Tuesday, October 17, 2006

nvr warns / 81 mio$ impairment!!!!

the next one. canĀ“t wait for the upgrade...... kann die heraufstufung kaum erwarten......

http://biz.yahoo.com/prnews/061017/dctu005.html?.v=76
that diluted earnings per share for its third quarter ended September 30, 2006 decreased 19% and net income decreased 32% when compared to the 2005 third quarter. Net income for the 2006 third quarter was $129,333,000, $19.63 per diluted share, compared to net income of $189,443,000, $24.33 per diluted share, for the same period of 2005. Consolidated revenues for the third quarter of 2006 totaled $1,553,411,000, a 13% increase from $1,373,022,000 for the comparable 2005 quarter.

New orders in the third quarter of 2006 decreased 18% to 2,378 units, when compared to 2,897 units in the third quarter of 2005. The cancellation rate in the quarter ended September 30, 2006 was 27% compared to 15% in the third quarter of 2005 and 13% in the second quarter of 2006. The cancellation rate in Washington was 39% in the quarter compared to 19% in the third quarter of 2005 and 21% cancellation rate in the second quarter of 2006. The cancellation rate in Baltimore was 24% in the quarter compared to 11% in the third quarter of 2005 and 14% in the second quarter of 2006.

The average sales price of total new orders in the third quarter of 2006 declined 9% from the third quarter of 2005. The decline is the result of a shift of new orders out of the higher priced Washington and Baltimore markets. Also contributing to the decline in average new order price was a 25% drop in average new order price in the Washington market as compared to 2005. (wow!!! compare this to the official number with flat prices or only modest declines....)

Income before tax from the homebuilding segment totaled $194,816,000, a decrease of 33% when compared to the third quarter of the previous year. Gross profit margins decreased to 19.0% in the 2006 third quarter compared to 28.1% for the same period in 2005. (WOW!!!!)

Gross profit margins were negatively impacted by land deposit impairments of approximately $80,800,000. These impairments lowered gross margins by 529 basis points. (more to come...)

The Company's backlog of homes sold but not settled at the end of the 2006 quarter decreased on a unit basis by 17% to 7,388 units and 18% on a dollar basis to $3,132,419,000 when compared to the same period last year

at least they have cut back on their buybacks. average price 2006 634$ / last quarter 491$

in 2005 they spent 510 mio$ (643.000 stocks/793$!) on buybacks.
in 2006 183 mio. (289.000 stocks)



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