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Ryland Reports Results For The Fourth Quarter Of 2012

The Ryland Group, Inc. (NYSE: RYL), today announced results for its quarter ended December 31, 2012. Items of note included:

  • Net income from continuing operations totaled $28.9 million, or $0.56 per diluted share, for the quarter ended December 31, 2012;
  • New orders increased 64.1 percent to 1,493 units for the fourth quarter of 2012 from 910 units for the fourth quarter of 2011. New order dollars rose 82.0 percent to $425.9 million for the fourth quarter of 2012 from $234.0 million for the same period in 2011;
  • Closings increased 58.9 percent to 1,567 units for the quarter ended December 31, 2012, compared to 986 units for the same period in the prior year;
  • Backlog rose 61.4 percent to 2,391 units at December 31, 2012, from 1,481 units at December 31, 2011;
  • Active communities increased 12.8 percent to 238 communities at December 31, 2012, from 211 communities at December 31, 2011;
  • Revenues totaled $440.1 million for the quarter ended December 31, 2012, representing a 68.3 percent increase from $261.4 million for the quarter ended December 31, 2011;
  • Average closing price increased 5.9 percent to $270,000 for the quarter ended December 31, 2012, from $255,000 for the same period in 2011;
  • Housing gross profit margin was 20.0 percent for the fourth quarter of 2012, compared to 18.1 percent for the fourth quarter of 2011;
  • Selling, general and administrative expense (including corporate) totaled 13.4 percent of homebuilding revenues for the fourth quarter of 2012, compared to 16.4 percent for the fourth quarter of 2011;
  • Cash, cash equivalents and marketable securities totaled $614.6 million at December 31, 2012, with no outstanding borrowings against the Company‚Äôs $75.0 million financial services credit facility; and
  • Net debt-to-capital ratio was 50.8 percent at December 31, 2012, compared to 36.7 percent at December 31, 2011.

RESULTS FOR THE FOURTH QUARTER OF 2012

For the quarter ended December 31, 2012, the Company reported net income from continuing operations of $28.9 million, or $0.56 per diluted share, compared to net income of $1.3 million, or $0.03 per diluted share, for the same period in 2011. There were no pretax charges related to early retirement of debt for the quarter ended December 31, 2012, compared to $274,000 for the quarter ended December 31, 2011. The Company had pretax charges related to feasibility cost write-offs that totaled $300,000 for the quarter ended December 31, 2012, compared to $1.1 million of inventory and other valuation adjustments and write-offs for the same period in 2011.

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