AV Homes, Inc. Announces Second Quarter Results

SCOTTSDALE, Ariz., Aug. 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 second quarter ended June 30, 2013.

The Company reported a net loss $4.7 million, or 36 cents per diluted share, on revenues of $29.6 million for the three months ended June 30, 2013, compared to a net loss of $11.3 million, or 91 cents per diluted share, on revenues of $19.0 million for the three months ended June 30, 2012.

For the six-month period ended June 30, 2013, the company reported a net loss of $9.4 million or 74 cents per diluted share, on revenues of $54.7 million, compared to a net loss of $19.8 million or $1.58 per diluted share, on revenues of $45.7 million for the six months ended June 30, 2012.

For the second quarter ended June 30, 2013, the Company closed on 82 homes, a 39% increase from the 59 homes closed during the second quarter of 2012. During the six months ended June 30, 2013, the Company reported 163 home closings, a 34% increase from the 122 homes closed during the first six months of 2012. The dollar volume of the closings reported in the second quarter of 2013 increased 50% to $20.1 million, compared to a dollar volume of $13.4 million during the second quarter of 2012. For the six months ended June 30, 2013, the dollar volume of closings increased to $40.3 million, a 43% increase as compared to the same period in 2012.

The number of housing contracts signed, net of cancellations, during the three months ended June 30, 2013 increased 18% to 119 units, compared to 101 units during the same period in 2012. The dollar value of the contracts signed during the first quarter increased 18% to $29.1 million, compared to $24.6 million during the same period one year ago. For the six-month period ended June 30, 2013 the Company reported 254 contracts, net of cancellations, a 23% increase over the six months ended June 30, 2012. The dollar value of the contracts signed during the first six months of 2013 increased 22% to $58.5 million as compared to $47.8 million in the same period of 2012.

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