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AV Homes, Inc. Announces Third Quarter Results

Stocks in this article: AVHI

SCOTTSDALE, Ariz., Nov. 6, 2013 (GLOBE NEWSWIRE) -- AV Homes, Inc. (Nasdaq:AVHI), a developer and builder of active adult and conventional home communities in Arizona, Florida and North Carolina, today announced results for its third quarter ended September 30, 2013. AV Homes reported third quarter revenue of $35.0 million, a 22% increase from $28.7 million in the third quarter of 2012. Net loss to stockholders for the third quarter of 2013 improved to $1.9 million, from a loss of $11.6 million in the third quarter of 2012.

For loss per share calculation purposes, net loss attributable to common stockholders in the third quarter of 2013 was $13.8 million, or $0.86 per share, which includes a reduction of $11.9 million, or $0.74 per share, for deemed dividends related to the recognition of a beneficial conversion feature embedded in the convertible preferred stock issued in connection with the $135 million investment made by TPG in June. This non-cash item was recorded in accordance with ASC 470-20 and has no net impact on total stockholders' equity or book value. This compares to a net loss attributable to common stockholders of $11.6 million, or $0.92 per share, in the third quarter of 2012.

President and Chief Executive Officer Roger A. Cregg said the Company continues to generate momentum on its strategy to increase revenues, improve gross margins, leverage its overhead expense and expand its geographic footprint. "Despite the slower market conditions the industry experienced in the third quarter as a result of the higher mortgage rates, increasing home prices and the political uncertainty in Washington, our order rates improved over the prior year on fewer community counts," Cregg said.

The increase in revenue for the third quarter of 2013 compared to the prior year period was driven by strong volume increases and improved pricing. During the third quarter of 2013, the Company closed on 147 homes, a 79% increase from the 82 homes closed during the third quarter of 2012. The dollar value of the closings reported in the third quarter of 2013 increased 83% to $31.9 million, from $17.4 million during the third quarter of 2012 as the average unit price per closing rose to $217,000 from $212,000 in the third quarter of 2012.

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