Meritage Homes Announces Entry Into Nashville Market With Acquisition of
SCOTTSDALE, AZ -- (Marketwired) -- 09/04/13 -- Meritage Homes
Corporation (NYSE: MTH), a leading U.S. homebuilder, today announced
its entry into the Nashville, Tennessee, market through the
acquisition of the assets and operations of Phillips Builders.
The Phillips family has built more than 20,000 homes in Nashville
since 1952, spanning three generations. Phillips sells homes that
range from approximately $175,000 to $425,000. With this acquisition,
Meritage will acquire approximately 500 lots that will be available
for future sales and expects to close 150-200 homes in 2014 as the
company expands operations in Nashville.
Meritage Homes will operate in Nashville under the Phillips Builders
brand name, and Jason and Charlie Phillips will continue to lead the
company and grow the homebuilding business for Meritage Homes in
"The acquisition of Phillips Builders provides Meritage with a
successful operation, respected management team and valuable asset
position in the strong and growing Nashville market," said Steven J.
Hilton, chairman and CEO of Meritage Homes. "This is our fourth
expansion market in the last two years and is consistent with our
strategy to enlarge our Southeast Region. We are excited about the
additional opportunities for growth that it presents for Meritage."
About Meritage Homes Corporation
Meritage Homes is the ninth-largest public homebuilder in the United
States, based on homes closed in 2012. Meritage builds and sells
single-family homes for first-time, move-up, luxury and active adult
buyers across the Western, Southern and Southeastern United States.
As of June 30, 2013, the company had 165 actively selling communities
in markets including Sacramento, San Francisco's East Bay, the
Central Valley and Southern California; Houston, Dallas-Ft. Worth,
Austin and San Antonio, Texas; Phoenix/Scottsdale and Tucson,
Arizona; Denver, Colorado; Orlando and Tampa, Florida; Raleigh and
Charlotte, North Carolina.
Meritage has designed and built more than 75,000 homes in its 27-year
history, and has a reputation for its distinctive style, quality
construction, and positive customer experience. Meritage is the
industry leader in energy-efficient homebuilding, and in 2013
Meritage received the U.S. Environmental Protection Agency's ENERGY
STAR Partner of the Year for Sustained Excellence Award for its
innovation and industry leadership in energy-efficient homebuilding.
Meritage was the first national homebuilder to be 100 percent ENERGY
STAR(R) qualified in every home it builds, and far exceeds ENERGY
STAR standards today.
For more information, visit meritagehomes.com.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
statements include management's projected home closings in Nashville
in 2014 and potential growth opportunities relating to the Phillips
Such statements are based upon the current beliefs and expectations
of Company management, and current market conditions, which are
subject to significant risks and uncertainties. Actual results may
differ from those set forth in the forward-looking statements. The
Company makes no commitment, and disclaims any duty, to update or
revise any forward-looking statements to reflect future events or
changes in these expectations.
Meritage's business is subject to a number of risks and
uncertainties. As a result of those risks and uncertainties, the
Company's stock and note prices may fluctuate dramatically. The risks
and uncertainties include but are not limited to the following:
weakness in the homebuilding market resulting from an unexpected
setback in the current economic recovery; the availability of
finished lots and undeveloped land; interest rates and changes in the
availability and pricing of residential mortgages; the availability
and cost of materials and labor; adverse changes in tax laws that
benefit our homebuyers; the ability of our potential buyers to sell
their existing homes; cancellation rates and home prices in our
markets; inflation in the cost of materials used to construct homes;
the adverse effect of slower order absorption rates; potential
write-downs or write-offs of assets, including pre-acquisition costs
and deposits; our potential exposure to natural disasters;
competition; the adverse impacts of cancellations resulting from
small deposits relating to our sales contracts; construction defect
and home warranty claims; our success in prevailing on contested tax
positions; our ability to preserve our deferred tax assets and use
them within the statutory time limits; delays and risks associated
with land development; our ability to obtain performance bonds in
connection with our development work; the liquidity of our joint
ventures and the ability of our joint venture partners to meet their
obligations to us and the joint venture; the loss of key personnel;
changes in or our failure to comply with laws and regulations; our
lack of geographic diversification; fluctuations in quarterly
operating results; our financial leverage and level of indebtedness;
our ability to take certain actions because of restrictions contained
in the indentures for our senior and senior subordinated notes and
our ability to raise additional capital when and if needed; our
credit ratings; successful integration of future acquisitions;
government regulations and legislative or other initiatives that seek
to restrain growth or new housing construction or similar measures;
acts of war; the replication of our "Green" technologies by our
competitors; our exposure to information technology failures and
security breaches; and other factors identified in documents filed by
the company with the Securities and Exchange Commission, including
those set forth in our Form 10-K for the year ended December 31,
2012, and our most recent quarterly reports under the caption "Risk
Factors," which can be found on our website.
VP Investor Relations
(972) 580-6360 (office)
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