DENVER, May 5, 2020 /PRNewswire/ -- 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
|
- Home sale revenues
up 8% to $697.1 million from $647.3 million
|
- 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
|
- 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
|
- 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
|
- Unit net orders
increased 23% to 2,399
|
- Dollar value of
ending backlog up 31% to $2.17 billion from $1.65
billion
|
- Unit backlog
increased 32% to 4,653
|
|
|
March 31, 2020
Financial Position Highlights
|
|
- Total liquidity of $1.41 billion
|
- Total cash and investments of $452.8
million
|
- $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
|
- Gross new home orders decreased 27% to 662
vs. 906
|
- 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
|
Larry A. Mizel, MDC's Chairman
and Chief Executive Officer, stated, "In response to the COVID-19
pandemic, we have adapted our business to protect the health and
safety of our employees, subcontractors and customers. For example,
we are using technology to help drive compliance with social
distancing and shelter-in-place requirements by guiding many
customers through the homebuilding process using a virtual
environment. Our technology has also enabled hundreds of our
employees to work from home. For those who cannot work remotely, we
have greatly enhanced our cleaning and sanitizing protocols and
implemented screening at our sites and offices across the country,
and we have modified our business practices as necessary to allow
for social distancing. On behalf of our management team, I would
like to express sincere gratitude to our dedicated employees and
all others who have supported our Company in adjusting to the new
reality brought on by COVID-19."
Mr. Mizel continued, "As our results from the first quarter
demonstrate, 2020 was off to an excellent start thanks to a robust
job market, elevated consumer confidence and low levels of new and
existing home inventory. This positive fundamental backdrop,
coupled with our continued shift to more affordable product
offerings, resulted in a 21% increase in our homebuilding pretax
income for the quarter, as well as solid order and backlog growth.
While demand trends deteriorated significantly at the end of March
and into April, we believe the long-term outlook for our industry
remains positive due to the ongoing demographic shifts taking place
in our country and the lack of available housing supply."
Mr. Mizel concluded, "Although the ultimate impact of COVID-19
on the economy is still unclear, MDC is well-positioned to weather
the current economic crisis thanks to our seasoned leadership team,
our strong balance sheet and our conservative operating
model. With high liquidity, low leverage and limited
speculative inventory, our Company is built to succeed through the
entirety of the homebuilding cycle. We believe that this
approach, coupled with our industry-leading dividend, will lead to
superior risk-adjusted returns for shareholders over time."
About MDC
M.D.C. Holdings, Inc. was founded in 1972. MDC's homebuilding
subsidiaries, which operate under the name Richmond American Homes,
have built and financed the American Dream for more than 205,000
homebuyers since 1977. MDC's commitment to customer
satisfaction, quality and value is reflected in each home its
subsidiaries build. MDC is one of the largest homebuilders in
the United States. Its
subsidiaries have homebuilding operations across the country,
including the metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las
Vegas, Phoenix,
Tucson, Riverside-San
Bernardino, Los Angeles,
San Diego, Orange County, San
Francisco Bay Area, Sacramento, Washington D.C., Baltimore, Orlando, Jacksonville, Seattle and Portland. The Company's subsidiaries also
provide mortgage financing, insurance and title services, primarily
for Richmond American homebuyers, through HomeAmerican Mortgage
Corporation, American Home Insurance Agency, Inc. and American Home
Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is
traded on the New York Stock Exchange under the symbol "MDC." For
more information, visit www.mdcholdings.com.
Forward-Looking Statements
Certain statements in this release, including any statements
regarding our business, financial condition, results of operation,
cash flows, strategies and prospects, constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
the actual results, performance or achievements of MDC to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, among other things, (1) general
economic conditions, including the impact of the COVID-19 pandemic,
changes in consumer confidence, inflation or deflation and
employment levels; (2) changes in business conditions experienced
by MDC, including restrictions on business activities resulting
from the COVID-19 pandemic, cancellation rates, net home orders,
home gross margins, land and home values and subdivision counts;
(3) changes in interest rates, mortgage lending programs and the
availability of credit; (4) changes in the market value of MDC's
investments in marketable securities; (5) uncertainty in the
mortgage lending industry, including repurchase requirements
associated with HomeAmerican Mortgage Corporation's sale of
mortgage loans (6) the relative stability of debt and equity
markets; (7) competition; (8) the availability and cost of land and
other raw materials used by MDC in its homebuilding operations; (9)
the availability and cost of performance bonds and insurance
covering risks associated with our business; (10) shortages and the
cost of labor; (11) weather related slowdowns and natural
disasters; (12) slow growth initiatives; (13) building moratoria;
(14) governmental regulation, including orders addressing the
COVID-19 pandemic, the interpretation of tax, labor and
environmental laws; (15) terrorist acts and other acts of war; (16)
changes in energy prices; and (17) other factors over which MDC has
little or no control. Additional information about the
risks and uncertainties applicable to MDC's business is contained
in MDC's Form 10-Q for the quarter ended March 31, 2020, which is scheduled to be filed
with the Securities and Exchange Commission today. All
forward-looking statements made in this press release are made as
of the date hereof, and the risk that actual results will differ
materially from expectations expressed in this press release will
increase with the passage of time. MDC undertakes no duty to update
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise. However, any further
disclosures made on related subjects in our subsequent filings,
releases or webcasts should be consulted.
|
M.D.C. HOLDINGS,
INC.
|
|
Consolidated
Statements of Operations and Comprehensive Income
|
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
March 31,
|
|
2020
|
|
2019
|
|
(Dollars in
thousands, except per share amounts)
|
|
Homebuilding:
|
|
|
|
|
|
|
Home sale
revenues
|
$
|
697,085
|
|
$
|
647,278
|
|
Home cost of
sales
|
|
(558,647)
|
|
|
(524,552)
|
|
Inventory
impairments
|
|
-
|
|
|
(610)
|
|
Total cost of
sales
|
|
(558,647)
|
|
|
(525,162)
|
|
Gross
profit
|
|
138,438
|
|
|
122,116
|
|
Selling, general and
administrative expenses
|
|
(89,321)
|
|
|
(82,261)
|
|
Interest and other
income
|
|
1,889
|
|
|
2,391
|
|
Other
expense
|
|
(1,337)
|
|
|
(1,191)
|
|
Homebuilding pretax
income
|
|
49,669
|
|
|
41,055
|
|
|
|
|
|
|
|
Financial
Services:
|
|
|
|
|
|
|
Revenues
|
|
21,886
|
|
|
17,404
|
|
Expenses
|
|
(10,929)
|
|
|
(8,957)
|
|
Other income
(expense), net
|
|
(12,064)
|
|
|
6,104
|
|
Financial services
pretax income (loss)
|
|
(1,107)
|
|
|
14,551
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
48,562
|
|
|
55,606
|
|
Provision for income
taxes
|
|
(11,802)
|
|
|
(15,056)
|
|
Net income
|
$
|
36,760
|
|
$
|
40,550
|
|
|
|
|
|
|
|
Comprehensive
income
|
$
|
36,760
|
|
$
|
40,550
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
Basic
|
$
|
0.58
|
|
$
|
0.66
|
|
Diluted
|
$
|
0.56
|
|
$
|
0.64
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
62,491,238
|
|
|
60,939,364
|
|
Diluted
|
|
64,931,225
|
|
|
62,708,334
|
|
|
|
|
|
|
|
Dividends declared
per share
|
$
|
0.33
|
|
$
|
0.30
|
|
M.D.C. HOLDINGS,
INC.
|
|
Consolidated
Balance Sheets
|
|
(Unaudited)
|
|
|
March 31,
|
|
December
31,
|
|
2020
|
|
2019
|
|
ASSETS
|
(Dollars in
thousands, except
per share
amounts)
|
|
|
Homebuilding:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
386,704
|
|
$
|
424,186
|
|
Restricted
cash
|
|
15,762
|
|
|
14,279
|
|
Trade and other
receivables
|
|
69,301
|
|
|
65,829
|
|
Inventories:
|
|
|
|
|
|
|
Housing completed or
under construction
|
|
1,215,214
|
|
|
1,036,191
|
|
Land and land under
development
|
|
1,301,433
|
|
|
1,330,384
|
|
Total
inventories
|
|
2,516,647
|
|
|
2,366,575
|
|
Property and
equipment, net
|
|
62,316
|
|
|
60,414
|
|
Deferred tax asset,
net
|
|
20,660
|
|
|
21,768
|
|
Prepaid and other
assets
|
|
78,002
|
|
|
78,358
|
|
Total homebuilding
assets
|
|
3,149,392
|
|
|
3,031,409
|
|
Financial
Services:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
22,159
|
|
|
35,747
|
|
Marketable
securities
|
|
43,985
|
|
|
56,747
|
|
Mortgage loans
held-for-sale, net
|
|
133,921
|
|
|
197,021
|
|
Other
assets
|
|
24,255
|
|
|
17,432
|
|
Total financial
services assets
|
|
224,320
|
|
|
306,947
|
|
Total
Assets
|
$
|
3,373,712
|
|
$
|
3,338,356
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Homebuilding:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
97,980
|
|
$
|
87,364
|
|
Accrued and other
liabilities
|
|
233,034
|
|
|
245,940
|
|
Revolving credit
facility
|
|
15,000
|
|
|
15,000
|
|
Senior notes,
net
|
|
1,036,900
|
|
|
989,422
|
|
Total homebuilding
liabilities
|
|
1,382,914
|
|
|
1,337,726
|
|
Financial
Services:
|
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
70,977
|
|
|
68,529
|
|
Mortgage repurchase
facility
|
|
108,744
|
|
|
149,616
|
|
Total financial
services liabilities
|
|
179,721
|
|
|
218,145
|
|
Total
Liabilities
|
|
1,562,635
|
|
|
1,555,871
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
Preferred stock, $0.01
par value; 25,000,000 shares authorized; none issued or
outstanding
|
|
-
|
|
|
-
|
|
Common stock, $0.01
par value; 250,000,000 shares authorized; 63,052,495 and 62,574,961
issued and outstanding at March 31, 2020 and December 31, 2019,
respectively
|
|
631
|
|
|
626
|
|
Additional
paid-in-capital
|
|
1,361,362
|
|
|
1,348,733
|
|
Retained
earnings
|
|
449,084
|
|
|
433,126
|
|
Total Stockholders'
Equity
|
|
1,811,077
|
|
|
1,782,485
|
|
Total Liabilities and
Stockholders' Equity
|
$
|
3,373,712
|
|
$
|
3,338,356
|
|
M.D.C. HOLDINGS,
INC.
|
|
Consolidated
Statement of Cash Flows
|
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
March 31,
|
|
2020
|
|
2019
|
|
|
(Dollars in
thousands)
|
|
Operating
Activities:
|
|
|
|
|
|
|
Net income
|
$
|
36,760
|
|
$
|
40,550
|
|
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
Stock-based
compensation expense
|
|
4,440
|
|
|
4,251
|
|
Depreciation and
amortization
|
|
5,152
|
|
|
4,878
|
|
Inventory
impairments
|
|
-
|
|
|
610
|
|
Net (gain) loss on
marketable equity securities
|
|
13,268
|
|
|
(4,840)
|
|
Deferred income tax
expense
|
|
1,131
|
|
|
2,696
|
|
Net changes in assets
and liabilities:
|
|
|
|
|
|
|
Trade and other
receivables
|
|
(1,611)
|
|
|
(13,771)
|
|
Mortgage loans
held-for-sale, net
|
|
63,100
|
|
|
38,401
|
|
Housing completed or
under construction
|
|
(178,873)
|
|
|
2,137
|
|
Land and land under
development
|
|
29,051
|
|
|
(18,496)
|
|
Prepaid and other
assets
|
|
(8,460)
|
|
|
1,085
|
|
Accounts payable and
accrued liabilities
|
|
(1,131)
|
|
|
(3,153)
|
|
Net cash provided by
(used in) operating activities
|
|
(37,173)
|
|
|
54,348
|
|
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
|
|
|
Purchases of
marketable securities
|
|
(9,782)
|
|
|
(4,785)
|
|
Sales of marketable
securities
|
|
9,276
|
|
|
4,737
|
|
Purchases of property
and equipment
|
|
(6,512)
|
|
|
(6,386)
|
|
Net cash used in
investing activities
|
|
(7,018)
|
|
|
(6,434)
|
|
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
|
|
|
Payments on mortgage
repurchase facility, net
|
|
(40,872)
|
|
|
(31,959)
|
|
Repayment of senior
notes
|
|
(250,000)
|
|
|
-
|
|
Proceeds from issuance
of senior notes
|
|
298,050
|
|
|
-
|
|
Dividend
payments
|
|
(20,768)
|
|
|
(17,115)
|
|
Issuance of shares
under stock-based compensation programs, net
|
|
8,194
|
|
|
7,087
|
|
Net cash used in
financing activities
|
|
(5,396)
|
|
|
(41,987)
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
|
(49,587)
|
|
|
5,927
|
|
Cash, cash
equivalents and restricted cash:
|
|
|
|
|
|
|
Beginning of
period
|
|
474,212
|
|
|
470,139
|
|
End of
period
|
$
|
424,625
|
|
$
|
476,066
|
|
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents and restricted cash:
|
|
|
|
|
|
|
Homebuilding:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
386,704
|
|
$
|
416,374
|
|
Restricted
cash
|
|
15,762
|
|
|
8,136
|
|
Financial
Services:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
22,159
|
|
|
51,556
|
|
Total cash, cash
equivalents and restricted cash
|
$
|
424,625
|
|
$
|
476,066
|
|
New Home
Deliveries
|
|
|
|
Three Months
Ended March 31,
|
|
|
2020
|
|
2019
|
|
%
Change
|
|
|
Homes
|
|
Home Sale
Revenues
|
|
Average
Price
|
|
Homes
|
|
Home Sale
Revenues
|
|
Average
Price
|
|
Homes
|
|
Home Sale
Revenues
|
Average
Price
|
|
|
(Dollars in
thousands)
|
|
West
|
871
|
|
$
|
405,498
|
|
$
|
465.6
|
|
752
|
|
$
|
369,558
|
|
$
|
491.4
|
|
16%
|
|
10%
|
|
(5)%
|
|
Mountain
|
435
|
|
|
222,858
|
|
|
512.3
|
|
409
|
|
|
209,192
|
|
|
511.5
|
|
6%
|
|
7%
|
|
0%
|
|
East
|
241
|
|
|
68,729
|
|
|
285.2
|
|
197
|
|
|
68,528
|
|
|
347.9
|
|
22%
|
|
0%
|
|
(18)%
|
|
Total
|
1,547
|
|
$
|
697,085
|
|
$
|
450.6
|
|
1,358
|
|
$
|
647,278
|
|
$
|
476.6
|
|
14%
|
|
8%
|
|
(5)%
|
|
Net New
Orders
|
|
|
Three Months
Ended March 31,
|
|
2020
|
|
2019
|
|
% Change
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
Monthly
Absorption
Rate *
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
Monthly
Absorption
Rate *
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
Monthly
Absorption
Rate
|
|
(Dollars in
thousands)
|
|
West
|
1,382
|
|
$
|
655,892
|
|
$
|
474.6
|
|
5.13
|
|
965
|
|
$
|
433,307
|
|
$
|
449.0
|
|
3.82
|
|
43%
|
|
51%
|
|
6%
|
|
34%
|
|
Mountain
|
693
|
|
339,132
|
|
489.4
|
|
3.54
|
|
719
|
|
336,932
|
|
468.6
|
|
3.52
|
|
(4)%
|
|
1%
|
|
4%
|
|
1%
|
|
East
|
324
|
|
|
97,723
|
|
|
301.6
|
|
3.66
|
|
272
|
|
|
81,179
|
|
|
298.5
|
|
4.17
|
|
19%
|
|
20%
|
|
1%
|
|
(12)%
|
|
Total
|
2,399
|
|
$
|
1,092,747
|
|
$
|
455.5
|
|
4.33
|
|
1,956
|
|
$
|
851,418
|
|
$
|
435.3
|
|
3.75
|
|
23%
|
|
28%
|
|
5%
|
|
16%
|
|
|
*Calculated as
total net new orders in period ÷ average active communities during
period ÷ number of months in period
|
|
Active
Subdivisions
|
|
|
|
|
|
|
|
|
|
Average Active
Subdivisions
|
|
|
Active
Subdivisions
|
|
Three Months
Ended
|
|
|
March 31,
|
|
%
|
|
March 31,
|
|
%
|
|
|
2020
|
|
2019
|
|
Change
|
|
2020
|
|
2019
|
|
Change
|
|
West
|
92
|
|
88
|
|
5%
|
|
90
|
|
84
|
|
7%
|
|
Mountain
|
64
|
|
64
|
|
0%
|
|
65
|
|
69
|
|
(6)%
|
|
East
|
29
|
|
26
|
|
12%
|
|
30
|
|
22
|
|
36%
|
|
Total
|
185
|
|
178
|
|
4%
|
|
185
|
|
175
|
|
6%
|
|
Backlog
|
|
|
|
March 31,
|
|
|
2020
|
|
2019
|
|
% Change
|
|
|
Homes
|
|
Dollar
Value
|
Average
Price
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
|
(Dollars in
thousands)
|
|
West
|
2,534
|
|
$
|
1,227,996
|
$
|
484.6
|
|
1,736
|
|
$
|
830,703
|
|
$
|
478.5
|
|
46%
|
|
48%
|
|
1%
|
|
Mountain
|
1,469
|
|
|
754,155
|
|
513.4
|
|
1,353
|
|
|
690,623
|
|
|
510.4
|
|
9%
|
|
9%
|
|
1%
|
|
East
|
650
|
|
|
191,972
|
|
295.3
|
|
445
|
|
|
133,140
|
|
|
299.2
|
|
46%
|
|
44%
|
|
(1)%
|
|
Total
|
4,653
|
|
$
|
2,174,123
|
$
|
467.3
|
|
3,534
|
|
$
|
1,654,466
|
|
$
|
468.2
|
|
32%
|
|
31%
|
|
(0)%
|
|
Homes Completed or
Under Construction (WIP lots)
|
|
|
|
March 31,
|
|
%
|
|
|
2020
|
|
2019
|
|
Change
|
|
Unsold:
|
|
|
|
|
|
|
Completed
|
160
|
|
120
|
|
33%
|
|
Under
construction
|
216
|
|
177
|
|
22%
|
|
Total unsold started
homes
|
376
|
|
297
|
|
27%
|
|
Sold homes under
construction or completed
|
3,259
|
|
2,362
|
|
38%
|
|
Model homes under
construction or completed
|
502
|
|
459
|
|
9%
|
|
Total homes completed
or under construction
|
4,137
|
|
3,118
|
|
33%
|
|
Lots Owned and
Optioned (including homes completed or under
construction)
|
|
|
|
March 31,
2020
|
|
March 31,
2019
|
|
|
|
|
Lots Owned
|
|
Lots
Optioned
|
|
Total
|
|
Lots Owned
|
|
Lots
Optioned
|
|
Total
|
|
Total %
Change
|
|
West
|
9,641
|
|
2,393
|
|
12,034
|
|
7,894
|
|
2,462
|
|
10,356
|
|
16%
|
|
Mountain
|
6,540
|
|
4,007
|
|
10,547
|
|
6,636
|
|
2,612
|
|
9,248
|
|
14%
|
|
East
|
2,410
|
|
2,133
|
|
4,543
|
|
1,989
|
|
1,294
|
|
3,283
|
|
38%
|
|
Total
|
18,591
|
|
8,533
|
|
27,124
|
|
16,519
|
|
6,368
|
|
22,887
|
|
19%
|
|
Selling, General
and Administrative Expenses
|
|
|
|
Three Months Ended
March 31,
|
|
|
2020
|
|
2019
|
|
Change
|
|
|
(Dollars in
thousands)
|
|
General and
administrative expenses
|
$
|
45,089
|
|
$
|
42,572
|
|
$
|
2,517
|
|
General and
administrative expenses as a percentage of home sale
revenues
|
|
6.5%
|
|
|
6.6%
|
|
|
(10) bps
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
expenses
|
$
|
21,446
|
|
$
|
18,296
|
|
$
|
3,150
|
|
Marketing expenses as
a percentage of home sale revenues
|
|
3.1%
|
|
|
2.8%
|
|
|
30 bps
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
expenses
|
$
|
22,786
|
|
$
|
21,393
|
|
$
|
1,393
|
|
Commissions expenses
as a percentage of home sale revenues
|
|
3.3%
|
|
|
3.3%
|
|
|
0 bps
|
|
|
|
|
|
|
|
|
|
|
|
Total selling,
general and administrative expenses
|
$
|
89,321
|
|
$
|
82,261
|
|
$
|
7,060
|
|
Total selling,
general and administrative expenses as a percentage of home sale
revenues
|
|
12.8%
|
|
|
12.7%
|
|
|
10 bps
|
|
Capitalized
Interest
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2020
|
|
2019
|
|
|
(Dollars in
thousands)
|
|
Homebuilding interest
incurred
|
$
|
16,534
|
|
$
|
16,031
|
|
Less: Interest
capitalized
|
|
(16,534)
|
|
|
(16,031)
|
|
Homebuilding interest
expensed
|
$
|
-
|
|
$
|
-
|
|
|
|
|
|
|
|
|
Interest capitalized,
beginning of period
|
$
|
55,310
|
|
$
|
54,845
|
|
Plus: Interest
capitalized during period
|
|
16,534
|
|
|
16,031
|
|
Less: Previously
capitalized interest included in home cost of sales
|
|
(12,767)
|
|
|
(13,929)
|
|
Interest capitalized,
end of period
|
$
|
59,077
|
|
$
|
56,947
|
View original
content:http://www.prnewswire.com/news-releases/mdc-holdings-announces-first-quarter-2020-results-and-selected-preliminary-april-2020-results-301052492.html
SOURCE M.D.C. Holdings, Inc.