NVR, Inc. Announces First Quarter Results

                  NVR, Inc. Announces First Quarter Results

PR Newswire

RESTON, Va., April 22, 2013

RESTON, Va., April 22, 2013 /PRNewswire/ --NVR, Inc. (NYSE: NVR), one of the
nation's largest homebuilding and mortgage banking companies, announced net
income for its first quarter ended March 31, 2013 of $35,041,000, or $6.84 per
diluted share. Net income and diluted earnings per share for its first
quarter ended March 31, 2013 increased 74% and 75%, respectively, when
compared to the 2012 first quarter. Consolidated revenues for the first
quarter of 2013 totaled $770,256,000, a 28% increase from $600,492,000 for the
comparable 2012 quarter.

Homebuilding

New orders in the first quarter of 2013 increased 11% to 3,510 units, when
compared to 3,157 units in the first quarter of 2012. The cancellation rate
in the first quarter of 2013 was 13.2% compared to 10.3% in the first quarter
of 2012 and 15.3% in the fourth quarter of 2012. Settlements increased in the
first quarter of 2013 to 2,272 units, 18% higher than the first quarter of
2012. The Company's backlog of homes sold but not settled as of March 31,
2013 increased on a unit basis by 27% to 6,217 units and on a dollar basis by
39% to $2,179,566,000 when compared to March 31, 2012.

Homebuilding revenues for the three months ended March 31, 2013 totaled
$750,868,000, 28% higher than the year earlier period. Gross profit margins
increased to 16.9% in the 2013 first quarter compared to 16.1% for the same
period in 2012. Income before tax from the homebuilding segment totaled
$43,944,000 in the 2013 first quarter, an increase of 91% when compared to the
first quarter of 2012.

Mortgage Banking

Mortgage closed loan production of $473,766,000 for the three months ended
March 31, 2013 was 13% higher than the same period last year. Operating
income for the mortgage banking operations during the first quarter of 2013
increased 40% to $11,161,000, when compared to $7,976,000 reported for the
same period of 2012.

About NVR

NVR, Inc. operates in two business segments: homebuilding and mortgage
banking. The homebuilding unit sells and builds homes under the Ryan Homes,
NVHomes, Fox Ridge Homes and Heartland Homes trade names, and operates in
twenty-seven metropolitan areas in fifteen states and Washington, D.C. For
more information about NVR, Inc. and its brands, see www.nvrinc.com,
www.ryanhomes.com, www.nvhomes.com, www.foxridgehomes.com and
www.heartlandcustomhomes.com.

Some of the statements in this release made by the Company constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Certain, but not necessarily all, of such forward-looking statements can be
identified by the use of forward-looking terminology, such as "believes,"
"expects," "may," "will," "should" or "anticipates" or the negative thereof or
other comparable terminology. All statements other than of historical facts
are forward-looking statements. Forward-looking statements contained in this
document include those regarding market trends, NVR's financial position,
business strategy, the outcome of pending litigation, investigations or
similar contingencies, projected plans and objectives of management for future
operations. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results or
performance of NVR to be materially different from future results, performance
or achievements expressed or implied by the forward-looking statements. Such
risk factors include, but are not limited to the following: general economic
and business conditions (on both a national and regional level); interest rate
changes; access to suitable financing by NVR and NVR's customers; increased
regulation in the mortgage banking industry; the ability of our mortgage
banking subsidiary to sell loans it originates into the secondary market;
competition; the availability and cost of land and other raw materials used by
NVR in its homebuilding operations; shortages of labor; weather related
slow-downs; building moratoriums; governmental regulation; fluctuation and
volatility of stock and other financial markets; mortgage financing
availability; and other factors over which NVR has little or no control. NVR
undertakes no obligation to update such forward-looking statements except as
required by law.



NVR, Inc.
Consolidated Statements of Income
(in thousands, except per share data)
(Unaudited)
                                                   Three Months Ended March
                                                   31,
                                                   2013           2012
Homebuilding:
 Revenues $           $   
                                                   750,868       586,195
 Other income                                      1,026          908
 Cost of sales                                     (624,085)      (491,829)
 Selling, general and administrative              (78,413)       (72,176)
               Operating income                   49,396         23,098
 Interest expense                                  (5,452)        (116)
               Homebuilding income                43,944         22,982
Mortgage Banking:
 Mortgage banking fees                             19,388         14,297
 Interest income                                   955            1,665
 Other income                                      113            76
 General and administrative                        (9,181)        (7,913)
 Interest expense                                  (114)          (149)
               Mortgage banking income             11,161         7,976
Income before taxes                               55,105         30,958
               Income tax expense                  (20,064)       (10,835)
Net income                                         $          $    
                                                   35,041        20,123
Basic earnings per share                          $        $     
                                                   7.04           3.99
Diluted earnings per share                        $        $     
                                                   6.84           3.90
Basic weighted average shares outstanding         4,979          5,044
Diluted weighted average shares outstanding       5,122          5,159





NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
                                              March 31, 2013   December 31,
                                                               2012
ASSETS                                        (Unaudited)
Homebuilding:
  Cash and cash equivalents                   $         $       
                                              1,082,792        1,139,103
  Receivables                                 14,536           9,421
  Inventory:
      Lots and housing units, covered under
             sales agreements with            653,799          515,498
             customers
      Unsold lots and housing units           79,639           81,932
      Land under development                  96,233           68,336
      Manufacturing materials and other      12,179           12,365
                                              841,850          678,131
  Assets related to consolidated variable     11,436           15,626
  interest entity
  Contract land deposits, net                 193,216          191,538
  Property, plant and equipment, net          27,736           27,016
  Reorganization value in excess of amounts
      allocable to identifiable assets, net   41,580           41,580
  Other assets, net                           297,344          279,855
                                              2,510,490        2,382,270
Mortgage Banking:
  Cash and cash equivalents                   4,396            13,498
  Mortgage loans held for sale, net           128,050          188,929
  Property and equipment, net                 2,833            2,465
  Reorganization value in excess of amounts
      allocable to identifiable assets, net   7,347            7,347
  Other assets                                11,939           10,333
                                              154,565          222,572
             Total assets                     $         $       
                                              2,665,055        2,604,842



NVR, Inc.
Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
                                          March 31, 2013     December 31, 2012
LIABILITIES AND SHAREHOLDERS' EQUITY      (Unaudited)
Homebuilding:
 Accounts payable                         $          $        
                                          170,129           163,446
 Accrued expenses and other liabilities   193,004            234,804
 Liabilities related to consolidated      2,175              2,180
 variable interest entity
 Non-recourse debt related to
 consolidated variable
      interest entity                     2,539              4,574
 Customer deposits                        124,862            99,687
 Senior notes                             599,010            598,988
                                          1,091,719          1,103,679
Mortgage Banking:
 Accounts payable and other liabilities   21,244             20,686
                                          21,244             20,686
      Total liabilities                   1,112,963          1,124,365
Commitments and contingencies
Shareholders' equity:
 Common stock, $0.01 par value;
 60,000,000 shares
      authorized; 20,556,198 shares
      issued as of
      both March 31, 2013 and December    206                206
      31, 2012
 Additional paid-in-capital               1,184,961          1,169,699
 Deferred compensation trust – 109,623
 and
      152,223 shares of NVR, Inc.
      common
      stock as of March 31, 2013 and
      December 31, 2012, respectively     (17,864)           (25,331)
 Deferred compensation liability          17,864             25,331
 Retained earnings                        4,374,121          4,339,080
 Less treasury stock at cost –
 15,559,314 and
      15,642,068 shares at March 31,
      2013
      and December 31, 2012,              (4,007,196)        (4,028,508)
      respectively
      Total shareholders' equity          1,552,092          1,480,477
       Total liabilities and           $           $       
      shareholders' equity                2,665,055          2,604,842



NVR, Inc.
Operating Activity
(dollars in thousands)
(Unaudited)
                                  Three Months Ended March 31,
                                  2013                   2012
Homebuilding data:
 New orders (units)
            Mid Atlantic (1)      1,716                  1,663
            North East (2)        293                    259
            Mid East (3)          949                    798
            South East (4)        552                    437
             Total              3,510                  3,157
 Average new order price          $      343.0     $      313.2
 Settlements (units)
            Mid Atlantic (1)      1,138                  1,006
            North East (2)        191                    169
            Mid East (3)          593                    448
            South East (4)        350                    301
             Total              2,272                  1,924
 Average settlement price         $      330.4     $      304.6
 Backlog (units)
            Mid Atlantic (1)      3,261                  2,630
            North East (2)        535                    466
            Mid East (3)          1,508                  1,157
            South East (4)        913                    656
             Total              6,217                  4,909
 Average backlog price            $      350.6     $      318.5
 Community count (average)        435                    387
 Lots controlled at end of period 59,700                 53,000
Mortgage banking data:
 Loan closings                    $    473,766       $    420,184
 Capture rate                     84%                    89%
Common stock information:
 Shares outstanding at end of     4,996,884              5,066,030
 period
 Number of shares repurchased     -                      -
 Aggregate cost of shares         $             $         
 repurchased                      -                     -

(1)  Virginia, West Virginia, Maryland, Delaware and Washington, D.C.
(2)  New Jersey and eastern Pennsylvania
(3)  New York, Ohio, western Pennsylvania, Indiana, Illinois and Kentucky
(4)  North Carolina, South Carolina, Florida and Tennessee



SOURCE NVR, Inc.

Contact: Dan Malzahn, Office: (703) 956-4204
 
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