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Sun City developer posts big earnings increase

Tuesday, April 25, 2000 | 10:46 a.m.

Del Webb Corp. of Phoenix today reported net earnings of $16 million, or 86 cents per share for the quarter ending March 31 -- an increase of 28 percent over the year-ago quarter and beating analyst estimates of 75 cents per share.

The company's revenues rose 54 percent, to $499.8 million. Del Webb attributed this increase to a 36 percent increase in home closings and a 13 percent increase in the average revenue per home closing, citing strong activity at its new Sun City Anthem communities in Henderson and Phoenix.

Del Webb is also the developer of Sun City MacDonald Ranch in Henderson and Sun City Summerlin.

Del Webb said it expects to post its fourth consecutive year of record annual earnings on June 30.

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