Market Overview

CalAtlantic Group, Inc. Reports 2015 Full Year and Fourth Quarter Results

Share:

On October 1, 2015, Standard Pacific Corp. and The Ryland Group, Inc. completed their merger of equals, with Ryland merging into Standard Pacific and Standard Pacific continuing as the surviving corporation. At the same time: (i) Standard Pacific changed its name to "CalAtlantic Group, Inc." and effected a reverse stock split such that each five shares of common stock of Standard Pacific issued and outstanding immediately prior to the closing of the merger were combined and converted into one issued and outstanding share of CalAtlantic common stock, (ii) MP CA Homes, LLC, the sole owner of Standard Pacific's outstanding Series B Preferred Stock, converted all of its preferred stock to CalAtlantic common stock, and (iii) each outstanding share of Ryland common stock, stock options and restricted stock units were converted into the right to receive, or the option to acquire, as applicable, 1.0191 shares of CalAtlantic common stock.

Because the closing of the merger occurred on October 1, 2015, the highlights and comparisons below and the other financial information included in this earnings release includes nine months of stand-alone data (through September 30, 2015) for predecessor Standard Pacific Corp. and three months of combined Standard Pacific Corp. and Ryland Group, Inc. data (from October 1, 2015 through December 31, 2015) as required by Generally Accepted Accounting Principles (GAAP). To aid analysts and other investors with year-over-year comparability for the entire merged business, we also are providing limited pro forma information. This pro forma information is a combination of full year 2014 and 2015 Standard Pacific and Ryland financial and operating data. Limited historical Ryland operating data is also presented in the tables at the end of this release for informational purposes.

Additionally, as a result of the reverse stock split in connection with the merger, applicable accounting rules provide that the Company is required to restate per share information for all periods presented as if the reverse stock split had been implemented for such periods. Those same accounting rules, however, do not allow the Company to include the MP CA Homes, LLC conversion of its Series B Preferred Stock, which occurred at the same time as the reverse stock split, into the restated share information. Please take this into account when evaluating the per share information presented below.

IRVINE, Calif., Feb. 18, 2016 /PRNewswire/ -- CalAtlantic Group, Inc. (NYSE: CAA) today announced results for the year and fourth quarter ended December 31, 2015.

"I am extremely proud of the progress we have made in bringing two great organizations together," said Larry Nicholson, CalAtlantic Group, Inc. President and Chief Executive Officer.  "Our team is doing a great job of carefully balancing the need to move our important integration work ahead while also remaining appropriately focused on running our day-to-day business.  There is still more work to be done, but as I look out over the headlights, I'm even more excited about the prospects for CalAtlantic." 

2015 CalAtlantic Highlights and Comparisons to 2014

2015 full year results include three quarters of stand-alone Standard Pacific and one quarter of the combined company, include merger and other one-time costs and the impact of purchase accounting. 2014 represents the stand-alone results of Standard Pacific, as required by GAAP

  • Net new orders of 7,163, up 44%; Dollar value of net new orders up 51%
  • Backlog of 5,611 homes, up 228%; Dollar value of backlog up 181%
  • 299 average active selling communities, up 64%
  • 7,237 new home deliveries, up 46%
  • Average selling price of $477 thousand, flat
  • Home sale revenues of $3.4 billion, up 46%
  • Gross margin from home sales of 22.4%, compared to 26.1%
    • Adjusted gross margin from home sales of 24.3%* compared to 26.1% (2015 excludes $64.2 million of purchase accounting impact related to the merger)  
  • SG&A rate from home sales of 11.3%, compared to 11.7%
  • Operating margin from home sales of $381.7 million, or 11.1%, compared to $341.9 million, or 14.4%
    • Adjusted operating margin from home sales of $445.8 million*, or 13.0%*
  • Net income of $213.5 million, or $2.26 per diluted share, vs. net income of $215.9 million, or $2.68 per diluted share (includes the impact of $61.7 million of merger and other one-time costs and $64.2 million of purchase accounting adjustments)
    • Adjusted net income of $292.0 million*, or $3.09 per diluted share*
  • $1.0 billion of land purchases and development costs, compared to $943.1 million

2015 CalAtlantic Fourth Quarter Highlights and Comparisons to 2014 Fourth Quarter

2015 fourth quarter results are for combined company, include merger and other one-time costs and the impact of purchase accounting. 2014 fourth quarter represents the stand-alone results of Standard Pacific, as required by GAAP.

  • Net new orders of 2,699, up 176%; Dollar value of net new orders up 142%
  • 579 average active selling communities, up 215%
  • 3,795 new home deliveries, up 157%
  • Average selling price of $437 thousand, down 11%
  • Home sale revenues of $1.7 billion, up 129%
  • Gross margin from home sales of 19.8%, compared to 25.2%
    • Adjusted gross margin from home sales of 23.7%* compared to 25.2% (Q4 2015 excludes $64.2 million of purchase accounting impact related to the merger)
  • SG&A rate from home sales of 10.3%, compared to 10.9%
  • Operating margin from home sales of $158.0 million, or 9.5%, compared to $103.5 million, or 14.3%
    • Adjusted operating margin from home sales of $222.1 million*, or 13.4%*
  • Net income of $77.5 million, or $0.56 per diluted share, vs. net income of $64.6 million, or $0.80 per diluted share (includes the impact of $44.8 million of 2015 fourth quarter merger and other one-time costs and $64.2 million of purchase accounting adjustments)
    • Adjusted net income of $144.5 million*, or $1.04 per diluted share*
  • $398.0 million of land purchases and development costs, compared to $255.9 million

Pro Forma 2015 CalAtlantic Highlights and Comparisons to Pro Forma CalAtlantic 2014

To aid analysts and other investors with year-over-year comparability for the entire merged business, we provide the below pro forma information.  This pro forma information is a combination of full year 2014 and 2015 Standard Pacific and Ryland financial and operating data, as if the merger closed on January 1, 2014.  Such pro forma data was not prepared to comply with Regulation S-X of the SEC Rules and Regulations.

  • Net new orders of 13,851, up 10%; Dollar value of net new orders up 18%
  • Backlog of 5,611 homes, up 30%; Dollar value of backlog up 40%
  • 558 average active selling communities, up 13%
  • 12,560 new home deliveries, down 1%
  • Average selling price of $420 thousand, up 8%
  • Home sale revenues of $5.3 billion, up 7%
  • Pretax income of $­­­­515.9 million vs. $634.4 million (includes the impact of $61.7 million of 2015 merger and other one-time costs and $64.2 million of purchase accounting adjustments)
    • Adjusted pretax income of $641.8 million*, flat
  • $1.6 billion of land purchases and development costs, compared to $1.7 billion

2015 CalAtlantic Fourth Quarter Highlights and Comparisons to Pro Forma 2014 CalAtlantic Fourth Quarter

To aid analysts and other investors with year-over-year comparability for the entire merged business, we provide the below pro forma information.  This pro forma information is a combination of fourth quarter 2014 Standard Pacific and Ryland financial and operating data, as if the merger closed on October 1, 2014, compared to actual 2015 CalAtlantic fourth quarter results. Such pro forma data was not prepared to comply with Regulation S-X of the SEC Rules and Regulations.

  • Net new orders of 2,699, up 7%; Dollar value of net new orders up 16%
  • 579 average active selling communities, up 11%
  • 3,795 new home deliveries, down 4%
  • Average selling price of $437 thousand, up 11%
  • Home sale revenues of $1.7 billion, up 6%
  • Pretax income of $126.2 million vs. $219.5 million (includes the impact of $44.8 million of 2015 fourth quarter merger and other one-time costs and $64.2 million of purchase accounting adjustments)
    • Adjusted pretax income of $235.2 million*, up 7%
  • $398.0 million of land purchases and development costs, compared to $524.6 million

Orders.  Net new orders for the 2015 fourth quarter were up 7% from the pro forma 2014 fourth quarter, to 2,699 homes, with the dollar value of these orders up 16%, and the Company's monthly sales absorption rate was 1.6 per community for the 2015 fourth quarter, relatively flat from the pro forma 2014 fourth quarter and down 18% from the pro forma 2015 third quarter, consistent with normal seasonal patterns.  The Company's cancellation rate for the 2015 fourth quarter was 22%, slightly above the pro forma 2014 fourth quarter and up from 20% for the pro forma 2015 third quarter.  Our 2015 fourth quarter cancellation rate was consistent with our average historical cancellation rate of approximately 22% over the last 10 years.

Backlog.  The dollar value of homes in backlog increased 40% to $2.6 billion, or 5,611 homes, compared to $1.8 billion, or 4,328 homes, for the pro forma 2014 fourth quarter, and decreased 15% compared to $3.0 billion, or 6,707 homes, for the pro forma 2015 third quarter.  The increase in pro forma year-over-year backlog value was driven primarily by our continued growth in community count and the corresponding increase in orders and an 8% increase in the average selling price of the homes in backlog on a pro forma basis, reflecting the product mix shift to more move-up and luxury homes and continued pricing power in many of our markets.

Revenue.  Revenues from home sales for the 2015 fourth quarter increased 6%, to $1.7 billion, as compared to the pro forma 2014 fourth quarter, resulting from an 11% increase on a pro forma basis  in the Company's average home price to $437 thousand, partially offset by a 4% decrease in pro forma new home deliveries.  The increase in average home price was primarily attributable to a shift to more move-up product and general price increases within a majority of the Company's markets. 

Gross Margin.  Gross margin percentage from home sales for the 2015 fourth quarter was 19.8%, as compared to 25.2% for the 2014 fourth quarter. The Company's 2015 fourth quarter gross margins were adversely impacted by the required fair value adjustment to homes in backlog and specs under construction acquired from Ryland in the merger, of which $64.2 million was recognized as an increase to cost of sales during the quarter.  Excluding the impact of purchasing accounting, the Company achieved adjusted gross margins from home sales of 23.7%* for the 2015 fourth quarter.

SG&A Expenses.  Selling, general and administrative expenses for the 2015 fourth quarter were $171.5 million, or 10.3%, as compared to $79.3 million, or 10.9%, for the 2014 fourth quarter.  This 60 basis point improvement was primarily the result of a 129% increase in home sale revenues and the operating leverage gained in connection with the merger.   

Land.  During the 2015 fourth quarter, the Company spent $398.0 million on land purchases and development costs, compared to $524.6 million for the pro forma 2014 fourth quarter. The Company purchased $212.2 million of land, consisting of 2,546 homesites, of which 30% (based on homesites) is located in the North region, 27% in the Southeast region, 22% in the Southwest region, and 21% in the West region.  As of December 31, 2015, the Company owned or controlled 70,494 homesites, of which 47,061 were owned and actively selling or under development, 17,911 were controlled or under option, and the remaining 5,522 homesites were held for future development or for sale. 

Liquidity.  The Company ended the quarter with $782.2 million of available liquidity, including $151.1 million of unrestricted homebuilding cash and $631.1 million available to borrow under its $750 million revolving credit facility. The Company's homebuilding debt to book capitalization as of December 31, 2015 and 2014 was 47.5% and 55.8%, respectively, and adjusted net homebuilding debt to adjusted book capitalization was 46.1%* and 53.1%*, respectively.  In addition, the Company's homebuilding debt to adjusted homebuilding EBITDA for the LTM period ending December 31, 2015 and 2014 was 5.4x* and 4.2x*, respectively.  

Earnings Conference Call

A conference call to discuss the Company's 2015 fourth quarter results will be held at 12:00 p.m. Eastern time February 19, 2016.  The call will be broadcast live over the Internet and can be accessed through the Company's website at http://investors.calatlantichomes.com.  The call will also be accessible via telephone by dialing (888) 286-2317 (domestic) or (719) 457-2617 (international); Passcode: 6978264.  The audio transmission with the slide presentation will be available on our website for replay within 2 to 3 hours following the live broadcast, and can be accessed by dialing (888) 203-1112 (domestic) or (719) 457-0820 (international); Passcode: 6978264.  

About CalAtlantic Group, Inc.

CalAtlantic Group, Inc. (NYSE: CAA), a combination of Standard Pacific Corp. and Ryland Group, Inc., two of the nation's largest and most respected homebuilders, offers well-crafted homes in thoughtfully designed communities that meet the desires of customers across the homebuilding spectrum, from entry level to luxury, in 41 Metropolitan Statistical Areas spanning 17 states.  With a trusted reputation for quality craftsmanship, an outstanding customer experience and exceptional architectural design earned over its 50 year history, CalAtlantic Group, Inc. utilizes its over five decades of land acquisition, development and homebuilding expertise to acquire and build desirable communities in locations that meet the high expectations of the company's homebuyers.  We invite you to learn more about us by visiting www.calatlantichomes.com.

This news release and the referenced earnings conference call contain forward-looking statements.  These statements include but are not limited to statements regarding the integration of the operations of Standard Pacific and Ryland, the future success of those combined operations; new home orders; deliveries; backlog; absorption rates; cancellation rates; average home price; revenue; profitability; cash flow; liquidity; gross margin; operating margin; product mix; land supply; and our liquidity.  In addition, the pro forma results presented above are not necessarily indicative of how the Company would have performed if Ryland and Standard Pacific were combined for all of 2014 and 2015 and are not necessarily indicative of the combined Company's future performance.  Forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements.  Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the Company's control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied.  Such factors include but are not limited to:  local and general economic and market conditions, including consumer confidence, employment rates, interest rates, the cost and availability of mortgage financing, and stock market, home and land valuations; the impact on economic conditions, terrorist attacks or the outbreak or escalation of armed conflict involving the United States; the cost and availability of suitable undeveloped land, building materials and labor; the cost and availability of construction financing and corporate debt and equity capital; our significant amount of debt and the impact of restrictive covenants in our debt agreements; our ability to repay our debt as it comes due; changes in our credit rating or outlook; the demand for and affordability of single-family homes; the supply of housing for sale; cancellations of purchase contracts by homebuyers; the cyclical and competitive nature of the Company's business; governmental regulation, including the impact of "slow growth" or similar initiatives; delays in the land entitlement process, development, construction, or the opening of new home communities; adverse weather conditions and natural disasters; environmental matters; risks relating to the Company's mortgage banking operations; future business decisions and the Company's ability to successfully implement the Company's operational and other strategies; litigation and warranty claims; and other risks discussed in the Company's filings with the Securities and Exchange Commission, including in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2014 and subsequent Quarterly Reports on Form 10-Q.  The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements.  The Company nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release.  No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

Contact:
Jeff McCall, EVP & CFO (949) 789-1655, jeff.mccall@calatl.com

*Please see "Reconciliation of Non-GAAP Financial Measures" at the end of this release.

(Note: Tables Follow)

 

KEY STATISTICS AND FINANCIAL DATA1




As of or For the Three Months Ended



December 31,

2015


December 31,

2014


Percentage

or % Change


September 30,

2015


Percentage

or % Change







Select Operating Data

(Dollars in thousands)















Deliveries


3,795



1,475


157%



1,165


226%

Average selling price

$

437


$

491


(11%)


$

537


(19%)

Home sale revenues

$

1,659,982


$

724,342


129%


$

626,008


165%

Gross margin % (including land sales)


19.7%



24.2%


(4.5%)



24.5%


(4.8%)

Gross margin % from home sales


19.8%



25.2%


(5.4%)



25.3%


(5.5%)

Adjusted gross margin % from home sales (excluding purchase accounting adjustments included in cost of home sales)*














23.7%



25.2%


(1.5%)



25.3%


(1.6%)

Adjusted gross margin % from home sales (excluding purchase accounting adjustments and interest amortized to cost of home sales)*


























26.4%



30.2%


(3.8%)



30.2%


(3.8%)

Incentive and stock-based compensation expense

$

21,239


$

7,364


188%


$

5,932


258%

Selling expenses

$

79,586


$

35,746


123%


$

32,687


143%

G&A expenses (excluding incentive and stock-based

compensation expenses)













$

70,645


$

36,162


95%


$

34,641


104%

SG&A expenses

$

171,470


$

79,272


116%


$

73,260


134%

SG&A % from home sales


10.3%



10.9%


(0.6%)



11.7%


(1.4%)

Operating margin from home sales

$

157,954


$

103,455


53%


$

85,390


85%

Operating margin % from home sales


9.5%



14.3%


(4.8%)



13.6%


(4.1%)

Adjusted operating margin from home sales*

$

222,124


$

103,455


115%


$

85,390


160%

Adjusted operating margin % from home sales*


13.4%



14.3%


(0.9%)



13.6%


(0.2%)

Net new orders


2,699



978


176%



1,326


104%

Net new orders (dollar value)

$

1,194,094


$

494,064


142%


$

768,557


55%

Average active selling communities


579



184


215%



215


169%

Monthly sales absorption rate per community


1.6



1.8


(12%)



2.1


(24%)

Cancellation rate


22%



21%


1%



19%


3%

Gross cancellations


763



258


196%



302


153%

Backlog (homes)


5,611



1,711


228%



2,733


105%

Backlog (dollar value)

$

2,572,092


$

916,376


181%


$

1,655,496


55%















Land purchases (incl. seller financing)

$

212,210


$

172,320


23%


$

125,982


68%

Adjusted Homebuilding EBITDA*

$

297,581


$

150,726


97%


$

119,553


149%

Adjusted Homebuilding EBITDA Margin %*


17.8%



20.0%


(2.2%)



18.3%


(0.5%)

Homebuilding interest incurred

$

45,545


$

39,960


14%


$

42,304


8%

Homebuilding interest capitalized to inventories owned

$

44,713


$

39,594


13%


$

41,611


7%

Homebuilding interest capitalized to investments in JVs

$

832


$

366


127%


$

693


20%

Interest amortized to cost of sales (incl. cost of land sales)

$

46,857


$

39,354


19%


$

33,323


41%

 



For the Year Ended



December 31,

2015


December 31,

2014


Percentage





or % Change

Select Operating Data

(Dollars in thousands)










Deliveries


7,237



4,956


46%

Average selling price

$

477


$

478


(0%)

Home sale revenues

$

3,449,047


$

2,366,754


46%

Gross margin % (including land sales)


22.2%



25.6%


(3.4%)

Gross margin % from home sales


22.4%



26.1%


(3.7%)

Adjusted gross margin % from home sales (excluding purchase accounting adjustments included in cost of home sales)*









24.3%



26.1%


(1.8%)

Adjusted gross margin % from home sales (excluding purchase accounting adjustments and interest amortized to cost of home sales)*
















28.1%



31.1%


(3.0%)

Incentive and stock-based compensation expense

$

38,113


$

26,643


43%

Selling expenses

$

174,269


$

116,651


49%

G&A expenses (excluding incentive and stock-based compensation expenses)








$

178,328


$

132,567


35%

SG&A expenses

$

390,710


$

275,861


42%

SG&A % from home sales


11.3%



11.7%


(0.4%)

Operating margin from home sales

$

381,671


$

341,939


12%

Operating margin % from home sales


11.1%



14.4%


(3.3%)

Adjusted operating margin from home sales*

$

445,841


$

341,939


30%

Adjusted operating margin % from home sales*


13.0%



14.4%


(1.4%)

Net new orders


7,163



4,967


44%

Net new orders (dollar value)

$

3,650,329


$

2,410,206


51%

Average active selling communities


299



182


64%

Monthly sales absorption rate per community


2.0



2.3


(12%)

Cancellation rate


18%



17%


1%

Gross cancellations


1,533



1,004


53%

Backlog (homes)


5,611



1,711


228%

Backlog (dollar value)

$

2,572,092


$

916,376


181%










Land purchases (incl. seller financing)

$

515,315


$

585,735


(12%)

Adjusted Homebuilding EBITDA*

$

648,313


$

502,423


29%

Adjusted Homebuilding EBITDA Margin %*


18.5%



20.8%


(2.3%)

Homebuilding interest incurred

$

171,509


$

153,695


12%

Homebuilding interest capitalized to inventories owned

$

169,233


$

151,962


11%

Homebuilding interest capitalized to investments in JVs

$

2,276


$

1,733


31%

Interest amortized to cost of sales (incl. cost of land sales)

$

139,381


$

123,112


13%

 



As of 



December 31,

2015


December 31,

2014


Percentage





or % Change

Select Balance Sheet Data

(Dollars in thousands, except per share amounts)










Homebuilding cash (including restricted cash)

$

187,066


$

218,650


(14%)

Inventories owned

$

6,069,959


$

3,255,204


86%

Goodwill

$

933,360


$

   ―   


   ―   

Homesites owned and controlled


70,494



35,430


99%

Homes under construction


6,081



2,032


199%

Completed specs


1,325



515


157%

Homebuilding debt

$

3,487,699


$

2,113,301


65%

Stockholders' equity

$

3,861,436


$

1,676,688


130%

Adjusted stockholders' equity per share (reverse split adjusted, including if-converted preferred stock)*








$

31.84


$

23.10


38%

Total consolidated debt to book capitalization


49.5%



56.8%


(7.3%)

Adjusted net homebuilding debt to total adjusted book capitalization*









46.1%



53.1%


(7.0%)

 

PRO FORMA KEY STATISTICS AND FINANCIAL DATA1




As of or For the Three Months Ended



December 31,

2015


Pro Forma
December 31,

2014


Percentage

or % Change


Pro Forma
September 30,

2015


Percentage

or % Change







Select Operating Data

(Dollars in thousands)















Deliveries


3,795



3,964


(4%)



3,211


18%

Average selling price

$

437


$

395


11%


$

411


6%

Home sale revenues*

$

1,659,982


$

1,566,383


6%


$

1,318,885


26%

Pretax income*

$

126,177


$

219,531


(43%)


$

143,852


(12%)

Pretax income (excluding purchase accounting adjustments included in cost of home sales and merger and other one-time costs)*













$

235,196


$

219,531


7%


$

155,068


52%

Net new orders


2,699



2,525


7%



3,238


(17%)

Net new orders (dollar value)

$

1,194,094


$

1,030,718


16%


$

1,413,512


(16%)

Average active selling communities


579



520


11%



567


2%

Monthly sales absorption rate per community


1.6



1.6


(4%)



1.9


(18%)

Cancellation rate


22%



21%


1%



20%


2%

Gross cancellations


763



689


11%



797


(4%)

Backlog (homes)


5,611



4,328


30%



6,707


(16%)

Backlog (dollar value)

$

2,572,092


$

1,835,402


40%


$

3,014,957


(15%)















Land purchases (incl. seller financing)

$

212,210


$

357,766


(41%)


$

211,588


0%

 



For the Year Ended



Pro Forma
December 31,

2015


Pro Forma
December 31,

2014


Percentage

or % Change





Select Operating Data

(Dollars in thousands)










Deliveries


12,560



12,633


(1%)

Average selling price

$

420


$

390


8%

Home sale revenues*

$

5,280,297


$

4,922,721


7%

Pretax income*

$

515,932


$

634,428


(19%)

Pretax income (excluding purchase accounting adjustments included in cost of home sales and merger and other one-time costs)*








$

641,839


$

634,428


1%

Net new orders


13,851



12,635


10%

Net new orders (dollar value)

$

5,921,611


$

5,030,389


18%

Average active selling communities


558



494


13%

Monthly sales absorption rate per community


2.1



2.1


(3%)

Cancellation rate


17%



18%


(1%)

Gross cancellations


2,890



2,786


4%

Backlog (homes)


5,611



4,328


30%

Backlog (dollar value)

$

2,572,092


$

1,835,402


40%










Land purchases (incl. seller financing)

$

875,118


$

1,123,966


(22%)










 



As of 



December 31,

2015


Pro Forma
December 31,

2014


Percentage

or % Change





Select Balance Sheet Data

(Dollars in thousands)










Homebuilding cash (including restricted cash)*

$

187,066


$

744,997


(75%)

Inventories owned*

$

6,069,959


$

5,270,216


15%

Goodwill*

$

933,360


$

36,891


2,430%

Homesites owned and controlled


70,494



74,308


(5%)

Homes under construction


6,081



4,507


35%

Completed specs


1,325



1,246


6%

Homebuilding debt*

$

3,487,699


$

3,516,380


(1%)


1All statistical numbers exclude unconsolidated joint ventures unless noted otherwise.

*Please see "Reconciliation of Non-GAAP Financial Measures" at the end of this release.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS






Three Months Ended
December 31,


Year Ended
December 31,





2015


2014


2015


2014





(Dollars in thousands, except per share amounts)





(Unaudited)

Homebuilding:













Home sale revenues

$

1,659,982


$

724,342


$

3,449,047


$

2,366,754


Land sale revenues


14,329



29,302



47,364



44,424



Total revenues


1,674,311



753,644



3,496,411



2,411,178


Cost of home sales


(1,330,558)



(541,615)



(2,676,666)



(1,748,954)


Cost of land sales


(13,084)



(29,596)



(43,274)



(43,841)



Total cost of sales


(1,343,642)



(571,211)



(2,719,940)



(1,792,795)




Gross margin


330,669



182,433



776,471



618,383




Gross margin %


19.7%



24.2%



22.2%



25.6%


Selling, general and administrative expenses


(171,470)



(79,272)



(390,710)



(275,861)


Income (loss) from unconsolidated joint ventures


2,347



(326)



1,966



(668)


Other income (expense)


(45,435)



(1,288)



(62,177)



(1,733)




Homebuilding pretax income 


116,111



101,547



325,550



340,121

Financial Services:













Revenues


23,887



7,300



43,702



25,320


Expenses


(13,821)



(4,465)



(26,763)



(15,477)




Financial services pretax income


10,066



2,835



16,939



9,843

Income before taxes


126,177



104,382



342,489



349,964

Provision for income taxes


(48,648)



(39,738)



(128,980)



(134,099)

Net income 


77,529



64,644



213,509



215,865

  Less: Net income allocated to preferred shareholder


         ―     



(15,490)



(32,997)



(51,650)

  Less: Net income allocated to unvested restricted stock


(95)



(87)



(369)



(297)

Net income available to common stockholders

$

77,434


$

49,067


$

180,143


$

163,918
















Income Per Common Share:













Basic


$

0.64


$

0.88


$

2.51


$

2.94


Diluted

$

0.56


$

0.80


$

2.26


$

2.68
















Weighted Average Common Shares Outstanding:













Basic



121,132,872



55,633,527



71,713,747



55,737,548


Diluted


138,971,598



63,088,045



81,512,953



63,257,082
















Weighted average additional common shares outstanding if preferred shares converted to common shares













         ―     



17,562,557



13,135,814



17,562,557
















Total weighted average diluted common shares outstanding if preferred shares converted to common shares













138,971,598



80,650,602



94,648,767



80,819,639

 

CONDENSED CONSOLIDATED BALANCE SHEETS







December 31,


December 31,






2015


2014






(Dollars in thousands)

ASSETS

(Unaudited)




Homebuilding:







Cash and equivalents

$

151,076


$

180,428


Restricted cash


35,990



38,222


Inventories:









Owned



6,069,959



3,255,204



Not owned


83,246



85,153


Investments in unconsolidated joint ventures


132,763



50,111


Deferred income taxes, net


396,194



276,402


Goodwill



933,360



        ―    


Other assets



118,768



38,816




Total Homebuilding Assets


7,921,356



3,924,336

Financial Services:







Cash and equivalents


35,518



31,965


Restricted cash


22,914



1,295


Mortgage loans held for sale, net


325,770



174,420


Mortgage loans held for investment, net


22,704



14,380


Other assets



17,243



5,243




Total Financial Services Assets


424,149



227,303





Total Assets

$

8,345,505


$

4,151,639











LIABILITIES AND EQUITY






Homebuilding:







Accounts payable

$

191,681


$

45,085


Accrued liabilities


478,793



223,783


Secured project debt and other notes payable


25,683



4,689


Senior notes payable


3,462,016



2,108,612




Total Homebuilding Liabilities


4,158,173



2,382,169

Financial Services:







Accounts payable and other liabilities


22,474



3,369


Mortgage credit facilities


303,422



89,413




Total Financial Services Liabilities


325,896



92,782





Total Liabilities


4,484,069



2,474,951

Equity:







Stockholders' Equity:








Preferred stock


        ―    



1



Common stock


1,213



550



Additional paid-in capital


3,324,328



1,348,905



Accumulated earnings


535,890



327,232



Accumulated other comprehensive income, net of tax


5



        ―    




Total Equity


3,861,436



1,676,688





Total Liabilities and Equity

$

8,345,505


$

4,151,639

 

INVENTORIES




December 31,


December 31,



2015


2014



(Dollars in thousands)

Inventories Owned:


(Unaudited)








     Land and land under development


$   3,546,289


$       2,248,289

     Homes completed and under construction


2,039,597


827,612

     Model homes


484,073


179,303

        Total inventories owned


$   6,069,959


$       3,255,204






Inventories Owned by Segment:










     North


$      703,651


 $              ―     

     Southeast


1,753,301


1,033,401

     Southwest


1,400,524


598,856

     West


2,212,483


1,622,947

        Total inventories owned


$   6,069,959


$       3,255,204

 

REGIONAL OPERATING DATA

During the 2015 third quarter, in connection with the transition planning related to the Merger, the Company began evaluating the business and allocating resources based on the post-merger homebuilding operating segments of CalAtlantic. The Company's homebuilding operating segments are grouped into four reportable segments: North (Baltimore, Chicago, Delaware, Indianapolis, Metro Washington, D.C., Minneapolis/St. Paul, New Jersey, Northern Virginia, Philadelphia and Atlanta); Southeast (Florida and the Carolinas); Southwest (Texas, Colorado and Nevada) and West (California and Arizona).  All prior periods have been restated to conform to CalAtlantic's new presentation.

 





Three Months Ended December 31,




2015


2014


% Change




Homes


ASP


Homes


ASP


Homes


ASP




(Dollars in thousands)

New homes delivered:



















North


787


$

334



 n/a 


$

 n/a 



n/a



n/a


Southeast


1,143



377



508



382



125%



(1%)


Southwest


1,033



403



348



469



197%



(14%)


West


832



662



619



593



34%



12%



Consolidated total


3,795


$

437



1,475


$

491



157%



(11%)

 




Year Ended December 31,




2015


2014


% Change




Homes


ASP


Homes


ASP


Homes


ASP




(Dollars in thousands)

New homes delivered:



















North


787


$

334



 n/a 


$

 n/a 



 n/a 



 n/a 


Southeast


2,471



395



1,871



354



32%



12%


Southwest


1,891



462



1,059



465



79%



(1%)


West


2,088



640



2,026



598



3%



7%



Consolidated total


7,237


$

477



4,956


$

478



46%



(0%)

 




Three Months Ended December 31,




2015


2014


% Change




Homes


ASP


Homes


ASP


Homes


ASP




(Dollars in thousands)

Net new orders:



















North


556


$

348



 n/a 


$

 n/a 



 n/a 



 n/a 


Southeast


831



384



395



385



110%



(0%)


Southwest


715



416



240



509



198%



(18%)


West


597



643



343



641



74%



0%



Consolidated total


2,699


$

442



978


$

505



176%



(12%)

 




Year Ended December 31,




2015


2014


% Change




Homes


ASP


Homes


ASP


Homes


ASP




(Dollars in thousands)

Net new orders:



















North


556


$

348



 n/a 


$

 n/a 



 n/a 



 n/a 


Southeast


2,342



422



1,841



374



27%



13%


Southwest


1,838



481



1,207



473



52%



2%


West


2,427



653



1,919



600



26%



9%



Consolidated total


7,163


$

510



4,967


$

485



44%



5%

 




Three Months Ended
December 31,


Year Ended
December 31,




2015


2014


% Change


2015


2014


% Change

Average number of selling communities  during the period:
























North

119


n/a


n/a


30


n/a


n/a


Southeast

181


73


148%


111


74


50%


Southwest

183


54


239%


87


50


74%


West

96


57


68%


71


58


22%



Consolidated total

579


184


215%


299


182


64%

 




At December 31,




2015


2014


% Change




Homes


Dollar
Value


Homes


Dollar
Value


Homes


Dollar
Value




(Dollars in thousands)

Backlog:



















North


1,003


$

348,285



 n/a 


$

 n/a 



 n/a 



 n/a 


Southeast


1,621



702,388



771



365,355



110%



92%


Southwest


1,902



845,499



546



289,627



248%



192%


West


1,085



675,920



394



261,394



175%



159%



Consolidated total


5,611


$

2,572,092



1,711


$

916,376



228%



181%

 




At December 31,




2015


2014


% Change

Homesites owned and controlled:







North

15,222


 n/a 


 n/a 


Southeast

24,393


16,458


48%


Southwest

16,151


6,944


133%


West

14,728


12,028


22%



Total (including joint ventures)

70,494


35,430


99%










Homesites owned

52,583


28,972


81%


Homesites optioned or subject to contract 

15,972


6,260


155%


Joint venture homesites

1,939


198


879%



Total (including joint ventures)

70,494


35,430


99%

















Homesites owned:







Raw lots

8,814


8,162


8%


Homesites under development

23,395


8,119


188%


Finished homesites

9,488


7,210


32%


Under construction or completed homes

9,092


3,104


193%


Held for sale

1,794


2,377


(25%)



Total

52,583


28,972


81%

 

PRO FORMA REGIONAL OPERATING DATA





Three Months Ended December 31,




2015


Pro Forma
2014


% Change




Homes


ASP


Homes


ASP


Homes


ASP




(Dollars in thousands)

New homes delivered:



















North


787


$

334



890


$

335



(12%)



(0%)


Southeast


1,143



377



1,083



331



6%



14%


Southwest


1,033



403



1,165



369



(11%)



9%


West


832



662



826



580



1%



14%



Consolidated total


3,795


$

437



3,964


$

395



(4%)



11%

 




Year Ended December 31,




Pro Forma
2015


Pro Forma
2014


% Change




Homes


ASP


Homes


ASP


Homes


ASP








(Dollars in thousands)





New homes delivered:



















North


2,727


$

339



2,711


$

332



1%



2%


Southeast


3,732



360



3,664



315



2%



14%


Southwest


3,552



406



3,636



364



(2%)



12%


West


2,549



616



2,622



589



(3%)



5%



Consolidated total


12,560


$

420



12,633


$

390



(1%)



8%

 




Three Months Ended December 31,




2015


Pro Forma
2014


% Change




Homes


ASP


Homes


ASP


Homes


ASP




(Dollars in thousands)

Net new orders:



















North


556


$

348



493


$

338



13%



3%


Southeast


831



384



797



336



4%



14%


Southwest


715



416



773



396



(8%)



5%


West


597



643



462



629



29%



2%



Consolidated total


2,699


$

442



2,525


$

408



7%



8%

 




Year Ended December 31,




Pro Forma
2015


Pro Forma
2014


% Change




Homes


ASP


Homes


ASP


Homes


ASP








(Dollars in thousands)






Net new orders:



















North


2,757


$

339



2,664


$

338



3%



0%


Southeast


3,976



369



3,627



331



10%



11%


Southwest


4,029



413



3,784



377



6%



10%


West


3,089



602



2,560



587



21%



3%



Consolidated total


13,851


$

428



12,635


$

398



10%



8%

 




Three Months Ended
December 31,


Year Ended
December 31,




2015


Pro Forma
2014


% Change


Pro Forma
2015


Pro Forma
2014


% Change

Average number of selling communities during the period:
























North

119


117


2%


117


109


7%


Southeast

181


160


13%


173


155


12%


Southwest

183


168


9%


183


155


18%


West

96


75


28%


85


75


13%



Consolidated total

579


520


11%


558


494


13%

 




At December 31,




2015


Pro Forma
2014


% Change




Homes


Dollar
Value


Homes


Dollar
Value


Homes


Dollar
Value




(Dollars in thousands)

Backlog:



















North


1,003


$

348,285



973


$

337,784



3%



3%


Southeast


1,621



702,388



1,378



549,584



18%



28%


Southwest


1,902



845,499



1,426



599,654



33%



41%


West


1,085



675,920



551



348,380



97%



94%



Consolidated total


5,611


$

2,572,092



4,328


$

1,835,402



30%



40%

 





At December 31,





2015


Pro Forma
2014


% Change

Homesites owned and controlled:








North


15,222


15,933


(4%)


Southeast


24,393


26,597


(8%)


Southwest


16,151


18,326


(12%)


West


14,728


13,452


9%



Total (including joint ventures)


70,494


74,308


(5%)











Homesites owned


52,583


53,742


(2%)


Homesites optioned or subject to contract 


15,972


19,745


(19%)


Joint venture homesites


1,939


821


136%



Total (including joint ventures)


70,494


74,308


(5%)



















Homesites owned:








Raw lots


8,814


11,924


(26%)


Homesites under development


23,395


23,547


(1%)


Finished homesites


9,488


8,522


11%


Under construction or completed homes


9,092


7,194


26%


Held for sale


1,794


2,555


(30%)



Total


52,583


53,742


(2%)

 

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Each of the below measures are non-GAAP financial measures and other companies may calculate such non-GAAP measures differently.  Due to the significance of the GAAP components excluded, such measures should not be considered in isolation or as an alternative to operating performance measures prescribed by GAAP.

The table set forth below reconciles the Company's gross margin percentage from home sales to adjusted gross margin percentage from home sales, excluding purchase accounting adjustments related to the merger and interest amortized to cost of home sales.  The table set forth below also reconciles the Company's operating margin percentage from home sales to adjusted operating margin percentage from home sales, excluding purchase accounting adjustments related to the merger.  We believe these measures are useful to management and investors as they provide perspective on the underlying operating performance of the business excluding these charges and provide comparability with the Company's peer group.

 


Three Months Ended


December 31,
2015


Gross
Margin %


December 31,
2014


Gross
Margin %


September 30,
2015


Gross
Margin %


(Dollars in thousands)
















Home sale revenues

$

1,659,982




$

724,342




$

626,008



Less: Cost of home sales


(1,330,558)





(541,615)





(467,358)



Gross margin from home sales


329,424


19.8%



182,727


25.2%



158,650


25.3%

Add: Purchase accounting adjustments included in cost of home sales
















64,170


3.9%



   ―  





   ―  



Adjusted gross margin from home sales, excluding purchase accounting adjustments included in cost of home sales
















393,594


23.7%



182,727


25.2%



158,650


25.3%

Add: Capitalized interest included in cost of home sales
















43,890


2.7%



36,370


5.0%



30,275


4.9%

Adjusted gross margin from home sales, excluding  purchase accounting adjustments and interest amortized to cost of home sales





























$

437,484


26.4%


$

219,097


30.2%


$

188,925


30.2%































Adjusted gross margin from home sales, excluding purchase accounting adjustments included in cost of home sales















$

393,594


23.7%


$

182,727


25.2%


$

158,650


25.3%

Less: Selling, general and administrative expenses


(171,470)


(10.3%)



(79,272)


(10.9%)



(73,260)


(11.7%)

Adjusted operating margin from home sales, excluding purchase accounting adjustments















$

222,124


13.4%


$

103,455


14.3%


$

85,390


13.6%

 


Year Ended


December 31,
2015


Gross
Margin %


December 31,
2014


Gross
Margin %


(Dollars in thousands)











Home sale revenues

$

3,449,047




$

2,366,754



Less: Cost of home sales


(2,676,666)





(1,748,954)



Gross margin from home sales


772,381


22.4%



617,800


26.1%

Add: Purchase accounting adjustments included in in cost of home sales











64,170


1.9%



   ―  



Adjusted gross margin from home sales, excluding purchase accounting adjustments included in cost of home sales











836,551


24.3%



617,800


26.1%

Add: Capitalized interest included in cost of home sales











131,611


3.8%



119,422


5.0%

Adjusted gross margin from home sales, excluding purchase accounting adjustments and interest amortized to cost of home sales



















$

968,162


28.1%


$

737,222


31.1%





















Adjusted gross margin from home sales, excluding purchase accounting adjustments included in cost of home sales










$

836,551


24.3%


$

617,800


26.1%

Less: Selling, general and administrative expenses


(390,710)


(11.3%)



(275,861)


(11.7%)

Adjusted operating margin from home sales, excluding purchase accounting adjustments










$

445,841


13.0%


$

341,939


14.4%

 

The table set forth below reconciles the Company's pretax income to adjusted pretax income and adjusted net income, excluding purchase accounting adjustments and merger and other one-time costs.  We believe these measures are useful to management and investors as they provide perspective on the underlying operating performance of the business excluding these charges and provide comparability with the Company's peer group. 

 



Three Months Ended
December 31, 2015


Year Ended
December 31, 2015



(Dollars in thousands, except per share amounts)








Pretax income

$

126,177


$

342,489

Add:







Purchase accounting adjustments included in cost of home sales


64,170



64,170


Merger and other one-time costs


44,849



61,737

Adjusted pretax income


235,196



468,396


Less: Tax provision associated with add back of purchase accounting adjustments and merger and other one-time costs








(90,680)



(176,398)








Adjusted net income

$

144,516


$

291,998









Less: Net income allocated to unvested restricted stock


(95)



(369)


Add: Interest on convertible senior notes


97



955

Adjusted net income available to common and preferred stock for diluted earnings per share






$

144,518


$

292,584








Adjusted diluted earnings per share

$

1.04


$

3.09








Total weighted average diluted common shares outstanding if preferred shares converted to common shares







138,971,598



94,648,767

 

The table set forth below reconciles the Company's total consolidated debt to adjusted net homebuilding debt and provides the Company's total consolidated debt to book capitalization and adjusted net homebuilding debt to total adjusted book capitalization ratios.  In addition, the table set forth below calculates homebuilding debt to adjusted homebuilding EBITDA.  We believe these ratios are useful to management and investors as a measure of the Company's ability to obtain financing.  For purposes of the ratio of adjusted net homebuilding debt to total adjusted book capitalization, total adjusted book capitalization is adjusted net homebuilding debt plus stockholders' equity.  Adjusted net homebuilding debt excludes indebtedness of the Company's financial services subsidiary and additionally reflects the offset of cash and equivalents. 



December 31,
2015


December 31,
2014



(Dollars in thousands)








Total consolidated debt

$

3,791,121


$

2,202,714

Less:







Financial services indebtedness


(303,422)



(89,413)


Homebuilding cash, including restricted cash


(187,066)



(218,650)

Adjusted net homebuilding debt


3,300,633



1,894,651

Stockholders' equity


3,861,436



1,676,688

Total adjusted book capitalization

$

7,162,069


$

3,571,339








Total consolidated debt to book capitalization


49.5%



56.8%








Adjusted net homebuilding debt to total adjusted book capitalization


46.1%



53.1%















Homebuilding debt

$

3,487,699


$

2,113,301

LTM adjusted homebuilding EBITDA

$

648,313


$

502,423








Homebuilding debt to adjusted homebuilding EBITDA


 5.4x 



 4.2x 

 

The table set forth below calculates adjusted stockholders' equity per common share, after giving effect to the 1-for-5 reverse stock split.  The Company believes that the adjusted stockholders' equity per common share information is useful to management and investors as a measure to determine the book value per common share after giving the pro forma effect to the conversion of our outstanding preferred shares assuming full conversion to common stock.

 


December 31,


2014




Actual common shares outstanding (reverse-split adjusted)


55,028,238

Add: Conversion of preferred shares to common shares (reverse-split adjusted)


17,562,557

Pro forma common shares outstanding (reverse-split adjusted)


72,590,795




Stockholders' equity (in thousands)

$

1,676,688

Divided by pro forma common shares outstanding (reverse-split adjusted)

÷

72,590,795

Adjusted stockholders' equity per common share (reverse-split adjusted)

$

23.10

 

The table set forth below calculates EBITDA and Adjusted Homebuilding EBITDA.  Adjusted Homebuilding EBITDA means net income (plus cash distributions of income from unconsolidated joint ventures) before (a) income taxes, (b) homebuilding interest expense (c) expensing of previously capitalized interest included in cost of sales, (d) impairment charges and deposit write-offs, (e) (gain) loss on early extinguishment of debt (f) homebuilding depreciation and amortization, including amortization of capitalized model costs, (g) amortization of stock-based compensation, (h) income (loss) from unconsolidated joint ventures, (i) income (loss) from financial services subsidiaries, (j) purchase accounting adjustments and (k) merger and other one-time costs.  Other companies may calculate Adjusted Homebuilding EBITDA (or similarly titled measures) differently.  We believe Adjusted Homebuilding EBITDA information is useful to management and investors as it provides perspective on the underlying performance of the business.  Adjusted Homebuilding EBITDA is a non-GAAP financial measure and due to the significance of the GAAP components excluded, should not be considered in isolation or as an alternative to net income, cash flow from operations or any other operating or liquidity performance measure prescribed by GAAP.

 



Three Months Ended


Year Ended December 31,



December 31,
2015


December 31,
2014


September 30,
2015


2015


2014



(Dollars in thousands)

















Net income 

$

77,529


$

64,644


$

47,177


$

213,509


$

215,865


Provision for income taxes


48,648



39,738



31,117



128,980



134,099


Homebuilding interest amortized to cost of sales and interest expense

46,857



39,354



33,323



139,381



123,112


Homebuilding depreciation and amortization


18,699



8,403



7,368



40,987



27,209


Amortization of stock-based compensation


7,004



733



3,536



15,624



8,469

EBITDA


198,737



152,872



122,521



538,481



508,754

Add:
















Cash distributions of income from unconsolidated joint ventures


2,238



         ―    



         ―    



2,830



1,875


Purchase accounting adjustments included in cost of home sales


64,170



         ―    



         ―    



64,170



         ―    


Merger and other one-time costs


44,849



         ―    



         ―    



61,737



         ―    

Less:
















Income (loss) from unconsolidated joint ventures


2,347



(326)



121



1,966



(668)


Income from financial services subsidiaries


10,066



2,472



2,847



16,939



8,874

Adjusted Homebuilding EBITDA

$

297,581


$

150,726


$

119,553


$

648,313


$

502,423

















Homebuilding revenues

$

1,674,311


$

753,644


$

652,190


$

3,496,411


$

2,411,178

















Adjusted Homebuilding EBITDA Margin %


17.8%



20.0%



18.3%



18.5%



20.8%

 

Because the closing of the merger occurred on October 1, 2015, financial statement information for 2015 required by GAAP includes full year stand-alone data for predecessor Standard Pacific Corp. and three months of Ryland Group, Inc. data (from October 1, 2015 through December 31, 2015).  The table set forth below reconciles the Company's reported home sale revenues, pretax income, homebuilding cash, inventories owned, goodwill and homebuilding debt to comparative financial measures on a combined basis for prior periods not required by GAAP.  Certain adjustments, including those related to conforming accounting policies and adjusting acquired inventory to fair value, have not been reflected in the pro forma financial measures below due to the impracticability of estimating such impacts.  The table set forth below also reconciles the Company's pro forma pretax income on a combined basis to pro forma pretax income on a combined basis, excluding the purchase accounting adjustments and merger and other one-time costs. Such pro forma data was not prepared to comply with Regulation S-X of the SEC Rules and Regulations. The following non-GAAP financial measures have been provided as we believe this data is useful to investors for purposes of assessing the Company's operating performance on a combined basis for year over year and quarter over quarter comparison purposes.

 


Three Months Ended


Year Ended


September 30,
2015


December 31,
2014


December 31,
2015


December 31,
2014


(Dollars in thousands)













Home sale revenues

$

626,008


$

724,342


$

3,449,047


$

2,366,754

Add: Ryland Home sale revenues


692,877



842,041



1,831,250



2,555,967

Pro forma combined Home sale revenues

$

1,318,885


$

1,566,383


$

5,280,297


$

4,922,721

























Pretax income

$

78,294


$

104,382


$

342,489


$

349,964

Add: Ryland Pretax income


65,558



115,149



173,443



284,464

Pro forma combined Pretax income

$

143,852


$

219,531


$

515,932


$

634,428

Add:












         Purchase accounting adjustments included in cost of home sales


   ―  






64,170




         Merger and other one-time costs


11,216






61,737




Adjusted pro forma combined Pretax income

$

155,068





$

641,839




 


December 31, 2014



(Dollars in thousands)




Homebuilding cash (including restricted cash)

$

218,650

Add: Ryland Homebuilding cash (including restricted cash)


526,347

Pro forma combined Homebuilding cash (including restricted cash)

$

744,997




Inventories owned

$

3,255,204

Add: Ryland Inventories owned


2,015,012

Pro forma combined Inventories owned

$

5,270,216




Goodwill

$

   ―    

Add: Ryland Goodwill


36,891

Pro forma combined Goodwill

$

36,891




Homebuilding debt

$

2,113,301

Add: Ryland Homebuilding debt


1,403,079

Pro forma combined Homebuilding debt

$

3,516,380




 

RYLAND REGIONAL QUARTERLY OPERATING DATA





Q3 2015


Q2 2015


Q1 2015


Q4 2014


Q3 2014


Q2 2014


Q1 2014

















New homes delivered:















North

768


650


522


890


731


574


516


Southeast

509


425


327


575


478


386


354


Southwest

575


582


504


817


656


596


508


West

194


157


110


207


153


144


92



Consolidated total

2,046


1,814


1,463


2,489


2,018


1,700


1,470

















Average selling price (deliveries):















North

$    339


$    339


$    345


$    335


$    330


$    337


$    322


Southeast

300


291


281


286


278


261


264


Southwest

341


353


332


327


319


325


319


West

434


555


566


541


548


539


638



Consolidated total

$    339


$    351


$    343


$    338


$    331


$    333


$    327

















Net new orders:















North

636


747


818


493


607


820


744


Southeast

476


579


579


402


376


507


501


Southwest

601


837


753


533


567


724


753


West

199


224


239


119


157


177


188



Consolidated total

1,912


2,387


2,389


1,547


1,707


2,228


2,186

















Average selling price (orders):















North

$    337


$    338


$    335


$    338


$    343


$    345


$    325


Southeast

298


292


289


288


304


283


279


Southwest

356


360


347


344


334


330


325


West

375


403


463


591


516


543


548



Consolidated total

$    337


$    341


$    340


$    347


$    347


$    342


$    334

















Average number of selling communities during the period:




























North

118


113


117


117


116


109


98


Southeast

81


81


85


87


81


78


78


Southwest

131


129


123


114


101


98


102


West

22


20


21


18


16


17


17



Consolidated total

352


343


346


336


314


302


295

















Backlog:















North

1,234


1,366


1,269


973


1,370


1,494


1,248


Southeast

979


1,013


859


607


780


882


761


Southwest

1,409


1,384


1,129


880


1,164


1,253


1,125


West

352


353


286


157


245


241


208



Consolidated total

3,974


4,116


3,543


2,617


3,559


3,870


3,342

 

STANDARD PACIFIC REGIONAL QUARTERLY OPERATING DATA





Q3 2015


Q2 2015


Q1 2015


Q4 2014


Q3 2014


Q2 2014


Q1 2014

















New homes delivered:















Southeast

467


476


385


508


472


500


391


Southwest

282


338


238


348


272


237


202


West

416


491


349


619


506


499


402



Consolidated total

1,165


1,305


972


1,475


1,250


1,236


995

















Average selling price (deliveries):















Southeast

$    437


$    414


$    377


$    382


$    360


$    339


$    329


Southwest

552


538


504


469


474


477


433


West

641


643


583


593


602


619


574



Consolidated total

$    537


$    532


$    482


$    491


$    483


$    479


$    449

















Net new orders:















Southeast

429


524


558


395


446


517


483


Southwest

325


406


392


240


245


434


288


West

572


637


621


343


463


573


540



Consolidated total

1,326


1,567


1,571


978


1,154


1,524


1,311

















Average selling price (orders):















Southeast

$    463


$    446


$    423


$    385


$    388


$    367


$    359


Southwest

559


509


509


509


480


452


467


West

679


655


636


641


601


572


604



Consolidated total

$    580


$    547


$    528


$    505


$    493


$    468


$    483

















Average number of selling communities during the period:




























Southeast

96


88


81


73


74


76


72


Southwest

54


55


56


54


53


49


45


West

65


60


61


57


58


58


57



Consolidated total

215


203


198


184


185


183


174

















Backlog:















Southeast

954


992


944


771


884


910


893


Southwest

811


768


700


546


654


681


484


West

968


812


666


394


670


713


639



Consolidated total

2,733


2,572


2,310


1,711


2,208


2,304


2,016

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/calatlantic-group-inc-reports-2015-full-year-and-fourth-quarter-results-300222651.html

SOURCE CalAtlantic Group, Inc.

View Comments and Join the Discussion!