August 28, 2016 8:07 AM ET

Household Durables

Company Overview of Shea Homes Limited Partnership

Company Overview

Shea Homes Limited Partnership engages in acquiring, developing, constructing, and selling residential homes and communities. It operates in Southern California, Northern California, Mountain West, South West, and East segments. The company provides single-family detached and/or attached homes under the Shea Homes, Trilogy, SPACES, and Shea 3D brand names. It also develops and sells land to other homebuilders, as well as provides insurance brokerage and mortgage services. The company serves entry, move-up, luxury, and active lifestyle buyers. J.F. Shea, G.P. serves as the general partner of the company. Shea Homes Limited Partnership was founded in 1968 and is based in Walnut, California.

655 Brea Canyon Road

Walnut, CA 91789

United States

Founded in 1968

787 Employees

Key Executives for Shea Homes Limited Partnership

Chief Executive Officer and President
Age: 53
Chief Financial Officer
Age: 57
President of Shea Homes San Diego
President of Northern California
President of Southern California
Compensation as of Fiscal Year 2016.

Shea Homes Limited Partnership Key Developments

Shea Homes Limited Partnership Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016

reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported, revenues $255,235,000, income before income taxes $16,528,000, net income $15,164,000, net income attributable to the company $15,167,000, net cash provided by operating activities negative $4,103,000, EBITDA $30,094,000, adjusted EBITDA $28,094,000, compared to revenues $294,808,000, income before income taxes $45,961,000, net income $28,152,000, net income attributable to the company $28,193,000, net cash provided by operating activities $33,865,000, EBITDA $64,431,000, adjusted EBITDA $60,861,000, for the same period a year ago. The lower earnings were primarily due to a $24.1 million decrease in gross margin, a $1.9 million increase in SG&A expenses, and a $3.5 million decrease in other income, which was partially offset by a $16.4 million decrease in income tax expense and a $1.9 million increase in gain on a reinsurance transaction. The lower revenues were primarily due to a 9% decrease in average sales price from $605,000 to $553,000, and a 5% decrease in home deliveries. Net operating cash flows were negative $4.1 million compared to net operating cash flows of $33.9 million for the 2015 second quarter. For the year to date, the company reported, revenues $449,453,000, income before income taxes $25,182,000, net income $23,817,000, net income attributable to the company $23,821,000, net cash provided by operating activities negative $175,893,000, EBITDA $49,762,000, adjusted EBITDA $47,135,000, compared to revenues $512,788,000, income before income taxes $19,703,000, net income negative $501,000, net income attributable to the company negative $451,000, net cash provided by operating activities negative $83,689,000, EBITDA $54,409,000, adjusted EBITDA $100,610,000, for the same period a year ago. This increase was primarily due to the $49.2 million charge on debt extinguishment in 2015 from the refinancing of the company’s Senior Secured Notes and replacement of revolving credit facility, an $18.8 million decrease in tax expense and a $2.2 million increase in gain on reinsurance transaction, partially offset by a $37.6 million decrease in gross margin, a $3.6 million increase in SG&A expenses and a $2.5 million decrease in other income. Net operating cash flows were negative $175.9 million compared to $83.7 million for the six months ended June 30, 2015.

Shea Homes Limited Partnership, Q2 2016 Earnings Call, Aug 04, 2016

Shea Homes Limited Partnership, Q2 2016 Earnings Call, Aug 04, 2016

Shea Homes Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016

Shea Homes reported unaudited consolidated earnings results for the first quarter ended March 31, 2016. Net income attributable to Shea Homes was $8.7 million compared to loss of $28.6 million. Adjusted EBITDA was $19.0 million compared to $39.7 million. Total revenues were $194.2 million compared to $218.0 million, an 11% decrease. For the 2016 first quarter, net operating cash flows used in operation were $171.8 million compared to $117.6 million for the 2015 first quarter. This increase in cash usage was attributable to increased land acquisition and development spending (largely the result of the increase in new community openings in 2016), higher house construction expenditures (primarily due to an increase in the number of homes under construction), and lower receipts from home deliveries. EBITDA was $19,668,000 against $10,022,000 a year ago.

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