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Ryland Reports Results For The Fourth Quarter Of 2012

New orders increased 51.8 percent to 5,719 units for the year ended December 31, 2012, compared to new orders of 3,767 units for the same period in 2011. The Company had an average monthly sales absorption rate of 2.2 homes per community for the year ended December 31, 2012, versus 1.5 homes per community for the year ended December 31, 2011, and an average cancellation rate of 19.0 percent for the year ended December 31, 2012, versus 20.2 percent for the same period in 2011. For the year ended December 31, 2012, new order dollars increased 61.9 percent to $1.5 billion from $954.0 million for the same period in 2011.

Housing gross profit margin was 19.1 percent for the year ended December 31, 2012, compared to 16.7 percent for the same period in 2011. This improvement in housing gross profit margin was primarily attributable to a decline in direct construction and land costs; higher leverage of direct overhead expense due to an increase in the number of homes delivered; lower inventory and other valuation adjustments and write-offs; and reduced sales incentives and price concessions. For the year ended December 31, 2012, sales incentives and price concessions totaled 9.6 percent, compared to 11.2 percent for the same period in 2011.

Selling, general and administrative expense, including corporate, totaled 14.9 percent of homebuilding revenues for the year ended December 31, 2012, compared to 18.3 percent for the same period in 2011. This decrease in the selling, general and administrative expense ratio was primarily attributable to higher leverage resulting from increased revenues and to the impact of cost-saving initiatives, partially offset by higher compensation expense primarily due to the impact of fluctuations in the Company’s stock price.

The homebuilding segments recorded $16.1 million of interest expense for the year ended December 31, 2012, compared to $18.3 million for the same period in 2011. This decrease in interest expense from 2011 was primarily due to the capitalization of a greater amount of interest incurred during 2012, which resulted from a higher level of inventory under development, partially offset by interest incurred on additional senior notes issued in 2012.

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