This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

AV Homes Reports Financial Results For Fourth Quarter 2013

Stocks in this article: AVHI

Earnings per share increased to $0.08 Homebuilding revenue increased 72% to $45.2 million Home closings increased 68% to 171

SCOTTSDALE, Ariz., March 13, 2014 (GLOBE NEWSWIRE) -- AV Homes, Inc. (Nasdaq:AVHI) ("AV Homes" or the "Company"), a developer and builder of active adult and conventional home communities in Arizona, Florida and North Carolina, today announced results for its fourth quarter and full year ended December 31, 2013. AV Homes reported fourth quarter net income of $1.8 million, or $0.08 per share, compared to a net loss of ($58.9) million, or ($4.67) per share in the fourth quarter of 2012, which included a non-cash impairment charge of ($51.7) million. Total revenue for the fourth quarter of 2013 increased 63% to $54.0 million from $33.2 million in the fourth quarter of 2012.

Roger A. Cregg, President and Chief Executive Officer, commented, "2013 was a very good year for AV Homes, with homebuilding revenue growing by 65% and net new orders increasing 18%, homes delivered up by 57%, improving gross margin by 550 basis points, and significantly improving our SG&A leverage, each improving over 2012 performance. While the improving housing market contributed to these results, they also reflect our strategic efforts to improve our operational performance and expand our presence in our core markets." Mr. Cregg continued, "We are entering 2014 with newly acquired land positions for deliveries in the year, a strong balance sheet ending 2013 with $145 million in cash and a low debt-to-total capital ratio. We remain optimistic about our business and continue to focus on improving our profitability."

The increase in total revenue for the fourth quarter of 2013 compared to the prior year period included a 72% increase in total homebuilding-related revenue to $45.2 million, and a $0.9 million increase in land sales to $6.7 million. The increase in homebuilding revenue was driven by strong volume increases and improved selling prices. During the fourth quarter of 2013, the Company closed on 171 homes, a 68% increase from the 102 homes closed during the fourth quarter of 2012, and the average unit price per closing rose 6.0% to $249,000 from $235,000 in the fourth quarter of 2012.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,380.41 +263.17 1.63%
S&P 500 1,886.76 +24.00 1.29%
NASDAQ 4,258.4380 +41.0480 0.97%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs