The backlog of homes under contract but not yet closed at December 31, 2012 increased 89% to 185 units representing a contract amount of $43.1 million, compared to 98 units with a value of $21.5 million at December 31, 2011. The average price of a unit in backlog at December 31, 2012 was approximately $233,000.
During the year ended December 31, 2012, the Company reported $26.6 million in revenue from the sale of commercial, industrial and other lands which generated $8.0 million in income to the Company, compared to $31.7 million in land sales which generated $3.6 million of income for the same period in 2011.
President and Chief Executive Officer Roger Cregg said the 12-month operating results point to improvements both within the Company and the industry. "During the course of 2012 we continued to position AV Homes to take advantage of what we saw as improving market conditions. Those actions resulted in increased sales, closings and backlog," he said. "We continued to make progress toward regaining profitability while managing the disposition of some of our legacy assets. We are making important progress within many areas of our operations that will drive continued improvement throughout 2013," he added.
The Company will hold a conference call and webcast on Friday, March 15, 2013 to discuss its fourth quarter and year-end financial results for 2012. The conference call will begin at 8:30am (EDT). The conference call can be accessed live over the telephone by dialing (877) 643-7158, or for international callers by dialing (914) 495-8565. Please dial-in 10 minutes before the start of the call. A replay will be available on March 15, 2013 at 12:00 pm (EDT) and can be accessed by dialing (855) 859-2056, or for international callers by dialing (404) 537-3406; the conference ID is 21207555. The replay will be available until Friday, March 22, 2013. In order to access the live webcast, please go to the Investors section of AV Homes' website at
and click on the webcast link that will be made available. A replay will be available shortly after the original webcast.
AV Homes, Inc. is engaged in real estate operations in Florida and Arizona. Its principle operations are conducted at its active adult communities of Solivita near Orlando, Florida, Vitalia at Tradition in Port St. Lucie, Florida, and CantaMia near Phoenix, Arizona. The company also builds communities for people of all ages in the Orlando and Phoenix areas under its Joseph Carl Homes brand. AV Homes' common shares trade on NASDAQ under the symbol AVHI.