Revenue during the quarter surged 33.98 percent to $236.83 million from $176.76 million in the previous year period.

Cost of revenue surged 32.82 percent or $42.63 million during the quarter to $172.50 million. Gross margin for the quarter expanded 64 basis points over the previous year period to 27.16 percent.

Total expenses were $202.52 million for the quarter, up 32.33 percent or $49.47 million from year-ago period. Operating margin for the quarter expanded 107 basis points over the previous year period to 14.49 percent.

Operating income for the quarter was $34.31 million, compared with $23.71 million in the previous year period.

Revenue from real estate activities during the quarter surged 33.98 percent or $60.07 million to $236.83 million.

"2016 was another great year for LGI Homes," said Eric Lipar, the Company's Chief Executive Officer and Chairman of the Board. "Our fourth quarter provided a solid finish with a record-breaking 4,163 homes closed for the year, achieving significant growth in revenues and active community count, and increasing basic earnings per share 36.2% over the prior year."

Real estate inventory surged 35.10 percent or $186.45 million to $717.68 million on Dec. 31, 2016. Net receivables were at $17.06 million as on Dec. 31, 2016, down 1.56 percent or $0.27 million from year-ago. Accounts payable plunged 48.89 percent or $11.74 million to $12.28 million on Dec. 31, 2016.

Total assets jumped 31.65 percent or $195.81 million to $814.51 million on Dec. 31, 2016. On the other hand, total liabilities were at $459.31 million as on Dec. 31, 2016, up 23.70 percent or $88.00 million from year-ago.

Debt increases substantially
Total debt was at $400.48 million as on Dec. 31, 2016, up 31.50 percent or $95.92 million from year-ago. Shareholders equity stood at $355.20 million as on Dec. 31, 2016, up 43.58 percent or $107.81 million from year-ago. As a result, debt to equity ratio went down 10 basis points to 1.13 percent in the quarter.