Jeffrey T. O'KeefeThank you. Before I turn the call over to Ara, I would like to read the following about forward-looking statements. All statements made during this conference call that are not historical facts should be considered as forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to, changes in general and economic and industry and business conditions and impacts of the sustained homebuilding downturn; adverse weather and other environmental conditions and natural disasters; changes in market conditions and seasonality of the company's business; changes in home prices and sales activity in the markets where the company builds homes; government regulation, including regulations concerning development of land, the homebuilding, sales and customer financing process, tax laws and the environment; fluctuations in interest rates and the availability of mortgage financing; shortages in and price fluctuations of raw materials and labor; the availability and cost of suitable land and improved lots; levels of competition; availability of financing to the company; utility shortages and outages or rate fluctuations; levels of indebtedness and restrictions on the company's operations and activities imposed by the agreements governing the company's outstanding indebtedness; the company's sources of liquidity; changes in credit ratings; availability of net operating loss carryforwards; operations through joint ventures with third parties; product liability litigation, warranty claims and claims by mortgage investors; successful identification and integration of acquisitions; significant influence of the company's controlling stockholders; changes in tax laws affecting the after-tax costs of owning a home; geopolitical risks, terrorist attacks and other acts of war; and other factors described in detail in the company's annual report on the Form 10-K for the year ended October 31, 2011. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, changed circumstances or any other reason.
I would now like to turn the call over to Ara Hovnanian, our Chairman, President and Chief Executive Officer. Ara, please go ahead.Ara K. Hovnanian Good morning, and thank you for participating in today's call to review the results of our first quarter ended January 31, 2012. Joining me today from the company are Larry Sorsby, Executive Vice President and CFO; Brad O'Connor, Vice President, Chief Accounting Officer and Corporate Controller; David Valiaveedan, Vice President, Finance and Treasurer; and Jeff O'Keefe, Vice President of Investor Relations. On Slide 3, you can see a brief summary of our first quarter results and comparisons to the prior year's first quarter. As you can see, our net contract, community count, net contracts per community, deliveries, backlog and total revenues all increased year-over-year in the first quarter of 2012. This is the first quarterly year-over-year increase in total revenues since the third quarter of 2006. After 21 straight quarters of decline, it feels good to reverse this trend. We are hopeful that our positive sales results will continue and drive additional revenue growth, going forward. As we have said previously, our path to returning to profitability is very related on our ability to grow the top line. Our net loss was less this quarter than it was in the year-ago period. From a macroeconomic perspective, things definitely feel better right now. There are more positive trends than negative trends grabbing the headlines. Mortgage rates remain low. The energy sector is booming. There are fewer discussions about fears of a double-dip recession. Consumer confidence is improving. And there is pent-up demand on the sidelines right now. The key to unlocking this pent-up demand is job growth. And there is some evidence of a slight improvement in the labor market, which bodes well for our industry if it continues.
With this economic backdrop, our net contracts have improved significantly. If you turn to Slide 4, you see that on an absolute basis, net contracts increased 27% in the first quarter to 1,079 homes and the second quarter is off to an even better start. We signed 528 net contracts in February of '12, a 38% increase when compared to 384 net contracts in February a year ago with the same number of weekends. In addition to our community count increase year-over-year, we also saw solid increases in net contracts per community.Slide 5 shows monthly net contracts per community for the past year. Each month in the first quarter posted similar year-over-year increases in net contracts per community. 8 of the past 12 months have shown year-over-year increases in net contracts per community. Read the rest of this transcript for free on seekingalpha.com