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.
The Company will hold a conference call and webcast on Thursday, May 9, 2013 to discuss its first quarter financial results. The conference call will begin at 8:30 a.m. 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 May 9, 2013 at 5:00 p.m. EDT and can be accessed by dialing (855) 859-2056 or for international callers by dialing (404) 537-3406; the conference ID is 59358300. The replay will be available until May 16, 2013. In order to access the live webcast, please go to the Investors section of AV Homes' website at www.avhomesinc.com 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 homebuilding, community development and land sales in Florida and Arizona. Its principal operations are conducted near Orlando, Florida and in the Phoenix, Arizona markets. The company serves active adults 55+ with its Vitalia brand and also builds communities for people of all ages under its Joseph Carl Homes brand. AV Homes common shares trade on NASDAQ under the symbol AVHI.
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