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Ryland Reports Results For The Third Quarter Of 2012

The Ryland Group, Inc. (NYSE: RYL) today announced results for its quarter ended September 30, 2012. Items of note included:
  • Net income from continuing operations totaled $10.4 million, or $0.21 per diluted share, for the quarter ended September 30, 2012. Net income from continuing operations included the impact of early retirement of debt costs of $9.1 million and valuation adjustments and write-offs of $3.5 million, and totaled $23.1 million, or $0.45 per diluted share, for the third quarter of 2012, excluding these items;
  • New orders increased 55.8 percent to 1,500 units for the third quarter of 2012 from 963 units for the third quarter of 2011. For the third quarter of 2012, new order dollars rose 61.3 percent to $393.4 million from $243.9 million for the same period in 2011;
  • Closings increased 37.4 percent to 1,312 units for the quarter ended September 30, 2012, compared to 955 units for the same period in the prior year;
  • Backlog rose 58.3 percent to 2,465 units at September 30, 2012, from 1,557 units at September 30, 2011;
  • Active communities increased 11.4 percent to 235 communities at September 30, 2012, from 211 communities at September 30, 2011;
  • Revenues totaled $358.7 million for the quarter ended September 30, 2012, representing a 44.3 percent increase from $248.6 million for the quarter ended September 30, 2011;
  • Average closing price increased 4.8 percent to $264,000 for the quarter ended September 30, 2012, from $252,000 for the same period in 2011;
  • Housing gross profit margin was 20.0 percent, excluding valuation adjustments and write-offs, for the third quarter of 2012, compared to 17.8 percent for the third quarter of 2011. Including valuation adjustments and write-offs, housing gross profit margin was 19.1 percent for the third quarter of 2012, compared to 17.7 percent for the same period in the prior year;
  • Debt issuance of $250.0 million of 5.4 percent senior notes due October 2022;
  • Redemption of $167.2 million of 6.9 percent senior notes due June 2013;
  • Selling, general and administrative expense (including corporate) totaled 13.8 percent of homebuilding revenues for the third quarter of 2012, compared to 18.4 percent for the third quarter of 2011;
  • Cash, cash equivalents and marketable securities totaled $799.7 million at September 30, 2012; and
  • Net debt-to-capital ratio was 41.2 percent at September 30, 2012, compared to 36.7 percent at December 31, 2011.

RESULTS FOR THE THIRD QUARTER OF 2012

For the quarter ended September 30, 2012, the Company reported net income from continuing operations of $10.4 million, or $0.21 per diluted share, compared to a net loss of $3.9 million, or $0.09 per diluted share, for the same period in 2011. Pretax charges related to early retirement of debt totaled $9.1 million and $477,000 during the quarters ended September 30, 2012 and 2011, respectively. Additionally, the Company had pretax charges related to valuation adjustments and write-offs that totaled $3.5 million and $1.3 million for the quarters ended September 30, 2012 and 2011, respectively.

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