AV Homes, Inc. Announces First Quarter Results

SCOTTSDALE, Ariz., May 8, 2013 (GLOBE NEWSWIRE) -- AV Homes, Inc. (Nasdaq:AVHI) a developer and builder of active adult and conventional home communities in Arizona and Florida, today announced results for its first quarter ended March 31, 2013.

The Company reported a net loss $4.8 million, or 38 cents per diluted share, on revenues of $25.1 million for the three months ended March 31, 2013, compared to a net loss of $8.5 million, or 68 cents per diluted share, on revenues of $26.7 million for the three months ended March 31, 2012.

During the three months ended March 31, 2013, the Company closed on 81 homes, a 29% increase from the 63 homes closed during the first three months of 2012. The dollar volume of these closings increased 37% to $20.2 million, compared to a dollar volume of $14.7 million during the same period in 2012.

The number of housing contracts signed, net of cancellations, during the three months ended March 31, 2013 increased 27% to 135 units, compared to 106 units during the same period in 2012. The dollar value of the contracts signed during the first quarter increased 27% to $29.4 million, compared to $23.2 million during the same period one year ago. The backlog of homes under contract but not yet closed at March 31, 2013 increased 70% to 239 units, representing a dollar volume of $53.2 million, compared to 141 units with a dollar volume of $30.1 million at March 31, 2012.

The overall average unit price per closing rose 7% from $233,000 in the first quarter of 2012 to $249,000 in the first quarter of 2013. The average sales price of new contracts decreased slightly from $219,000 to $218,000 due primarily to a mix of lower priced homes sold in the Company's active adult division.

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