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Mdc Holdings Inc (MDC) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Mdc Holdings Inc

CIK: 773141 Ticker: MDC

Exhibit 99.1

 

News Release

 

M.D.C. HOLDINGS ANNOUNCES FIRST QUARTER 2020 RESULTS AND

SELECTED PRELIMINARY APRIL 2020 RESULTS

 

DENVER, COLORADO, Tuesday, May 5, 2020. M.D.C Holdings, Inc. (NYSE: MDC), one of the nation’s leading homebuilders, announced results for the quarter ended March 31, 2020. In light of recent market volatility and business disruptions caused by the COVID-19 pandemic, the Company also provided selected preliminary April 2020 results.

 

2020 First Quarter Highlights and Comparisons to 2019 First Quarter

 

 

Homebuilding pretax income increased 21% to $49.7 million from $41.1 million

 

o

Home sale revenues up 8% to $697.1 million from $647.3 million

 

o

Gross margin from home sales increased 100 basis points to 19.9% from 18.9%

 

Mortgage operations pretax income increased 65% to $8.2 million vs. $5.0 million

 

Other financial services pretax loss of $9.4 million vs. pretax income of $9.6 million

 

o

Unrealized losses on equity securities of $13.9 million vs. unrealized gains of $4.6 million

 

Net income of $36.8 million, or $0.56 per diluted share, down 9% from $40.6 million or $0.64 per diluted share

 

o

Effective tax rate of 24.3% vs. 27.1%

 

Dollar value of net new orders up 28% to $1.09 billion from $851.4 million

 

o

Unit net orders increased 23% to 2,399

 

Dollar value of ending backlog up 31% to $2.17 billion from $1.65 billion

 

o

Unit backlog increased 32% to 4,653

 

March 31, 2020 Financial Position Highlights

 

 

Total liquidity of $1.41 billion

 

o

Total cash and investments of $452.8 million

 

o

$959.3 million of availability under homebuilding line of credit ($1.0 billion facility size; 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, up 10% from prior year

 

2020 April Highlights and Comparison to 2019 April (preliminary and unaudited)

 

 

Net new home orders decreased 53% to 357 vs. 753

 

o

Gross new home orders decreased 27% to 662 vs. 906

 

o

Cancellations as a percentage of homes in beginning backlog of 6.6% vs. 4.3%

 

New home deliveries increased 11% to 523 vs. 470

 

Ending backlog units up 18% to 4,487 from 3,817

 

1

The following information was filed by Mdc Holdings Inc (MDC) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Mdc Holdings Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Operations And Comprehensive Income
Note 1 - Basis Of Presentation
Note 10 - Homebuilding Accrued Liabilities And Financial Services Accounts Payable And Accrued Liabilities
Note 10 - Homebuilding Accrued Liabilities And Financial Services Accounts Payable And Accrued Liabilities (Tables)
Note 10 - Homebuilding Accrued Liabilities And Financial Services Accounts Payable And Accrued Liabilities - Accounts Payable And Accrued Liabilities (Details)
Note 10 - Homebuilding Accrued Liabilities And Financial Services Accounts Payable And Accrued Liabilities - Homebuilding Accrued Liabilities (Details)
Note 11 - Warranty Accrual
Note 11 - Warranty Accrual (Tables)
Note 11 - Warranty Accrual - Warranty Accrual And Payment Activity (Details)
Note 12 - Insurance And Construction Defect Claim Reserves
Note 12 - Insurance And Construction Defect Claim Reserves (Tables)
Note 12 - Insurance And Construction Defect Claim Reserves - Summary Of Insurance And Defect Claim Reserves Activity (Details)
Note 13 - Income Taxes
Note 13 - Income Taxes (Details Textual)
Note 14 - Senior Notes
Note 14 - Senior Notes (Tables)
Note 14 - Senior Notes - Carrying Amount Of Senior Notes (Details)
Note 14 - Senior Notes - Carrying Amount Of Senior Notes (Details) (Parentheticals)
Note 15 - Stock-Based Compensation
Note 15 - Stock-Based Compensation (Details Textual)
Note 15 - Stock-Based Compensation (Tables)
Note 15 - Stock-Based Compensation - Performance Stock Units Granted (Details)
Note 15 - Stock-Based Compensation - Share-Based Award Expense Activity (Details)
Note 16 - Commitments And Contingencies
Note 16 - Commitments And Contingencies (Details Textual)
Note 17 - Derivative Financial Instruments
Note 17 - Derivative Financial Instruments (Details Textual)
Note 18 - Lines Of Credit
Note 18 - Lines Of Credit (Details Textual)
Note 19 - Related Party Transactions
Note 19 - Related Party Transactions (Details Textual)
Note 2 - Recently Issued Accounting Standards
Note 2 - Recently Issued Accounting Standards (Details Textual)
Note 20 - Supplemental Guarantor Information
Note 20 - Supplemental Guarantor Information (Details Textual)
Note 20 - Supplemental Guarantor Information (Tables)
Note 20 - Supplemental Guarantor Information - Supplemental Condensed Combining Balance Sheet (Details)
Note 20 - Supplemental Guarantor Information - Supplemental Condensed Combining Statement Of Cash Flows (Details)
Note 20 - Supplemental Guarantor Information - Supplemental Condensed Combining Statement Of Operations (Details)
Note 3 - Segment Reporting
Note 3 - Segment Reporting (Details Textual)
Note 3 - Segment Reporting (Tables)
Note 3 - Segment Reporting - Reconciliation Of Pretax Operating Income From Segments To Consolidated (Details)
Note 3 - Segment Reporting - Reconciliation Of Revenue From Segments To Consolidated (Details)
Note 3 - Segment Reporting - Total Assets (Details)
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share (Details Textual)
Note 4 - Earnings Per Share (Tables)
Note 4 - Earnings Per Share - Basic And Diluted Loss Per Share (Details)
Note 5 - Fair Value Measurements
Note 5 - Fair Value Measurements (Details Textual)
Note 5 - Fair Value Measurements (Tables)
Note 5 - Fair Value Measurements - Estimated Fair Value Of Senior Notes (Details)
Note 5 - Fair Value Measurements - Estimated Fair Value Of Senior Notes (Details) (Parentheticals)
Note 5 - Fair Value Measurements - Fair Value Methods Used For Measuring Fair Values Of Financial Instruments On Recurring Basis (Details)
Note 5 - Fair Value Measurements - Reconciles Net Loss To Unrealized Loss On Equity Securities (Details)
Note 6 - Inventories
Note 6 - Inventories (Tables)
Note 6 - Inventories - Fair Value Of Impaired Inventory (Details)
Note 6 - Inventories - Inventory Impairments (Details)
Note 6 - Inventories - Summary Of Inventory (Details)
Note 7 - Capitalization Of Interest
Note 7 - Capitalization Of Interest (Tables)
Note 7 - Capitalization Of Interest - Interest Activity (Details)
Note 8 - Leases
Note 8 - Leases (Details Textual)
Note 8 - Leases (Tables)
Note 8 - Leases - Components Of Operating Lease Expense (Details)
Note 8 - Leases - Maturities Of Operating Lease Liabilities (Details)
Note 8 - Leases - Supplemental Cash Flow Information Related To Leases (Details)
Note 8 - Leases - Weighted Average Remaining Lease Term And Discount Rate (Details)
Note 9 - Homebuilding Prepaid And Other Assets
Note 9 - Homebuilding Prepaid And Other Assets (Tables)
Note 9 - Homebuilding Prepaid And Other Assets - Summary Of Homebuilding Prepaid And Other Assets (Details)
Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

Mdc Holdings Inc provided additional information to their SEC Filing as exhibits

Ticker: MDC
CIK: 773141
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-20-009432
Submitted to the SEC: Tue May 05 2020 4:03:13 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Operative Builders

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