CORAL GABLES, Fla.,
March 16, 2011 /PRNewswire/ -- Avatar
Holdings Inc. (Nasdaq: AVTR) today reported a net loss for 2010 of
$35,108,000 ($3.07 per share, diluted) on revenues of
$59,138,000 compared with a net loss
for 2009 of $28,983,000 ($3.11 per share, diluted) on revenues of
$73,501,000.
During the year ended December 31,
2010, we closed on 184 homes, a 20% decrease from the 230
homes closed during the year ended December
31, 2009. Dollar volume decreased by 17% to
$37,109,000, compared to $44,827,000 for the year ended December 31, 2009.
The number of housing contracts signed, net of cancellations,
for the year ended December 31, 2010
decreased by 16% to 168, compared to 199 for the year ended
December 31, 2009. The dollar
volume of contracts signed increased by 2% compared to the year
ended December 31, 2009, to
$35,043,000, compared to $34,218,000.
The number of units in backlog was 43 at December 31, 2010, compared to 25 at December 31, 2009. The aggregate dollar
volume of our backlog at December 31,
2010 was $11,409,000, compared
to $5,469,000 at December 31, 2009.
Avatar's assets at December 31,
2010 totaled $545,451,000, of
which $115,502,000 was cash, compared
to $594,719,000 at December 31, 2009, of which $217,132,000 was cash. Total indebtedness as of
December 31, 2010 was $77,057,000, compared to $119,002,000 as of December 31, 2009. Stockholders' equity at
December 31, 2010 was $430,045,000, compared to $444,101,000 at December
31, 2009.
At December 31, 2010, there were
12,900,626 shares of Avatar Common Stock outstanding with a book
value of $33.34 per share.
Avatar Holdings Inc. is engaged in real estate operations in
Florida and Arizona. Avatar's principal operations are
conducted at Poinciana, Solivita and Bellalago in central
Florida near Orlando; at Seasons at Tradition in
Port St. Lucie, Florida; and at
the recently-acquired active adult community of CantaMia in
Goodyear, Arizona. Avatar's common
shares trade on NASDAQ under the symbol AVTR.
Certain statements discussed herein or made by the Company
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 important factors that could cause the
actual results, performance or achievements of results to differ
materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. Factors
that might cause actual results to differ include, but are not
limited to, the stability of certain financial markets; disruption
of the credit markets and reduced availability and more stringent
financing requirements for commercial and residential mortgages of
all types; the number of investor and speculator resale homes for
sale and homes in foreclosure in our communities and in the
geographic areas in which we develop and sell homes; the increased
level of unemployment; the decline in net worth and/or of income of
potential buyers; the decline in consumer confidence; the failure
to successfully implement our business strategy (including our
intention to focus primarily on the development of active adult
communities in the future); shifts in demographic trends affecting
demand for active adult and primary housing; the level of
immigration and migration into the areas in which we conduct real
estate activities; our access to financing; construction defect and
home warranty claims; changes in, or the failure or inability to
comply with, government regulations; the failure to successfully
integrate acquisitions into our business, including our recent JEN
transaction; and other factors as are described in the Company's
filings with the Securities and Exchange Commission, including
under the caption "Risk Factors" included in its Annual Report on
Form 10-K for the year ended December 31,
2010. At least 80% of active adult homes are intended for
occupancy by at least one person 55 years or older. Readers
are cautioned not to place undue reliance on any forward-looking
statements contained herein or therein, which reflect management's
opinions only as of the date thereof.
AVATAR
HOLDINGS INC. AND SUBSIDIARIES
Selected
financial data for the years ended December 31, 2010 and
2009
(Dollars in
thousands except per share data)
|
|
|
2010
|
2009
|
|
Revenues
|
$
59,138
|
$
73,501
|
|
|
|
|
|
Loss before income
taxes
|
$ (36,057)
|
$ (61,843)
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
$
375
|
$
32,860
|
|
|
|
|
|
Net loss attributable to
non-controlling interests
|
$
574
|
-
|
|
|
|
|
|
Net loss
|
$ (35,108)
|
$ (28,983)
|
|
|
|
|
|
Basic and Diluted EPS
|
$
(3.07)
|
$
(3.11)
|
|
|
|
|
|
Total assets
|
$ 545,451
|
$ 594,719
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 115,502
|
$ 217,132
|
|
|
|
|
|
Total Stockholders'
equity
|
$ 430,045
|
$ 444,101
|
|
|
|
|
|
Stockholders' equity per
share
|
$
33.34
|
$
39.11
|
|
|
|
|
|
|
|
|
|
|
SOURCE Avatar Holdings Inc.