Avatar Reports 2009 Results

CORAL GABLES, Fla., March 16 /PRNewswire-FirstCall/ -- Avatar Holdings Inc. (Nasdaq: AVTR) today reported a net loss for 2009 of $28,983,000 ( $3.11 per share, diluted) on revenues of $73,501,000 compared with a net loss for 2008 of $109,876,000 ( $12.85 per share, diluted) on revenues of $110,366,000.    

For the year ended December 31, 2009, Avatar reported a pre-tax loss of $61,843,000, of which $21,847,000 is impairment charges, $4,657,000 is a loss on fourth quarter land sales, and $35,339,000 is a loss from operations.

During the year ended December 31, 2009, we closed on 230 homes, a 6.9% decrease from the 247 homes closed during the year ended December 31, 2008.  Dollar volume decreased by 32.1% to $44,827,000, compared to $66,060,000 for the year ended December 31, 2008.

The number of housing contracts signed, net of cancellations, for the year ended December 31, 2009 increased by 27.6% to 199, compared to 156 for the year ended December 31, 2008.  The dollar volume of contracts signed declined by 7.5% compared to the year ended December 31, 2008, to $34,218,000, compared to $37,008,000.

The number of units in backlog was 25 at December 31, 2009, compared to 56 at December 31, 2008.  The aggregate dollar volume of our backlog at December 31, 2009 was $5,469,000, compared to $16,079,000 at December 31, 2008.

Avatar's assets at December 31, 2009 totaled $594,719,000, of which $217,132,000 was cash, compared to $594,812,000 at December 31, 2008, of which $175,396,000 was cash. Total debt as of December 31, 2009 was $119,002,000, compared to $131,061,000 as of December 31, 2008.  Stockholders' equity at December 31, 2009 was $445,119,000, compared to $429,511,000 at December 31, 2008.  

At December 31, 2009, there were 11,355,451 shares of Avatar Common Stock outstanding with a book value of $39.20 per share.  

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