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DEL WEBB CORP. POSTS EARNINGS INCREASE IN THIRD QUARTER

 DEL WEBB CORP. POSTS EARNINGS INCREASE IN THIRD QUARTER
 PHOENIX, April 22 /PRNewswire/ -- Del Webb Corp. (NYSE: WBB) today


announced results for its third fiscal quarter and nine months ended March 31, 1992.
 Revenues for the quarter were $64.4 million, compared to $50.8 million in the comparable 1991 period. Net income was $6.4 million, or 50 cents per share, compared to $2.1 million, or 22 cents per share, in the same period in 1991.
 Net earnings for the quarter were favorably impacted by a $3.0 million extraordinary gain. Without the effect of the extraordinary gain, net earnings from continuing operations were $3.4 million or 26 cents per share, up $1.3 million or 61 percent from last year's comparable quarter.
 Net income for the nine-month period was $13.4 million, or $1.07 per share, on revenues of $179.4 million, compared to $10.1 million, or $1.07 per share, on revenues of $169.1 million, in the same period in fiscal 1991. For the nine-month periods, the company had extraordinary gains in both the current and prior year of $3.0 million and $5.0 million, respectively, both of which resulted from the extinguishment of debt. Net earnings from continuing operations in the nine months were $10.4 million or 83 cents per share, up from $5.1 million or 54 cents per share. The 1991 period was adversely impacted by a $5.6 million loss primarily due to a valuation reserve at The Foothills, a then-unconsolidated land development project.
 The number of shares outstanding during the quarter and nine-month periods increased by approximately 3 million shares from the same period last year as a result of the company's public stock offering last summer.
 During the quarter, the company had a 46 percent increase in new sales orders for homes and a 28 percent increase in home closings. For the nine-month period, Webb posted a 38 percent increase in new sales orders and a 6 percent increase in home closings. Del Webb's Coventry Homes, the company's conventional home builder in Phoenix which began in January 1991, had a significant impact on orders and closings, with 118 new sales orders and 73 home closings for the quarter and 293 new sales orders and 148 home closings for the nine-month period.
 Chairman and Chief Executive Officer Philip J. Dion said he was most pleased with the company's performance. "We're beginning to see real improvement in visitor traffic and new sales orders. Some of the increase is attributable to the fact that last year's results were adversely impacted by the Gulf War. Nevertheless, we are experiencing genuine growth over last year. Our backlog of homes under contract is up 18 percent in our Sun City communities and 35 percent overall from a year ago, with a contract amount of $183 million. We should finish out this fiscal year on a positive note and look forward to next fiscal year as Sun City Palm Springs begins to contribute to revenues and earnings."
 As previously reported, the company began taking cancelable home reservations at Sun City Palm Springs in early February and at March 31 had 334 reservations. Home reservations, which are not binding and have fully refundable deposits, will be taken until this summer at which time the company anticipates receiving a permit from the California Department of Real Estate to begin taking sales contracts. Sun City Palm Springs now has a lead list of more than 18,000 names and expects its first home closings and revenues this fall.
 Dion added, "In addition to the fine operating performance, we recently issued $100 million public offering of senior notes at 10 7/8 percent which, coupled with the company's unused borrowing capacity, should satisfy all of our outside financing requirements for our existing communities, including Sun City Palm Springs. We also recently acquired our partner's 50 percent interest in the Foothills, a master-planned land development project in Phoenix, and restructured the debt on that project, on terms which should benefit the sales efforts at the project."
 Del Webb Corp. is the nation's leading developer of active adult communities with projects in the Phoenix, Tucson, Ariz., Las Vegas and Palm Springs, Calif., metropolitan areas.
 DEL WEBB CORP. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (In Thousands Except per Share Data)
 Three Months Ended Nine Months Ended
 March 31, March 31,
 1992 1991 1992 1991
 Revenues $64,442 $50,853 $179,480 $169,054
 Costs and Expenses 60,587 48,510 169,704 158,609
 Earnings from
 Consolidated Operations 3,855 2,343 9,776 10,445
 Other Expense 38 61 75 84
 Equity in Loss of
 Unconsolidated Affiliates --- --- --- (5,581)
 Earnings from Continuing
 Operations
 Before Income Taxes 3,817 2,282 9,701 4,780
 Income Tax Expense
 (Benefit) 439 188 (684) (296)
 Earnings from Continuing
 Operations 3,378 2,094 10,385 5,076
 Extraordinary Item:
 Gain from Extinguishment
 of Debt (Net of Tax) 3,039 --- 3,039 5,006
 Net Earnings $6,417 $2,094 $13,424 $10,082
 Earnings Per Share Information
 Weighted Average Common
 Shares Outstanding 12,790,075 9,408,354 12,559,293 9,388,237
 Net Earnings
 per Common Share:
 Continuing
 Operations $0.26 $0.22 $0.83 $0.54
 Extraordinary Item 0.24 --- 0.24 0.53
 Net Earnings per
 Common Share $0.50 $0.22 $1.07 $1.07
 Cash Dividends Paid
 per Common Share $0.05 $0.05 $0.15 $0.15
 DEL WEBB CORP. AND SUBSIDIARIES
 Selected Operating Data
 Three Months Ended Nine Months Ended
 March 31, March 31,
 1992 1991 1992 1991
 Number of new sales
 orders:
 Sun City West 238 168 597 427
 Sun City Tucson 64 64 177 175
 Sun City Las Vegas 173 152 485 503
 Total Active Adult
 Communities 475 384 1,259 1,105
 Coventry Homes 118 21 293 21
 Total 593 405 1,552 1,126
 Number of Home Closings:
 Sun City West 165 137 500 484
 Sun City Tucson 50 24 159 148
 Sun City Las Vegas 178 182 506 585
 Total Active Adult
 Communities 393 343 1,165 1,217
 Coventry Homes 73 20 148 20
 Total 466 363 1,313 1,237
 At March 31,
 1992 1991
 Homes Under Contract (Backlog):
 Sun City West 479 334
 Sun City Tucson 230 202
 Sun City Las Vegas 363 374
 Total Active Adult Communities 1,072 910
 Coventry Homes 199 31
 Total 1,271 941
 Contract Sales Amounts $183,000,000 $128,000,000
 -0- 4/22/92
 /CONTACT: Ken Plonski of Del Webb, 602-468-6871 (office), or 602-972-1210 (home)/
 (WBB) CO: Del Webb Corporation ST: Arizona IN: CST SU: ERN


KJ-JL -- SD008 -- 1459 04/22/92 16:39 EDT
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