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M.D.C. earnings up 10 percent

Friday, April 12, 2002 | 11:10 a.m.

M.D.C. Holdings Inc., a home builder in Las Vegas, on Wednesday reported a 10 percent increase in earnings for the first quarter of 2002.

The Denver-based company, which builds more than 8,000 homes a year across the country as Richmond American Homes, posted net income in the first quarter of $32.3 million, or $1.16 a share, up from $29.3 million, or $1.09 a share, in the same quarter a year ago.

First-quarter revenues rose to $456 million, up from $420 million in the first quarter of 2001.

M.D.C.'s performance beat the expectations of analysts surveyed by Thomson Financial/First Call, which said analysts expected M.D.C. earnings of 92 cents a share to $1 a share.

The company's earnings and revenues are the highest it's ever posted, and the builder's home orders for the quarter were also its highest ever, producing a current backlog with a sales value of more than $1 billion.

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