M.D.C. Holdings Announces 2012 Third Quarter Results

             M.D.C. Holdings Announces 2012 Third Quarter Results

PR Newswire

DENVER, Nov. 1, 2012

DENVER, Nov. 1, 2012 /PRNewswire/ --M.D.C. Holdings, Inc. (NYSE: MDC)
announced results for the quarter ended September 30, 2012.

2012 Third Quarter Highlights and Comparisons to 2011 Third Quarter

  oNet income of $20.1 million, or $0.41 per diluted share vs. net loss of
    $31.7 million, or $0.68 per diluted share

       o2011 third quarter included $18.6 million charge related to debt
         extinguishment

  oNet new orders of 1,008 homes, up 69%
  oBacklog of 1,997 homes, up 52%; backlog dollar value up 65% to $667.0
    million
  oHome sale revenues of $320.6 million, up 57%
  oHomes closed of 1,039 homes, up 47%
  oGross margin from home sales of 15.5% vs. 14.8%

       oImprovement of 130 basis points vs. 14.2% in 2012 second quarter

  oSG&A expenses as a percentage of home sale revenues of 14.0% vs. 22.6%, an
    860 basis point improvement
  oHomebuilding operations pretax income of $10.2 million vs. loss of $33.7
    million
  oFinancial services segment pretax profit of $9.3 million vs. loss of $0.5
    million
  oApproved the acquisition of 1,478 lots in 31 communities

Larry A. Mizel, MDC's Chairman and Chief Executive Officer, stated, "I am
pleased to announce a third quarter profit of $0.41 per share, our third
consecutive quarterly operating profit, with net income improving by more than
$50 million over the prior year. Our favorable results were largely
attributable to significantly improved operating profits from our homebuilding
segment, which experienced top-line growth as well as operating margin
expansion. In addition, the Company's financial services segment produced
considerably better results as the Company took advantage of favorable
mortgage market conditions, including increased volume and margins for its
mortgage loan products."

Mr. Mizel continued, "Looking forward, we will continue to balance our
improved sales rate by increasing home prices and reducing incentives in
subdivisions where demand is strong. Our efforts to date in this regard have
helped us push the gross margins in our backlog higher, positioning us to
increase our gross margin in the fourth quarter and into 2013. In addition, we
believe our unit backlog, which ended the quarter up 52% from a year ago, will
drive the revenue increases we need to improve our operating leverage in
future periods."

Mizel concluded, "At the end of the quarter, we owned nearly 9,000 lots across
the country and had an additional 3,700 lots under option or in feasibility.
While our overall supply of owned lots is somewhat smaller than our peers, our
proportion of finished lots is much higher, and nearly all of our communities
are actively selling or under development. This finished, in-production lot
supply compares favorably with our peers and should allow us to drive top-line
growth in 2013. Also, we have the financial strength to support future land
acquisition opportunities, as evidenced by our unique net liquidity position
and investment-grade balance sheet."

Homebuilding

Home sale revenues for the 2012 third quarter increased 57% to $320.6 million
compared to $204.9 million for the prior year period. The increase in
revenues resulted primarily from a 47% increase in homes closed to 1,039 homes
as compared to 707 in the prior year. The Company's average selling price for
homes closed was $308,600, up 6% year-over-year compared to $289,800 for the
prior year period, primarily due to a mix shift in closings to more desirable
communities within individual markets, coupled with increased prices and lower
incentives in many of our markets.

Gross margin from home sales for the 2012 third quarter was 15.5% versus 14.8%
for the year-earlier period. The 2011 third quarter benefited by $6.4 million
from the settlement of a construction defect claim and the impact of project
close-out adjustments, as well as from a $1.0 million benefit related to a
warranty accrual reduction. These benefits were partially offset by $4.0
million in inventory impairments while the 2012 third quarter had no inventory
impairments. On a sequential basis, our 2012 third quarter gross margin from
home sales was up 130 basis points as compared to 14.2% for the 2012 second
quarter.

The year-over-year improvement in the Company's gross margin from home sales
was driven partially by closing a significantly higher percentage of homes
started with buyers under contract, which historically have been more
profitable than homes started without a buyer under contract. In addition,
both the year-over-year and sequential increasesin the gross margin
percentage were driven by price increases and a reduction of incentives in
many of our communities across the country.

Our 2012 third quarter SG&A expenses fell slightly to $44.8 million, compared
to $46.4 million for the 2011 third quarter. The decrease in SG&A was
attributable to a $4.6 million decrease in general and administrative
expenses, including reductions in salaries and other overhead costs and a $2.2
million legal recovery, partially offset by a $3.8 million increase in
commission expenses attributable to our increase in home sale revenues. The
decreased SG&A expenses, combined with increased revenues, resulted in better
operating leverage, with SG&A expenses as a percentage of home sales revenues
decreasing 860 basis points to 14.0% for the 2012 third quarter versus 22.6%
for the same period in 2011.

Net new orders for the 2012 third quarter increased 69% to 1,008 homes,
compared to 595 homes during the same period in 2011. The Company's monthly
sales absorption rate for the 2012 third quarter was 2.0 per community,
compared to 1.1 per community for the 2011 third quarter. The Company's
cancellation rate for the 2012 third quarter was 27% versus 44% in the prior
year third quarter.

The Company ended the 2012 third quarter with 1,997 homes in backlog, with an
estimated sales value of $667.0 million, compared with a backlog of 1,312
homes with an estimated sales value of $405.0 million at September 30, 2011.

Financial Services

Income before taxes from our financial services operations for the 2012 third
quarter was $9.3 million, compared to a loss of $0.5 million for the 2011
third quarter. The increase in pretax income primarily reflected an $8.9
million increase in our mortgage segment's pretax results from a loss of $1.6
million in the 2011 third quarter to income of $7.3 million for the 2012 third
quarter. The improvement in our mortgage profitability was drivenmostly by
year-over-year increases in the gains on sales of mortgage loans and the
corresponding servicing rights, and higher origination income. These increases
were due largely to favorable mortgage market conditions, increases in the
volume of loans locked and originated, and a decrease in the level of special
financing programs that we offered our homebuyers. Additionally, mortgage
operations benefited from a $2.8 million decrease in the expense recognized
for mortgage loan losses.

About MDC

Since 1972, MDC's subsidiary companies have built and financed the American
dream for more than 170,000 homebuyers. MDC's commitment to customer
satisfaction, quality and value is reflected in each home its subsidiaries
build. MDC is one of the largest homebuilders in the United States. Its
subsidiaries have homebuilding operations across the country, including the
metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las Vegas,
Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Francisco Bay
Area, Washington D.C., Baltimore, Philadelphia, Jacksonville and Seattle. The
Company's subsidiaries also provide mortgage financing, insurance and title
services, primarily for Richmond American homebuyers, through HomeAmerican
Mortgage Corporation, American Home Insurance Agency, Inc. and American Home
Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is traded on the
New York Stock Exchange under the symbol "MDC." For more information, visit
www.mdcholdings.com.

Forward-Looking Statements

Certain statements in this release, including statements regarding our
business, financial condition, results of operation, cash flows, strategies
and prospects, constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such
factors include, among other things, (1) general economic conditions,
including changes in consumer confidence, inflation or deflation and
employment levels; (2) changes in business conditions experienced by the
Company, including cancellation rates, net home orders, home gross margins,
and land and home values; (3) changes in interest rates, mortgage lending
programs and the availability of credit; (4) changes in the market value of
the Company's investments in marketable securities; (5) uncertainty in the
mortgage lending industry, including repurchase requirements associated with
HomeAmerican's sale of mortgage loans (6)the relative stability of debt and
equity markets; (7) competition; (8) the availability and cost of land and
other raw materials used by the Company in its homebuilding operations;
(9)the availability and cost of performance bonds and insurance covering
risks associated with our business; (10) shortages and the cost of labor; (11)
weather related slowdowns; (12) slow growth initiatives; (13) building
moratoria; (14) governmental regulation, including the interpretation of tax,
labor and environmental laws; (15) terrorist acts and other acts of war; and
(16)other factors over which the Company has little or no control.
Additional information about the risks and uncertainties applicable to the
Company's business is contained in the Company's Form 10-Q for the quarter
ended September 30, 2012, which is scheduled to be filed with the Securities
and Exchange Commission today. All forward-looking statements made in this
press release are made as of the date hereof, and the risk that actual results
will differ materially from expectations expressed in this press release will
increase with the passage of time. The Company undertakes no duty to update
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise. However, any further disclosures
made on related subjects in our subsequent filings, releases or webcasts
should be consulted.





M.D.C. HOLDINGS, INC.

Consolidated Statements of Operations and Comprehensive Income


                            Three Months              Nine Months
                            Ended September 30,       Ended September 30,
                            2012         2011         2012         2011
                            (Dollars in thousands, except per share amounts)
 Homebuilding:              (Unaudited)
   Home sale revenues       $  320,647  $  204,886  $  761,857  $  574,432
   Land sale revenues       15           730          3,420        3,499
       Total home sale and  320,662      205,616      765,277      577,931
       land revenues
   Home cost of sales       (271,067)    (170,443)    (649,941)    (490,521)
   Land cost of sales       (2)          (724)        (3,210)      (2,482)
   Inventory impairments    -            (4,049)      -            (12,682)
       Total cost of sales  (271,069)    (175,216)    (653,151)    (505,685)
          Gross margin      49,593       30,400       112,126      72,246
   Selling, general and     (44,788)     (46,360)     (118,135)    (143,171)
   administrative expenses
   Interest income          5,365        5,964        16,651       19,437
   Interest expense         -            (3,641)      (808)        (19,642)
   Other income (expense)   16           (20,102)     592          (20,985)
          Homebuilding
          pretax income     10,186       (33,739)     10,426       (92,115)
          (loss)
 Financial Services:
   Revenues                 14,454       6,322        34,304       20,480
   Expenses                 (5,156)      (6,772)      (13,466)     (16,061)
          Financial
          services pretax   9,298        (450)        20,838       4,419
          income
 Income (loss) before       19,484       (34,189)     31,264       (87,696)
 income taxes
 Benefit (provision) for    642          2,479        1,765        8,127
 income taxes
 Net income (loss)          $          $           $          $ 
                            20,126       (31,710)    33,029       (79,569)
 Other comprehensive income
 (loss):
 Unrealized gain related to
 available-for-sale         5,095        (20,237)     10,945       (18,905)
 securities
 Comprehensive income       $          $           $          $ 
 (loss)                     25,221       (51,947)     43,974       (98,474)
 Earnings (loss) per share:
   Basic                    $        $         $         $   
                            0.42         (0.68)       0.69        (1.72)
   Diluted                  $        $         $         $   
                            0.41         (0.68)       0.68        (1.72)
 Weighted Average Common
 Shares Outstanding:
   Basic                    47,761,307   46,736,638   47,499,429   46,717,408
   Diluted                  48,173,315   46,736,638   47,818,188   46,717,408
 Dividends declared per     $        $         $         $   
 share                      0.25         0.25        0.75        0.75





M.D.C. HOLDINGS, INC.

Consolidated Balance Sheets
                                           September 30,     December 31,
                                           2012               2011
                                           (Dollars in thousands, except per
                                           share amounts)
ASSETS                                     (Unaudited)
Homebuilding:
Cash and cash equivalents                  $          $       
                                           235,273            316,418
Marketable securities                      503,805            485,434
Restricted cash                            2,084              667
Trade and other receivables                35,768             21,593
Inventories:
Housing completed or under construction    504,016            300,714
Land and land under development            393,170            505,338
Total inventories                     897,186            806,052
Property and equipment, net                33,789             36,277
Deferred tax asset, net of valuation
allowance of
$263,562 and $281,178 at September 30,
2012 and                                   -                  -
December 31, 2011, respectively
Prepaid expenses and other assets          47,616             50,423
Total homebuilding assets                  1,755,521          1,716,864
Financial Services:
Cash and cash equivalents                  28,524             26,943
Marketable securities                      32,915             34,509
Mortgage loans held-for-sale, net          86,648             78,335
Prepaid expenses and other assets          4,815              2,074
Total financial services assets            152,902            141,861
 Total Assets                         $           $       
                                           1,908,423          1,858,725
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable                          $          $       
                                            49,636             25,645
Accrued liabilities                        106,457            119,188
Senior notes, net                          744,654            744,108
Total homebuilding liabilities             900,747            888,941
Financial Services:
Accounts payable and accrued liabilities   54,226             52,446
Mortgage repurchase facility               46,888             48,702
Total financial services liabilities       101,114            101,148
 Total Liabilities                    1,001,861          990,089
Stockholders' Equity
Preferred stock, $0.01 par value;
25,000,000
shares authorized; none issued or          -                  -
outstanding
Common stock, $0.01 par value;
250,000,000
shares authorized;48,651,558 issued and
outstanding at September 30, 2012and
48,017,108
and 47,957,196 issued and outstanding,     487                480
respectively, at December 31, 2011
Additional paid-in-capital                 892,461            863,128
Retained earnings                          9,909              12,927
Accumulated other comprehensive income     3,705              (7,240)
(loss)
Treasury stock, at cost; no shares at
September 30, 2012 and 59,912at December  -                  (659)
31, 2011
Total Stockholders' Equity                 906,562            868,636
Total Liabilities and Stockholders'        $           $       
Equity                                     1,908,423          1,858,725



M.D.C. HOLDINGS, INC.

Consolidated Statement of Cash Flows


                                  Three Months         Nine Months
                                  Ended September 30,  Ended September 30,
                                  2012        2011       2012        2011
                                  (Dollars in thousands)
                                  (Unaudited)
Operating Activities:
Net income (loss)                 $        $        $        $  
                                  20,126      (31,710)  33,029      (79,569)
Adjustments to reconcile net
income (loss) to net cash
provided by (used in) operating
activities:
 Loss on extinguishment of     -           18,559     -           18,559
senior notes
Stock-based compensation expense  4,907       5,412      12,628      12,092
Depreciation and amortization    1,052       1,496      3,708       4,713
Inventory impairments and
write-offs of land option         103         5,578      414         17,883
deposits
Amortization of (premium)
discount on marketable debt       430         692        279         1,604
securities
 Net changes in assets and
liabilities:
 Restricted cash             176         (78)       (1,417)     (262)
 Trade and other receivables 4,660       (2,821)    (13,685)    16,114
 Mortgage loans              (20,961)    (3,101)    (8,313)     22,813
held-for-sale
 Housing completed or under  (66,607)    2,271      (202,994)   53,861
construction
 Land and land under         21,358      3,468      112,406     (105,154)
development
 Prepaid expenses and other  (4,509)     (1,406)    (553)       (2,782)
assets
 Accounts payable            6,894       (1,813)    24,063      (7,723)
 Accrued liabilities         (2,494)     (8,033)    (10,020)    (32,892)
Net cash provided by (used in)    (34,865)    (11,486)   (50,455)    (80,743)
operating activities
Investing Activities:
Purchase of marketable securities (104,379)   (30,201)   (397,167)   (288,624)
Maturity of marketable securities -           2,071      106,000     453,071
Sale of marketable securities     59,355      118,755    285,056     248,432
Purchase of property and          (290)       (2,422)    (958)       (31,717)
equipment and other
Net cash provided by (used in)    (45,314)    88,203     (7,069)     381,162
investing activities
Financing Activities:
 Extinguishment of senior      -           (254,903)  -           (254,903)
notes
Payments on mortgage repurchase   (47,120)    (9,339)    (137,529)   (56,454)
facility
Advances on mortgage repurchase   61,348      11,059     135,715     41,728
facility
Dividend payments                 (12,056)    (11,868)   (36,046)    (35,560)
Proceeds from exercise of stock   15,680      -          15,820      46
options
Net cash provided by (used in)    17,852      (265,051)  (22,040)    (305,143)
financing activities
Net increase (decrease) in cash   (62,327)    (188,334)  (79,564)    (4,724)
and cash equivalents
Cash and cash equivalents:
 Beginning of period         326,124     755,835    343,361     572,225
 End of period               $         $        $         $  
                                  263,797     567,501    263,797     567,501





M.D.C. HOLDINGS, INC.

Homebuilding Operational Data


New Home Deliveries:
              Three Months Ended September 30,
              2012                          2011                         % Change
              Homes  Dollar     Average  Homes  Dollar    Average  Homes  DollarValue  Average
                       Value     Price             Value    Price                            Price
              (Dollars in thousands)
Arizona      203      $ 44,877   $ 221.1   126      $ 25,272  $ 200.6   61%      78%            10%
California   131      46,580     355.6     58       17,883    308.3     126%     160%           15%
Nevada       178      37,679     211.7     77       14,387    186.8     131%     162%           13%
Washington    63       18,894     299.9     49       13,135    268.1     29%      44%            12%
West         575      148,030    257.4     310      70,677    228.0     85%      109%           13%
Colorado     229      81,706     356.8     189      65,234    345.2     21%      25%            3%
Utah         53       14,632     276.1     58       16,712    288.1     -9%      -12%           -4%
Mountain     282      96,338     341.6     247      81,946    331.8     14%      18%            3%
Maryland     65       29,382     452.0     47       21,020    447.2     38%      40%            1%
Virginia     67       34,069     508.5     36       15,370    426.9     86%      122%           19%
East         132      63,451     480.7     83       36,390    438.4     59%      74%            10%
Florida      50       12,828     256.6     63       14,592    231.6     -21%     -12%           11%
Illinois     -        -          -         4        1,281     320.3     N/M      N/M            N/M
Other         50       12,828     256.6     67       15,873    236.9     -25%     -19%           8%
Homebuilding
Total        1,039    $ 320,647  $ 308.6   707      $         $ 289.8   47%      57%            6%
                                                     204,886
              Nine Months Ended September 30,
              2012                          2011                         % Change
              Homes  Dollar     Average  Homes  Dollar    Average  Homes  Dollar Value  Average
                       Value     Price             Value    Price                            Price
              (Dollars in thousands)
Arizona      418      $ 89,920   $ 215.1   301      $ 57,183  $ 190.0   39%      57%            13%
California   319      107,768    337.8     168      52,554    312.8     90%      105%           8%
Nevada       439      87,735     199.9     223      42,150    189.0     97%      108%           6%
Washington    166      48,060     289.5     100      26,912    269.1     66%      79%            8%
West         1,342    333,483    248.5     792      178,799   225.8     69%      87%            10%
Colorado     539      192,923    357.9     537      180,256   335.7     0%       7%             7%
Utah         151      41,874     277.3     178      49,185    276.3     -15%     -15%           0%
Mountain     690      234,797    340.3     715      229,441   320.9     -3%      2%             6%
Maryland     156      67,953     435.6     153      65,506    428.1     2%       4%             2%
Virginia     196      92,395     471.4     151      64,161    424.9     30%      44%            11%
East         352      160,348    455.5     304      129,667   426.5     16%      24%            7%
Florida      133      32,678     245.7     154      34,951    227.0     -14%     -7%            8%
Illinois     2        551        275.5     5        1,574     314.8     -60%     -65%           -12%
Other         135      33,229     246.1     159      36,525    229.7     -15%     -9%            7%
Homebuilding
Total        2,519    $ 761,857  $ 302.4   1,970    $         $ 291.6   28%      33%            4%
                                                     574,432


M.D.C. HOLDINGS, INC.

Homebuilding Operational Data


Net New
Orders:
              Three Months Ended September 30,
              2012                          2011                         % Change
              Homes  Dollar     Average  Homes  Dollar    Average  Homes  DollarValue  Average
                       Value     Price             Value    Price                            Price
              (Dollars in thousands)
Arizona      136      $       $       104      $      $       31%      59%            22%
                       30,441    223.8              19,127   183.9
California   173      56,507     326.6     53       16,526    311.8     226%     242%           5%
Nevada       131      30,944     236.2     107      18,220    170.3     22%      70%            39%
Washington    71       21,998     309.8     42       10,737    255.6     69%      105%           21%
West         511      139,890    273.8     306      64,610    211.1     67%      117%           30%
Colorado     251      84,575     337.0     147      51,812    352.5     71%      63%            -4%
Utah         66       20,220     306.4     38       10,604    279.1     74%      91%            10%
Mountain     317      104,795    330.6     185      62,416    337.4     71%      68%            -2%
Maryland     39       18,031     462.3     48       25,178    524.5     -19%     -28%           -12%
Virginia     88       42,554     483.6     42       18,586    442.5     110%     129%           9%
East         127      60,585     477.0     90       43,764    486.3     41%      38%            -2%
Florida      53       12,918     243.7     16       4,379     273.7     231%     195%           -11%
Illinois     -        -          -         (2)      (564)     282.0     N/M      N/M            N/M
Other        53       12,918     243.7     14       3,815     272.5     279%     239%           -11%
Total        1,008    $        $       595      $       $       69%      82%            8%
                       318,188   315.7              174,605  293.5
              Nine Months Ended September 30,
              2012                          2011                         % Change
              Homes  Dollar     Average  Homes  Dollar    Average  Homes  Dollar Value  Average
                       Value     Price             Value    Price                            Price
              (Dollars in thousands)
Arizona      569      $        $       390      $      $       46%      69%            15%
                       124,723   219.2              74,007   189.8
California   511      175,533    343.5     247      73,341    296.9     107%     139%           16%
Nevada       522      114,823    220.0     349      64,256    184.1     50%      79%            20%
Washington    216      64,040     296.5     68       17,464    256.8     218%     267%           15%
West         1,818    479,119    263.5     1,054    229,068   217.3     72%      109%           21%
Colorado     797      276,767    347.3     560      190,560   340.3     42%      45%            2%
Utah         203      60,491     298.0     214      59,154    276.4     -5%      2%             8%
Mountain     1,000    337,258    337.3     774      249,714   322.6     29%      35%            5%
Maryland     235      103,079    438.6     168      75,626    450.2     40%      36%            -3%
Virginia     276      136,740    495.4     205      88,669    432.5     35%      54%            15%
East         511      239,819    469.3     373      164,295   440.5     37%      46%            7%
Florida      142      33,502     235.9     158      36,339    230.0     -10%     -8%            3%
Illinois     2        550        275.0     5        1,477     295.4     -60%     -63%           -7%
Other        144      34,052     236.5     163      37,816    232.0     -12%     -10%           2%
Total        3,473    $         $       2,364    $       $       47%      60%            9%
                       1,090,248  313.9              680,893  288.0







M.D.C. HOLDINGS, INC.

Homebuilding Operational Data


Active Subdivisions:
                          September 30,
                          2012      2011   % Change
Arizona                  14        26     -46%
California               18        16     13%
Nevada                   16        20     -20%
Washington                12        10     20%
West                     60        72     -17%
Colorado                 45        47     -4%
Utah                     16        21     -24%
Mountain                 61        68     -10%
Maryland                 17        14     21%
Virginia                 13        13     0%
East                     30        27     11%
Florida                  15        15     0%
Other Homebuilding       15        15     0%
Total                    166       182    -9%
Average for quarter ended 170       179    -5%





Backlog:
              September 30,
              2012                        2011                         % Change
              Homes  Dollar  Average  Homes  Dollar   Average  Homes  Dollar  Average
                       Value   Price             Value    Price             Value   Price
              (Dollars in thousands)
Arizona      279      $     $       173      $       $       61%      82%      13%
                       62,902   225.5              34,474   199.3
California   310      104,825  338.1     158      48,476    306.8     96%      116%     10%
Nevada       239      56,902   238.1     202      39,432    195.2     18%      44%      22%
Washington    104      33,885   325.8     44       11,675    265.3     136%     190%     23%
West         932      258,514  277.4     577      134,057   232.3     62%      93%      19%
Colorado     491      179,779  366.1     296      105,850   357.6     66%      70%      2%
Utah         120      35,745   297.9     105      29,667    282.5     14%      20%      5%
Mountain     611      215,524  352.7     401      135,517   337.9     52%      59%      4%
Maryland     192      80,876   421.2     141      61,567    436.6     36%      31%      -4%
Virginia     183      91,993   502.7     124      56,480    455.5     48%      63%      10%
East         375      172,869  461.0     265      118,047   445.5     42%      46%      3%
Florida      79       20,052   253.8     68       16,926    248.9     16%      18%      2%
Illinois     -        -        -         1        329       329.1     N/M      N/M      N/M
Other         79       20,052   253.8     69       17,255    250.1     14%      16%      1%
Homebuilding
Total        1,997    $      $       1,312    $        $       52%      65%      8%
                       666,959  334.0              404,876  308.6





M.D.C. HOLDINGS, INC.

Homebuilding Operational Data


Homes Completed or Under Construction (WIP lots):
                                                  September 30,
                                                  2012    2011   % Change
Unsold
Completed                                         137     85     61%
Under construction - frame                        391     314    25%
Under construction - foundation                  233     85     174%
Total unsold started homes                       761     484    57%
Sold homes under construction or completed        1,463   871    68%
Model homes                                      229     220    4%
Total homes completed or under construction       2,453   1,575  56%







Lots Owned and Optioned (including homes completed or
under construction):
              September 30, 2012                   September 30, 2011
              Lots        Lots          Total      Lots     Lots        Total
              Owned       Optioned                 Owned    Optioned
Arizona       938         63            1,001      981      96          1,077
California    1,065       112           1,177      1,306    -           1,306
Nevada        994         61            1,055      1,091    75          1,166
Washington    524         212           736        312      182         494
West          3,521       448           3,969      3,690    353         4,043
Colorado      3,325       433           3,758      3,103    464         3,567
Utah          557         13            570        545      273         818
Mountain      3,882       446           4,328      3,648    737         4,385
Maryland      584         358           942        446      730         1,176
Virginia      547         103           650        566      192         758
East          1,131       461           1,592      1,012    922         1,934
Florida       321         95            416        233      373         606
Illinois      123         -             123        123      -           123
Other         444         95            539        356      373         729
Total         8,978       1,450         10,428     8,706    2,385       11,091

SOURCE M.D.C. Holdings, Inc.

Website: http://www.mdcholdings.com
Contact: Robert N. Martin, Vice President of Finance, +1-720-977-3431,
bob.martin@mdch.com
 
Press spacebar to pause and continue. Press esc to stop.