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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1994
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to ____________.
Commission File Number 1-5899
U.S. HOME CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 21-0718930
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1800 West Loop South, Houston, Texas 77027
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 877-2311
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report.)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES X NO
Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Section 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court.
YES X NO
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Class Outstanding at March 31, 1994
Common Stock, $.01 par value 9,970,487 shares
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U.S. HOME CORPORATION
_____________________
INDEX
_____
Page
Number
______
Part I. Financial Information
Item 1. Financial Statements
Consolidated Condensed Balance Sheets--March 31,
1994 and December 31, 1993 3
Consolidated Condensed Statements of Operations--
Three Months Ended March 31, 1994 and 1993 5
Consolidated Condensed Statements of Cash Flows--
Three Months Ended March 31, 1994 and 1993 6
Notes to Consolidated Condensed Financial Statements 7
Review by Independent Public Accountants 10
Report of Independent Public Accountants 11
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 12
Part II. Other Information
Item 4. Submission of Matters to a Vote
of Security Holders 16
Item 5. Other Information 17
Item 6. Exhibits and Reports on Form 8-Q 17
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PART I. FINANCIAL INFORMATION
Item l. Financial Statements
U.S. HOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in Thousands)
ASSETS
March 31, December 31,
1994 1993
____________ ____________
(Unaudited)
HOUSING:
Cash (including restricted funds) $ 9,059 $ 15,192
Receivables, net 20,985 14,027
Single-family housing inventories 504,248 491,620
Option deposits on real estate 38,345 34,618
Deferred tax asset 28,961 33,527
Other assets 37,036 33,019
________ ________
638,634 622,003
________ ________
FINANCIAL SERVICES:
Cash (including restricted funds) 8,334 5,738
Residential mortgage loans 28,335 38,412
Other assets 10,832 12,693
________ ________
47,501 56,843
________ ________
$686,135 $678,846
________ ________
________ ________
The accompanying notes are an integral part of these balance sheets.
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U.S. HOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in Thousands)
LIABILITIES AND STOCKHOLDERS' EQUITY
March 31, December 31,
1994 1993
___________ ____________
(Unaudited)
HOUSING:
Current Liabilities -
Short-term debt $ 975 $ -
Current maturities of long-term debt 8,080 8,093
Accounts payable 50,294 47,997
Accrued expenses and other
current liabilities 44,043 30,701
_________ _________
103,392 86,791
Long-Term Debt 303,414 303,844
_________ _________
406,806 390,635
_________ _________
FINANCIAL SERVICES:
Current Liabilities -
Short-term debt 6,868 20,566
Accrued expenses and other
current liabilities 7,257 9,504
_________ _________
14,125 30,070
Long-Term Debt 1,091 1,102
_________ _________
15,216 31,172
_________ _________
Total Liabilities 422,022 421,807
_________ _________
STOCKHOLDERS' EQUITY:
Convertible Preferred Stock, $25 per share
redemption value, authorized 1,457,279
and 2,037,968 shares at March 31, 1994
and December 31, 1993, outstanding
1,374,041 and 1,954,730 shares at
March 31, 1994 and December 31, 1993 34,351 48,868
Common Stock, $.01 par value, authorized
50,000,000 shares, outstanding 9,970,487
and 9,389,116 shares at March 31, 1994
and December 31, 1993 99 94
Capital In Excess of Par Value 317,718 303,193
Retained Earnings (Deficit) (88,055) (95,116)
_________ _________
Total Stockholders' Equity 264,113 257,039
_________ _________
$ 686,135 $ 678,846
_________ _________
_________ _________
The accompanying notes are an integral part of these balance sheets.
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U.S. HOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended
March 31,
__________________
1994 1993
______ ______
HOUSING:
Operating Revenues $222,000 $164,464
________ ________
Operating Costs and Expenses -
Cost of products sold 185,804 136,393
Selling, general and administrative 25,047 20,180
Interest, net - 112
________ ________
210,851 156,685
________ ________
Housing Operating Income 11,149 7,779
________ ________
FINANCIAL SERVICES:
Operating Revenues 3,300 2,590
________ ________
Operating Costs and Expenses -
General and administrative 2,666 1,996
Interest 207 192
________ ________
2,873 2,188
________ ________
Financial Services Operating
Income 427 402
________ ________
INCOME BEFORE REORGANIZATION ITEMS AND
INCOME TAXES 11,576 8,181
REORGANIZATION ITEMS, NET - 2,890
________ ________
INCOME BEFORE INCOME TAXES 11,576 5,291
PROVISION FOR INCOME TAXES 4,515 262
________ ________
NET INCOME $ 7,061 $ 5,029
________ ________
________ ________
INCOME PER COMMON AND COMMON SHARE
EQUIVALENT:
Primary $ .60 $ .45
________ ________
________ ________
Fully diluted $ .52 $ .45
________ ________
________ ________
The accompanying notes are an integral part of these statements.
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U.S. HOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
Three Months Ended
March 31,
__________________
1994 1993
________ ________
Net Cash Provided (Used) by Operating Activities $ 11,768 $ (808)
________ ________
Net Cash Flows From Investing Activities:
Proceeds from investments in mortgages,
net of purchases 747 (438)
Decrease (increase) in restricted cash 493 (1,474)
Other (537) (179)
________ ________
Net cash provided (used) by investing activities 703 (2,091)
________ ________
Net Cash Flows From Financing Activities:
Repayment of short-term debt, net of
proceeds (12,723) 8,790
Repayment of long-term debt (2,792) (10,478)
________ ________
Net cash used by financing activities (15,515) (1,688)
________ ________
Net Decrease in Cash (3,044) (4,587)
Cash At Beginning Of Period 15,829 8,222
________ ________
Cash At End of Period $ 12,785 $ 3,635
________ ________
________ ________
Supplemental Disclosure:
Interest paid, before amount capitalized -
Housing $ 1,540 $ 5,507
Financial Services 220 246
________ ________
$ 1,760 $ 5,753
________ ________
________ ________
The accompanying notes are an integral part of these statements.
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U.S. HOME CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
MARCH 31, 1994
(Unaudited)
(1) PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION
The accompanying consolidated condensed balance sheet as of December
31, 1993, which has been derived from audited financial statements,
and the accompanying unaudited consolidated condensed financial
statements have been prepared pursuant to the rules and regulations
of the Securities and Exchange Commission. Certain information and
note disclosures normally included in annual financial statements
prepared in accordance with generally accepted accounting principles
have been condensed or omitted pursuant to those rules and regulations.
Although the Company believes that the disclosures made are adequate
to ensure that the information presented is not misleading, it is
suggested that these condensed financial statements should be read
in conjunction with the financial statements and notes thereto
included in the Company's latest Annual Report on Form 10-K.
In the opinion of the Company, the accompanying consolidated
condensed financial statements contain all adjustments necessary to
present fairly the Company's financial position as of March 31, 1994
and December 31, 1993 and its results of operations and cash flows
for the three month periods ended March 31, 1994 and 1993.
Because of the seasonal nature of the Company's business, the
results of operations for the three month periods ended
March 31, 1994 and 1993 are not necessarily indicative of the results
for the full year.
(2) INVENTORIES
The components of single-family housing inventories are as follows
(dollars in thousands):
March 31, December 31,
1994 1993
__________ ____________
Housing completed and under construction $183,278 $193,827
Models 36,162 34,366
Finished lots 92,731 83,140
Land under development 72,735 58,824
Raw land held for development or sale 119,342 121,463
________ ________
$504,248 $491,620
________ ________
________ ________
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(3) LONG-TERM DEBT
Long-term debt consists of the following:
March 31, December 31,
1994 1993
_________ ____________
(Dollars in Thousands)
Notes and mortgage notes payable $ 31,494 $ 31,937
9.75% Senior notes due 2003 200,000 200,000
4.875% Convertible subordinated
debentures due 2005 80,000 80,000
________ ________
311,494 311,937
Less - current maturities (8,080) (8,093)
________ ________
303,414 303,844
Financial Services 1,091 1,102
________ ________
Total long-term debt $304,505 $304,946
________ ________
________ ________
(4) HOUSING INTEREST
A summary of housing interest for the three month periods ended March
31, 1994 and 1993 follows (dollars in thousands):
1994 1993
________ ________
Capitalized at beginning of period $ 55,580 $ 58,708
________ ________
Paid and accrued 7,599 2,334
Expensed - (112)
________ ________
Capitalized 7,599 2,222
Included in cost of sales (6,859) (4,634)
Included in other (1,436) (656)
________ ________
Capitalized at end of period $ 54,884 $ 55,640
________ ________
________ ________
(5) INCOME PER SHARE
The following weighted average number of common and common equivalent
shares were used to compute income per share for the three month peri-
ods ended March 31, 1994 and 1993:
1994 1993
__________ __________
Primary 11,843,707 11,284,885
Fully diluted 14,097,228 11,284,885
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The weighted average number of common and common equivalent shares out-
standing for primary income per share include the dilutive effect of
the convertible redeemable preferred stock and Class B warrants for all
periods presented and the assumed exercise of stock options for the pe-
riod subsequent to June 21, 1993 (based on the average stock price for
the period). Fully diluted income per share includes the assumed con-
version of the convertible subordinated debentures.
Income per common and common equivalent share have been computed using
the weighted average number of common and common equivalent shares out-
standing, assuming the Company's current capital structure had been ef-
fective as of the beginning of both periods presented. This differs
from historical income per common and common equivalent share for the
three month period ended March 31, 1993 of $.11, previously reported
(based on the Company's former capital structure and 45,312,526 shares
of common stock, $.10 par value per share, outstanding). In manage-
ment's opinion, prior year income per share information is of limited
use or relevance given the significant changes in ownership and the
Company's capital structure which occurred as a result of the Company's
reorganization.
(6) INCOME TAXES
Income tax provisions for interim periods are estimated based on pro-
jections of the annual effective tax rates. The effective tax rate
(5%) for the three month period ended March 31, 1993, reflects esti-
mated federal and state alternative minimum taxes, net of expected net
operating loss ("NOL") utilization. As a result of the Company's rec-
ognition of a deferred tax asset attributable to its NOL in the third
quarter of 1993, the effective tax rate used for the three month period
ended March 31, 1994, is 39%.
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REVIEW BY INDEPENDENT PUBLIC ACCOUNTANTS
Arthur Andersen & Co., independent public accountants, has performed a
review of the consolidated condensed balance sheet as of March 31, 1994
and the related consolidated condensed statements of operations and cash
flows for the three months ended March 31, 1994 and 1993 included in
this report. Such review was made in accordance with standards established by
the American Institute of Certified Public Accountants.
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
TO U.S. HOME CORPORATION:
We have reviewed the accompanying consolidated condensed balance sheet
of U.S. Home Corporation (a Delaware corporation) and subsidiaries as
of March 31, 1994, and the related consolidated condensed statements
of operations and cash flows for the three month periods ended
March 31, 1994 and 1993. These financial statements are the
responsibility of the Company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical
procedures to financial data and making inquiries of persons responsible
for financial and accounting matters. It is substantially less in scope
than an audit conducted in accordance with generally accepted auditing
standards, the objective of which is the expression of an opinion
regarding the financial statements taken as a whole. Accordingly, we
do not express such an opinion.
Based on our review, we are not aware of any material modifications
that should be made to the financial statements referred to above for
them to be in conformity with generally accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of U.S. Home Corporation and
subsidiaries as of December 31, 1993, and the related consolidated
statements of operations, stockholders' equity and cash flows for the year
then ended (not presented herein), and have issued our report thereon dated
February 9, 1994. In our opinion, the information set forth in the
accompanying consolidated condensed balance sheet as of December 31, 1993,
is fairly stated, in all material respects, in relation to the
consolidated balance sheet from which it has been derived.
/s/ Arthur Andersen & Co.
ARTHUR ANDERSEN & CO.
Houston, Texas
April 28, 1994
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Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Results of Operations
Housing
The following table sets forth certain financial information for the
periods indicated (dollars in thousands, except average sales price):
Three Months Ended
March 31,
____________________
1994 1993
________ ________
Revenues -
Single-family homes $218,540 $162,235
Land and other 3,460 2,229
________ ________
Total $222,000 $164,464
________ ________
________ ________
Single-family homes -
Gross margin amount $ 35,442 $ 27,468
Gross margin percentage 16.2% 16.9%
Units delivered 1,480 1,171
Average sales price $147,700 $138,500
New orders taken 2,340 2,163
Backlog at end of period 3,564 2,864
Selling, general and administrative
expense as a percentage of housing
revenues 11.3% 12.3%
Interest expense -
Paid and accrued $ 7,599 $ 2,334
Capitalized $ 7,599 $ 2,222
Percent capitalized 100.0% 95.2%
Capitalized interest included
in cost of products sold $ 6,859 $ 4,634
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Revenues and Gross Margins -
Revenues from sales of single-family homes for the three month period ended
March 31, 1994 increased 34.7% compared to the three month period ended March
31, 1993. The increase resulted primarily from a 26.4% increase in the num-
ber of housing units delivered and a 6.6% increase in the average sales
price. The increase in units delivered in 1994 was primarily attributable to
an improved backlog level at December 31, 1993 when compared to the backlog
level at December 31, 1992. The increase in the average sales price in 1994
is primarily due to price increases to offset cost increases.
New orders taken for the three month period ended March 31, 1994 increased
8.2% compared to the same period in 1993. See Part II, "Item 5 - Other In-
formation" on page 16 for a table of unit activity by region for the three
month periods ended March 31, 1994 and 1993. The increase in new orders in
1994 as compared to 1993 was primarily attributable to an expansion of the
Company's operations in its South Florida and Arizona markets.
While the gross margin percentage for the three month period ended March 31,
1994 decreased compared to the same period in 1993, it was approximately the
same as the gross margin percentage for the last three quarters of 1993.
Selling, General and Administrative Expenses -
Selling, general and administrative expenses declined to 11.3% of housing
revenues for the three month period ended March 31, 1994 from 12.3% in 1993.
Actual selling, general and administrative expenses for the three month peri-
od ended March 31, 1994 increased by $4.9 million compared to 1993. This in-
crease was attributable to increases in volume-related expenses resulting
from the increase in deliveries in 1994 when compared to 1993 and increases
in other selling, general and administrative expenses resulting from in-
creased activities.
Interest Expense -
While interest paid and accrued for the three month period ended March 31,
1994 increased approximately 225.6% compared to the same period in 1993, it
was approximately the same as interest paid and accrued for the three month
period ended December 31, 1993. The increase in interest paid and accrued in
the last quarter of 1993 and the first quarter of 1994 was primarily due to
the sale of the 9.75% senior notes in June 1993 and 4.875% convertible subor-
dinated debentures in November 1993. Interest paid and accrued during the
first quarter of 1993 was less than the last quarter of 1993 and the first
quarter of 1994 primarily due to interest on a majority of the Company's debt
being stayed during the Company's Chapter 11 reorganization. The increase
in the percentage of interest capitalized for 1994 was primarily due to an
increase in the amount of assets qualifying for interest capitalization.
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Financial Services
Revenues -
Revenues for the financial services segment for the periods indicated were as
follows (dollars in thousands):
Three Months
Ended
March 31,
_____________
1994 1993
______ ______
U.S. Home Mortgage Corporation and
subsidiaries $2,589 $1,911
Other financial services operations 711 679
______ ______
$3,300 $2,590
______ ______
______ ______
The increase in U.S. Home Mortgage Corporation and subsidiaries' ("Mortgage")
revenues for the three month period ended March 31, 1994 when compared to
1993 was primarily due to a 43.5% increase in the number of residential mort-
gage loan originations. This increase is primarily due to an increase in the
number of Company homes delivered financed by Mortgage resulting from the
Company's increased unit deliveries in 1994.
Financial Condition and Liquidity
Housing
The Company's ability to generate cash adequate to meet its housing needs is
principally achieved from the sale of homes and the margins thereon, the
utilization of Company-owned lots and periodic borrowings under its financ-
ing facilities. The Company expects, on a long-term basis, that operations
will generate cash to meet substantially all of its housing cash flow needs
and that a financing facility, such as the Working Capital Facility (as de-
fined below), would be utilized to meet peak operating needs. The Company
does not anticipate that the borrowing base requirements of its Working Cap-
ital Facility will restrict the Company's ability to borrow under such Fa-
cility. Over recent years, the Company has implemented various operational
guidelines to conserve cash, increase its financial flexibility and reduce
its risk by limiting the amount of land owned directly by the Company. The
Company intends to continue to use Company-owned lots to generate additional
cash flow and to continue to emphasize land acquisitions using rolling lot
options, which enable the Company to initially pay a small fraction of total
lot cost and then purchase the lots for a fixed price on a scheduled or "as
needed" basis. The Company believes that these steps increase cash flows,
reduce carrying costs and limit its exposure to market changes and direct
land investments.
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The Company finances its housing operations through a $95 million secured
revolving working capital facility (the "Working Capital Facility") with
General Electric Capital Corporation ("GECC") and from internally generated
funds. At March 31, 1994, nothing was outstanding under the Working Capi-
tal Facility. The Company anticipates that during the balance of 1994 it
will periodically reborrow and will have outstanding balances under the
Working Capital Facility.
The net cash provided or used by the operating, investing and financing ac-
tivities of the housing operations for the three month periods ended March
31, 1994 and 1993 is summarized below (dollars in thousands):
1994 1993
________ ________
Net cash provided (used) by:
Operating activities $ (4,323) $ (8,748)
Investing activities (432) (581)
Financing activities (1,793) 6,323
________ ________
Net decrease in cash $ (6,548) $ (3,006)
________ ________
________ ________
Housing operating activities are, at any time, affected by a number of fac-
tors, including the number of housing units under construction and housing
units delivered. Housing operating activities used less cash during the
first quarter of 1994 compared to 1993 primarily due to an increase in the
number of housing units delivered.
Cash flow from housing financing activities for the first quarter of 1994
used cash reflecting the repayment of long-term debt, while the same period
in 1993 provided cash reflecting net borrowings under short-term debt
facilities.
The Company anticipates that amounts available under the Working Capital Fa-
cility and cash flow from operations will be sufficient to meet its working
capital obligations.
Financial Services
Mortgage's activities represent substantially all of the financial services
segment's activities. As loan originations by Mortgage are primarily from
housing units delivered by the Company's home building operations, Mortgage's
financial condition and liquidity are to a significant extent dependent upon
the financial condition of the Company.
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The Company finances its financial services operations primarily through
short-term debt and from internally generated funds, such as the origination
and sale of residential mortgage loans and related servicing rights. The
short-term debt consists of a $35 million secured revolving line of credit
entered into by Mortgage in April 1992, as amended (the "Mortgage Credit Fa-
cility"). At March 31, 1994, $6.9 million was outstanding under the Mortgage
Credit Facility. The Company has no obligation to provide funding to its fi-
nancial services operations, nor does it guarantee any of its financial ser-
vices subsidiaries' debt. The Company believes that the Mortgage Credit Fa-
cility, together with internally generated funds, such as from the sale of
residential mortgage loans and related servicing rights, will be sufficient
to provide for Mortgage's working capital needs.
The Mortgage Credit Facility bears interest at the prime rate and matures on
August 31, 1994. Certain residential mortgage loans have been pledged as
collateral to secure Mortgage's obligations under the Mortgage Credit Facili-
ty. While the Mortgage Credit Facility contains numerous covenants, includ-
ing a debt to tangible net worth ratio and a minimum tangible net worth re-
quirement, these covenants are not anticipated to significantly limit
Mortgage's operations.
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Part II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
The annual meeting of stockholders was held on April 6, 1994. The
following members were elected to the Board of Directors to hold
office until the annual meeting of stockholders in 1996:
Nominee In Favor Withheld
_______ _________ ________
George A. Poole, Jr. 9,874,849 80,127
Herve Repault 9,878,872 76,104
James W. Sight 9,874,553 80,423
Additional items voted upon were:
(a) A Non-Employee Directors' Stock Option Plan which provides for
the annual nondiscretionary grant of common stock options to
non-employee directors.
(b) An Employee Stock Payment Plan which permits the payment of a
portion of certain employees' incentive bonuses in shares of
the Company's common stock.
(c) Appointment of Arthur Andersen & Co., independent public
accountants, to examine the Company's financial statements
for 1994.
The votes of the stockholders on these items were as follows:
In Broker
Item Favor Opposed Abstained Non-Vote
____ _________ _______ _________ ________
(a) 9,532,675 363,917 58,492 -
(b) 9,786,615 117,600 50,760 -
(c) 9,806,106 132,758 16,112 -
The meeting was adjourned until April 20, 1994 for the sole purpose
of voting on an amendment to the Company's Second Restated Certificate
of Incorporation to eliminate a prohibition against issuance of
non-voting equity securities. On April 20, 1994, the stockholders
voted to adopt this amendment as follows:
Broker
In Favor Opposed Abstained Non-Vote
_________ _________ _________ _________
5,887,173 1,531,371 102,671 2,433,761
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<PAGE> 18
Item 5. Other Information
The following table provides information (expressed in number of hous-
ing units) with respect to new orders taken, deliveries to purchasers
of single-family homes and backlog by market for the three month peri-
ods ended March 31, 1994 and 1993.
New Orders Deliveries Backlog
__________ __________ _______
Market 1994 1993 1994 1993 1994 1993
____ ____ ____ ____ ____ ____
Florida 936 700 430 407 l,473 986
Mountain -
Arizona 308 262 255 147 441 301
Colorado 294 308 203 132 567 485
Nevada 91 70 67 33 105 75
Northeast/Midwest -
Minnesota 132 179 91 76 185 211
Maryland/Virginia 98 96 97 87 132 107
New Jersey 42 47 42 43 89 58
California 225 216 152 120 210 203
Texas 214 285 143 126 362 438
_____ _____ _____ _____ _____ _____
2,340 2,163 1,480 1,171 3,564 2,864
_____ _____ _____ _____ _____ _____
_____ _____ _____ _____ _____ _____
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 11 - Computation of Income Per Common Share.
Exhibit 15 - Letter with respect to unaudited financial informa-
tion.
(b) Reports on Form 8-K
No Current Report on Form 8-K was filed by the Company during Jan-
uary, February or March 1994.
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<PAGE> 19
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 thereunto duly authorized.
U.S. HOME CORPORATION
Date: May 2, 1994 /s/ Isaac Heimbinder
Isaac Heimbinder
President and Chief Operating
Officer
Date: May 2, 1994 /s/ Chester P. Sadowski
Chester P. Sadowski
Vice President, Controller
and Chief Accounting Officer
<PAGE>
<PAGE> 20
INDEX TO EXHIBITS
Sequential
Exhibit Numbered
Number Page
11 Computation of Income Per Common Share 21
15 Letter with respect to unaudited interim financial
information 22
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<PAGE> 21
EXHIBIT 11
(Unaudited)
U.S. HOME CORPORATION AND SUBSIDIARIES
INCOME PER COMMON SHARE FOR THE CONSOLIDATED CONDENSED STATEMENTS
OF OPERATIONS
INCOME HAS BEEN COMPUTED ON THE WEIGHTED AVERAGE NUMBER OF
COMMON SHARES AND COMMON SHARE EQUIVALENTS OUTSTANDING AS FOLLOWS:
(Dollars in Thousands, Except Per Share Data)
Three Months Ended March 31,
____________________________
1994 1993
____________ _____________
Income per common and common
equivalent shares -
Net income $ 7,061 $ 5,029
=========== ===========
Weighted average common
shares outstanding 11,344,295 11,284,885
Effect of assumed exercise
of dilutive stock options
and warrants 499,412 -
___________ ___________
Total common shares and
common equivalent shares 11,843,707 11,284,885
=========== ===========
Income per common share and
common equivalent shares $ .60 $ .45
=========== ===========
Income per common share,
assuming full dilution -
Net income $ 7,061 $ 5,029
Add interest applicable to
4.875% convertible
subordinated debentures,net of
income tax effect 260 _
___________ ___________
Income per common share,
assuming full dilution $ 7,321 $ 5,029
=========== ===========
Total common and common
equivalent shares 11,843,707 11,284,885
Assumed conversion of 4.875%
convertible subordinated
debentures at $35.50 per
share 2,253,521 -
___________ ___________
Common shares, assuming full
dilution 14,097,228 11,284,885
=========== ===========
Income per common share,
assuming full dilution $ .52 $ .45
=========== ===========
Note a - See Note 5 of Notes to Consolidated Condensed Financial Statements.
<PAGE>
<PAGE> 22
EXHIBIT 15
To U.S. HOME CORPORATION:
We are aware that U.S. Home Corporation has incorporated by reference
in its Registration Statements Nos. 33-64712 and 33-52993 its Form
10-Q for the quarter ended March 31, 1994, which includes our report
dated April 28, 1994 covering the unaudited interim financial
information contained therein. Pursuant to Regulation C of the
Securities Act of 1933, that report is not considered a part of the
registration statements prepared or certified by our firm or a report
prepared or certified by our firm within the meaning of Sections 7 and
11 of the Act.
/s/ Arthur Andersen and Co.
ARTHUR ANDERSEN & CO.
Houston, Texas
May 2, 1994
