UCP, Inc. (UCP) has reported a 289.62 percent jump in profit for the year ended Dec. 31, 2016. The company has earned $9.24 million, or $1.15 a share in the year, compared with $2.37 million, or $0.30 a share for the last year. Revenue during the year grew 25.32 percent to $349.37 million from $278.79 million in the previous year.
Cost of revenue rose 27.14 percent or $61.44 million during the year to $287.84 million.
Total expenses were $340.48 million for the year, up 24.65 percent or $67.34 million from year-ago.
Operating income for the year was $8.89 million, compared with $5.65 million in the previous year.
Revenue from real estate activities during the year increased 27.63 percent or $75.64 million to $349.37 million.
Dustin Bogue, President and Chief Executive Officer of UCP, stated, "We are pleased to achieve record earnings for the full year 2016 as a result of sustained revenue momentum, operating discipline and a transformative approach to generating stronger profitability. During the year, our efforts to design innovative homes and uphold best in class construction standards allowed us grow homebuilding revenues and improve homebuilding gross margin, despite inflationary increases in material and labor costs."
Operating cash flow turns positive
UCP, Inc. has generated cash of $4.43 million from operating activities during the year as against cash outgo of $21.09 million in the last year. The company has spent $0.81 million cash to meet investing activities during the year as against cash outgo of $0.98 million in the last year.
The company has spent $2.51 million cash to carry out financing activities during the year as against cash inflow of $19.86 million in the last year period.
Cash and cash equivalents stood at $40.93 million as on Dec. 31, 2016, up 2.77 percent or $1.10 million from $39.83 million on Dec. 31, 2015.
Real estate inventory stood at $373.21 million as on Dec. 31, 2016. Net receivables were at $5.63 million as on Dec. 31, 2016, up 327.33 percent or $4.31 million from year-ago. Accounts payable stood at $18.44 million as on Dec. 31, 2016.
Total assets grew 4.68 percent or $19.41 million to $434.11 million on Dec. 31, 2016. On the other hand, total liabilities were at $207.22 million as on Dec. 31, 2016, up 5.03 percent or $9.93 million from year-ago.
Return on assets moved up 194 basis points to 3.33 percent in the year. At the same time, return on equity moved up 298 basis points to 4.07 percent in the year.
Total debt was at $160.99 million as on Dec. 31, 2016. Shareholders equity stood at $226.89 million as on Dec. 31, 2016, up 4.36 percent or $9.48 million from year-ago.
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