Exhibit 99.1

 

 

TRI POINTE HOMES, INC. REPORTS 2014 FOURTH QUARTER AND FULL YEAR RESULTS

-Reports Net Income of $41.4 Million, or $0.26 per Diluted Share for the Fourth Quarter-

-New Home Orders up 37% and 17% on an Adjusted Basis for the Fourth Quarter-

-SG&A Expenses as a Percentage of Home Sales Revenue improves to 8.9% for the Fourth Quarter-

-New Home Orders up 92% and 59% on an Adjusted Basis through February 2015-

Irvine, California, March 3, 2015 /Business Wire/ – TRI Pointe Homes, Inc. (NYSE: TPH) today announced results for the fourth quarter and full year ended December 31, 2014.

On July 7, 2014, TRI Pointe consummated the previously announced merger with Weyerhaeuser Real Estate Company (“WRECO”).  Before the merger, WRECO was an indirect wholly-owned subsidiary of Weyerhaeuser Company engaged in homebuilding and related activities through five operating subsidiaries.  The merger was accounted for as a “reverse acquisition” of TRI Pointe by WRECO.  As a result, legacy TRI Pointe’s financial results are only included in the combined company’s financial statements from the closing date forward and are not reflected in the combined company’s historical financial statements, except for legacy TRI Pointe’s common stock.  Accordingly, legacy TRI Pointe’s financial results are not included in the Generally Accepted Accounting Principles (“GAAP”) results for any periods prior to the closing.  

The Company has appended Supplemental Combined Company Information to this press release to provide supplemental financial and operational information of the combined company that is “Adjusted” to include legacy TRI Pointe’s standalone operations for the relevant periods prior to the merger.

GAAP Results and Operational Data for Fourth Quarter 2014 and Comparisons to Fourth Quarter 2013

·

Income from continuing operations was $41.4 million, or $0.26 per diluted share compared to a loss from continuing operations of $(179.6) million, or $(1.38) per diluted share

·

New home orders increased to 714 compared to 521, an increase of 37%

·

Active selling communities averaged 105.6 compared to 90.1

o

New home orders per average selling community were 6.8 orders (2.25 monthly) compared to 5.8 orders (1.93 monthly)

o

Cancellation rate decreased to 17% compared to 21%

·

Backlog units of 1,032 homes with a dollar value increase of 29%, to $653.1 million

o

Average sales price in backlog increased 12% to $633,000

·

Home sales revenue of $623.0 million, an increase of 31%  

o

New homes deliveries of 1,122, up 5%

o

Average sales price of homes delivered grew 26% to $555,000

·

Homebuilding gross margin percentage of 19.9%

o

Excluding noncash purchase accounting adjustments and interest, our adjusted homebuilding gross margin percentage was 22.7%*

·

SG&A expense as a percentage of homes sales revenue improved to 8.9% compared to 9.8%

·

Ratio of net debt to capital of 40.6% at December 31, 2014 improved from 51.0% at December 31, 2013*

·

Cash of $170.6 million and availability under unsecured revolving credit facility of $153 million

Page 1


The following information was filed by Tri Pointe Group, Inc. (TPH) on Tuesday, March 3, 2015 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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