During the three months ended March 31, 2013, the Company reported $2.3 million in revenue from the sale of commercial, industrial and other lands, which generated $1.4 million in net income to the Company compared to $9.1 million in revenue and $3.1 million in net income during the first quarter of 2012.President and Chief Executive Officer Roger A. Cregg said the Company's dual initiatives of growing revenue and lowering costs through operational efficiency are improving bottom line performance. "We continue to focus on improving our building processes to drive margin improvement and better align our product offerings with our customers' expectations. During the quarter, this process contributed to an increase in our contribution margin (excluding impairments) from 13% to 16% on a year-over-year basis," Cregg said. "We are also benefitting from the strengthening homebuilding economy, especially in Central Florida where we have a significant inventory of lots and land. We are now deploying some of these assets into our Joseph Carl Homes division to serve first-time and move-up home buyers. The Orlando market is experiencing a decline in community inventories and we are well positioned to take advantage of this trend," Cregg added.
AV Homes, Inc. Announces First Quarter Results
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