Ryland Reports Results For The Third Quarter Of 2013

The Ryland Group, Inc. (NYSE: RYL) today announced results for its quarter ended September 30, 2013. Items of note included:
  • Net income from continuing operations totaled $53.6 million, or $0.95 per diluted share, for the third quarter of 2013, compared to net income of $10.4 million, or $0.21 per diluted share, for the same period in 2012;
  • Revenues totaled $576.4 million for the quarter ended September 30, 2013, representing a 60.7 percent increase from $358.7 million for the quarter ended September 30, 2012;
  • New orders increased 6.1 percent to 1,592 units for the third quarter of 2013 from 1,500 units for the third quarter of 2012. New order dollars rose 33.0 percent to $523.0 million for the third quarter of 2013 from $393.4 million for the same period in 2012;
  • Closings increased 43.5 percent to 1,883 units for the quarter ended September 30, 2013, from 1,312 units for the same period in the prior year;
  • Backlog rose 37.0 percent to 3,376 units at September 30, 2013, from 2,465 units at September 30, 2012;
  • Active communities increased 20.9 percent to 284 communities at September 30, 2013, from 235 communities at September 30, 2012;
  • Average closing price increased 12.9 percent to $298,000 for the quarter ended September 30, 2013, from $264,000 for the same period in 2012;
  • Housing gross profit margin was 20.6 percent for the third quarter of 2013, compared to 19.1 percent for the third quarter of 2012;
  • Controlled lots, including lots held in unconsolidated joint ventures, increased 49.1 percent to 39,698 lots at September 30, 2013, compared to 26,629 lots at September 30, 2012. At September 30, 2013, optioned lots were 42.0 percent of total lots controlled;
  • Selling, general and administrative expense totaled 11.9 percent of homebuilding revenues for the third quarter of 2013, compared to 13.8 percent for the third quarter of 2012;
  • Cash, cash equivalents and marketable securities totaled $604.1 million at September 30, 2013; and
  • Net debt-to-capital ratio was 48.7 percent at September 30, 2013, compared to 50.8 percent at December 31, 2012.

RESULTS FOR THE THIRD QUARTER OF 2013

For the quarter ended September 30, 2013, the Company reported net income from continuing operations of $53.6 million, or $0.95 per diluted share, compared to net income of $10.4 million, or $0.21 per diluted share, for the same period in 2012. There were no pretax charges related to early retirement of debt during the third quarter of 2013, compared to pretax charges that totaled $9.1 million during the third quarter of 2012. Additionally, the Company had pretax charges primarily related to write-offs that totaled $509,000 and $3.5 million for the quarters ended September 30, 2013 and 2012, respectively.

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