This Day On The Street
Continue to site
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

AV Homes Reports Results For First Quarter 2014

  • 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."

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs