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DEL WEBB REPORTS INCREASE IN HOME SALES, CLOSINGS AND BACKLOG; ANNOUNCES NON-OPERATING ACCOUNTING ADJUSTMENTS

 PHOENIX, April 1 /PRNewswire/ -- Del Webb Corp. (NYSE: WBB) reported companywide increases in home sales orders, closings and backlog for the quarter and nine-month periods ended March 31, 1993. Unit sales and closings for the nine months were an all-time high for that period.
 For the quarter, new sales orders increased to 781 units overall, a 32 percent increase over the corresponding period last year. Aggregate sales orders at its established Sun City communities in Phoenix, Las Vegas and Tucson increased 24 percent. The company's newest Sun City community in Palm Springs added 89 contracts, bringing the total sales orders for all active adult communities to 679 units, an increase of 43 percent over last year. The company's Phoenix-based conventional home builder, Coventry Homes, had 102 new sales orders, a decrease of 16 units from last year, due to a temporary shortage in lot availability.
 Closings for the quarter totaled 639 homes, an increase of 37 percent over last year's corresponding period. The company's Sun City communities had 549 closings for a 40 percent increase over last year. Coventry Homes had 90 closings, a 23 percent increase.
 For the nine-month period ended March 31, companywide sales orders increased 37 percent to 2,122 contracts. Sales at the company's Phoenix, Las Vegas and Tucson, Ariz., Sun Cities increased 16 percent. Sun City Palm Springs added 396 units, bringing the combined sales orders for all active adult communities to 1,856, an increase of 47 percent over last year. Coventry Homes had 266 sales orders in the nine-month period, a decrease of 27 units from last year, because of a short-term decrease in lot inventory.
 Closings for the nine-month period totaled 1,769 homes, a 35 percent increase over last year. The company's Sun City communities had 1,447 closings for a 24 percent increase over last year. Coventry Homes had 322 closings, a 118 percent increase over last year.
 Del Webb's backlog at March 31, 1993, increased to 1,616 contracts, an increase of 345, or 27 percent, from a year ago. The aggregate contract amount of the backlog is a company-record $251 million, an increase of 37 percent from a year ago.
 Philip J. Dion, Del Webb's Chairman, expressed satisfaction with the results, particularly those of the quarter. "This was a very challenging quarter due to delayed closings resulting from heavy rains, and the continuing poor sales environment in Southern California."
 In addition, the company announced two accounting items unrelated to continuing operations. The two items have no cash impact and, though a loss will be reflected for the company's third quarter, the items taken together have a net positive effect on earnings for the nine-month period ended March 31, 1993.
 First, after receiving its annual review of the valuation of discontinued commercial land development projects in Glendale, Ariz., and Colorado Springs, Colo., and reviewing 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 value. This will result in an after-tax loss from discontinued operations of approximately $11 million, to be reflected in the financial statements for the quarter and nine months ended March 31, 1993.
 Second, the company has decided to implement Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes, which requires that companies establish as an asset the tax benefits it expects to realize in future years. The pronouncement requires retroactive application as of the beginning of the company's fiscal year, so an increase of approximately $20 million in earnings because of the accounting change will be reflected in the financial statements for the company's first fiscal quarter, ended Sept. 30, 1992, and the nine months ended March 31, 1993.
 The company will release its third quarter revenues and operating results late in April 1993.
 Del Webb Corp. is the nation's leading developer of active adult communities with projects in the Phoenix and Tucson, Las Vegas and Palm Springs, Calif. metropolitan areas.
 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
 -0- 4/1/93
 /CONTACT: Ken Plonski of Del Webb, (office) 602-468-6871, or (home) 602-972-1210/
 (WBB)


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

BP-JB -- SD003 -- 2307 04/01/93 18:47 EST
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