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November 16, 2009

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Del Webb Earnings

Monday, Oct. 28, 1996 | 11:59 a.m.

COMMENTS: Revenue growth resulted from a 28 percent increase in the number of home closings during the first quarter, almost all of which came from the company's newer Sun City communities: Sun City Hilton Head, Sun City MacDonald Ranch in Henderson and Sun City Georgetown in Texas. CEO Paul Dion said the decline in net earnings is a result of higher interest costs and a higher proportionate share of revenues coming from communities in the early stages of their life cycle. He expects the trend to continue in the second quarter but that those communities will be more efficient in the second half of the year as product pricing normalizes. Besides MacDonald Ranch, Del Webb operates a Sun City community at the master-planned community of Summerlin and has a North Las Vegas development under construction by its Coventry Homes division. (NYSE: WBB)

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