MDC Holdings 1Q loss narrows on smaller impairment charge

By Associated Press April 24, 2008 Comments (0)

0 Recommendations

Homebuilder MDC Holdings Inc. said Thursday its first-quarter loss narrowed, helped by lower costs and expenses and a smaller asset impairment charge.

For the period ended March 31, MDC reported a loss of $72.8 million, or $1.58 per share, compared with $94.4 million, or $2.07 per share a year earlier.

Analysts polled by Thomson Financial predicted a loss of 73 cents per share. Estimates typically exclude one-time items.

MDC's asset impairment charges dropped to $54.8 million from $141.4 million in the prior year.

Total costs and expenses dropped to $483.4 million from $888.8 million.

Quarterly sales fell 46 percent to $406.1 million from $745.1 million, which narrowly missed Wall Street's estimate of $406.5 million.

Home sales revenue tumbled to $355.8 million from $711.8 million, while land sales revenue surged to $28.6 million from $6 million.

Comments (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment icon found on every comment.

Be the first one to comment on this article.

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.