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December 3, 2009

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Arizona builder reports big jump in revenue

Wednesday, Oct. 9, 2002 | 11:02 a.m.

Scottsdale-based Meritage Corp., which announced Monday its purchase of Las Vegas-based Perma-Bilt Homes, reported this morning record home closings, and said its third-quarter revenues will show a 59 percent jump when the company's earnings are reported on Oct. 24.

Meritage closed on 1,311 homes in the third quarter, a 40 percent jump from the 938 homes it closed in the same quarter a year ago in its core markets in Texas, Arizona and California. Home orders increased 56 percent, to 1,129 units in the third quarter compared to 723 units in the same quarter a year ago.

Meritage's home closings will receive a big boost starting next quarter, when sales tallies from Perma-Bilt, which Meritage purchased Monday from California-based insurance company Zenith National Insurance Corp., are added to its financial data. Perma-Bilt closed on 413 units in Las Vegas last year to land among the Top 10 builders in the local market.

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