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UCP, Inc. Reports Second Quarter 2013 Results

Stocks in this article: UCP

UCP, Inc. (NYSE:UCP) today announced its results of operations for the three months ended June 30, 2013.

Second Quarter 2013 Highlights and Comparisons to the Second Quarter 2012

Total consolidated revenue increased to $27.7 million from $1.4 million year over yearHomebuilding revenue of $20.9 millionHomebuilding gross margin of 21.2%, adjusted gross margin of 22.6%Home deliveries of 57 units with average selling price of approximately $367,000New home orders of 59 unitsCancellation rate of 4.8%Nine active selling communities at quarter endLand development revenue of $6.8 million from 54 lotsLand development gross margin of 24.6%, adjusted gross margin of 24.8%Lots owned and controlled at end of quarter of 5,845Debt to capital ratio of 23.4% and net debt to capital ratio of 22.4% at the end of the quarter

“UCP’s success during the past quarter has been the result of our team’s experience, our opportunistic land purchases during the housing downturn, and our ability to build differentiated communities and homes primarily in the robust markets of Northern California and Washington State.” stated Dustin Bogue President and Chief Executive Officer of UCP.

Mr. Bogue continued, “Despite the recent rise in interest rates, we continue to see strong traffic and new home orders in our communities due to favorable community locations and expanding demand. As we move ahead, we will continue to acquire land, open new communities, and leverage our cost base through higher selling prices.”

Second quarter 2013 operating results

UCP’s net loss decreased to $1.1 million in the second quarter of 2013 compared to $2.2 million for the second quarter of 2012, primarily driven by an increase in revenue that was partly offset by a lower gross margin and higher SG&A, and included approximately $0.9 million of non-recurring IPO related costs.

Total revenue was $27.7 million in the second quarter of 2013 compared to $1.4 million for the second quarter a year ago. Homebuilding revenue for the second quarter of 2013 increased to $20.9 million from $1.4 million in the second quarter of 2012. The Company delivered 57 homes from an average of seven communities during the second quarter, compared to six homes delivered from an average of two communities in the prior year second quarter. The average sales price of homes delivered increased 53.6% year over year to $367,000 for the second quarter, primarily attributable a higher mix of deliveries in communities with higher average selling prices. Land Development revenue was $6.8 million from 54 lots sold during the second quarter of 2013.

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