M.D.C. Holdings, Inc. (NYSE: MDC), parent of Richmond American Homes, on Thursday reported selected preliminary results for the 2020 first quarter. The company is due to report earnings on May 5.
In a statement, the company said, “As a result of the Coronavirus/COVID-19 pandemic, we experienced increasingly adverse business conditions, especially in the latter half of March, which negatively impacted our operating results. It is unclear how long these adverse conditions will persist or how they will impact our results in future periods.”
2020 First Quarter Highlights and Comparison to 2019 First Quarter (preliminary and unaudited)
• Net new home orders of 2,399 vs. 1,956
• New home deliveries of 1,547 vs. 1,358
• Ending homes in backlog of 4,653 vs. 3,534
2020 March Highlights and Comparison to 2019 March (preliminary and unaudited)
• Net new home orders of 611 vs. 834
• Cancellations as a percentage of gross new home orders of 31.8% vs. 15.4%
• Cancellations as a percentage of homes in beginning backlog of 6.0% vs. 4.5%
• New home deliveries of 712 vs. 648
March 31, 2020 Financial Position Highlights (preliminary and unaudited)
• Total liquidity of approximately $1.4 billion
• Total cash and investments of approximately $450 million
• More than $950 million of availability under home building line of credit (maturity of December 2023)
• No senior note maturities until 2024
• Quarterly cash dividend of thirty-three cents ($0.33) per share declared on April 1, 2020
