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DEL WEBB CORP. REPORTS THIRD QUARTER RESULTS

 PHOENIX, April 23 /PRNewswire/ -- Del Webb Corp. (NYSE: WBB) today reported significant increases in revenues and operating earnings for the quarter and nine months ended March 31, 1993.
 Revenues for the quarter increased 52 percent to $98.2 million, compared to $64.4 million one year ago. For the nine-month period revenues increased 47 percent to $263 million, compared to $179.5 million during the same period one year ago. Operating earnings for the quarter rose 59 percent to $6.1 million, compared to $3.8 million one year ago. For the nine-month period operating earnings increased 86 percent to $18 million, compared to $9.7 million a year earlier.
 A charge to discontinued operations and implementation of a new accounting standard, two items unrelated to continuing operations and which have no cash impact, resulted in a net loss for the quarter. However, the items taken together have a net positive effect on earnings for the nine-month period ended March 31, 1993. For the quarter the company recorded a net loss of $8.7 million, or 54 cents per share, compared to net earnings of $6.4 million, or 50 cents per share, one year ago. Net earnings for the nine-month period were $19.9 million, or $1.24 per share, compared to $13.4 million, or $1.07 per share, during the same period one year ago.
 Chairman and Chief Executive Officer Philip J. Dion said the company's home-building operations performed very well during the quarter recording a 32 percent increase in sales orders and a 37 percent increase in closings. "We are particularly pleased with our revenue and operating profit increases, achieved in spite of a continued weak Southern California economy and adverse weather conditions," Dion said. "The fundamental components of our business remain strong. With significantly increased lumber prices, our challenge will be to maintain gross margins through price adjustments without dampening the strong sales levels we now enjoy," Dion said.
 The quarterly loss was the result of Webb's annual review of the valuation of discontinued commercial land development projects in Glendale, Ariz., and Colorado Springs, Colo. After reviewing the valuation and other costs associated with discontinued operations, the company decided to offer these projects for sale in bulk and determined that the carrying value of the discontinued projects should be written down to current market values. This resulted in a $12.8 million after-tax loss from discontinued operations.
 The nine-month results were positively affected by the implementation of Financial Accounting Standards No. 109, Accounting for Income Taxes, which requires that companies establish as an asset the tax benefits they expect to realize in future years.
 The pronouncement requires retroactive application as of the beginning of the company's fiscal year, so an increase of $20 million in earnings due to the accounting change is reflected in the financial statements for the company's first fiscal quarter ended Sept. 30, 1992, and the nine months ended March 31, 1993. With the change, the company will be required to report taxes for the current fiscal year and future periods at full tax rates, even though taxes actually paid will be substantially lower.
 Companywide, new sales orders during the nine-month period increased 37 percent to 2,122 from 1,552, while closings increased 35 percent to 1,769 from 1,313. As of March 31, 1993, the company's backlog of homes increased 27 percent, compared to the same time one year ago with 1,616 units in backlog compared to 1,271. The aggregate contract amount of the backlog is a company record $251 million.
 Del Webb Corp. is the nation's leading developer of active adult communities with projects in the Phoenix and Tucson, Ariz., Las Vegas, and Palm Springs, Calif., metropolitan areas.
 DEL WEBB CORP. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (In Thousands Except Share Data)
 Three Months Ended Nine Months Ended
 March 31, March 31,
 1993 1992 1993 1992
 Revenues $98,239 $64,442 $262,978 $179,480
 Cost of sales 75,591 49,601 201,340 138,720
 Gross margin 22,648 14,841 61,638 40,760
 Selling, general and
 administrative expenses 16,575 11,024 43,619 31,059
 Operating earnings 6,073 3,817 18,019 9,701
 Income tax expense
 (benefit) 1,943 439 5,766 (684)
 Earnings from continuing
 operations 4,130 3,378 12,253 10,385
 Loss from discontinued
 operations (12,810) --- (12,810) ---
 Earnings (loss) before
 extraordinary item and
 cumulative effect of
 accounting change (8,680) 3,378 (557) 10,385
 Extraordinary item:
 Gain from extinguishment
 of debt --- 3,039 458 3,039
 Earnings (loss) before
 cumulative effect of
 accounting change (8,680) 6,417 (99) 13,424
 Cumulative effect of
 accounting change --- --- 20,000 ---
 Net earnings (loss) ($8,680) $6,417 $19,901 $13,424
 Earnings Per Share
 Information
 Weighted average
 common shares
 outstanding 16,055,679 12,790,075 16,042,570 12,559,293
 Net earnings (loss)
 per common share:
 Continuing operations $0.26 $0.26 $0.76 $0.83
 Discontinued operations (0.80) --- (0.80) ---
 Before extraordinary item
 and cumulative effect
 of accounting change (0.54) 0.26 (0.04) 0.83
 Extraordinary item --- 0.24 0.03 0.24
 Before cumulative effect
 of accounting change (0.54) 0.50 (0.01) 1.07
 Cumulative effect of
 accounting change --- --- 1.25 ---
 Net earnings (loss)
 per common share ($0.54) $0.50 $1.24 $1.07
 Cash dividends
 per common share $0.05 $0.05 $0.15 $0.15
 DEL WEBB CORP. AND SUBSIDIARIES
 Selected Operating Data
 Three months ended March 31,
 Amount Change
 1993 1992 Amount Percent
 Operating Data:
 Number of new home sales
 orders:
 Sun City West 269 238 31 13.0 pct
 Sun City Tucson 92 64 28 43.8 pct
 Sun City Las Vegas 229 173 56 32.4 pct
 Sun City Palm Springs 89 N/A 89 N/A
 Total active adult
 communities 679 475 204 42.9 pct
 Coventry Homes 102 118 (16) (13.6 pct)
 Total new home sales
 orders 781 593 188 31.7 pct
 Number of home closings:
 Sun City West 208 165 43 26.1 pct
 Sun City Tucson 85 50 35 70.0 pct
 Sun City Las Vegas 174 178 (4) (2.2 pct)
 Sun City Palm Springs 82 N/A 82 N/A
 Total active adult
 communities 549 393 156 39.7 pct
 Coventry Homes 90 73 17 23.3 pct
 Total home closings 639 466 173 37.1 pct
 Nine months ended March 31,
 Amount Change
 1993 1992 Amount Percent
 Operating Data:
 Number of new home sales
 orders:
 Sun City West 684 597 87 14.6 pct
 Sun City Tucson 228 177 51 28.8 pct
 Sun City Las Vegas 548 485 63 13.0 pct
 Sun City Palm Springs 396 N/A 396 N/A
 Total active adult
 communities 1,856 1,259 597 47.4 pct
 Coventry Homes 266 293 (27) (9.2 pct)
 Total new home sales
 orders 2,122 1,552 570 36.7 pct
 Number of home closings:
 Sun City West 607 500 107 21.4 pct
 Sun City Tucson 198 159 39 24.5 pct
 Sun City Las Vegas 450 506 (56) (11.1 pct)
 Sun City Palm Springs 192 N/A 192 N/A
 Total active adult
 communities 1,447 1,165 282 24.2 pct
 Coventry Homes 322 148 174 117.6 pct
 Total home closings 1,769 1,313 456 34.7 pct
 At March 31,
 Amount Change
 1993 1992 Amount Percent
 Backlog Data:
 Homes under contract (backlog):
 Sun City West 561 479 82 17.1 pct
 Sun City Tucson 256 230 26 11.3 pct
 Sun City Las Vegas 438 363 75 20.7 pct
 Sun City Palm Springs 204 N/A 204 N/A
 Total active adult
 communities 1,459 1,072 387 36.1 pct
 Coventry Homes 157 199 (42) (21.1 pct)
 Total backlog 1,616 1,271 345 27.1 pct
 Aggregate contract sales
 amount (in millions) $251 $183 $68 37.2 pct
 Average contract sales amount
 per home (in thousands) $155.3 $144.0 $11.3 7.8 pct
 Three Months Ended March 31,
 Amount Change
 1993 1992 Amount Percent
 Average Revenue Per
 Home Closing:
 Sun City West $138,300 $134,000 $4,300 3.2 pct
 Sun City Tucson 147,000 150,000 (3,000) (2.0 pct)
 Sun City Las Vegas 149,100 147,900 1,200 0.8 pct
 Sun City Palm
 Springs 184,700 N/A 184,700 N/A
 Weighted average
 - active adult
 communities 152,400 142,300 10,100 7.1 pct
 Coventry Homes 109,200 100,900 8,300 8.2 pct
 Total weighted
 average 146,300 135,800 10,500 7.7 pct
 Operating Statistics
 and Averages:
 Gross margin as a
 percentage of
 revenues 23.1 pct 23.0 pct 0.1 pct 0.4 pct
 Selling, general and
 administrative
 expenses as a
 percentage of
 revenues 16.9 pct 17.1 pct (0.2 pct) (1.2 pct)
 Operating earnings
 as a percentage of
 revenues 6.2 pct 5.9 pct 0.3 pct 5.1 pct
 Average gross margin
 from home closings -
 per home (in
 thousands) $33.1 $31.8 $1.3 4.1 pct
 Ratio of home
 closings to homes
 under contract in
 backlog at beginning
 of period 43.4 pct 40.7 pct 2.7 pct 6.6 pct
 Nine Months Ended March 31,
 Amount Change
 1993 1992 Amount Percent
 Average Revenue Per
 Home Closing:
 Sun City West $135,000 $127,800 $7,200 5.6 pct
 Sun City Tucson 146,900 144,700 2,200 1.5 pct
 Sun City Las Vegas 147,900 145,800 2,100 1.4 pct
 Sun City Palm
 Springs 193,200 N/A 193,200 N/A
 Weighted average
 - active adult
 communities 148,400 137,900 10,500 7.6 pct
 Coventry Homes 104,300 109,400 (5,100) (4.7 pct)
 Total weighted
 average 140,300 134,700 5,600 4.2 pct
 Operating Statistics
 and Averages:
 Gross margin as a
 percentage of
 revenues 23.4 pct 22.7 pct 0.7 pct 3.1 pct
 Selling, general and
 administrative
 expenses as a
 percentage of
 revenues 16.6 pct 17.3 pct (0.7 pct) (4.0 pct)
 Operating earnings
 as a percentage of
 revenues 6.8 pct 5.4 pct 1.4 pct 25.9 pct
 Average gross margin
 from home closings -
 per home (in
 thousands) $32.7 $31.0 $1.7 5.5 pct
 Ratio of home
 closings to homes
 under contract in
 backlog at beginning
 of period 140.1 pct 127.2 pct 12.9 pct 10.1 pct
 -0- 4/23/93
 /CONTACT: Ken Plonski of Del Webb, 602-468-6871/
 (WBB)


CO: Del Webb Corp. ST: Arizona IN: CST SU: ERN

JL-KJ -- SD002 -- 9886 04/23/93 08:32 EDT
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