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Ryland Reports Results For The Second Quarter Of 2013

The Ryland Group, Inc. (NYSE: RYL), today announced results for its quarter ended June 30, 2013. Items of note included:

  • Net income from continuing operations totaled $231.2 million, or $4.16 per diluted share, for the second quarter of 2013. Excluding a reversal of the deferred tax asset valuation allowance of $187.5 million, the Company’s net income totaled $43.8 million, or $0.80 per diluted share, for the quarter ended June 30, 2013, compared to net income of $6.0 million, or $0.14 per diluted share, for the same period in 2012;
  • Revenues totaled $493.0 million for the quarter ended June 30, 2013, representing a 67.8 percent increase from $293.8 million for the quarter ended June 30, 2012;
  • New orders increased 56.7 percent to 2,191 units for the second quarter of 2013 from 1,398 units for the second quarter of 2012. New order dollars rose 77.9 percent to $676.7 million for the second quarter of 2013 from $380.3 million for the same period in 2012;
  • Average monthly sales absorption rate was 2.9 homes per community for the quarter ended June 30, 2013, versus 2.2 homes per community for the quarter ended June 30, 2012;
  • Closings increased 48.8 percent to 1,659 units for the quarter ended June 30, 2013, compared to 1,115 units for the same period in the prior year;
  • Backlog rose 61.0 percent to 3,667 units at June 30, 2013, from 2,277 units at June 30, 2012;
  • Active communities increased 24.4 percent to 260 communities at June 30, 2013, from 209 communities at June 30, 2012;
  • Average closing price increased 13.0 percent to $287,000 for the quarter ended June 30, 2013, from $254,000 for the same period in 2012;
  • Average cancellation rate of 14.0 percent for the quarter ended June 30, 2013, versus 20.0 percent for the same period in 2012;
  • Housing gross profit margin was 20.4 percent for the second quarter of 2013, compared to 18.7 percent for the second quarter of 2012;
  • Controlled lots, including lots held in unconsolidated joint ventures, increased 42.6 percent to 36,748 lots at June 30, 2013, compared to 25,774 lots at June 30, 2012. At June 30, 2013, optioned lots were 44.2 percent of total lots controlled;
  • Selling, general and administrative expense totaled 12.3 percent of homebuilding revenues for the second quarter of 2013, compared to 16.3 percent for the second quarter of 2012;
  • Cash, cash equivalents and marketable securities totaled $705.4 million at June 30, 2013; and
  • Net debt-to-capital ratio was 47.0 percent at June 30, 2013, compared to 50.8 percent at December 31, 2012.

RESULTS FOR THE SECOND QUARTER OF 2013

For the quarter ended June 30, 2013, the Company reported net income from continuing operations of $231.2 million, or $4.16 per diluted share. Excluding a reversal of the deferred tax asset valuation allowance of $187.5 million, the Company’s net income totaled $43.8 million, or $0.80 per diluted share, for the quarter ended June 30, 2013, compared to net income of $6.0 million, or $0.14 per diluted share, for the same period in 2012.

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