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WILLIAM LYON HOMES REPORTS FIRST QUARTER 2018 RESULTS
44% INCREASE IN HOMEBUILDING REVENUE; 28% INCREASE IN NET NEW HOME ORDERS;
33% INCREASE IN DOLLAR VALUE OF ORDERS; 19% INCREASE IN DOLLAR VALUE OF BACKLOG
NEWPORT BEACH, CA May 8, 2018 William Lyon Homes (NYSE: WLH), a leading homebuilder in the Western U.S., announced results for its first quarter ended March 31, 2018. On March 9, 2018, the Company completed its acquisition (the RSI Acquisition) of RSI Communities, a Southern-California and Texas-based homebuilder, and three related real estate assets (together, RSI Communities). The Companys consolidated results for the first quarter ended March 31, 2018 include the financial results of RSI Communities from the date of acquisition.
2018 First Quarter Highlights (Comparison to 2017 First Quarter)
|||Net income available to common stockholders of $8.3 million, or $0.21 per diluted share|
|||Adjusted net income available to common stockholders of $10.9 million, or $0.27 per diluted share, compared to $4.1 million, or $0.11 per diluted share in the prior period, up 167% and 145%, respectively|
|||Pre-tax income of $15.4 million, up 123%|
|||Adjusted pre-tax income of $18.5 million, up 169%, which excludes transaction expenses of $3.1 million, before tax|
|||New home deliveries of 740 homes, up 48%|
|||Net new home orders of 1,106, up 28%|
|||Dollar value of orders of $602.7 million, up 33%|
|||Dollar value of homes in backlog of $752.1 million, up 19%|
|||Units in backlog of 1,460, up 33%|
|||Average sales locations of 84, up 2%|
|||Active sales locations of 105 as of March 31, 2018|
|||Average sales price (ASP) of new homes delivered of $503,200, down 3%|
|||Home sales revenue of $372.4 million, up 44%|
The following information was filed by William Lyon Homes (WLH) on Tuesday, May 8, 2018 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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