Exhibit 99.1

 

 

 

TRI POINTE GROUP, INC. REPORTS 2015 FOURTH QUARTER AND FULL YEAR RESULTS

 

-Reports Net Income of $85.1 Million, or $0.52 per Diluted Share for the Quarter-

-New Home Orders up 5% and New Home Deliveries up 30% for the Quarter-

-Homebuilding Gross Margin increase to 22.2% for the Quarter-

-Selling, General and Administrative Expenses decrease to 8.4% of Home Sales Revenue for the Quarter-

 

Irvine, California, February 26, 2016 /Business Wire/ – TRI Pointe Group, Inc. (NYSE: TPH) today announced results for the fourth quarter ended December 31, 2015 and full year 2015.

On July 7, 2014, TRI Pointe consummated the merger with Weyerhaeuser Real Estate Company (“WRECO”).  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.  Accordingly, legacy TRI Pointe’s financial results are not included in the Generally Accepted Accounting Principles (“GAAP”) results for the periods prior to July 7, 2014 included in this press release.  

Results and Operational Data for Fourth Quarter 2015 and Comparisons to Fourth Quarter 2014

 

·

Net income available to common stockholders was $85.1 million, or $0.52 per diluted share compared to $41.4 million, or $0.26 per diluted share

 

·

New home orders increased to 753 compared to 714, an increase of 5%

 

·

Active selling communities averaged 112.8 compared to 105.6

 

o

New home orders per average selling community were 6.7 orders (2.23 monthly) compared to 6.8 orders (2.25 monthly)

 

o

Cancellation rate increased to 21% compared to 17%

 

·

Backlog units increased to 1,156 homes compared to 1,032, an increase of 12%

 

o

Dollar value of backlog increased to $697.3 million compared to $653.1 million, an increase of 7%

 

o

Average sales price in backlog of $603,000 compared to $633,000, a decline of 5%

 

·

Home sales revenue of $847.4 million, an increase of 36%  

 

o

New homes deliveries of 1,453, up 30%

 

o

Average sales price of homes delivered of $583,000, up 5%

 

·

Homebuilding gross margin percentage of 22.2%

 

o

Excluding interest, impairments and lot option abandonments, adjusted homebuilding gross margin percentage was 24.2%*

 

·

SG&A expense as a percentage of homes sales revenue improved to 8.4% compared to 8.9%

 

·

Ratios of debt and net debt to capital of 41.3% and 36.5%*, respectively, as of December 31 2015

 

·

Cash of $214.5 million and availability under unsecured revolving credit facility of $242.4 million

* See “Reconciliation of Non-GAAP Financial Measures”

Results and Operational Data for Full Year 2015 and Comparisons to Full Year 2014

 

·

Net income available to common stockholders was $205.5 million, or $1.27 per diluted share compared to $84.2 million, or $0.58 per diluted share

 

·

New home orders increased to 4,181 compared to 2,947, an increase of 42%

Page 1


The following information was filed by Tri Pointe Group, Inc. (TPH) on Friday, February 26, 2016 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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