- Total revenue increased to $43.9 million from $25.1
million
- Homebuilding revenue increased 25% to $28.1
million
- Net loss per share narrowed to ($0.09)
- Closings increased 24% to 100 units
- Net new orders increased 70% to $49.9 million on a 48%
increase in units
- Backlog increased 83% to $97.2 million on 388
units
- Company completes acquisition of Royal Oak Homes in
First Quarter
- Company enters into $65 million Senior Secured Credit
Facility in April 2014
AV Homes, Inc. (Nasdaq:AVHI) ("AV Homes" or the "Company"), a
developer and builder of active adult and conventional home
communities in Arizona, Florida and North Carolina, today announced
results for its first quarter ended March 31, 2014. AV Homes
reported a first quarter net loss of $1.9 million, or ($0.09) per
share, compared to a net loss of $4.8 million, or ($0.38) per
share, in the first quarter of 2013. Total revenue for the first
quarter of 2014 increased 75% to $43.9 million from $25.1 million
in the first quarter of 2013.
Roger A. Cregg, President and Chief Executive Officer,
commented, "Despite a softer start to the spring selling season
than anticipated, we had a solid first quarter highlighted by an
increase of 24% in homes delivered, 48% increase in net new orders,
25% growth in homebuilding revenue and narrowing the net loss by
60% in the first quarter of 2014 compared to the same period last
year. We completed the acquisition of Royal Oak Homes in Central
Florida and continued to selectively acquire and open new
communities in support of our long-term growth strategy. We enter
the second quarter of 2014 with a strong financial position and
adequate liquidity to support further growth opportunities. We
remain optimistic about our business and continue to focus on
improving our profitability."
The increase in total revenue for the first quarter of 2014
compared to the prior year period included a 25% increase in
homebuilding-related revenue to $28.1 million. The increase in
homebuilding revenue was driven by volume increases and improved
selling prices. During the first quarter of 2014, the Company
closed on 100 homes, a 24% increase from the 81 homes closed during
the first quarter of 2013, and the average unit price per closing
rose 3.0% to $256,000 from $249,000 in the first quarter of 2013.
In addition, the Company recorded $15.7 million of land sales and
other revenue in the first quarter, primarily related to the sale
of a non-core multi-family property in Arizona to a related party
as it continues to execute its portfolio rationalization
strategy.
The number of new housing contracts signed, net of
cancellations, during the three months ended March 31, 2014
increased 48% to 200 units, compared to 135 units during the same
period in 2013. The average sales price on contracts signed in the
first quarter of 2014 rose 14% to $249,000 compared to the same
period a year ago. The aggregate dollar value of the contracts
signed during the first quarter increased 70% to $49.9 million,
compared to $29.4 million during the same period one year ago. The
backlog of homes under contract but not yet closed at March 31,
2014 increased 62% to 388 units, representing a dollar volume of
$97.2 million, compared to 239 units with a dollar volume of $53.2
million at March 31, 2013.
Homebuilding gross margin, including commissions was 15.5% in
the first quarter of 2014 compared to 16.2% in the first quarter
2013. Commission expense in the first quarter 2014 was $1.1 million
compared to $0.9 million in the first quarter of 2013. Net loss to
common stockholders was $1.9 million or ($0.09) per share in the
first quarter of 2014 compared to a loss of $4.8 million, or
($0.38) per share in the first quarter of 2013.
AV Homes acquired Royal Oak Homes, LLC on March 14, 2014.
Accordingly, the first quarter 2014 financial statements include
the net assets acquired on that date and the results of operations
of Royal Oak Homes from the date of acquisition through March 31,
2014, as well as $0.9 million of costs related to the acquisition.
The Company has completed its preliminary analysis of its business
combination accounting as of March 31, 2014 and expects to
substantially complete the remainder in the second quarter of
2014.
During the first quarter of 2014, the Company continued to
invest in the business through the acquisition of Royal Oak Homes
for $65 million, in addition to $16 million of other lot
acquisitions and $18 million in land development and home
construction. This use of cash was partially offset by net proceeds
from the sale of land of $16 million. Additionally, on April 7,
2014 as previously announced, the Company entered into a
three-year, $65 million senior secured credit facility, providing
enhanced liquidity to its capital structure, subject to certain
terms and conditions.
The Company will hold a conference call and webcast on Thursday,
May 8, 2014 to discuss its first 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 May 8, 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 40375785. The replay will be
available until May 15, 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. Important factors that could cause our
actual results or performance to differ materially from our
forward-looking statements include those set forth in the "Risk
Factors" section of our Annual Report on Form 10-K for the year
ended December 31, 2013 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.
AV HOMES, INC. AND
SUBSIDIARIES |
Consolidated Balance
Sheets |
($000's omitted) |
(unaudited) |
|
|
|
|
March 31, |
December 31, |
|
2014 |
2013 |
Assets |
|
|
Cash and cash equivalents |
$ 56,932 |
$ 144,727 |
Restricted cash |
8,115 |
3,956 |
Land and other inventories |
334,843 |
240,078 |
Receivables, net |
1,716 |
3,893 |
Property and equipment, net |
37,654 |
37,844 |
Investments in unconsolidated entities |
1,231 |
1,230 |
Prepaid expenses and other assets |
11,127 |
11,138 |
Assets held for sale |
12,497 |
23,862 |
Goodwill |
5,976 |
— |
Total Assets |
$ 470,091 |
$ 466,728 |
|
|
|
Liabilities and Equity |
|
|
|
|
|
Liabilities |
|
|
Accounts payable |
$ 13,203 |
$ 9,757 |
Accrued and other liabilities |
13,547 |
14,280 |
Customer deposits and deferred revenues |
4,001 |
2,323 |
Estimated development liability for sold
land |
33,224 |
33,232 |
Notes payable |
105,383 |
105,402 |
Total
Liabilities |
169,358 |
164,994 |
|
|
|
Equity |
|
|
Common Stock, par value $1 per share |
|
|
Authorized: 50,000,000 shares |
|
|
Issued: 22,182,101 shares outstanding
at March 31, 2014 |
|
|
22,097,252 shares outstanding at December 31, 2013 |
22,182 |
22,097 |
Additional paid-in capital |
394,855 |
394,504 |
Accumulated deficit |
(129,396) |
(127,481) |
|
287,641 |
289,120 |
Treasury stock: at cost, 110,874 shares at
March 31, 2014 and December 31, 2013 |
(3,019) |
(3,019) |
Total AV Homes stockholders' equity |
284,622 |
286,101 |
Non-controlling interests |
16,111 |
15,633 |
Total
Equity |
300,733 |
301,734 |
Total Liabilities and
Equity |
$ 470,091 |
$ 466,728 |
|
|
|
|
|
|
AV HOMES, INC. AND
SUBSIDIARIES |
Consolidated Statements of
Operations and Comprehensive Income (Loss) |
($000's omitted, except per
share data) |
(unaudited) |
|
|
|
|
Three Months
Ended |
|
March 31, |
|
2014 |
2013 |
Revenues |
|
|
Real estate revenues |
|
|
Homebuilding |
$ 28,146 |
$ 22,548 |
Land sales |
15,706 |
2,305 |
Other real estate |
13 |
257 |
Total real estate revenues |
43,865 |
25,110 |
|
|
|
Expenses |
|
|
Real estate expenses |
|
|
Homebuilding |
28,638 |
22,765 |
Land sales and other |
11,945 |
865 |
Other real estate |
509 |
707 |
Total real estate expenses |
41,092 |
24,337 |
General and administrative expenses |
4,396 |
3,705 |
Interest income and other |
(103) |
(9) |
Interest expense |
114 |
1,773 |
Total expenses |
45,499 |
29,806 |
Equity in earnings (loss) from unconsolidated
entities |
1 |
(63) |
Loss before income
taxes |
(1,633) |
(4,759) |
Income tax (expense) |
— |
— |
Net loss and comprehensive
loss |
(1,633) |
(4,759) |
Net income attributable to
non-controlling interests in consolidated entities |
293 |
— |
Net loss and comprehensive loss
attributable to AV Homes stockholders |
$ (1,926) |
$ (4,759) |
Basic and diluted loss per share
attributable to AV Homes stockholders |
$ (0.09) |
$ (0.38) |
|
|
|
Basic and diluted loss per share
attributable to AV Homes stockholders |
$ (0.09) |
$ (0.38) |
|
|
|
|
|
|
AV HOMES, INC. AND
SUBSIDIARIES |
Consolidated Statements of Cash
Flows |
($000's omitted) |
(unaudited) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2014 |
2013 |
OPERATING ACTIVITIES |
|
|
Net loss (including net gain or loss
attributable to non-controlling interests) |
$ (1,633) |
$ (4,759) |
Adjustments to reconcile net loss to net cash
used in operating activities: |
|
|
Depreciation and
amortization |
769 |
645 |
Amortization of stock-based
compensation |
596 |
282 |
Equity loss (income) from
unconsolidated entities |
(1) |
63 |
Changes in operating assets and
liabilities: |
|
|
Restricted
cash |
(4,159) |
(45) |
Receivables,
net |
2,177 |
368 |
Land and other
inventories |
(34,230) |
(9,782) |
Assets held for
sale |
11,365 |
5,458 |
Prepaid expenses
and other assets |
580 |
621 |
Accounts payable,
estimated development liability, and accrued and other
liabilities |
894 |
(1,358) |
Customer deposits
and deferred revenues |
824 |
171 |
NET CASH USED IN OPERATING ACTIVITIES |
(22,818) |
(8,336) |
|
|
|
INVESTING ACTIVITIES |
|
|
Investment in property and equipment |
(212) |
(379) |
Proceeds from sales of property and
equipment |
12 |
— |
Acquisition of Royal Oak Homes |
(64,794) |
— |
Investment in unconsolidated entities |
— |
(83) |
NET CASH USED IN INVESTING ACTIVITIES |
(64,994) |
(462) |
|
|
|
FINANCING ACTIVITIES |
|
|
Principal payments of 7.5% Convertible
Notes |
(19) |
— |
Contributions from consolidated joint venture
partner |
185 |
104 |
|
|
|
Payment of withholding taxes related to
restricted stock and units withheld |
(149) |
(34) |
NET CASH PROVIDED BY FINANCING
ACTIVITIES |
17 |
70 |
|
|
|
DECREASE IN CASH AND CASH EQUIVALENTS |
(87,795) |
(8,728) |
Cash and cash equivalents at beginning of
period |
144,727 |
79,815 |
CASH AND CASH EQUIVALENTS AT END OF
PERIOD |
$ 56,932 |
$ 71,087 |
|
|
|
The following table provides a comparison of certain financial
data related to our operations for the three months ended March 31,
2014 and 2013:
|
Three Months
Ended |
|
March 31, |
|
2014 |
2013 |
Operating income (loss): |
|
|
Active adult
communities: |
|
|
Revenues: |
|
|
Homebuilding |
$ 14,332 |
$ 10,222 |
Amenity |
2,017 |
1,784 |
|
|
|
Expenses: |
|
|
Homebuilding |
11,697 |
8,714 |
Homebuilding selling,
general and administrative |
3,005 |
2,118 |
Amenity |
1,810 |
2,053 |
|
|
|
Net operating loss |
$ (163) |
$ (879) |
|
|
|
Primary residential: |
|
|
Revenues: |
|
|
Homebuilding |
$ 11,270 |
$ 9,933 |
Amenity |
527 |
609 |
|
|
|
Expenses: |
|
|
Homebuilding |
9,947 |
8,173 |
Homebuilding selling,
general and administrative |
1,586 |
1,069 |
Amenity |
575 |
638 |
|
|
|
Net operating (loss) income |
$ (311) |
$ 662 |
|
|
|
Commercial and industrial and other
land sales: |
|
|
Revenues |
$ 15,706 |
$ 2,305 |
Expenses |
11,954 |
865 |
Net operating income |
$ 3,752 |
$ 1,440 |
|
|
|
Other operations: |
|
|
Revenues |
$ 13 |
$ 257 |
Expenses |
32 |
68 |
Net operating income |
$ (19) |
$ 189 |
|
|
|
Operating income (loss) |
$ 3,259 |
$ 1,412 |
|
|
|
Unallocated income (expenses): |
|
|
Interest income |
$ 103 |
$ 9 |
Equity income (loss) from unconsolidated
entities |
1 |
(63) |
General and administrative expenses |
(4,396) |
(3,705) |
Interest expense |
(114) |
(1,773) |
Other real estate expenses, net |
(486) |
(639) |
Loss from operations |
$ (1,633) |
$ (4,759) |
Income tax expense |
— |
— |
Net income attributable to non-controlling
interests |
(293) |
— |
Net loss attributable to AV Homes |
$ (1,926) |
$ (4,759) |
|
|
|
Data from closings for the active adult and primary residential
homebuilding segments for the three months ended March 31, 2014 and
2013 is summarized as follows:
|
|
|
Average |
|
Number of |
|
Price |
Three Months Ended March 31, |
Units Closed |
Revenues |
Per Unit |
|
|
|
|
2014 |
|
|
|
Active adult communities |
56 |
$ 14,307 |
$ 255 |
Primary residential |
44 |
11,243 |
$ 256 |
Total |
100 |
$ 25,550 |
$ 256 |
|
|
|
|
2013 |
|
|
|
Active adult communities |
39 |
$ 10,222 |
$ 262 |
Primary residential |
42 |
9,933 |
$ 237 |
Total |
81 |
$ 20,155 |
$ 249 |
|
|
|
|
Data from contracts signed for the active adult and primary
residential homebuilding segments for the three months ended March
31, 2014 and 2013 is summarized as follows:
|
Gross Number |
|
Contracts |
|
Average |
|
of Contracts |
|
Signed, Net of |
Dollar |
Price Per |
Three Months Ended March 31, |
Signed |
Cancellations |
Cancellations |
Value |
Unit |
|
|
|
|
|
|
2014 |
|
|
|
|
|
Active adult communities |
138 |
(13) |
125 |
$ 31,697 |
$ 254 |
Primary residential |
85 |
(10) |
75 |
18,202 |
$ 243 |
Total |
223 |
(23) |
200 |
$ 49,899 |
$ 249 |
|
|
|
|
|
|
2013 |
|
|
|
|
|
Active adult communities |
97 |
(13) |
84 |
$ 19,038 |
$ 227 |
Primary residential |
72 |
(21) |
51 |
10,353 |
$ 203 |
Total |
169 |
(34) |
135 |
$ 29,391 |
$ 218 |
|
|
|
|
|
|
Backlog for the active adult and primary residential
homebuilding segments as of March 31, 2014 and 2013 is summarized
as follows:
|
Number of |
|
Average |
|
Backlog |
Dollar |
Price |
As of March 31 |
Units |
Volume |
Per Unit |
|
|
|
|
2014 |
|
|
|
Active adult communities |
196 |
$ 49,699 |
$ 254 |
Primary residential |
192 |
47,537 |
$ 248 |
Total |
388 |
$ 97,236 |
$ 251 |
|
|
|
|
2013 |
|
|
|
Active adult communities |
108 |
$ 25,440 |
$ 236 |
Primary residential |
131 |
27,713 |
$ 212 |
Total |
239 |
$ 53,153 |
$ 222 |
CONTACT: Investor Contact:
Mike Burnett
EVP, Chief Financial Officer
480-214-7408
m.burnett@avhomesinc.com
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