UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 30, 2014
AV Homes, Inc.
(Exact
name of registrant as specified in its charter)
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Delaware |
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001-07395 |
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23-1739078 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification No.) |
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8601 N. Scottsdale Rd. Suite 225,
Scottsdale, Arizona |
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85253 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (480) 214-7400
Not Applicable
Former
name or former address, if changed since last report
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On October 30, 2014, AV Homes, Inc. (the Company) issued a press release announcing its results for the quarter ended September 30, 2014.
A copy of the press release is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.
The information furnished pursuant to this
Item 2.02, including Exhibit 99.1, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities under that Section and shall
not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits
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Exhibit No. |
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Description |
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99.1 |
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Press Release dated October 30, 2014 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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AV Homes, Inc. |
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October 31, 2014 |
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By: |
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/s/ Roger A. Cregg |
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Name: Roger A. Cregg |
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Title: Director, President, and Chief Executive Officer |
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(Principal Executive Officer) |
Exhibit Index
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Exhibit No. |
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Description |
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99.1 |
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Press Release dated October 30, 2014 |
Exhibit 99.1
AV Homes Reports Results for Third Quarter 2014
Third Quarter 2014 Highlights - as compared to the prior year quarter (unless otherwise noted)
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Total revenue increased 148% to $86.6 million |
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Homebuilding revenue increased 123% to $71.1 million |
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Net income increased to $0.7 million, or $0.03 per share |
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Closings increased 91% to 280 units |
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Net new orders increased 156% to $67.1 million on a 160% increase in units |
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Backlog value increased 108% to $120.9 million on 470 units |
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Selling communities increased to 25 from seven and communities with closings increased to 18 from six |
Scottsdale, AZ (October 30, 2014) AV Homes, Inc. (Nasdaq: AVHI) (AV Homes or the Company), a
developer and builder of active adult and primary residential communities in Florida, Arizona and North Carolina, today announced results for its third quarter ended September 30, 2014. AV Homes reported net income attributable to common
stockholders of $0.7 million, or $0.03 per share, in the third quarter of 2014, compared to a net loss attributable to common stockholders of $13.8 million, or ($0.86) per share, in the third quarter of 2013. Total revenue for the third quarter of
2014 increased 148% to $86.6 million from $34.9 million in the third quarter of 2013.
Roger A. Cregg, President and Chief
Executive Officer, commented, We had a solid quarter and continue to execute our strategy to improve our business performance, highlighted by an increase of 91% in homes delivered, 156% increase in net new orders on an increase of 160% in
units, 123% growth in homebuilding revenue and posting a profit for the third quarter of 2014 compared to a loss in the same period last year. We continued to open new communities, increasing our selling communities by 257%, to 25 and increasing our
closing communities by 200%, to 18 compared to last year. In addition, we ended the third quarter of 2014 with a strong financial position and adequate liquidity to take advantage of further market opportunities.
Mr. Cregg added, We remain optimistic that our business is positioned
to benefit from the improvements and recovering market conditions. We expect to continue to improve our profitability by leveraging our increased community count and operational efficiencies through the strategies we have implemented to transform
the business.
The increase in total revenue for the third quarter of 2014 compared to the prior year period
included a 123% increase in homebuilding revenue to $71.1 million. The increase in homebuilding revenue was driven by: (i) volume increases due to a greater number of communities with closings, primarily from the current year acquisition of
Royal Oak Homes, (ii) higher absorption at our existing active adult communities, and (iii) higher average unit price per closing. During the third quarter of 2014, the Company closed 280 homes, a 91% increase from the 147 homes closed
during the third quarter of 2013, and the average unit price per closing rose 17.1% to $254,000 from $217,000 in the third quarter of 2013. In addition, the Company recorded $12.9 million of land sales and other revenue in the third quarter of 2014,
primarily from the sale of excess property in Florida that the Company had classified as held for sale, compared to $0.7 million in the third quarter of 2013.
Homebuilding gross margin, which excludes commissions, was 17.7% in the third quarter of 2014 compared to 19.3% in the third
quarter of 2013. The decrease in gross margin was primarily due to the change in the mix of communities with closings year over year.
Homebuilding SG&A expense, which includes commissions, as a percentage of homebuilding revenue improved to 13.2% in the
third quarter of 2014 compared to 13.6% in the third quarter of 2013. The decrease was driven by leveraging fixed costs while growing the revenue base, partially offset by additional costs incurred by new communities that are selling homes but not
yet generating revenue from closings. Additionally, corporate general and administrative expenses as a percentage of homebuilding revenue improved to 5.6% in the third quarter of 2014 from 12.2% in the same period a year ago. The improvement in the
G&A margin continues to demonstrate the cost leverage that the Company is achieving in prudently containing its costs while growing the revenue of the business.
The number of new housing contracts signed, net of cancellations, during the
three months ended September 30, 2014 increased 160% to 270 units, compared to 104 units during the same period in 2013. The increase in housing contracts was primarily attributable to the increase in selling communities from seven to 25. The
average sales price on contracts signed in the third quarter of 2014 declined 1.2% to $249,000 from $252,000 in the third quarter of 2013. The aggregate dollar value of the contracts signed during the third quarter increased 156% to $67.1 million,
compared to $26.2 million during the same period one year ago. The backlog value of homes under contract but not yet closed at September 30, 2014 increased 108% to $120.9 million on 470 units, compared to $58.2 million on 233 units at
September 30, 2013.
The Company updated its previously issued outlook for the full year 2014 with the following additional
commentary:
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The Company expects to meet its outlook of approximately 30 selling communities and approximately 25 communities with closings at December 31,
2014. |
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The Company expects to be at the low end of its range of 975 to 1,050 homes closed for the year ending December 31, 2014.
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The Company expects to slightly exceed its outlook of approximately $250,000 for the average selling price of homes closed during the year ending
December 31, 2014. |
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The Company expects to slightly exceed its outlook for land sales revenue of between $26 and $28 million, with an aggregate gain on sales between
$7 and $8 million, each for the year ending December 31, 2014. |
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The Company expects to be at the low end of its range for income/loss before taxes for the year ending December 31, 2014 of break-even to a
modest loss. |
The Company will hold a conference call and webcast on Friday, October 31, 2014 to
discuss its third quarter financial results. The conference call will begin at 8:30 a.m. EDT. The conference call can be accessed live over the telephone by dialing (877) 643-7158 or for international callers by dialing (914) 495-8565;
please dial-in 10 minutes before the start of the call. A replay will be available on October 31, 2014 at 11:30 a.m. and can be accessed by dialing (855) 859-2056 or for international callers by dialing (404) 537-3406; the conference
ID is 24856685. The replay will be available until November 7, 2014. In order to access the live webcast, please go to the Investors section of AV Homes website at www.avhomesinc.com and click on the webcast link that will be made
available. A replay will be available shortly after the original webcast.
AV Homes, Inc. is engaged in homebuilding, community development and land sales
in Florida, Arizona and North Carolina. Its principal operations are conducted near the Orlando, Florida, Phoenix, Arizona and Raleigh/Durham, North Carolina markets. The Company builds communities that serve active adults 55 years and older and
people of all ages. AV Homes common shares trade on NASDAQ under the symbol AVHI.
This news release, the conference call
and the webcast contain forward-looking statements within the meaning of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future
operating performance of AV Homes, Inc. Forward-looking statements are based on the expectations, estimates, or projections of management as of the date of this news release, the conference call and the webcast. Although our management believes
these expectations, estimates, or projections to be reasonable as of the date of this news release, the conference call and the webcast, forward-looking statements are inherently subject to significant business risks, economic and competitive
uncertainties, or other contingencies which could cause our actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. Such risks and uncertainties include, among others: the stability
of certain financial markets; disruption of the credit markets and reduced availability and more stringent financing requirements for commercial and residential mortgages of all types; the number of investor and speculator resale homes for sale and
homes in foreclosure in our communities and in the geographic areas in which we develop and sell homes; the increased level of unemployment; the decline in net worth and/or of income of potential buyers; the decline in consumer confidence; the
failure to successfully implement our business strategy; shifts in demographic trends affecting demand for active adult and primary housing; the level of immigration and migration into the areas in which we conduct real estate activities; our access
to financing; construction defect and home warranty claims; changes in, or the failure or inability to comply with, government regulations; the failure to successfully integrate acquisitions into our business, including our acquisition of Royal Oak
Homes, LLC and other factors as are described in Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2013, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 and in our other
filings with the Securities and Exchange Commission, which filings are available on www.sec.gov. AV Homes disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events and
circumstances, except to the extent required by applicable law.
Investor Contact:
Mike Burnett
EVP, Chief Financial Officer
480-214-7408
m.burnett@avhomesinc.com
AV HOMES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
($000s omitted)
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September 30, |
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December 31, |
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2014 |
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2013 |
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(unaudited) |
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Assets |
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Cash and cash equivalents |
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$ |
181,845 |
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$ |
144,727 |
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Restricted cash |
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12,774 |
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3,956 |
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Land and other inventories |
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382,839 |
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240,078 |
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Receivables, net |
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4,093 |
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3,893 |
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Property and equipment, net |
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36,443 |
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37,844 |
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Investments in unconsolidated entities |
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16,308 |
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1,230 |
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Prepaid expenses and other assets |
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20,964 |
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11,138 |
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Assets held for sale |
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4,325 |
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23,862 |
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Goodwill |
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5,975 |
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Total Assets |
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$ |
665,566 |
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$ |
466,728 |
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Liabilities and Equity |
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Liabilities |
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Accounts payable |
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$ |
21,759 |
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$ |
9,757 |
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Accrued and other liabilities |
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20,940 |
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|
14,280 |
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Customer deposits and deferred revenues |
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5,282 |
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|
2,323 |
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Estimated development liability for sold land |
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33,050 |
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33,232 |
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Notes payable |
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299,981 |
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105,402 |
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Total Liabilities |
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381,012 |
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|
164,994 |
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Equity |
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Common stock, par value $1 per share |
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Authorized: 50,000,000 shares |
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Issued: 22,198,951 shares outstanding at September 30, 2014 |
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22,097,252 shares
outstanding at December 31, 2013 |
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|
22,199 |
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|
22,097 |
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Additional paid-in capital |
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|
396,392 |
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|
394,504 |
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Accumulated deficit |
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|
(131,018 |
) |
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|
(127,481 |
) |
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287,573 |
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|
289,120 |
|
Treasury stock: at cost, 110,874 shares at September 30, 2014 and December 31, 2013 |
|
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(3,019 |
) |
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(3,019 |
) |
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Total AV Homes stockholders equity |
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284,554 |
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286,101 |
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Non-controlling interests |
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15,633 |
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Total Equity |
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284,554 |
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|
|
301,734 |
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|
|
|
|
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Total Liabilities and Equity |
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$ |
665,566 |
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$ |
466,728 |
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AV HOMES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income (Loss)
($000s omitted, except per share data)
(unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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Revenues |
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Real estate revenues |
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Homebuilding and amenity |
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$ |
73,611 |
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$ |
34,167 |
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$ |
152,612 |
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$ |
79,420 |
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Land sales |
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12,942 |
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|
674 |
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29,168 |
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|
9,556 |
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Other real estate |
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|
88 |
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|
57 |
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|
|
173 |
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|
496 |
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|
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Total real estate revenues |
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86,641 |
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|
34,898 |
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|
|
181,953 |
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|
|
89,472 |
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Expenses |
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|
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Real estate expenses |
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|
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Homebuilding and amenity |
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70,400 |
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|
|
32,725 |
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|
|
148,415 |
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|
|
78,515 |
|
Land sales |
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|
8,672 |
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|
|
95 |
|
|
|
20,910 |
|
|
|
5,352 |
|
Other real estate |
|
|
114 |
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|
|
1,255 |
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|
|
868 |
|
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|
2,654 |
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|
|
|
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|
|
|
|
|
|
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Total real estate expenses |
|
|
79,186 |
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|
|
34,075 |
|
|
|
170,193 |
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|
|
86,521 |
|
Reversal of impairment charges, net |
|
|
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|
(970 |
) |
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(925 |
) |
General and administrative expenses |
|
|
4,016 |
|
|
|
3,885 |
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|
|
12,264 |
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|
|
11,882 |
|
Interest income and other |
|
|
(85 |
) |
|
|
(101 |
) |
|
|
(258 |
) |
|
|
(203 |
) |
Interest expense |
|
|
2,841 |
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|
|
(1,020 |
) |
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|
2,952 |
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|
2,515 |
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Total expenses |
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85,958 |
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|
|
35,869 |
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|
|
185,151 |
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|
|
99,790 |
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Equity in earnings (loss) from unconsolidated entities |
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|
(5 |
) |
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|
(7 |
) |
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|
(10 |
) |
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|
(84 |
) |
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|
|
|
|
|
|
|
|
|
|
|
|
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|
Income (loss) before income taxes |
|
|
678 |
|
|
|
(978 |
) |
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|
(3,208 |
) |
|
|
(10,402 |
) |
Income tax (expense) benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) and comprehensive income (loss) |
|
|
678 |
|
|
|
(978 |
) |
|
|
(3,208 |
) |
|
|
(10,402 |
) |
Net income (loss) attributable to non-controlling interests in consolidated entities |
|
|
|
|
|
|
899 |
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|
|
329 |
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|
|
899 |
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|
|
|
|
|
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|
|
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Net income (loss) and comprehensive income (loss) attributable to AV Homes stockholders |
|
$ |
678 |
|
|
$ |
(1,877 |
) |
|
$ |
(3,537 |
) |
|
$ |
(11,301 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Reconciliation of net income (loss) to loss attributable to common stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
678 |
|
|
$ |
(1,877 |
) |
|
$ |
(3,537 |
) |
|
$ |
(11,301 |
) |
Deemed dividend related to beneficial conversion feature of convertible preferred stock (Note 1) |
|
|
|
|
|
|
(11,894 |
) |
|
|
|
|
|
|
(11,894 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to AV Homes common stockholders |
|
$ |
678 |
|
|
$ |
(13,771 |
) |
|
$ |
(3,537 |
) |
|
$ |
(23,195 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Income (Loss) Per Share |
|
$ |
0.03 |
|
|
$ |
(0.86 |
) |
|
$ |
(0.16 |
) |
|
$ |
(1.67 |
) |
|
|
|
|
|
|
|
|
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|
The following table provides a comparison of certain financial data related to
our operations for the three and nine months ended September 30, 2014:
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Three Months |
|
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Nine Months |
|
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active Adult Communities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding |
|
$ |
37,783 |
|
|
$ |
17,304 |
|
|
$ |
77,802 |
|
|
$ |
35,910 |
|
Amenity |
|
|
1,953 |
|
|
|
1,793 |
|
|
|
5,876 |
|
|
|
5,349 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding |
|
|
30,127 |
|
|
|
13,662 |
|
|
|
61,774 |
|
|
|
28,877 |
|
Homebuilding Selling, General and Administrative |
|
|
4,191 |
|
|
|
2,390 |
|
|
|
11,664 |
|
|
|
7,663 |
|
Amenity |
|
|
2,030 |
|
|
|
2,070 |
|
|
|
5,848 |
|
|
|
6,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating income (loss) |
|
|
3,388 |
|
|
|
975 |
|
|
|
4,392 |
|
|
|
(1,458 |
) |
Primary Residential Communities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding |
|
|
33,345 |
|
|
|
14,658 |
|
|
|
67,353 |
|
|
|
36,330 |
|
Amenity |
|
|
530 |
|
|
|
412 |
|
|
|
1,581 |
|
|
|
1,831 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding |
|
|
28,431 |
|
|
|
12,132 |
|
|
|
56,991 |
|
|
|
28,762 |
|
Homebuilding Selling, General and Administrative |
|
|
5,169 |
|
|
|
1,960 |
|
|
|
10,637 |
|
|
|
5,183 |
|
Amenity |
|
|
462 |
|
|
|
536 |
|
|
|
1,505 |
|
|
|
1,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating income (loss) |
|
|
(187 |
) |
|
|
442 |
|
|
|
(199 |
) |
|
|
2,293 |
|
Commercial and industrial and other land sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
12,942 |
|
|
|
674 |
|
|
|
29,168 |
|
|
|
9,556 |
|
Expenses |
|
|
8,672 |
|
|
|
95 |
|
|
|
20,910 |
|
|
|
5,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating income |
|
|
4,270 |
|
|
|
579 |
|
|
|
8,258 |
|
|
|
4,204 |
|
Other operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
88 |
|
|
|
58 |
|
|
|
173 |
|
|
|
496 |
|
Expenses |
|
|
3 |
|
|
|
119 |
|
|
|
48 |
|
|
|
303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating income (loss) |
|
|
85 |
|
|
|
(61 |
) |
|
|
125 |
|
|
|
193 |
|
Operating income |
|
|
7,556 |
|
|
|
1,935 |
|
|
|
12,576 |
|
|
|
5,232 |
|
Unallocated income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income and other |
|
|
85 |
|
|
|
101 |
|
|
|
258 |
|
|
|
203 |
|
Equity loss from unconsolidated entities |
|
|
(5 |
) |
|
|
(7 |
) |
|
|
(10 |
) |
|
|
(84 |
) |
Corporate general and administrative expenses |
|
|
(4,016 |
) |
|
|
(3,885 |
) |
|
|
(12,264 |
) |
|
|
(11,882 |
) |
Interest expense |
|
|
(2,841 |
) |
|
|
1,020 |
|
|
|
(2,952 |
) |
|
|
(2,515 |
) |
Other real estate expenses |
|
|
(101 |
) |
|
|
(1,100 |
) |
|
|
(816 |
) |
|
|
(2,314 |
) |
Reversal of impairment charge |
|
|
|
|
|
|
958 |
|
|
|
|
|
|
|
958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
678 |
|
|
|
(978 |
) |
|
|
(3,208 |
) |
|
|
(10,402 |
) |
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to non-controlling interests |
|
$ |
|
|
|
$ |
(899 |
) |
|
$ |
(329 |
) |
|
$ |
(899 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to AV Homes |
|
$ |
678 |
|
|
$ |
(1,877 |
) |
|
$ |
(3,537 |
) |
|
$ |
(11,301 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data from closings for the active adult and primary residential homebuilding
segments for the three and nine months ended September 30, 2014 and 2013 is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended September 30, |
|
Number of Units |
|
|
Revenues |
|
|
Average Price Per Unit |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Active adult communities |
|
|
146 |
|
|
$ |
37,783 |
|
|
$ |
259 |
|
Primary residential |
|
|
134 |
|
|
|
33,345 |
|
|
$ |
249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
280 |
|
|
$ |
71,128 |
|
|
$ |
254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
Active adult communities |
|
|
76 |
|
|
$ |
17,304 |
|
|
$ |
228 |
|
Primary residential |
|
|
71 |
|
|
|
14,658 |
|
|
$ |
206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
147 |
|
|
$ |
31,962 |
|
|
$ |
217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended September 30, |
|
Number of Units |
|
|
Revenues |
|
|
Average Price Per Unit |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Active adult communities |
|
|
303 |
|
|
$ |
77,802 |
|
|
$ |
257 |
|
Primary residential |
|
|
268 |
|
|
|
67,353 |
|
|
$ |
251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
571 |
|
|
$ |
145,155 |
|
|
$ |
254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
Active adult communities |
|
|
149 |
|
|
$ |
35,910 |
|
|
$ |
241 |
|
Primary residential |
|
|
161 |
|
|
|
36,330 |
|
|
$ |
226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
310 |
|
|
$ |
72,240 |
|
|
$ |
233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data from contracts signed for the active adult and primary residential
homebuilding segments for the three and nine months ended September 30, 2014 and 2013 is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended September 30, |
|
Gross Number of Contracts Signed |
|
|
Cancellations |
|
|
Contracts Signed, Net of Cancellations |
|
|
Dollar Value |
|
|
Average Price Per Unit |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active adult communities |
|
|
115 |
|
|
|
(17 |
) |
|
|
98 |
|
|
$ |
25,118 |
|
|
$ |
256 |
|
Primary residential |
|
|
206 |
|
|
|
(34 |
) |
|
|
172 |
|
|
|
42,021 |
|
|
$ |
244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
321 |
|
|
|
(51 |
) |
|
|
270 |
|
|
$ |
67,139 |
|
|
$ |
249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active adult communities |
|
|
93 |
|
|
|
(14 |
) |
|
|
79 |
|
|
$ |
19,670 |
|
|
$ |
249 |
|
Primary residential |
|
|
49 |
|
|
|
(24 |
) |
|
|
25 |
|
|
|
6,536 |
|
|
$ |
261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
142 |
|
|
|
(38 |
) |
|
|
104 |
|
|
$ |
26,206 |
|
|
$ |
252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended September 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active adult communities |
|
|
398 |
|
|
|
(43 |
) |
|
|
355 |
|
|
$ |
93,469 |
|
|
$ |
263 |
|
Primary residential |
|
|
455 |
|
|
|
(59 |
) |
|
|
396 |
|
|
|
102,556 |
|
|
$ |
259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
853 |
|
|
|
(102 |
) |
|
|
751 |
|
|
$ |
196,025 |
|
|
$ |
261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active adult communities |
|
|
292 |
|
|
|
(39 |
) |
|
|
253 |
|
|
$ |
60,353 |
|
|
$ |
239 |
|
Primary residential |
|
|
173 |
|
|
|
(68 |
) |
|
|
105 |
|
|
|
25,769 |
|
|
$ |
245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
465 |
|
|
|
(107 |
) |
|
|
358 |
|
|
$ |
86,122 |
|
|
$ |
241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog for the active adult and primary residential homebuilding segments as of
September 30, 2014 and 2013 is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30 |
|
Number of Backlog Units |
|
|
Dollar Volume |
|
|
Average Price Per Unit |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Active adult communities |
|
|
179 |
|
|
$ |
48,074 |
|
|
$ |
269 |
|
Primary residential |
|
|
291 |
|
|
|
72,862 |
|
|
$ |
250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
470 |
|
|
$ |
120,936 |
|
|
$ |
257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
Active adult communities |
|
|
167 |
|
|
$ |
41,401 |
|
|
$ |
248 |
|
Primary residential |
|
|
66 |
|
|
|
16,837 |
|
|
$ |
255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
233 |
|
|
$ |
58,238 |
|
|
$ |
250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Achari Ventures Holdings... (NASDAQ:AVHI)
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Achari Ventures Holdings... (NASDAQ:AVHI)
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