UCP, Inc. (UCP) has reported an 1,093.75 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $1.15 million, or $0.14 a share in the quarter, compared with $0.10 million, or $0.01 a share for the same period last year.
Revenue from real estate activities during the quarter surged 38.51 percent or $26.27 million to $94.50 million.
Cost of revenue surged 36.29 percent or $20.56 million during the quarter to $77.23 million. Gross margin for the quarter expanded 133 basis points over the previous year period to 18.27 percent.
Total expenses were $90.88 million for the quarter, up 33.61 percent or $22.86 million from year-ago period. Operating margin for the quarter expanded 352 basis points over the previous year period to 3.83 percent.
Operating income for the quarter was $3.62 million, compared with $0.21 million in the previous year period.
Dustin Bogue, president and chief executive officer of UCP, stated, "2017 is off to a strong start with very positive results across nearly all metrics, including a significant rise in earnings to $0.14 per share of Class A common stock. The continuation of strong momentum in our markets and the expanded reach of our Benchmark brand was evident with first quarter home deliveries growing 35.3% and homes in backlog up 32.2% compared to the prior period. We are especially pleased to report an improvement in homebuilding gross margin, in part driven by our careful balancing of price and pace, along with ongoing efforts to tightly manage construction costs. Our previously announced sales training and marketing initiatives are progressing according to plan, as we stay disciplined on overall SG&A spend to continue producing favorable leverage on higher revenues. We remain committed to striving for operational excellence in all facets of our business to capitalize on strong housing fundamentals in our key markets.'
Operating cash flow remains negative
UCP, Inc. has spent $3.89 million cash to meet operating activities during the quarter as against cash outgo of $12.34 million in the last year period. The company has spent $0.11 million cash to meet investing activities during the quarter as against cash outgo of $0.02 million in the last year period.
The company has spent $2.66 million cash to carry out financing activities during the quarter as against cash inflow of $2.31 million in the last year period.
Cash and cash equivalents stood at $34.27 million as on Mar. 31, 2017, up 11.74 percent or $3.60 million from $30.67 million on Mar. 31, 2016.
Real estate inventory stood at $389.38 million as on Mar. 31, 2017. Net receivables were at $3.68 million as on Mar. 31, 2017, up 164.91 percent or $2.29 million from year-ago. Accounts payable surged 35.68 percent or $4.35 million to $16.53 million on Mar. 31, 2017.
Total assets grew 6.75 percent or $27.96 million to $442.12 million on Mar. 31, 2017. On the other hand, total liabilities were at $213.61 million as on Mar. 31, 2017, up 8.77 percent or $17.23 million from year-ago.
Return on assets moved up 73 basis points to 0.78 percent in the quarter. At the same time, return on equity moved up 46 basis points to 0.50 percent in the quarter.
Debt moves up marginally
Total debt was at $161.55 million as on Mar. 31, 2017, up 1.87 percent or $2.97 million from year-ago. Shareholders equity stood at $228.51 million as on Mar. 31, 2017, up 4.93 percent or $10.73 million from year-ago. As a result, debt to equity ratio went down 2 basis points to 0.71 percent in the quarter.
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