UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 2000
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: 1-8029
THE RYLAND GROUP, INC.
(Exact name of registrant as specified in its charter)
Maryland 52-0849948
(State of incorporation) (I.R.S. employer identification no.)
21800 Burbank Boulevard, Suite 300
Woodland Hills, California 91367
(818) 598-4400
(Address and telephone number of principal executive offices)
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 the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
The number of shares of common stock of The Ryland Group, Inc., outstanding on
May 5, 2000 was 13,056,877.
1
THE RYLAND GROUP, INC.
FORM 10-Q
INDEX
Page Number(s)
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets at March 31, 2000
(unaudited) and December 31, 1999 1-2
Consolidated Statements of Earnings for the
Three Months Ended March 31, 2000
and 1999 (unaudited) 3
Consolidated Statements of Cash Flows for the
Three Months Ended March 31, 2000 and 1999
(unaudited) 4
Notes to Consolidated Financial Statements (unaudited) 5-7
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 8-13
Item 3. Quantitative and Qualitative Disclosures About
Market Risk 14
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 15
Item 6. Exhibits and Reports on Form 8-K 15
SIGNATURES 16
INDEX OF EXHIBITS 17
2
PART I. FINANCIAL INFORMATION
Item I. Financial Statements
The Ryland Group, Inc. and subsidiaries
CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share data)
March 31, December 31,
2000 1999
------------ -------------
(unaudited)
ASSETS
Homebuilding:
Cash and cash equivalents $ 58,625 $ 36,297
Housing inventories:
Homes under construction 461,500 432,735
Land under development and improved lots 450,756 389,946
------------ ------------
Total inventories 912,256 822,681
Property, plant and equipment 29,590 26,619
Purchase price in excess of net assets acquired 21,270 21,710
Other assets 50,400 48,064
------------ ------------
1,072,141 955,371
------------ ------------
Financial Services:
Cash and cash equivalents 23,971 33,629
Mortgage loans held-for-sale 50,675 40,520
Mortgage-backed securities and notes receivable 101,068 99,249
Other assets 5,336 16,326
------------ ------------
181,050 189,724
------------ ------------
Other Assets:
Collateral for bonds payable of
limited-purpose subsidiaries 29,608 39,633
Net deferred taxes 32,137 32,134
Other 34,738 31,461
------------ ------------
Total assets $ 1,349,674 $ 1,248,323
------------ ------------
See Notes to Consolidated Financial Statements
1
3
The Ryland Group, Inc. and subsidiaries
CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share data)
March 31, December 31,
2000 1999
------------ ------------
(unaudited)
LIABILITIES
Homebuilding:
Accounts payable and other liabilities $ 198,876 $ 208,133
Long-term debt 510,000 378,000
------------ ------------
708,876 586,133
------------ ------------
Financial Services:
Accounts payable and other liabilities 7,114 7,211
Short-term notes payable 157,450 157,458
------------ ------------
164,564 164,669
------------ ------------
Other Liabilities:
Bonds payable of limited-purpose subsidiaries 27,675 37,339
Other 67,317 73,645
------------ ------------
Total liabilities 968,432 861,786
------------ ------------
STOCKHOLDERS' EQUITY
Convertible preferred stock, $1 par value:
Authorized - 1,400,000 shares
Issued - 334,948 shares (350,137 for 1999) 335 350
Common stock, $1 par value:
Authorized - 78,600,000 shares
Issued - 13,098,542 shares (13,850,819 for 1999) 13,099 13,851
Paid-in capital 57,502 71,730
Retained earnings 309,386 299,547
Accumulated other comprehensive income 920 1,059
------------ ------------
Total stockholders' equity 381,242 386,537
------------ ------------
Total liabilities and stockholders' equity $ 1,349,674 $ 1,248,323
------------ ------------
Stockholders' equity per common share $ 28.38 $ 27.22
------------ ------------
See Notes to Consolidated Financial Statements
2
4
The Ryland Group, Inc. and subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
(amounts in thousands, except share data)
Three months ended March 31,
2000 1999
------------ ------------
Revenues:
Homebuilding:
Residential revenue $ 411,449 $ 387,260
Other revenue 8,869 4,054
------------ ------------
Total homebuilding revenue 420,318 391,314
Financial services 7,950 10,588
Limited-purpose subsidiaries 744 2,137
------------ ------------
Total revenues 429,012 404,039
------------ ------------
Expenses:
Homebuilding:
Cost of sales 352,981 327,490
Selling, general and administrative 43,178 42,406
Interest 2,546 2,609
------------ ------------
Total homebuilding expenses 398,705 372,505
Financial services:
General and administrative 5,179 5,916
Interest 2,053 2,453
------------ ------------
Total financial services expenses 7,232 8,369
Limited-purpose subsidiaries 744 2,137
Corporate expenses 4,417 4,159
------------ ------------
Total expenses 411,098 387,170
Earnings before taxes 17,914 16,869
Tax expense 6,986 6,748
------------ ------------
Net earnings $ 10,928 $ 10,121
------------ ------------
Net earnings per common share:
Basic $ 0.80 $ 0.67
Diluted $ 0.78 $ 0.65
Average common shares outstanding:
Basic 13,449,381 14,810,457
Diluted 14,009,823 15,669,174
See Notes to Consolidated Financial Statements
3
5
The Ryland Group, Inc. and subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(amounts in thousands) Three months ended March 31,
2000 1999
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings $ 10,928 $ 10,121
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation and amortization 5,623 6,232
Increase in inventories (89,575) (43,346)
Net change in other assets, payables
and other liabilities (11,184) (29,698)
(Increase) decrease in mortgage loans held-for-sale (10,155) 45,720
Other operating activities, net 21 (1,185)
------------ ------------
Net cash used for operating activities (94,342) (12,156)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Net additions to property, plant and equipment (7,004) (9,412)
Net principal reduction of mortgage collateral 4,106 9,188
Net principal reduction of mortgage-backed securities,
available-for-sale 500 3,757
Principal reduction of mortgage-backed securities,
held-to-maturity 1,977 4,551
Other investing activities, net 616 (2,962)
------------ ------------
Net cash provided by investing activities 195 5,122
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Cash proceeds of long-term debt 132,000 59,498
Reduction of long-term debt 0 (60)
Decrease in short-term notes payable (8) (48,243)
Bond principal payments (9,744) (5,765)
Common and preferred stock dividends (747) (820)
Common stock repurchases (14,185) 0
Other financing activities, net (499) 2,412
------------ ------------
Net cash provided by financing activities 106,817 7,022
------------ ------------
Net increase (decrease) in cash and cash equivalents 12,670 (12)
Cash and cash equivalents at beginning of period 69,926 49,784
------------ ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 82,596 $ 49,772
------------ ------------
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest (net of capitalized interest) $ 5,236 $ 5,618
Cash paid for income taxes (net of refunds) $ 7,411 $ 7,404
See Notes to Consolidated Financial Statements.
4
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The Ryland Group, Inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(amounts in thousands, except for share data, in all notes)
Note 1. Consolidated Financial Statements
The consolidated financial statements include the accounts of The Ryland Group
and its wholly owned subsidiaries ("the Company"). Intercompany transactions
have been eliminated in consolidation.
The consolidated balance sheet as of March 31, 2000, the consolidated statements
of earnings for the three months ended March 31, 2000 and 1999, and the
consolidated statements of cash flows for the three months ended March 31, 2000
and 1999, have been prepared by the Company without audit. In the opinion of
management, all adjustments, which include normal recurring adjustments
necessary to present fairly the financial position, results of operations and
cash flows at March 31, 2000, and for all periods presented, have been made. The
consolidated balance sheet at December 31, 1999 is taken from the audited
financial statements as of that date. Certain amounts in the consolidated
statements have been reclassified to conform to the 2000 presentation.
Certain information and footnote disclosures normally included in the financial
statements have been condensed or omitted. These financial statements should be
read in conjunction with the financial statements and related notes included in
the Company's 1999 annual report to shareholders.
The results of operations for the three months ended March 31, 2000 are not
necessarily indicative of the operating results for the full year.
Assets presented in the financial statements are net of any valuation
allowances.
The following table is a summary of capitalized interest:
2000 1999
-------- --------
Capitalized interest as of January 1, $ 26,970 $ 21,600
Interest capitalized 8,508 6,029
Interest amortized to cost of sales (4,645) (3,999)
-------- --------
Capitalized interest as of March 31, $ 30,833 $ 23,630
-------- --------
Note 2. New Accounting Pronouncements
FASB 133
In June 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 133 (FAS 133), "Accounting for Derivative
Instruments and Hedging Activities." In June 1999, the Financial Accounting
Standards Board delayed, for one year, the effective date of FAS 133 to all
years beginning after June 15, 2000. FAS 133 requires all derivatives to be
recorded on the balance sheet at fair value and establishes new accounting
procedures for hedges that will effect the timing of recognition and the manner
in which hedging gains and losses are recognized in the Company's financial
statements. The Company is currently in the process of evaluating the impact of
FAS 133. The Company will adopt FAS 133 on January 1, 2001.
5
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The Ryland Group, Inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued (unaudited)
(amounts in thousands, except for share data, in all notes)
Note 3. Segment Information
Operations of the Company consist of two business segments: homebuilding and
financial services. The Company's homebuilding segment specializes in the sale
and construction of single-family attached and detached housing in 21 markets.
The financial services segment provides mortgage-related products and services
primarily for Ryland Homes' customers and conducts investment activities.
Corporate expenses represent the costs of corporate functions, which support the
business segments.
Three months ended March 31,
2000 1999
-------- --------
Earnings before taxes
Homebuilding $ 21,613 $ 18,809
Financial services 718 2,219
Corporate and other (4,417) (4,159)
-------- --------
Total $ 17,914 $ 16,869
======== ========
Note 4. Earnings Per Share Reconciliation
The following table sets forth the computation of basic and diluted earnings per
share. The assumed conversion of preferred stock was dilutive for the three
months ended March 31, 2000 and 1999.
Three months ended March 31,
2000 1999
------------ ------------
Numerator:
Net earnings $ 10,928 $ 10,121
Preferred stock dividends (185) (223)
------------ ------------
Numerator for basic earnings per share -
available to common stockholders 10,743 9,898
Effect of dilutive securities -
preferred stock dividends 185 223
Numerator for diluted earnings per share -
available to common stockholders $ 10,928 $ 10,121
------------ ------------
Denominator:
Denominator for basic earnings per share -
weighted-average shares 13,449,381 14,810,457
Effect of dilutive securities:
Stock options 140,854 311,226
Equity incentive plan 77,046 137,048
Conversion of preferred shares 342,542 410,443
------------ ------------
Dilutive potential common shares 560,442 858,717
Denominator for diluted earnings per share -
adjusted weighted-average shares and
assumed conversions 14,009,823 15,669,174
BASIC EARNINGS PER SHARE $ 0.80 $ 0.67
DILUTED EARNINGS PER SHARE $ 0.78 $ 0.65
6
8
The Ryland Group, Inc. and subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued (unaudited)
(amounts in thousands, except for share data, in all notes)
Note 5. Commitments and Contingencies
Refer to Part II, Other Information, Item 1, Legal Proceedings of this document
for updated information regarding the Company's commitments and contingencies.
Note 6. Comprehensive Income
Comprehensive income consists of net income and the increase or decrease in
unrealized gains or losses on the Company's available-for-sale securities and
totaled $10.8 million and $10.0 million for the three months ended March 31,
2000 and 1999, respectively.
Note 7. Financial Services Short-Term Notes Payable
In March 2000, the Company renewed and extended a revolving credit facility used
to finance investment securities in the financial services segment. The
facility, previously $100 million, was renewed at $35 million. The agreement
extends through March 2001, bears interest at market rates and is collateralized
by investment portfolio securities. Borrowings outstanding under this facility
were $18.2 million and $19.6 million at March 31, 2000 and December 31, 1999,
respectively.
7
9
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
CONSOLIDATED
For the first quarter of 2000, the Company reported consolidated net earnings
from operations of $10.9 million, or $.80 per share ($.78 per share diluted).
This compared with consolidated net earnings from operations of $10.1 million,
or $.67 per share ($.65 per share diluted) for the first quarter of 1999. The
increase of $.8 million, or $.13 per share, was driven by increased homebuilding
revenue and closing volume.
The homebuilding segment reported pretax earnings of $21.6 million for the first
quarter of 2000, a $2.8 million increase over the $18.8 million reported for the
first quarter of 1999. Homebuilding results in the first quarter increased over
last year primarily due to higher closings. Pretax homebuilding margins reached
5.1 percent in the first quarter of 2000 versus 4.8 percent for the first
quarter of 1999.
The financial services segment reported operating pretax earnings of $.7 million
for the first quarter of 2000, compared with $2.2 million for the same period in
1999. The decrease from the prior year was attributable primarily to a decrease
in the holding period for loans in the fourth quarter of 1999, and a 15.8
percent decrease in originations. In addition, the decrease was partially offset
by earnings growth in title operations and savings from cost-reduction
initiatives.
Corporate expenses represent the cost of corporate functions, which support the
business segments. Corporate expenses of $4.4 million for the first quarter of
2000 were slightly higher than in the prior year.
Although the Company's limited-purpose subsidiaries no longer issue
mortgage-backed securities and mortgage-participation securities, they continue
to hold collateral for previously issued mortgage-backed bonds in which the
Company maintains a residual interest. Revenues, expenses, and portfolio
balances continue to decline as the mortgage collateral pledged to secure the
bonds decreases due to scheduled payments, prepayments and exercises of early
redemption provisions. Revenues have approximated expenses for the last three
years.
8
10
HOMEBUILDING SEGMENT
Results of operations from the homebuilding segment are summarized as follows
($ amounts in thousands, except average closing price):
Three months ended
March 31,
2000 1999
-------- --------
Revenues
Residential $411,449 $387,260
Other 8,869 4,054
-------- --------
Total 420,318 391,314
Gross profit 67,337 63,824
Selling, general and
administrative expenses 43,178 42,406
Interest expense 2,546 2,609
-------- --------
Homebuilding pretax earnings $ 21,613 $ 18,809
======== ========
Operational unit data
New orders (units) 3,172 2,980
Closings (units) 2,161 2,045
Outstanding contracts at March 31
Units 4,678 4,387
Dollar value $878,849 $809,812
Average closing price $190,000 $189,000
Homebuilding revenues increased 7.4 percent for the first quarter of 2000,
compared with the same period last year, due to a 5.7 percent increase in
closings (2,161 homes closed compared with 2,045 homes closed in the first
quarter of 1999).
Gross profit margins from home sales averaged 16.0 percent for the first quarter
of 2000, a 50 basis point decrease from the 16.5 percent for the first quarter
of 1999. The decrease is primarily attributable to the composition of closings
for the period. For the quarter ended March 31, 2000, home sales in lower-margin
communities were slightly higher than in the same period in the prior year.
New orders increased 6.4 percent from the first quarter of last year to 3,172
homes, representing the highest quarterly sales volume in the Company's history.
Sales per community were up 3 percent with the Company operating in eight
additional active communities than in the first quarter of 1999.
Outstanding contracts as of March 31, 2000 were 4,678, compared with 4,387 at
March 31, 1999 and 3,667 at December 31, 1999. Outstanding contracts represent
the Company's backlog of sold, but not closed homes, which generally are built
and closed, subject to cancellation, over the subsequent two quarters. The value
of outstanding contracts at March 31, 2000 was $878.8 million, an increase of
8.5 percent from March 31, 1999 and an increase of 27.3 percent from December
31, 1999.
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11
Selling, general and administrative expenses, as a percentage of revenue,
decreased to 10.3 percent for the first quarter of 2000, versus 10.8 percent for
the first quarter of 1999. Compared with the first quarter of 1999, interest
expense declined slightly to $2.5 million in the first quarter of 2000.
FINANCIAL SERVICES
Results of operations of the Company's financial services segment are summarized
as follows (amounts in thousands):
Three months
ended March 31,
2000 1999
------- -------
Retail revenues
Interest and
net origination fees $ 618 $ 1,547
Net gains on sales of mortgages
and servicing rights 2,807 3,934
Loan servicing 11 424
Title/escrow 2,049 2,032
------- -------
Total retail revenue 5,485 7,937
Revenue from investment operations 2,465 2,651
------- -------
Total revenues $ 7,950 $10,588
Expenses
General and administrative 5,179 5,916
Interest 2,053 2,453
------- -------
Total expenses 7,232 8,369
Pretax earnings $ 718 $ 2,219
======= =======
Pretax earnings by line of business were as follows (amounts in thousands):
Three months
ended March 31,
2000 1999
------- -------
Retail $ 123 $ 1,489
Investments 595 730
------- -------
Total $ 718 $ 2,219
------- -------
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OPERATIONAL DATA:
Three months
ended March 31,
2000 1999
------- -------
Retail operations:
Originations 1,307 1,552
Percent of Ryland Homes
closings 96% 81%
Ryland Homes capture rate 63% 68%
Investment operations:
Portfolio average
balance (in millions) $ 100.7 $ 107.7
Revenues for the financial services segment decreased for the three month period
ended March 31, 2000, compared with the same period of 1999. The decrease from
the prior year was attributable primarily to a decrease in the holding period
for loans in the fourth quarter of 1999, and a 15.8 percent decrease in
originations.
General and administrative expenses decreased for the three month period ended
March 31, 2000, compared with the same period in the prior year, as a result of
the Company's cost-reduction initiatives. Interest expense decreased 16.3
percent for the three months ended March 31, 2000 compared with 1999, due to a
reduction in origination volume compared with the same period in the prior year.
Retail operations include residential mortgage origination, loan servicing, and
title, escrow and homeowners insurance services for retail customers. Retail
operations reported pretax earnings of $.1 million for the first quarter of 2000
compared with $1.5 million for the same period last year.
Mortgage origination volume decreased by 15.8 percent for the three month period
ended March 31, 2000, compared with the same period last year. The decline was
primarily due to a decrease in third party originations.
Investment operations hold certain assets, primarily mortgage-backed securities,
which were obtained as a result of the exercise of redemption rights on various
mortgage-backed bonds previously owned by the Company's limited-purpose
subsidiaries. Pretax earnings from investment operations were $.6 million for
the first quarter compared with $.7 million in the prior year. The decrease was
primarily the result of decreases in the average portfolio balance and the
weighted average coupon rate of the portfolio, which resulted in a decline in
interest and other income.
11
13
FINANCIAL CONDITION AND LIQUIDITY
Cash requirements for the Company's homebuilding and financial services segments
are generally provided from outside borrowings and internally generated funds.
The Company believes that its current sources of cash are sufficient to finance
its current requirements.
The homebuilding segment's borrowings include senior notes, senior subordinated
notes, an unsecured revolving credit facility, and nonrecourse secured notes
payable. Senior and senior subordinated notes outstanding totaled $308 million
as of March 31, 2000 and December 31, 1999.
The Company uses its unsecured revolving credit facility to finance increases in
its homebuilding inventory and working capital. This facility matures in October
2003, and provides for borrowings up to $375 million. There was $202 million in
outstanding borrowings under this facility as of March 31, 2000 and $70 million
in outstanding borrowings at December 31, 1999. The Company had letters of
credit outstanding under this facility totaling $50 million at March 31, 2000
and $49 million at December 31, 1999. To finance land purchases, the Company may
also use seller-financed, non-recourse secured notes payable. At March 31, 2000,
such notes payable outstanding amounted to $10 million compared with $8 million
at December 31, 1999.
Housing inventories increased to $912 million as of March 31, 2000, from $823
million as of December 31, 1999. The increase reflects a higher sold inventory
related to the significant increase in quarter-end backlog, and an increase in
land under development and improved lots commensurate with growth. The increase
in inventory was funded with internally generated funds and borrowings under the
revolving credit facility.
The financial services segment uses cash generated from operations and borrowing
arrangements to finance its operations. The financial services segment has
borrowing arrangements that include a credit facility which provides up to $200
million for mortgage warehouse funding and matures in May 2002; repurchase
agreement facilities aggregating $150 million; and a $35 million revolving
credit facility used to finance investment portfolio securities. At March 31,
2000 and December 31, 1999, the combined borrowings of the financial services
segment outstanding under all agreements were $157 million.
Mortgage loans, notes receivable, and mortgage-backed securities held by the
limited-purpose subsidiaries were pledged as collateral for previously issued
mortgage-backed bonds, the terms of which provided for the retirement of all
bonds from the proceeds of the collateral. The source of cash for the bond
payments was cash received from the mortgage loans, notes receivable and
mortgage-backed securities.
The Company has not guaranteed the debt of either the financial services segment
or limited-purpose subsidiaries.
During the quarter ended March 31, 2000, the Company repurchased approximately
800,000 shares of its outstanding common stock at a cost of approximately $14.2
million. In February 2000, the Board of Directors approved the repurchase of of
up to one million shares of the Company's outstanding common stock. As of March
31, 2000, the Company had Board authorization to repurchase up to an additional
999,800 shares of its common stock. The Company's repurchase program has been
funded through internally generated funds.
12
14
Note: Certain statements in Management's Discussion and Analysis of Financial
Condition and Results of Operations may be "forward-looking statements" within
the meaning of the Private Securities Litigation Act of 1995. Forward-looking
statements are based on various factors and assumptions that include risks and
uncertainties, such as the completion and profitability of sales reported, the
market for homes generally and in areas where the Company operates, the
availability and cost of land, changes in economic conditions and interest
rates, the availability and increases in raw material and labor costs, consumer
confidence, government regulations, and general competitive factors, all or each
of which may cause actual results to differ materially.
13
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no other material changes in the Company's market risk from
December 31, 1999. For information regarding the Company's market risk, refer to
Form 10-K for the fiscal year ended December 31, 1999, of The Ryland Group, Inc.
14
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The Company is party to various legal proceedings generally incidental to its
businesses. Based on evaluation of these matters and discussions with counsel,
management believes that liabilities to the Company arising from these matters
will not have a material adverse effect on the overall financial condition of
the Company.
Page Number
-----------
Item 6. Exhibits and Reports on Form 8-K
A. Exhibits
10.6 Restated Credit Agreement dated as of March 31, 2000, 18-31
Between Ryland Mortgage Company; Associates Mortgage
Funding Corporation; Chase Bank of Texas, N.A.; and
certain lenders. (filed herewith)
27 Financial Data Schedule (filed herewith) 32
B. Reports on Form 8-K.
No reports on Form 8-K were filed during the first quarter of 2000.
15
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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.
THE RYLAND GROUP, INC.
Registrant
May 12, 2000 By: /s/ Gordon A. Milne
Date -------------------
Gordon A. Milne
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
May 12, 2000 By: /s/ David L. Fristoe
Date --------------------
David L. Fristoe
Senior Vice President and Corporate Controller
(Principal Accounting Officer)
16
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INDEX OF EXHIBITS
A. Exhibits Page of
Sequentially
Exhibit No. Numbered Pages
--------------
10.6 Restated Credit Agreement dated as of March 31, 2000, 18-31
Between Ryland Mortgage Company; Associates Mortgage
Funding Corporation; Chase Bank of Texas, N.A.; and
certain lenders. (filed herewith)
27 Financial Data Schedule (filed herewith) 32
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