
|
|
|
Impairment charges and deposit write-offs |
|
133 |
|
|
― |
|
|
416 |
|
|
15,467 |
|
|
1,918 |
|
|
|
Loss on early extinguishment of debt |
|
― |
|
|
― |
|
|
― |
|
|
― |
|
|
30,028 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from unconsolidated joint ventures |
|
(1,522) |
|
|
(257) |
|
|
1,298 |
|
|
(1,058) |
|
|
1,343 |
|
|
|
Income (loss) from financial services subsidiary |
|
1,366 |
|
|
(1,358) |
|
|
1,553 |
|
|
4,230 |
|
|
351 |
|
|
Adjusted Homebuilding EBITDA |
$ |
31,768 |
|
$ |
11,018 |
|
$ |
42,809 |
|
$ |
126,605 |
|
$ |
120,715 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding revenues |
$ |
223,702 |
|
$ |
143,699 |
|
$ |
293,156 |
|
$ |
962,996 |
|
$ |
880,748 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Homebuilding EBITDA Margin % |
|
14.2% |
|
|
7.7% |
|
|
14.6% |
|
|
13.1% |
|
|
13.7% |
||
The table set forth below reconciles net cash provided by (used in) operating activities, calculated and presented in accordance with GAAP, to Adjusted Homebuilding EBITDA:
|
|
|
|
|
Three Months Ended |
|
LTM Ended March 31, |
|||||||||||
|
|
|
|
|
March 31, |
|
March 31, |
|
December 31, |
|
2012 |
|
2011 |
|||||
|
|
|
|
|
(Dollars in thousands) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
(42,118) |
|
$ |
(110,150) |
|
$ |
(12,036) |
|
$ |
(254,581) |
|
$ |
(224,678) |
||
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Provision (benefit) for income taxes |
|
187 |
|
|
100 |
|
|
(481) |
|
|
31 |
|
|
(546) |
||
|
|
Homebuilding interest amortized to cost of sales and interest expense |
|
|
21,105 |
|
|
21,495 |
|
|
26,616 |
|
|
94,414 |
|
|
98,453 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Income (loss) from financial services subsidiary |
|
1,366 |
|
|
(1,358) |
|
|
1,553 |
|
|
4,230 |
|
|
351 |
||
|
|
Depreciation and amortization from financial services subsidiary |
|
|
16 |
|
|
343 |
|
|
18 |
|
|
284 |
|
|
1,120 |
|
|
|
(Gain) loss on disposal of property and equipment |
|
― |
|
|
2 |
|
|
(5) |
|
|
177 |
|
|
1 |
||
|
Net changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Trade and other receivables |
|
6,991 |
|
|
1,163 |
|
|
(6,951) |
|
|
11,186 |
|
|
(13,458) |
|
|
|
|
Mortgage loans held for sale |
|
|
(8,533) |
|
|
(10,294) |
|
|
23,924 |
|
|
45,422 |
|
|
(13,915) |
|
|
|
Inventories-owned |
|
44,201 |
|
|
105,146 |
|
|
20,670 |
|
|
221,502 |
|
|
213,026 |
|
|
|
|
Inventories-not owned |
|
|
2,627 |
|
|
2,810 |
|
|
2,068 |
|
|
19,544 |
|
|
19,609 |
|
|
|
Other assets |
|
(1,028) |
|
|
(3,140) |
|
|
(6,525) |
|
|
(4,100) |
|
|
(6,224) |
|
|
|
|
Accounts payable and accrued liabilities |
|
9,718 |
|
|
2,875 |
|
|
(2,910) |
|
|
(2,122) |
|
|
49,920 |
|
|
Adjusted Homebuilding EBITDA |
|
$ |
31,768 |
|
$ |
11,018 |
|
$ |
42,809 |
|
$ |
126,605 |
|
$ |
120,715 |
||
The table set forth below calculates pro forma stockholders' equity per common share. The pro forma common shares outstanding include the if-converted Series B Preferred Stock, and excludes 3.9 million shares issued under a share lending agreement related to the Company's 6% Convertible Senior Subordinated Notes. The Company believes that the pro forma stockholders' equity per common share information is useful to management and investors as a measure to determine the book value per common share after giving effect of the issuance of preferred shares assuming full conversion to common stock and excluding shares outstanding under the share lending agreement.
|
|
March 31, |
|
December 31, |
||
|
|
2012 |
|
2011 |
||
|
|
|
|
|
|
|
|
Actual common shares outstanding |
|
199,423,826 |
|
|
198,563,273 |
|
Add: Conversion of preferred shares to common shares |
|
147,812,786 |
|
|
147,812,786 |
|
Less: Common shares outstanding under share lending facility |
|
(3,919,904) |
|
|
(3,919,904) |
|
|
|
|
|
|
|
|
Pro forma common shares outstanding |
|
343,316,708 |
|
|
342,456,155 |
|
|
|
|
|
|
|
|
Stockholders' equity (Dollars in thousands) |
$ |
637,912 |
|
$ |
623,754 |
|
Divided by pro forma common shares outstanding |
÷ |
343,316,708 |
|
÷ |
342,456,155 |
|
Pro forma stockholders' equity per common share |
$ |
1.86 |
|
$ |
1.82 |
SOURCE Standard Pacific Corp.