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NVR, INC., ANNOUNCES RESULTS FOR ITS THIRD QUARTER ENDED SEPT. 30, 1993

 MCLEAN, Va., Nov. 15 /PRNewswire/ -- NVR, Inc. (AMEX: NVR), today reported financial and operating results for its third quarter ended Sept. 30, 1993. The company said pre-tax operating income before extraordinary gains, expenses and adjustments primarily related to its emergence from Chapter 11, rose from $6.9 million in the third quarter of 1992 to $8.6 million in the same period in 1993. Total revenues increased from $214.1 million to $215.3 million. The company also said that the net income for the period was $123.3 million compared to $3.2 million during the third quarter of 1992. The net income in the third quarter of 1993 included an extraordinary gain of $143.8 million which was primarily a result of NVR's subordinated debt being exchanged for equity in connection with NVR emerging from its Chapter 11 reorganization proceeding on Sept. 30, 1993.
 In NVR's home-building business, the number of units in backlog increased 20 percent from 1,705 at Sept. 30, 1992, to 2,050 at Sept. 30, 1993, and the total dollar value increased 21 percent from $290.8 million at Sept. 30, 1992, to $351.6 million at Sept. 30, 1993.
 NVR's management expects a loss in the fourth quarter of 1993 due primarily to a non-cash $9.0 million "step-up" in its home-building inventory at Sept. 30, 1993, which will increase cost of goods sold during the fourth quarter of 1993. This step-up was required by Statement of Position 90-7, "Financial Reporting by Entities in Reorganization Under the Bankruptcy Code," issued by the American Institute of Certified Public Accountants. NVR emphasized that it expects positive cash flow for the fourth quarter from its operating segments.
 NVR, INC.
 Consolidated Statement of Operations
 (in thousands)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Total revenues $ 215,271 $ 214,102 $ 577,974 $ 589,140
 Total operating income
 before extraordinary
 gain, reorganization
 expenses, fresh start
 accounting adjustments/
 new accounting requirements
 and income taxes $ 8,641 $ 6,874 $ 25,721 $ 7,447
 Extraordinary gain --
 extinguishment of debt
 upon emergence from
 bankruptcy 143,809 -- 143,809 --
 Reorganization expenses (2,550) (2,235) (10,619) (7,054)
 Fresh start accounting
 adjustments/new
 accounting requirements (18,779) -- (18,779) --
 Income taxes (7,866) (1,407) (8,048) (548)
 Net income (loss) $ 123,255 $ 3,232 $ 132,084 $ (155)
 Homebuilding Unit Data
 New orders (units) 870 763 3,389 3,111
 Settlements (units) 1,122 1,192 3,059 3,254
 Backlog (units) 2,050 1,705 -- --
 Backlog ($) (000's) 351,633 290,795 -- --
 -0- 11/15/93
 /CONTACT: Doug Poretz of NVR, 703-506-1778, or, home, 703-448-1312/
 (NVR)


CO: NVR, Inc. ST: Virginia IN: CST SU: ERN

DC-DS -- DC040 -- 4706 11/15/93 17:17 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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