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UCP Reports Fourth Quarter And Year End Results

Stocks in this article: UCP

UCP, Inc. (NYSE:UCP) today announced its results of operations for the three months and full year ended December 31, 2013.

Fourth Quarter 2013 Highlights

  • Total consolidated revenue of $29.6 million
  • Revenue from homebuilding operations of $25.9 million
  • Home deliveries of 65 units
  • Net new home orders of 40 units
  • Land development revenue of $3.7 million
  • Consolidated gross margin of 20.0%

2013 Annual Highlights

  • Total consolidated revenue of $92.7 million
  • Revenue from homebuilding operations of $72.5 million
  • Lots owned and controlled increased to 5,380
  • Consolidated gross margin of 23.1%
  • Home deliveries of 196 units

“2013 was a hallmark year for UCP as we grew our homebuilding platform at a rapid pace, expanded in our existing markets and added a new region, Southern California, while strengthening our already robust land position. We are well positioned with a low leveraged balance sheet that provides us with capacity and flexibility that will support our growth,” stated Dustin Bogue, President and Chief Executive Officer of UCP. “During 2013, our homebuilding segment revenues grew 416% and we added nine new projects to our land portfolio encompassing 1,350 lots.”

Mr. Bogue continued, “Though we did experience a deceleration in our homebuilding operations in the second half of the year, primarily due to macroeconomic issues, including volatile mortgage interest rates and political uncertainty impacting buyer confidence, we believe the long term housing recovery remains intact. Our markets continue to exhibit strong fundamentals, including low housing stock, rising employment, and strong affordability. As we look to 2014, we are well positioned to grow revenue with both a strong pipeline of new opportunities as well as a continuation our community count expansion from our existing land base. To that end, in 2014 we opened models in two important multi-phase, master-planned communities; three neighborhoods at East Garrison in Monterey, California, and two neighborhoods at The Preserve in Tumwater, Washington.”

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