Ryland Reports Results For The Fourth Quarter Of 2013

The Ryland Group, Inc. (NYSE: RYL) today announced results for its quarter ended December 31, 2013. Items of note included:
  • Net income from continuing operations totaled $72.3 million, or $1.27 per diluted share, for the fourth quarter of 2013, compared to net income of $28.9 million, or $0.56 per diluted share, for the same period in 2012;
  • Revenues totaled $696.7 million for the quarter ended December 31, 2013, representing a 58.3 percent increase from $440.1 million for the quarter ended December 31, 2012;
  • Closings increased 39.0 percent to 2,178 units for the quarter ended December 31, 2013, from 1,567 units for the same period in the prior year;
  • Backlog rose 9.8 percent to 2,626 units at December 31, 2013, from 2,391 units at December 31, 2012;
  • Average closing price increased 16.3 percent to $314,000 for the quarter ended December 31, 2013, from $270,000 for the same period in 2012;
  • Housing gross profit margin was 21.9 percent for the fourth quarter of 2013, compared to 20.0 percent for the fourth quarter of 2012;
  • New orders decreased 4.4 percent to 1,428 units for the fourth quarter of 2013 from 1,493 units for the fourth quarter of 2012. New orders increased 2.7 percent for the fourth quarter of 2013, excluding 102 backlog units attained in the acquisition of Trend Homes in the fourth quarter of 2012. New order dollars rose 10.2 percent to $469.4 million for the fourth quarter of 2013 from $425.9 million for the same period in 2012;
  • Controlled lots, including lots held in unconsolidated joint ventures, increased 35.5 percent to 38,770 lots at December 31, 2013, compared to 28,622 lots at December 31, 2012. Optioned lots were 39.3 percent of total lots controlled at December 31, 2013;
  • Selling, general and administrative expense totaled 11.3 percent of homebuilding revenues for the fourth quarter of 2013, compared to 13.4 percent for the fourth quarter of 2012;
  • Cash, cash equivalents and marketable securities totaled $631.2 million at December 31, 2013, compared to $614.6 million at December 31, 2012; and
  • Net debt-to-capital ratio was 45.8 percent at December 31, 2013, compared to 50.8 percent at December 31, 2012.

RESULTS FOR THE FOURTH QUARTER OF 2013

For the quarter ended December 31, 2013, the Company reported net income from continuing operations of $72.3 million, or $1.27 per diluted share, compared to net income of $28.9 million, or $0.56 per diluted share, for the same period in 2012. The Company had pretax charges primarily related to write-offs that totaled $952,000 and $300,000 for the quarters ended December 31, 2013 and 2012, respectively.

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