SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES ACT OF 1934
Date of Report (Date of earliest event reported): July 7, 1999
M.D.C. Holdings, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-8951 84-0622967
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(State or other (Commission file number) (I.R.S. employer
jurisdiction of identification no.)
incorporation)
3600 South Yosemite Street, Suite 900, Denver, Colorado 80237
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (303) 773-1100
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Not Applicable
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(Former name or former address, if changed since last report.)
<PAGE>
ITEM 5. OTHER EVENTS
On July 7, 1999 the Registrant issued the press release attached as
Exhibit 99.1 to this Current Report on Form 8-K.
<PAGE>
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.
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M.D.C. HOLDINGS, INC.
By: /s/ Paris G. Reece III
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Paris G. Reece III
Executive Vice President and
Dated: July 9, 1999 Chief Financial Officer
Exhibit 99.1
NEWS BULLETIN
M.D.C. HOLDINGS, INC. RICHMOND AMERICAN HOMES
HOMEAMERICAN MORTGAGE
FOR IMMEDIATE RELEASE
WEDNESDAY, JULY 7, 1999
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Contacts: Paris G. Reece III Daniel S. Japha
Chief Financial Officer Director, Investor Relations
(303) 804-7706 (303) 804-7730
(Financial Information) (General Information)
MDC HOLDINGS REPORTS RECORD SECOND QUARTER
HOME ORDERS, HOME CLOSINGS AND BACKLOG
DENVER, Wednesday, July 7, 1999 - M.D.C. Holdings, Inc. (NYSE/PCX: MDC)
today announced a record level of second quarter and first half home orders and
home closings, as well as the highest quarter-end backlog in its history. The
Company received orders for 2,029 homes and 4,275 homes, respectively, during
the second quarter and first six months of 1999, representing increases of 10%
and 4% (approximately 20% and 13% on a "same-store" basis) over the 1,849 home
orders and 4,125 home orders, respectively, received for the same periods in
1998. The second quarter 1999 home order increase featured relatively strong
absorptions in both Virginia and Maryland (up 19% and 15%, respectively),
continued strength in the demand for new homes in Colorado (up 11%) and the
Company's expansion to six active subdivisions in Northern California, compared
with one a year ago. MDC closed 1,864 homes and 3,311 homes, respectively, for
the three and six months ended June 30, 1999, compared with closings of 1,562
homes and 2,832 homes, respectively, for the same periods in 1998. The 1,864
homes closed in the 1999 second quarter was the highest number of closings for
any quarter in the Company's history. The strong 1999 second quarter home orders
contributed to a record quarter-end backlog level at June 30, 1999 of 3,894
homes with an estimated sales value of $800 million, a 17% increase over the
backlog of 3,325 homes with an estimated sales value of $640 million at June 30,
1998.
MDC also announced that it anticipates releasing its earnings and
holding its quarterly conference call for the second quarter and first half of
1999 on July 20, 1999.
MDC is one of the largest homebuilders in the United States. The
Company also provides mortgage financing, primarily for MDC's home buyers,
through its wholly owned subsidiary, HomeAmerican Mortgage Corporation. MDC is a
major regional homebuilder with a significant presence in some of the country's
best housing markets. The Company is the largest homebuilder in metropolitan
Denver; among the top five homebuilders in Northern Virginia, Phoenix, Tucson
and Colorado Springs; among the top ten homebuilders in Southern California,
suburban Maryland and Las Vegas; and has a growing presence in the San Francisco
Bay area.
-more-
<PAGE>
M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
<TABLE>
<CAPTION>
Three Months Six Months
Ended June 30, Ended June 30,
------------------------- ----------------------------
1999 1998 1999 1998
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
Orders For Homes, net (units)
Colorado............................. 759 687 1,604 1,597
California........................... 407 310 800 620
Arizona.............................. 413 430 938 951
Nevada............................... 146 163 274 305
Virginia............................. 194 163 461 427
Maryland............................. 110 96 198 225
----------- ----------- ----------- -----------
Total........................... 2,029 1,849 4,275 4,125
=========== =========== =========== ===========
Homes Closed (units)
Colorado............................. 691 631 1,193 1,111
California........................... 317 194 540 375
Arizona.............................. 469 365 855 691
Nevada............................... 115 106 256 196
Virginia............................. 190 163 310 285
Maryland............................. 82 103 157 174
----------- ----------- ----------- -----------
Total........................... 1,864 1,562 3,311 2,832
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
June 30, June 30,
1999 1998
------------ ------------
<S> <C> <C>
Backlog (units)
Colorado............................. 1,766 1,366
California........................... 586 515
Arizona.............................. 779 653
Nevada............................... 164 204
Virginia............................. 405 353
Maryland............................. 194 234
----------- -----------
Total........................... 3,894 3,325
=========== ===========
Estimated Sales Value (dollars
in thousands)................ $ 800,000 $ 640,000
=========== ===========
</TABLE>
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<PAGE>
M.D.C. Holdings, Inc.
Record-Setting Mid-Year 1999 Performance
Performance Graphs
Set forth below are graphs that show the increasing levels of Home Orders,
Home Closings and Backlog over a four and one-half year period.
Home Orders
|----------------------------------------------------------|
| | |
| 7,191 | |
7,000| |------|| |
| | || |
6,000| 5,769 | || | 2nd Qtr 1999
| 5,049 |------| | || |
5,000| 4,536 |------| | | | || | Up 10%
|------| | | | | | || 4,125 4,275 |
4,000| | | | | | | |||---------||---------| |
| | | | | | | ||| 1,849 || 2,029 | | 1st Half 1999
3,000| | | | | | | |||(2nd Qtr)||(2nd Qtr)| |
| | | | | | | |||---------||---------| | Up 4%
2,000| | | | | | | ||| 2,276 || 2,246 | |
| | | | | | | |||(1st Qtr)||(1st Qtr)| |
1,000| | | | | | | ||| || | |
0|----------------------------------------------------------|
6 Mths Ended June 30,
1995 1996 1997 1998 ---------------------
1998 1999
Home Closings
|----------------------------------------------------------|
| 6,293 | |
6,000| |------|| |
| 5,223 | || | 2nd Qtr 1999
5,000| 4,974 |------| | || |
| 4,570 |------| | | | || | Up 19%
4,000|------| | | | | | || |
| | | | | | | || 3,311 |
3,000| | | | | | | || 2,832 |---------| | 1st Half 1999
| | | | | | | |||---------|| | |
2,000| | | | | | | ||| 1,562 || 1,864 | | Up 17%
| | | | | | | |||(2nd Qtr)||(2nd Qtr)| |
1,000| | | | | | | ||| 1,270 || 1,447 | |
| | | | | | | |||(1st Qtr)||(1st Qtr)| |
0|----------------------------------------------------------|
6 Mths Ended June 30,
1995 1996 1997 1998 ---------------------
1998 1999
Backlog
|----------------------------------------------------------| June 30, 1999
| | |
| | | Up 17%
| | |
4,000| | 3,894 |
| | 3,325 |---------| |
3,000| 2,930 ||---------|| | |
| 2,032 |------||| || | |
2,000| |------| | ||| || | |
| 1,355 1,486 | | | ||| || | |
1,000|------| |------| | | | ||| || | |
| | | | | | | ||| || | |
0|----------------------------------------------------------|
June 30,
1995 1996 1997 1998 ---------------------
1998 1999
