Printer Friendly

DEL WEBB REPORTS INCREASE IN SECOND QUARTER HOME SALES AND CLOSINGS

 PHOENIX, Jan. 5 /PRNewswire/ -- Del Webb Corp. (NYSE: WBB) today announced that for the second quarter ended Dec. 31, 1992, new sales orders increased 22 percent and closings increased 28 percent over the comparable quarter last year. The company also reported a 29 percent increase in its backlog of homes under contract.
 Companywide new sales orders for the second fiscal quarter increased to 565 from 463 in the corresponding quarter in 1991, due primarily to the addition of Sun City Palm Springs, which contributed 50 orders during the quarter. The company recorded an overall increase of 25 percent in new sales orders at its active adult communities.
 Total home closings increased to 650 from 507 in the second quarter last year, due to the initial closings at Sun City Palm Springs, and a significant increase in closings from Coventry Homes. Coventry recorded an increase in closings to 114 from 53 in the second quarter last year, while Sun City Palm Springs closed on 110 homes. Closings at Sun City Las Vegas declined during the quarter primarily as a result of fewer scheduled closings from beginning backlog.
 Del Webb's backlog at Dec. 31, 1992, increased to 1,474 from 1,144 a year ago, representing a contract amount of $231 million vs. $165 million a year ago. The backlog of homes increased at each Sun City community.
 For the six months ended Dec. 31, 1992, companywide new sales orders increased 40 percent to 1,341 from 959 in the first six months of last year. Home closings increased 33 percent to 1,130, from 847, primarily from initial closings at Sun City Palm Springs and increases at Coventry Homes.
 "Sun City Palm Springs, and to a lesser extent our other communities, continue to be challenged by adverse economic conditions in Southern California," said Philip J. Dion, chairman and chief executive officer. "In spite of this, the community made a very significant contribution to our overall performance during the quarter. Companywide, we recorded increases in home sales, closings and backlog and we are very proud of that accomplishment," he said. "We are also pleased that Coventry Homes is having an excellent year."
 The company will release its second-quarter revenue and earnings statement late in January 1993.
 Del Webb Corp. is the nation's leading developer of active adult communities, with projects in Phoenix and Tucson, Ariz., Las Vegas, and Palm Springs, Calif., metropolitan areas.
 DEL WEBB CORP. AND SUBSIDIARIES
 Selected Operating Data
 Three Months Ended Dec. 31,
 Amount Change
 1992 1991 Amount Percent
 Operating Data:
 Number of new home
 sales orders:
 Sun City West 215 187 28 15.0 pct.
 Sun City Tucson 82 51 31 60.8
 Sun City Las Vegas 138 151 (13) (8.6)
 Sun City Palm Springs 50 N/A 50
 Total active adult
 communities 485 389 96 24.7
 Coventry Homes 80 74 6 8.1
 Total new home
 sales orders 565 463 102 22.0
 Number of home closings:
 Sun City West 223 210 13 6.2
 Sun City Tucson 72 60 12 20.0
 Sun City Las Vegas 131 184 (53) (28.8)
 Sun City Palm Springs 110 N/A 110
 Total active adult
 communities 536 454 82 18.1
 Coventry Homes 114 53 61 115.1
 Total home closings 650 507 143 28.2
 Six Months Ended Dec. 31,
 Amount Change
 1992 1991 Amount Percent
 Operating Data:
 Number of new home
 sales orders:
 Sun City West 415 359 56 15.6 pct.
 Sun City Tucson 136 113 23 20.4
 Sun City Las Vegas 319 312 7 2.2
 Sun City Palm Springs 307 N/A 307
 Total active adult
 communities 1,177 784 393 50.1
 Coventry Homes 164 175 (11) (6.3)
 Total new home sales
 orders 1,341 959 382 39.8
 Number of home closings:
 Sun City West 399 335 64 19.1
 Sun City Tucson 113 109 4 3.7
 Sun City Las Vegas 276 328 (52) (15.9)
 Sun City Palm Springs 110 N/A 110
 Total active adult
 communities 898 772 126 16.3
 Coventry Homes 232 75 157 209.3
 Total home closings 1,130 847 283 33.4
 At Dec. 31,
 Amount Change
 1992 1991 Amount Percent
 Backlog Data:
 Homes under contract
 (backlog):
 Sun City West 500 406 94 23.2 pct.
 Sun City Tucson 249 216 33 15.3
 Sun City Las Vegas 383 368 15 4.1
 Sun City Palm Springs 197 N/A 197
 Total active adult
 communities 1,329 990 339 34.2
 Coventry Homes 145 154 (9) (5.8)
 Total backlog 1,474 1,144 330 28.8
 Aggregate contract sales
 amount (dollars in
 millions) $231.0 $165.0 $66.0 40.0
 -0- 1/5/93 R
 /CONTACT: Ken Plonski of Del Webb, 602-468-6871 or (home) 602-972-1210/
 (WBB)


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

KJ-BP -- SD001R -- 1601 01/05/93 09:55 EST
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:Jan 5, 1993
Words:816
Previous Article:REGAL COMMUNICATIONS ISSUES ANNOUNCEMENT
Next Article:EPA TO CONDUCT CHEMICAL SAFETY AUDIT AT DUPONT LOUISVILLE (KY.) WORKS
Topics:


Related Articles
DEL WEBB REPORTS EARNINGS INCREASE
DEL WEBB CORP. REPORTS THIRD QUARTER RESULTS
DEL WEBB REPORTS INCREASES IN HOME ORDERS, CLOSINGS AND BACKLOG
DEL WEBB REPORTS SECOND QUARTER EARNINGS
DEL WEBB REPORTS INCREASE IN THIRD QUARTER EARNINGS
DEL WEBB REVENUES NEARLY DOUBLE, EARNINGS TRIPLE IN COMPANY'S FIRST QUARTER; NEW COMMUNITIES BOOST ORDERS, CLOSING AND BACKLOG INCREASES
DEL WEBB EARNINGS RISE 39% IN SECOND QUARTER NEW ORDERS, CLOSINGS AND BACKLOG ALL INCREASE
Del Webb Announces Second Quarter Increases in Orders, Closings
Del Webb Posts Third Quarter Increases In Revenue And Earnings
Del Webb Reports First Quarter Earnings of $6.1 Million New Home Orders Increase 13%

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