|Meritage Homes Third Quarter Numbers|
|Quarter Three||Fiscal Year|
|Profit/(Loss)||(3.2 M) -365%||($9.3 M) -216%|
|Home Deliveries||840 -0.9%||2,374 -17%|
|New Orders||906 +28%||2,656 -0.5%|
Behind the Numbers:
Meritage delivered only eight fewer houses in its 2011 third quarter than in the same quarter of 2010, but those sales brought in $16 million less, which accounts for much of why the company went from a profit to a loss in the quarter. The difference was that it sold fewer pricier homes in California (average sales price $345,880) and a greater number of inexpensive homes in Florida ($297,516) and Texas ($232,093). If the company’s orders hold, next quarter could be a different story. The company’s orders are up significantly in California and everywhere else except Texas and Nevada. Orders in Florida and Colorado have been exceptionally good, more than doubling in a year to 11.2 and 9.4 sales per month, respectively.
*Quarter ended Sept. 30, 2011