William Lyon Homes sales revenue up 140% on improved housing market

By Lisa Kerner

Charlotte, N.C., May 3 - William Lyon Homes saw improved operating results for the first quarter ended March 31, with home sales revenue up 140% from the prior-year period at $76.4 million.

Drivers for the increase include a 109% increase in deliveries, a 15% increase in average sales price of homes closed and a 192% increase in the number of homes in backlog at the beginning of the 2013 period compared to the 2012 period, according to the company's earnings release.

Chief executive officer William H. Lyon noted the improving key housing market statistics as well as his company's increased momentum since the beginning of 2012 during an earnings conference call on Friday.

"This rebound in market conditions when combined with the company's disciplined operating strategy has resulted in five consecutive quarters of period-over-period growth in net new home orders, home closings and unit backlog," Lyon said.

"During the quarter ended March 31, 2013, our revenues and deliveries more than doubled."

Financial highlights

For the first quarter, compared to the same period last year, the company's consolidated revenues rose 84% to $80.9 million and adjusted EBITDA increased 150% to $4.6 million.

At quarter's end, William Lyon had cash of about $66.4 million, compared with $71.1 million at Dec. 31.

Debt at quarter's end totaled $347.3 million, compared with $338.3 million at the end of 2012.

William Lyon's ratio of debt to total book capitalization net of cash for the quarter was 66.6%.

The Newport Beach, Calif.-based homebuilder reported a net loss available to common stockholders of $3.5 million, or three cents per share.

Chief financial officer Colin Severn noted that the company is in a quiet period due to a pending initial public offering and as a result, no questions were taken on the first-quarter results.

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