| (in thousands except per common share amounts) |
Year Ended December 31,
|
 |
|
| (Notes 2 and 3)
|
|
|
|
|
| |
|
|
|
| |
2000
|
1999
|
1998
|
| Operating revenue |
|
|
|
|
|
|
| Home sales |
$
|
403,850
|
$
|
426,839
|
$
|
348,352
|
| Lots, land and other sales - Note 12 |
|
3,016
|
|
13,142
|
|
19,930
|
| Management fee income - Note 1 |
|
10,456
|
|
4,825
|
|
2,217
|
|
|
|
|
| |
|
417,322
|
|
444,806
|
|
370,499
|
|
|
|
|
| Operating costs |
|
|
|
|
|
|
| Cost of sales - homes |
|
(335,891)
|
|
(357,153)
|
|
(297,781)
|
| Cost of sales - lots, land and other |
|
(3,378)
|
|
(13,223)
|
|
(20,992)
|
| Sales and marketing |
|
(16,515)
|
|
(19,387)
|
|
(21,463)
|
| General and administrative |
|
(35,348)
|
|
(24,193)
|
|
(18,182)
|
| Amortization of goodwill - Note 2 |
|
(1,244)
|
|
(307)
|
|
-
|
|
|
|
|
| |
(392,376)
|
(414,263)
|
(358,418)
|
|
|
|
|
| Equity in income of unconsolidated joint ventures - Note 7
|
|
24,416
|
|
17,859
|
|
3,499
|
|
|
|
|
| Operating income |
|
49,362
|
|
48,402
|
|
15,580
|
| Interest expense, net of amounts capitalized - Note 8
|
|
(5,557)
|
|
(6,153)
|
|
(9,214)
|
| Financial advisory expenses - Note 2 |
|
-
|
|
(2,197)
|
|
(1,286)
|
| Other income (expense), net - Note 2 |
|
7,324
|
|
3,445
|
|
3,225
|
|
|
|
|
| Income before income taxes and extraordinary item |
|
51,129
|
|
43,497
|
|
8,305
|
| Provision for income taxes - Notes 4 and
10 |
|
|
|
|
|
|
| Income taxes - benefit credited to paid-in capital
|
|
(9,287)
|
|
-
|
|
(1,191)
|
| Income taxes - alternative minimum tax |
|
(3,070)
|
|
(220)
|
|
-
|
|
|
|
|
| Income before extraordinary item |
|
38,772
|
|
43,277
|
|
7,114
|
| Extraordinary item - gain from retirement of debt, |
|
|
|
|
|
|
| net of applicable income taxes - Notes 4,
10 and 11 |
|
496
|
|
4,200
|
|
2,741
|
|
|
|
|
| Net income |
$
|
39,268
|
$
|
47,477
|
$
|
9,855
|
|
|
|
|
| Basic and diluted earnings per common share: - Note 1
|
|
|
|
|
|
|
| Before extraordinary item |
$
|
3.69
|
$
|
4.15
|
$
|
0.68
|
| Extraordinary item |
|
0.05
|
|
0.40
|
|
0.26
|
|
|
|
|
| After extraordinary item |
$
|
3.74
|
$
|
4.55
|
$
|
0.94
|
|
|
|
|
See accompanying notes.
|
