M.D.C. Holdings Second Quarter 2012 Numbers | ||
Quarter Two | Fiscal Year | |
Profit/(Loss) | $10.6 M +138.0% | $12.9 M +127.0% |
Home Deliveries | 861 +21.4% | 1,480 +17.2% |
New Orders | 1,402 +31.8% | 2,465 +39.3% |
Behind the Numbers:
M.D.C. Holdings posted its first operating profit in five years on Tuesday, and its CEO Larry Mizel credited the improvement to internal changes the company made and an overall improving market for home building. The firm lagged behind other builders in regaining profitability as it worked to make operational product and financial changes. The company moved from pre-building homes before buyers had ordered them to a build-to-order model, helping to increase its profit margins. It also cut the interest costs of its debt by using cash to pay it off.
M.D.C. Holdings’ fiscal year ended Dec. 31.
