Dear
Lyon Stockholder| Dear
Lyon Stockholder |
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Combined revenue from sales of homes, including unconsolidated joint ventures, was $771.6 million for the year, up 22% from $630.2 million for the prior year, representing an all-time high for the Company.
Income before taxes and extraordinary item increased 18% to $51.1 million for the year, compared to $43.5 million a year ago, also representing an all-time high for the Company. Stockholders'equity increased $49.2 million for the year, or $4.62 Stockholders' equity as of December 31, 2000, was $102.5 million, up 92% from $53.3 million at December 31, 1999. Stockholders' equity has increased $111.4 million since April 1, 1998, when the Company had a negative net worth of $8.9 million. Our record fourth quarter results represent eleven consecutive quarters of profitability for the Company. Our stock closed the year at $9.38 per share, which was a 250% increase in share price since combining the two former companies in November 1999.During the year, David Siegel retired as the Company's Chief Financial Officer and was replaced by Mike Grubbs. We wish to thank David for his many years of service and contributions to the success of the Company, and we are pleased to welcome Mike in his new position as the Company's Chief Financial Officer, confident that his prior experience at William Lyon Homes and Ernst & Young (formerly Kenneth Leventhal & Company) uniquely qualifies him to do an outstanding job.
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This year,
on a combined basis with our unconsolidated joint ventures, we achieved
an all-time high of 2,666 new home deliveries in a single year, up 2%
for the year compared to 2,618 units a year ago. The Company and its unconsolidated
joint ventures delivered 2,092 new homes in California, up 11%, compared
to 1,886 homes last year. Home deliveries were up 16% in Arizona to 189
units and down 12% in Nevada to 349 units. We also closed our last 36
homes in New Mexico and have discontinued operations in that market. 
per share, primarily as a result of net income of $39.3 million and
income tax benefits credited directly to paid-in capital of $9.3 million.
This increase to stockholders' equity divided by our average outstanding
stockholders' equity for the year, produced a stockholder return on equity
of 63%. 
