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| FIRST QUARTER 2008 HIGHLIGHTS: |
| -- Generated approximately $80M positive cash flow from operations |
| -- Paid down debt by $80M, nearly eliminating outstanding bank debt |
| -- 47% net debt-to-capital ratio; $377M available borrowing capacity |
| at quarter-end |
| -- Reduced inventory of unsold homes by 31% to 768 at quarter-end |
| -- Reduced total lot supply to 24,591 lots, or 3.4 years supply, with |
| 60% optioned |
| -- Backlog increased 13% to 2,594 contracts, from 2,288 at year-end |
| 2007 |
SCOTTSDALE, Ariz., April 28, 2008 (PRIME NEWSWIRE) -- Meritage Homes Corporation (NYSE:MTH), a leading U.S. homebuilder, today announced first quarter results for the period ended March 31, 2008.
| Summary Operating Results (Unaudited) |
| (Dollars in thousands, except per share amounts) |
| ------------------------------------- |
| As of and for the Three Months Ended |
| March 31, |
| 2008 2007 %Chg |
| -------------------------------------------------------------------- |
| Homes closed (units) 1,328 1,796 -26% |
| Home closing revenue $371,656 $576,115 -35% |
| -------------------------------------------------------------------- |
| Sales orders (units) 1,634 2,073 -21% |
| Sales order value $420,209 $640,616 -34% |
| -------------------------------------------------------------------- |
| Ending backlog (units) 2,594 3,962 -35% |
| Ending backlog value $718,538 $1,264,562 -43% |
| -------------------------------------------------------------------- |
| Net (loss)/earnings ($45,305) $15,116 n/m |
| Adjusted net (loss)/earnings* ($6,796) $25,722 n/m |
| -------------------------------------------------------------------- |
| Diluted (LPS)/EPS ($1.72) $0.57 n/m |
| -------------------------------------------------------------------- |
| n/m = not meaningful |
| * see non-GAAP reconciliation between net (loss)/earnings and |
| adjusted net earnings on "Operating Results" table. |
SIGNIFICANT PROGRESS ON PLANS TO STRENGTHEN BALANCE SHEET AND LIQUIDITY
"We made significant progress on our objectives again this quarter, strengthening our balance sheet and improving our liquidity," said Steven J. Hilton, chairman and CEO of Meritage Homes. "We generated significant positive cash flow, paid off nearly all of our bank debt, reduced our inventory of unsold homes, kept lot purchases below home starts and further reduced our total lot supply. We maintained compliance with all of our debt covenants, and believe we've demonstrated disciplined financial management with the tremendous strides we've made over the last nine months."
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