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Ryland Reports Results For The Fourth Quarter Of 2012

Stocks in this article: RYL

The Company’s net loss from discontinued operations totaled $374,000, or $0.01 per diluted share, for the quarter ended December 31, 2012, compared to a net loss of $451,000, or $0.01 per diluted share, for the same period in 2011.

ANNUAL RESULTS FOR 2012

For the year ended December 31, 2012, the Company reported net income from continuing operations of $42.4 million, or $0.88 per diluted share, compared to a net loss of $29.9 million, or $0.67 per diluted share, for the same period in 2011. Pretax charges related to early retirement of debt totaled $9.1 million and $1.6 million for the years ended December 31, 2012 and 2011, respectively. The Company had pretax charges related to inventory and other valuation adjustments and write-offs that totaled $6.3 million and $17.3 million for the years ended December 31, 2012 and 2011, respectively.

The homebuilding segments reported pretax earnings of $63.9 million for the year ended December 31, 2012, compared to a pretax loss of $16.8 million for the same period in 2011. This increase was primarily due to a rise in closing volume; higher housing gross profit margin, including lower inventory and other valuation adjustments and write-offs; a decline in interest expense; and a reduced selling, general and administrative expense ratio.

Homebuilding revenues increased 47.3 percent to $1.3 billion for the year ended December 31, 2012, compared to $862.6 million for the same period in 2011. This rise in homebuilding revenues was primarily attributable to a 40.9 percent increase in closings that totaled 4,809 units for the year ended December 31, 2012, compared to 3,413 units for the same period in 2011, as well as to a 4.8 percent increase in average closing price, which was $263,000 for the year ended December 31, 2012, versus $251,000 for the same period in 2011. Homebuilding revenues for the year ended December 31, 2012, included $7.7 million from land sales, which resulted in pretax earnings of $2.5 million, compared to homebuilding revenues for the same period in 2011 that included $5.4 million from land sales, which resulted in pretax earnings of $426,000.

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