- Total revenue increased to $43.9 million from $25.1 million
- Homebuilding revenue increased 25% to $28.1 million
- Net loss per share narrowed to ($0.09)
- Closings increased 24% to 100 units
- Net new orders increased 70% to $49.9 million on a 48% increase in units
- Backlog increased 83% to $97.2 million on 388 units
- Company completes acquisition of Royal Oak Homes in First Quarter
- Company enters into $65 million Senior Secured Credit Facility in April 2014
SCOTTSDALE, Ariz., May 7, 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 first quarter ended March 31, 2014. AV Homes reported a first quarter net loss of $1.9 million, or ($0.09) per share, compared to a net loss of $4.8 million, or ($0.38) per share, in the first quarter of 2013. Total revenue for the first quarter of 2014 increased 75% to $43.9 million from $25.1 million in the first quarter of 2013.
Roger A. Cregg, President and Chief Executive Officer, commented, "Despite a softer start to the spring selling season than anticipated, we had a solid first quarter highlighted by an increase of 24% in homes delivered, 48% increase in net new orders, 25% growth in homebuilding revenue and narrowing the net loss by 60% in the first quarter of 2014 compared to the same period last year. We completed the acquisition of Royal Oak Homes in Central Florida and continued to selectively acquire and open new communities in support of our long-term growth strategy. We enter the second quarter of 2014 with a strong financial position and adequate liquidity to support further growth opportunities. We remain optimistic about our business and continue to focus on improving our profitability."