, /PRNewswire/ -- M.D.C. Holdings, Inc. (: MDC) announced results for the year and fourth quarter ended .

2015 Fourth Quarter Highlights and Comparisons to 2014 Fourth Quarter

  • Net income of , or per share vs. or per share
    • Pretax income of vs.
  • Home sale revenues of , up 12% from
  • Gross margin from home sales down 20 basis points to 16.1% vs. 16.3%
    • Excluding inventory impairments*, gross margin from home sales increased 60 basis points year-over-year
  • Ending backlog dollar value of , up 59%
    • Ending backlog units of 2,332, up 54%
  • Dollar value of net new orders of , up 26%
    • Net new orders of 1,020, up 15%

, MDC's Chairman and Chief Executive Officer, stated, 'Throughout the year, the homebuilding industry continued to be positively impacted by encouraging macroeconomic drivers such as increasing personal income levels, high employment levels and increasing consumer confidence. As a result of these factors, strong execution by our management team, and a renewed focus on 'build to order homes', we experienced positive results by many measures for the 2015 fourth quarter, including a year-over-year increase in our average selling price of homes delivered and a 60 basis point improvement in our pre-impairment gross margin percentage, which helped us to achieve of net income for the quarter. Furthermore, our 2015 fourth quarter net orders improved by 15% year-over-year, driven by our highest fourth quarter absorption pace in ten years.'

concluded, 'With our active community count up 5% year-over-year and a backlog dollar value of , which is a 59% increase from the prior year, we are well positioned for top-line growth in 2016. However, our optimism is tempered somewhat by key domestic and global events that have recently unfolded, such as the slowdown of economic growth in , the significant drop in oil prices, the action to increase the federal funds rate for the first time in almost a decade and significant volatility in securities markets around the globe. Thus far, these risks have not had a significant impact on our industry, but their presence does reinforce our long-standing objective of maintaining balance sheet-focused operating policies.'

Homebuilding

Home sale revenues for the 2015 fourth quarter increased 12% to , compared to for the prior year period. This improvement was driven by a 3% increase in deliveries coupled with a 10% increase in average selling price, primarily due to a mix shift to higher-priced submarkets and, to a lesser extent, price increases implemented earlier in the year.

Gross margin from home sales for the 2015 fourth quarter was down 20 basis points from the same period in 2014. The decline was primarily due to a increase in inventory impairments coupled with higher land and construction costs. These items were partially offset by a 90 basis point improvement in our interest in cost of sales as a percent of home sale revenues, price increases implemented in various communities and a higher percentage of our deliveries coming from 'build to order' sales, which typically have higher gross margins. Excluding inventory impairments, our gross margin from home sales for the 2015 fourth quarter was 17.1%* (see below for a reconciliation of non-GAAP measures), up 60 basis points year-over-year.

Selling, general and administrative expenses ('SG&A') expenses for the 2015 fourth quarter were , up from for the same period in 2014. Our SG&A expenses as a percentage of home sale revenues ('SG&A rate') increased by 40 basis points to 11.5% for the 2015 fourth quarter from 11.1% in the 2014 fourth quarter. The 40 basis point increase in our SG&A rate was driven primarily by an increase in stock based compensation expense based on a stock option grant approved earlier in the year.

The dollar value of net new orders for the 2015 fourth quarter increased 26% to from for the same period in 2014. The improvement was the result of a 10% increase in our average selling price and a 15% increase in the net number of homes sold, driven primarily by an 18% improvement in our monthly sales absorption pace to 2.1, our highest fourth quarter absorption pace since 2005. The increase in average selling price was primarily the result of changes in the mix of net new orders to higher priced submarkets coupled with price increases implemented in most of our markets during the early part of 2015. Our cancellation rate for the 2015 fourth quarter was down slightly to 27% from 28% for the same period in the prior year.

Our backlog value at the end of the 2015 fourth quarter was up 59% year-over-year to . The increase was due mostly to a 54% increase in units in backlog, driven primarily by year-over-year increases in net new orders for each of the past four quarters, a higher percentage of dirt sales, which are generally in backlog for a longer period of time, and longer than average construction times as a result of limited subcontractor availability.

During the 2014 fourth quarter, we completed the early redemption of in Senior Notes due . As a result of that transaction, we recognized an charge related to the extinguishment of debt in the 2014 fourth quarter. No such charges were incurred during 2015.

Financial Services

Income before taxes for our financial services operations for the 2015 fourth quarter was , a increase from in the 2014 fourth quarter. An increase in the dollar value of loans locked, originated and sold in our mortgage operations segment drove of the improvement in income before taxes. The remaining increase was primarily the result of a adjustment recorded during the 2015 fourth quarter in our other financial services segment to reduce insurance reserves as a result of a decline in insurance claim payment severity and frequency relative to prior period estimates.

About MDC

Since 1972, MDC's subsidiary companies have built and financed the American dream for more than 185,000 homebuyers. MDC's commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. MDC is one of the largest homebuilders in . Its subsidiaries have homebuilding operations across the country, including the metropolitan areas of Denver, , , , , , -, , , , , , , , , , and . The Company's subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through , and , respectively. is traded on the under the symbol 'MDC.' For more information, visit www.mdcholdings.com.

Forward-Looking Statements

Certain statements in this release, including statements regarding our business, financial condition, results of operation, cash flows, strategies and prospects, constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of MDC to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic conditions, including changes in consumer confidence, inflation or deflation and employment levels; (2) changes in business conditions experienced by MDC, including cancellation rates, net home orders, home gross margins, land and home values and subdivision counts; (3) changes in interest rates, mortgage lending programs and the availability of credit; (4) changes in the market value of MDC's investments in marketable securities; (5) uncertainty in the mortgage lending industry, including repurchase requirements associated with sale of mortgage loans (6) the relative stability of debt and equity markets; (7) competition; (8) the availability and cost of land and other raw materials used by MDC in its homebuilding operations; (9) the availability and cost of performance bonds and insurance covering risks associated with our business; (10) shortages and the cost of labor; (11) weather related slowdowns and natural disasters; (12) slow growth initiatives; (13) building moratoria; (14) governmental regulation, including the interpretation of tax, labor and environmental laws; (15) terrorist acts and other acts of war; (16) changes in energy prices; and (17) other factors over which MDC has little or no control. Additional information about the risks and uncertainties applicable to MDC's business is contained in MDC's Form 10-K for the year ended , which is scheduled to be filed with the today. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. MDC undertakes no duty to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or webcasts should be consulted.

*Please see 'Reconciliation of Non-GAAP Financial Measures' at the end of this release.

Consolidated Statements of Operations and Comprehensive Income

Three Months Ended

Year Ended

,

,

2015

2014

2015

2014

(Dollars in thousands, except per share amounts)

Homebuilding:

(Unaudited)

(Unaudited)

Home sale revenues

$

554,432

$

493,070

$

1,847,889

$

1,647,398

Land sale revenues

10,521

62

12,337

3,233

Total home and land sale revenues

564,953

493,132

1,860,226

1,650,631

Home cost of sales

(459,787)

(411,931)

(1,539,396)

(1,365,621)

Land cost of sales

(10,667)

(52)

(12,611)

(2,559)

Inventory impairments

(5,292)

(910)

(9,993)

(1,760)

Total cost of sales

(475,746)

(412,893)

(1,562,000)

(1,369,940)

Gross margin

89,207

80,239

298,226

280,691

Selling, general and administrative expenses

(63,560)

(54,601)

(226,317)

(203,253)

Interest and other income

1,297

2,222

6,709

26,310

Interest expense

-

-

-

(685)

Other expense

(1,669)

(2,279)

(4,208)

(4,813)

Losses from early extinguishments of debt

-

(8,741)

-

(18,153)

Other-than-temporary impairment of marketable securities

(1,793)

-

(3,969)

(4,293)

Homebuilding pretax income

23,482

16,840

70,441

75,804

Financial Services:

Revenues

13,958

12,540

48,810

43,953

Expenses

(5,742)

(6,152)

(21,572)

(22,334)

Interest and other income

860

657

3,745

3,052

Financial services pretax income

9,076

7,045

30,983

24,671

Income before income taxes

32,558

23,885

101,424

100,475

Provision for income taxes

(9,963)

(9,246)

(35,633)

(37,332)

Net income

$

22,595

$

14,639

$

65,791

$

63,143

Other comprehensive income (loss) related to available for sale securities, net of tax

4,538

3,082

5,260

(1,120)

Comprehensive income

$

27,133

$

17,721

$

71,051

$

62,023

Earnings per share

Basic

$

0.47

$

0.30

$

1.35

$

1.29

Diluted

$

0.46

$

0.30

$

1.34

$

1.29

Weighted average common shares outstanding

Basic

48,788,524

48,635,629

48,764,396

48,615,541

Diluted

48,952,115

48,785,682

48,967,219

48,817,566

Dividends declared per share

$

0.25

$

0.25

$

1.00

$

1.00

Consolidated Balance Sheets

,

,

2015

2014

ASSETS

(Dollars in thousands, except

per share amounts)

Homebuilding:

(Unaudited)

Cash and cash equivalents

$

144,342

$

122,642

Marketable securities

92,387

140,878

Restricted cash

3,750

2,816

Trade and other receivables

23,314

28,555

Inventories:

Housing completed or under construction

747,036

732,692

Land and land under development

1,016,926

935,268

Total inventories

1,763,962

1,667,960

Property and equipment, net

28,226

30,491

Deferred tax assets, net

99,107

140,486

Metropolitan district bond securities (related party)

25,911

18,203

Prepaid and other assets

65,394

61,014

Total homebuilding assets

2,246,393

2,213,045

Financial Services:

Cash and cash equivalents

36,646

31,183

Marketable securities

11,307

15,262

Mortgage loans held-for-sale, net

115,670

88,392

Other assets

5,883

3,574

Total financial services assets

169,506

138,411

Total Assets

$

2,415,899

$

2,351,456

LIABILITIES AND EQUITY

Homebuilding:

Accounts payable

$

40,472

$

35,445

Accrued liabilities

122,886

115,117

Revolving credit facility

15,000

15,000

Senior notes, net

840,524

839,468

Total homebuilding liabilities

1,018,882

1,005,030

Financial Services:

Accounts payable and accrued liabilities

52,114

57,268

Mortgage repurchase facility

88,611

60,822

Total financial services liabilities

140,725

118,090

Total Liabilities

1,159,607

1,123,120

Stockholders' Equity

Preferred stock, par value; 25,000,000 shares authorized; none issued or outstanding

-

-

Common stock, par value; 250,000,000 shares authorized; 48,888,424 and 48,831,639issued and outstanding at and , respectively

489

488

Additional paid-in-capital

915,746

909,974

Retained earnings

324,342

307,419

Accumulated other comprehensive income

15,715

10,455

Total Stockholders' Equity

1,256,292

1,228,336

Total Liabilities and Stockholders' Equity

$

2,415,899

$

2,351,456

Consolidated Statement of Cash Flows

Three Months Ended

Year Ended

,

,

2015

2014

2015

2014

(Dollars in thousands)

(Unaudited)

(Unaudited)

Operating Activities:

Net income

$

22,595

$

14,639

$

65,791

$

63,143

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Losses on early extinguishments of debt

-

8,741

-

18,153

Stock-based compensation expense

3,477

1,224

10,066

5,978

Depreciation and amortization

985

1,000

4,069

3,928

Inventory impairments

5,292

910

9,993

1,760

Other-than-temporary impairment of marketable securities

1,793

-

3,969

4,293

Net loss (gain) on sale of marketable securities

785

312

911

(7,310)

Amortization of discount / premiums on marketable debt securities

-

65

100

566

Deferred income tax expense

8,551

5,863

33,333

34,226

Excess tax benefits from stock-based compensation

-

(26)

-

(26)

Net changes in assets and liabilities:

Restricted cash

1,050

218

(934)

(621)

Trade and other receivables

5,822

(817)

5,247

(6,638)

Mortgage loans held-for-sale

(47,037)

(30,260)

(27,278)

4,186

Housing completed or under construction

74,290

103,472

(15,551)

(96,936)

Land and land under development

(63,583)

(80,998)

(89,388)

(160,463)

Prepaid expenses and other assets

424

2,211

(7,648)

(11,873)

Accounts payable and accrued liabilities

12,257

(16,945)

7,535

(16,013)

Net cash provided by (used in) operating activities

26,701

9,609

215

(163,647)

Investing Activities:

Purchases of marketable securities

(6,936)

(18,863)

(53,822)

(428,709)

Maturities of marketable securities

-

2,250

1,510

167,339

Sales of marketable securities

6,255

315,391

101,165

687,692

Purchases of property and equipment

(661)

(1,323)

(1,491)

(3,242)

Net cash provided by (used in) investing activities

(1,342)

297,455

47,362

423,080

Financing Activities:

Advances (payments) on mortgage repurchase facility, net

44,856

29,040

27,789

(2,252)

Proceeds from issuance of senior notes

-

-

-

248,375

Repayment of senior notes

-

(258,532)

-

(517,650)

Advances on revolving credit facility, net

-

5,000

-

15,000

Dividend payments

(12,222)

(12,204)

(48,868)

(48,820)

Excess tax benefits from stock-based compensation

-

26

-

26

Proceeds from exercise of stock options

-

312

665

375

Net cash provided by (used in) financing activities

32,634

(236,358)

(20,414)

(304,946)

Net increase (decrease) in cash and cash equivalents

57,993

70,706

27,163

(45,513)

Cash and cash equivalents:

Beginning of period

122,995

83,119

153,825

199,338

End of period

$

180,988

$

153,825

$

180,988

$

153,825

Homebuilding Operational Data

New Home Deliveries

Three Months Ended ,

2015

2014

% Change

Homes

Dollar Value

Average Price

Homes

Dollar Value

Average Price

Homes

Dollar Value

Average Price

(Dollars in thousands)

210

$

60,129

$

286.3

200

$

62,093

$

310.5

5%

(3)%

(8)%

220

127,196

578.2

253

121,974

482.1

(13)%

4%

20%

171

67,691

395.9

169

53,355

315.7

1%

27%

25%

80

35,983

449.8

59

21,918

371.5

36%

64%

21%

West

681

290,999

427.3

681

259,340

380.8

0%

12%

12%

349

160,794

460.7

287

124,226

432.8

22%

29%

6%

54

19,194

355.4

54

17,905

331.6

0%

7%

7%

Mountain

403

179,988

446.6

341

142,131

416.8

18%

27%

7%

47

24,168

514.2

73

36,345

497.9

(36)%

(34)%

3%

46

22,838

496.5

54

26,029

482.0

(15)%

(12)%

3%

98

36,439

371.8

93

29,225

314.2

5%

25%

18%

East

191

83,445

436.9

220

91,599

416.4

(13)%

(9)%

5%

Total

1,275

$

554,432

$

434.8

1,242

$

493,070

$

397.0

3%

12%

10%

Year Ended ,

2015

2014

% Change

Homes

Dollar
Value

Average Price

Homes

Dollar
Value

Average Price

Homes

Dollar
Value

Average Price

(Dollars in thousands)

753

$

220,140

$

292.4

731

$

200,994

$

275.0

3%

10%

6%

706

370,603

524.9

624

296,189

474.7

13%

25%

11%

575

215,479

374.7

564

176,371

312.7

2%

22%

20%

270

109,038

403.8

267

96,496

361.4

1%

13%

12%

West

2,304

915,260

397.2

2,186

770,050

352.3

5%

19%

13%

1,192

553,573

464.4

1,172

478,669

408.4

2%

16%

14%

149

52,794

354.3

165

53,136

322.0

(10)%

(1)%

10%

Mountain

1,341

606,367

452.2

1,337

531,805

397.8

0%

14%

14%

215

103,148

479.8

305

144,695

474.4

(30)%

(29)%

1%

216

105,593

488.9

234

115,001

491.5

(8)%

(8)%

(1)%

314

117,521

374.3

304

85,847

282.4

3%

37%

33%

East

745

326,262

437.9

843

345,543

409.9

(12)%

(6)%

7%

Total

4,390

$

1,847,889

$

420.9

4,366

$

1,647,398

$

377.3

1%

12%

12%

Homebuilding Operational Data

Three Months Ended ,

2015

2014

% Change

Homes

Dollar
Value

Average Price

Monthly
Absorption
Rate *

Homes

Dollar Value

Average Price

Monthly
Absorption
Rate *

Homes

Dollar Value

Average Price

Monthly
Absorption
Rate *

(Dollars in thousands)

154

$

43,448

$

282.1

1.64

141

$

39,533

$

280.4

1.31

9%

10%

1%

25%

160

101,300

633.1

2.81

138

68,509

496.4

2.19

16%

48%

28%

28%

128

41,560

324.7

2.44

94

33,750

359.0

1.87

36%

23%

(10)%

30%

80

38,612

482.7

1.98

47

17,517

372.7

1.57

70%

120%

30%

26%

West

522

224,920

430.9

2.14

420

159,309

379.3

1.67

24%

41%

14%

28%

262

122,119

466.1

2.28

266

116,740

438.9

2.18

(2)%

5%

6%

5%

40

14,343

358.6

1.72

46

14,512

315.5

2.45

(13)%

(1)%

14%

(30)%

Mountain

302

136,462

451.9

2.19

312

131,252

420.7

2.21

(3)%

4%

7%

(1)%

56

26,253

468.8

1.74

44

21,992

499.8

1.30

27%

19%

(6)%

34%

64

33,159

518.1

2.25

49

24,031

490.4

1.72

31%

38%

6%

31%

76

29,694

390.7

1.72

62

19,776

319.0

1.45

23%

50%

22%

19%

East

196

89,106

454.6

1.87

155

65,799

424.5

1.48

26%

35%

7%

26%

Total

1,020

$

450,488

$

441.7

2.10

887

$

356,360

$

401.8

1.78

15%

26%

10%

18%

Year Ended ,

2015

2014

% Change

Homes

Dollar
Value

Average Price

Monthly
Absorption
Rate *

Homes

Dollar Value

Average Price

Monthly
Absorption
Rate *

Homes

Dollar Value

Average Price

Monthly
Absorption
Rate *

(Dollars in thousands)

843

$

241,192

$

286.1

2.07

802

$

235,041

$

293.1

2.04

5%

3%

(2)%

1%

856

506,445

591.6

3.55

669

327,248

489.2

3.22

28%

55%

21%

10%

615

227,560

370.0

3.62

579

192,708

332.8

2.93

6%

18%

11%

24%

394

173,071

439.3

2.50

276

102,795

372.4

2.30

43%

68%

18%

9%

West

2,708

1,148,268

424.0

2.77

2,326

857,792

368.8

2.54

16%

34%

15%

9%

1,435

687,695

479.2

2.97

1,334

576,322

432.0

2.88

8%

19%

11%

3%

217

79,203

365.0

2.58

179

59,304

331.3

2.55

21%

34%

10%

1%

Mountain

1,652

766,898

464.2

2.91

1,513

635,626

420.1

2.84

9%

21%

10%

2%

237

116,010

489.5

2.02

244

117,646

482.2

1.43

(3)%

(1)%

2%

41%

227

114,713

505.3

2.12

221

111,068

502.6

1.96

3%

3%

1%

8%

379

143,594

378.9

2.18

319

109,141

342.1

1.85

19%

32%

11%

18%

East

843

374,317

444.0

2.12

784

337,855

430.9

1.72

8%

11%

3%

23%

Total

5,203

$

2,289,483

$

440.0

2.68

4,623

$

1,831,273

$

396.1

2.43

13%

25%

11%

10%

* Calculated as total net new orders in period ÷ average active communities during period ÷ number of months in period

Homebuilding Operational Data

Active Subdivisions

,

%

2015

2014

Change

32

36

(11)%

20

19

5%

20

16

25%

14

10

40%

West

86

81

6%

40

40

0%

7

6

17%

Mountain

47

46

2%

11

9

22%

9

10

(10)%

14

13

8%

East

34

32

6%

Total

167

159

5%

Average for Quarter Ended

162

166

(2)%

Average for Year Ended

161

158

2%

Backlog

At ,

2015

2014

% Change

Homes

Dollar
Value

Average Price

Homes

Dollar
Value

Average Price

Homes

Dollar
Value

Average Price

(Dollars in thousands)

321

$

89,464

$

278.7

231

$

75,419

$

326.5

39%

19%

(15)%

342

220,755

645.5

192

98,057

510.7

78%

125%

26%

195

67,901

348.2

155

61,020

393.7

26%

11%

(12)%

179

80,134

447.7

55

20,655

375.5

225%

288%

19%

West

1,037

458,254

441.9

633

255,151

403.1

64%

80%

10%

822

390,635

475.2

579

266,280

459.9

42%

47%

3%

108

38,549

356.9

40

13,580

339.5

170%

184%

5%

Mountain

930

429,184

461.5

619

279,860

452.1

50%

53%

2%

90

43,317

481.3

68

34,293

504.3

32%

26%

(5)%

101

52,622

521.0

90

45,521

505.8

12%

16%

3%

174

70,837

407.1

109

48,412

444.1

60%

46%

(8)%

East

365

166,776

456.9

267

128,226

480.2

37%

30%

(5)%

Total

2,332

$

1,054,214

$

452.1

1,519

$

663,237

$

436.6

54%

59%

4%

Homebuilding Operational Data

Homes Completed or (WIP lots)

,

2015

2014

% Change

Unsold:

Completed

189

483

(61)%

Under construction

334

583

(43)%

Total unsold started homes

523

1,066

(51)%

Sold homes under construction or completed

1,697

1,089

56%

Model homes under construction or completed

281

272

3%

Total homes completed or under construction

2,501

2,427

3%

Lots Owned and Options (including homes completed or under construction)

Lots Owned

Lots Optioned

Total

Lots Owned

Lots Optioned

Total

Total % Change

1,735

201

1,936

2,266

45

2,311

(16)%

1,759

352

2,111

1,600

94

1,694

25%

2,240

100

2,340

1,589

286

1,875

25%

832

107

939

886

-

886

6%

West

6,566

760

7,326

6,341

425

6,766

8%

4,086

832

4,918

4,083

929

5,012

(2)%

442

-

442

598

-

598

(26)%

Mountain

4,528

832

5,360

4,681

929

5,610

(4)%

368

219

587

417

417

834

(30)%

562

158

720

525

469

994

(28)%

1,078

230

1,308

891

184

1,075

22%

East

2,008

607

2,615

1,833

1,070

2,903

(10)%

Total

13,102

2,199

15,301

12,855

2,424

15,279

0%

Reconciliations of Non-GAAP Financial Measures

Gross Margin from Home Sales Excluding Interest and Impairments (Unaudited)

Gross Margin from Home Sales Excluding Impairments and Gross Margin from Home Sales Excluding Interest and Impairments are non-GAAP financial measures. We believe this information is meaningful as it isolates the impact that interest and impairments have on our Gross Margin from Home Sales and permits investors to make better comparisons with our competitors, who also break out and adjust gross margins in a similar fashion.

Three Months Ended

,

2015

Gross Margin %

December 31, 2014

Gross Margin %

(Dollars in thousands)

Gross Margin

$

89,207

15.8%

$

80,239

16.3%

Less: Land Sale Revenues

(10,521)

(62)

Add: Land Cost of Sales

10,667

52

Gross Margin from Home Sales

89,353

16.1%

80,229

16.3%

Add: Inventory Impairments

5,292

910

Gross Margin from Home Sales Excluding Inventory Impairments

94,645

17.1%

81,139

16.5%

Add: Interest in Cost of Sales

14,943

17,296

Gross Margin from Home Sales Excluding Inventory Impairments and Interest in Cost of Sales

$

109,588

19.8%

$

98,435

20.0%

Year Ended

December 31, 2015

Gross Margin %

December 31, 2014

Gross Margin %

(Dollars in thousands)

Gross Margin

$

298,226

16.0%

$

280,691

17.0%

Less: Land Sale Revenues

(12,337)

(3,233)

Add: Land Cost of Sales

12,611

2,559

Gross Margin from Home Sales

298,500

16.2%

280,017

17.0%

Add: Inventory Impairments

9,993

1,760

Gross Margin from Home Sales Excluding Inventory Impairments

308,493

16.7%

281,777

17.1%

Add: Interest in Cost of Sales

54,751

60,508

Gross Margin from Home Sales Excluding Inventory Impairments and Interest in Cost of Sales

$

363,244

19.7%

$

342,285

20.8%

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mdc-holdings-announces-2015-full-year-and-fourth-quarter-results-300214340.html

SOURCE

M.D.C. Holdings Inc. issued this content on 03 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 03 February 2016 11:13:39 UTC

Original Document: http://ir.richmondamerican.com/releasedetail.cfm?ReleaseID=953049