March 01, 2015 7:18 PM ET

Household Durables

Company Overview of Shea Homes Limited Partnership

Company Overview

Shea Homes Limited Partnership acquires, develops, constructs, and sells residential homes. It operates in Southern California, San Diego, Northern California, Mountain West, South West, and East segments. The company offers its homes under the Shea Homes, Trilogy, and SPACES brand names. It also develops and sells lots to other homebuilders; and provides insurance brokerage services. The company serves entry, move-up, luxury, and active lifestyle buyers. It operates primarily in California, Arizona, Colorado, Washington, Nevada, Florida, and Virginia, as well as in Houston, Texas. The company was founded in 1968 and is based in Walnut, California.

655 Brea Canyon Road

Walnut, CA 91789

United States

Founded in 1968

Phone:

909-594-9500

Key Executives for Shea Homes Limited Partnership

Chief Executive Officer and President
Age: 51
Chief Financial Officer
Age: 55
President of Northern California Operations
President of Trilogy Brand
Age: 46
President of Shea Homes San Diego
Compensation as of Fiscal Year 2014.

Shea Homes Limited Partnership Key Developments

Shea Homes Limited Partnership Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Impairment for the Fourth Quarter of 2014

Shea Homes Limited Partnership reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenues of $419,919,000 compared to $340,031,000 a year ago. Income before income taxes was $61,328,000 compared to $57,942,000 a year ago. Net income attributable to the company was $59,682,000 compared to $73,751,000 a year ago. Net cash provided by operating activities was $70,576,000 compared to $76,582,000 a year ago. This decrease was primarily due to higher land acquisition, land development and house construction costs, partially offset by higher cash receipts from home deliveries. For the 2014 fourth quarter, land acquisition and land development spending were $179.0 million compared to $88.0 million in the 2013 fourth quarter. Adjusted EBITDA was $100,999,000 compared to $81,879,000 a year ago. The 2014 fourth quarter results reflect $9.0 million of inventory impairment charges and a $13.4 million legal charge, both of which were included in cost of sales. Excluding these charges, net income after tax would have been $16.9 million higher. For the year, the company reported revenues of $1,140,606,000 compared to $930,610,000 a year ago. Income before income taxes was $151,612,000 compared to $111,838,000 a year ago. Net income attributable to the company was $133,436,000 compared to $125,947,000 a year ago. Net cash provided by operating activities was $2,454,000 compared to net cash used in operating activities of $47,867,000 a year ago. This improvement was primarily attributable to increased cash receipts from home deliveries, partially offset by higher land acquisition, land development and house construction costs. For the year ended December 31, 2014, land acquisition and land development spending was $453.3 million compared to $329.5 million for the year ended December 31, 2013. Adjusted EBITDA was $234,792,000 compared to $185,801,000 a year ago. The company reported impairment charge of $9,035,000 in the fourth quarter of 2014.

Shea Homes Limited Partnership to Report Q4, 2014 Results on Feb 19, 2015

Shea Homes Limited Partnership announced that they will report Q4, 2014 results at 5:00 PM, Eastern Standard Time on Feb 19, 2015

Shea Homes Limited Partnership, Q4 2014 Earnings Call, Feb 20, 2015

Shea Homes Limited Partnership, Q4 2014 Earnings Call, Feb 20, 2015

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
January 12, 2015
Meadow Walk
 

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