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Builder posts strong earnings

Thursday, Oct. 10, 2002 | 11:08 a.m.

Colorado-based M.D.C. Holdings Inc., which builds in Las Vegas as Richmond American Homes, today reported record quarterly earnings.

The builder, currently No. 3 in the Las Vegas market and on a pace to close on more than 1,000 homes in this market this year, posted net income in the third quarter of $43.6 million, or $1.57 a share, compared to $40.5 million, or $1.48 a share, for the same quarter a year ago.

Third-quarter revenues totaled $582 million, a 12 percent increase over the $521 million in total revenues in the same quarter a year ago.

M.D.C.'s results bested analysts' consensus earnings estimates of $1.36 a share by 15 percent.

The builder tallied 7,968 home orders in the first nine months of 2002 -- a total that exceeds home orders for all of 2001.

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