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Wednesday, August 12, 2015 6:12:38 PM
Second Quarter Basic Adjusted EPS of $0.19;
Second Quarter Pre-Tax Income of $5.9 million;
Second Quarter Revenue of $72.0 million
PLANO, Texas, Aug. 12, 2015 /PRNewswire/ -- Green Brick Partners, Inc. (NASDAQ: GRBK) ("we," "Green Brick" or the "Company"), today reported results for its second quarter and six months ended June 30, 2015.
Results for the Second Quarter Ended June 30, 2015:
•Basic adjusted net income attributable to Green Brick per common share ("Adjusted EPS") for the three months ended June 30, 2015 was $0.19. See "Reconciliation of Non-GAAP Financial Measures."
•The dollar value of backlog units as of June 30, 2015 was $102.4 million, an increase of 29.8% compared to June 30, 2014. The average sales price of homes in backlog increased $82,467, or 25.1%, to $411,249 for the three months ended June 30, 2015, compared to $328,782 for the three months ended June 30, 2014. Homes under construction increased 39.9% to 522 as of June 30, 2015, compared to 373 as of June 30, 2014.
•For the three months ended June 30, 2015, the Company had revenue of $72.0 million, gross profit of $17.3 million, and pre-tax income of $5.9 million.
•Builder operations revenue for the three months ended June 30, 2015 was $60.4 million compared to $55.0 million for the three months ended June 30, 2014. Land development revenue for the three months ended June 30, 2015 was $11.6 million compared to $10.8 million for the three months ended June 30, 2014.
Results for the Six Months Ended June 30, 2015:
•Basic adjusted net income attributable to Green Brick per common share ("Adjusted EPS") for the six months ended June 30, 2015 was $0.39. See "Reconciliation of Non-GAAP Financial Measures."
•The Company increased homebuilding starts by 40.2% to 366 units during the six months ended June 30, 2015, from 261 units for the six months ended June 30, 2014.
•For the six months ended June 30, 2015, the Company had revenue of $130.4 million, gross profit of $33.6 million, and pre-tax income of $12.1 million.
•Builder operations revenue for the six months ended June 30, 2015 was $110.0 million compared to $104.7 million for the six months ended June 30, 2014. Land development revenue for the six months ended June 30, 2015 was $20.4 million compared to $24.2 million for the six months ended June 30, 2014. The decrease in land development revenue is due primarily to an increase in lot sales to our builders where revenue is not recognized until the house closing.
"I am pleased with our second quarter results and excited to announce that in July we raised $169.8 million in net proceeds in an oversubscribed underwritten public offering. We now have one of the most unleveraged balances sheets of any public builder, and the capital and lot positions to execute our plans for significant growth. We continue to expect pre-tax income attributable to Green Brick in the range of $29 to $32 million for all of 2015," stated James R. Brickman, Green Brick's Chief Executive Officer.
Explanatory Note Regarding Historical Results:
Results for periods prior to the completion of the Company's acquisition of JBGL Builder Finance LLC and its consolidated subsidiaries and affiliated companies (collectively, "Builder Finance"), and JBGL Capital Companies ("Capital"), a combined group of commonly managed limited liability companies and partnerships (collectively with Builder Finance, "JBGL") on October 27, 2014 (the "Transaction") are JBGL's historical results, as the Transaction is reflected as a "reverse recapitalization."
Reconciliation of Non-GAAP Financial Measures:
In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating the Company's operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with Generally Accepted Accounting Principles ("GAAP"), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.
Due to the tax effects of the Transaction on October 27, 2014, net income attributable to Green Brick per share for the three and six months ended June 30, 2015 is not comparable to net income attributable to Green Brick per share for the three and six months ended June 30, 2014. Furthermore, the weighted average shares outstanding for the three and six months ended June 30, 2014 (which does not reflect the effects of the rights offering conducted as part of the Transaction) is not indicative of the Company's future weighted average shares outstanding.
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Earnings Conference Call:
We will host our earnings conference call to discuss our second quarter and six months ended June 30, 2015 at 12:00 p.m. Eastern Time on Thursday, August 13, 2015. The call can be accessed by dialing 800-374-0137 for domestic participants or 904-685-8013 for international participants. Participants should reference conference ID code 4500046 A replay of the call will be available from approximately 3:00 p.m. Eastern Time on August 13, 2015 through 11:59 p.m. Eastern Time on August 20, 2015. To access the replay, the domestic dial-in number is 855-859-2056, the international dial-in number is 404-537-3406 and the conference ID code is 4500046.
About Green Brick Partners, Inc.:
Green Brick Partners, Inc. is a uniquely structured company that combines residential land development and homebuilding. The Company acquires and develops land, provides land and construction financing to its controlled builders and participates in the profits of its controlled builders. The Company owns a controlling interest in four homebuilding companies in Dallas, Texas (CB JENI Homes DFW LLC, Normandy Homes (a division of CB JENI), Southgate Homes DFW LLC, and Centre Living Homes, LLC), as well as a leading homebuilder in Atlanta, Georgia (The Providence Group of Georgia, L.L.C.). The Company is engaged in all aspects of the homebuilding process, including land acquisition and the development, entitlements, design, construction, marketing and sales and the creation of brand images at its residential neighborhoods and master planned communities.
http://www.prnewswire.com/news-releases/green-brick-partners-inc-reports-second-quarter-2015-results-300127807.html
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
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