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UCP, Inc. Reports Third Quarter 2013 Results

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

Third Quarter 2013 Highlights

  • Total consolidated revenue of $23.6 million
  • Revenues from homebuilding operations of $21.4 million
  • Land and lots under control increase to 6,659
  • Homebuilding adjusted gross margin of 24.3%
  • Home deliveries of 62 units
  • Net new home orders of 44 units
  • Land development revenue of $2.2 million
  • Land development adjusted gross margin of 36.4%

“In the third quarter we made great strides on the homebuilding segment of our business. We achieved strong growth in the number of our active selling communities, homebuilding revenues, land position and backlog,” stated Dustin Bogue, President and Chief Executive Officer of UCP. “The investments we have made in our business are driving continued growth in our operations. Specifically, our success in building our land under control in key high demand markets in California and our backlog, positions UCP very well for the future.”

Third Quarter 2013 Operating Results

Total revenue for the three months ended September 30, 2013 increased by $0.3 million, or 1.4%, to $23.6 million, as compared to $23.3 million for the three months ended September 30, 2012. Revenue growth was primarily the result of an increase number of selling communities and higher average sales prices.

Revenue from homebuilding operations in the third quarter rose by $20.0 million, to $21.4 million, as compared to $1.4 million for the same period last year. The improvement was primarily the result of an increase in the number of homes delivered to 62 during the 2013 period, as compared to five homes during the 2012 period, and the increase in the average selling price of homes to approximately $345,000 during the 2013 period, as compared to approximately $271,000 during the third quarter of 2012. Of this increase, $15.4 million was related to the growth in units delivered and $4.6 million was related to the rise in average selling price. Average selling price during the third quarter grew primarily as the result of strong geographic mix.

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