Printer Friendly

DEL WEBB REPORTS RECORD HOMES SALES ORDERS AND CLOSINGS

 PHOENIX, July 1 /PRNewswire/ -- Del Webb Corp. (NYSE: WBB) today reported a record year in new sales orders, closings and contract backlog amount for the fiscal year ended June 30, 1993. For the year, the company had a 44 percent increase in sales orders, a 38 percent increase in closings and a 43 percent increase in contract backlog amount.
 Company-wide, Webb recorded 3,001 new sales orders for the fiscal year, compared to 2,086 during the same period one year ago. Closings for the fiscal year increased to 2,564, compared to 1,855 one year ago. The company's backlog reached a record contract amount of $260 million, with 1,700 homes under contract, compared to 1,263 at the same time one year ago.
 Chairman and Chief Executive Officer Philip J. Dion said, "We are building in some very healthy real estate markets and low interest rates have made it easier for the active adult buyer to sell their existing home. The active adult is a knowledgeable consumer and quite aware of the values in this marketplace."
 At Sun City West near Phoenix, the company recorded its best year since 1979 with 1,031 sales orders. Sun City Tucson recorded its best year ever with a total of 305 sales orders, while Sun City Las Vegas posted a 22 percent increase ending the year with 801 sales orders.
 Total sales orders at Webb's active adult communities increased by 907 units during the year, with Sun City Palm Springs accounting for 450, or 50 percent of the increase. Total closings at its active adult communities increased by 540 units with Sun City Palm Springs accounting for 325, or 60 percent of the increase.
 Coventry Homes, the company's conventional home-building operation in Phoenix, finished the year with a modest gain in new sales orders and a significant increase in closings. Coventry recorded 414 sales, compared to 406 one year ago, while closings increased 68 percent to 416 from 247 one year ago.
 "Coventry was challenged with low inventory levels early in the year, but as new subdivisions were added, sales improved and they finished the year very strong," Dion said.
 For the three months ended June 30, 1993, new sales orders company- wide increased 65 percent to 879 from 534 one year ago. A large portion of the increase came from Sun City West where new sales orders increased 96 percent to 347 from 177 a year earlier. For the quarter, company- wide closings increased 47 percent to 795 from 542 during the same period one year ago.
 "Without a new project coming on line and with Sun City Palm Springs continuing to be affected by the weak California economy, we'll be challenged to achieve similar sales results during the next 12 months," Dion said.
 The company will announce its fiscal year revenue and earnings results later this month.
 Del Webb Corp. is the nation's leading builder of active adult communities with projects in the Phoenix, Tucson, Ariz., Las Vegas and Palm Springs, Calif., metropolitan areas.
 DEL WEBB CORP. AND SUBSIDIARIES
 Selected Operating Data
 Year Ended June 30, Change
 1993 1992 Amount Percent
 Operating Data:
 Number of new home sales
 orders:
 Sun City West 1,031 774 257 33.2 pct
 Sun City Tucson 305 249 56 22.5 pct
 Sun City Las Vegas 801 657 144 21.9 pct
 Sun City Palm Springs 450 N/A 450 N/A
 Total active adult
 communities 2,587 1,680 907 54.0 pct
 Coventry Homes 414 406 8 2.0 pct
 Total new home sales
 orders 3,001 2,086 915 43.9 pct
 Number of home closings:
 Sun City West 850 672 178 26.5 pct
 Sun City Tucson 263 235 28 11.9 pct
 Sun City Las Vegas 710 701 9 1.3 pct
 Sun City Palm Springs 325 N/A 325 N/A
 Total active adult
 communities 2,148 1,608 540 33.6 pct
 Coventry Homes 416 247 169 68.4 pct
 Total home closings 2,564 1,855 709 38.2 pct
 At June 30, Change
 1993 1992 Amount Percent
 Backlog Data:
 Homes under contract (backlog):
 Sun City West 665 484 181 37.4 pct
 Sun City Tucson 268 226 42 18.6 pct
 Sun City Las Vegas 431 340 91 26.8 pct
 Sun City Palm Springs 125 N/A 125 N/A
 Total active adult
 communities 1,489 1,050 439 41.8 pct
 Coventry Homes 211 213 (2) (0.9 pct)
 Total backlog 1,700 1,263 437 34.6 pct
 Aggregate contract sales
 amount (in millions) $260 $182 $78 42.9 pct
 Average contract sales amount
 per home (in thousands) $153 $144 $9 6.3 pct
 DEL WEBB CORP. AND SUBSIDIARIES
 Selected Operating Data
 Three Months Ended
 June 30, Change
 1993 1992 Amount Percent
 Operating Data:
 Number of new home
 sales orders:
 Sun City West 347 177 170 96.0 pct.
 Sun City Tucson 77 72 5 6.9 pct.
 Sun City Las Vegas 253 172 81 47.1 pct.
 Sun City Palm Springs 54 N/A 54 N/A
 Total active adult
 communities 731 421 310 73.6 pct.
 Coventry Homes 148 113 35 31.0 pct.
 Total new home
 sales orders 879 534 345 64.6 pct.
 Number of home closings:
 Sun City West 243 172 71 41.3 pct.
 Sun City Tucson 65 76 (11) (14.5 pct.)
 Sun City Las Vegas 260 195 65 33.3 pct.
 Sun City Palm Springs 133 N/A 133 N/A
 Total active adult
 communities 701 443 258 58.2 pct.
 Coventry Homes 94 99 (5) (5.1 pct.)
 Total home closings 795 542 253 46.7 pct.
 -0- 7/1/93
 /CONTACT: Ken Plonski of Del Webb, (office) 602-808-8171, or (home) 602-972-1210/
 (WBB)


CO: Del Webb Corp. ST: California IN: CST SU:

JB-JL -- SD006 -- 7872 07/01/93 15:43 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 1, 1993
Words:980
Previous Article:NEWSPAPER GUILD OF GREATER PHILADELPHIA ISSUES STATEMENT
Next Article:SOUTHERN NATIONAL REPORTS SIX MONTHS EARNINGS UP 44 PERCENT
Topics:


Related Articles
DEL WEBB REPORTS SUBSTANTIAL INCREASE IN HOME SALES AND CLOSINGS
DEL WEBB REPORTS INCREASE IN SECOND QUARTER HOME SALES AND CLOSINGS
DEL WEBB REPORTS INCREASE IN SECOND QUARTER HOME SALES AND CLOSINGS
DEL WEBB REPORTS INCREASE IN HOME SALES, CLOSINGS AND BACKLOG; ANNOUNCES NON-OPERATING ACCOUNTING ADJUSTMENTS
DEL WEBB REPORTS INCREASES IN HOME ORDERS, CLOSINGS AND BACKLOG
SUN CITY PALM SPRINGS AGAIN NAMED BEST-SELLING NEW HOME COMMUNITY IN SOUTHERN CALIFORNIA
DEL WEBB'S SUN CITY PALM SPRINGS REPORTS QUARTERLY SALES; AGAIN NAMED BEST-SELLING COMMUNITY IN SOUTHERN CALIFORNIA
DEL WEBB'S SUN CITIES ARE NAMED THE BEST SELLING NEW HOME COMMUNITIES IN BOTH NORTHERN AND SOUTHERN CALIFORNIA
DEL WEBB'S SUN CITIES ARE NAMED THE BEST-SELLING NEW HOME COMMUNITIES IN BOTH NORTHERN AND SOUTHERN CALIFORNIA
SUN CITY PALM SPRINGS SALES MOMENTUM CONTINUES

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters