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AV Homes, Inc. Announces Fourth Quarter And 2012 Year-End Results

SCOTTSDALE, Ariz., March 14, 2013 (GLOBE NEWSWIRE) -- AV Homes, Inc. (Nasdaq:AVHI), a developer and builder of active adult and conventional home communities in Arizona and Florida, today announced results for its fourth quarter and fiscal year ended December 31, 2012.

The Company reported a net loss of $90.2 million or $7.19 per diluted share on revenues of $107.5 million for the year ended December 31, 2012, compared to a net loss of $165.9 million or $13.33 per diluted share on revenues of $89.0 million for the year ended December 31, 2011. The 2012 and 2011 year-end results included non-cash impairments of $59.0 and $129.9 million, respectively.

For the three months ended December 31, 2012, the Company reported a net loss of $58.9 million or $4.67 per diluted share on revenues of $33.2 million, compared to a net loss of $17.7 million or $1.42 per diluted share on revenues of $33.7 million for the three months ended December 31, 2011. The fourth quarter results were impacted by a $51.7 million non-cash impairment charge related primarily to land valuations at selected properties in Arizona and Central Florida.   

For the three months ended December 31, 2012, the Company closed on 102 homes, an 82% increase from the 56 homes closed during the three months ended December 31, 2011. Homebuilding revenues increased 69% to $24.0 million, compared to $14.2 million for three months ended December 31, 2011. For the year ended December 31, 2012, the Company closed on 306 homes, a 76% increase compared to 174 homes during the year ended December 31, 2011. Homebuilding revenues increased to $69.5 million, compared to $41.3 million for the year ended December 31, 2011.  

The number of housing contracts signed, net of cancellations, during the three months ended December 31, 2012 increased 53% to 87 contracts compared to 57 for the three months ended December 31, 2011. The dollar volume of contracts signed during the fourth quarter increased 54% to $18.6 million compared to $12.0 million for the three-months ended December 31, 2011. The number of housing contracts signed, net of cancellations, for the year ended December 31, 2012 increased 72% to 393, compared to 229 for the year ended December 31, 2011. The dollar volume of contracts signed increased by 77% to $91.0 million for the year ended December 31, 2012, compared to $51.5 million for the same period in 2011. The average unit price of new contracts during the fourth quarter of 2012 increased to $213,000 compared to $211,000 in the fourth quarter of 2011.

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