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William Lyon Homes swings to first-quarter loss on a YOY basis
Source: IRIS | 09 May, 2017, 08.25PM

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William Lyon Homes (WLS) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $10 million, or $ 0.27 a share in the quarter, against a net profit of $9.01 million, or $0.24 a share in the last year period.     

Revenue during the quarter went down marginally by 2.11 percent to $258.85 million from $264.42 million in the previous year period.

Cost of revenue for the quarter was almost stable at $218.46 million, when compared with the previous year period. Gross margin for the quarter contracted 195 basis points over the previous year period to 15.61 percent.

Total expenses were $252.55 million for the quarter, up 0.56 percent or $1.40 million from year-ago period. Operating margin for the quarter contracted 259 basis points over the previous year period to 2.44 percent.

Operating income for the quarter was $6.31 million, compared with $13.28 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $22.54 million compared with $33.53 million in the prior year period. At the same time, adjusted EBITDA margin contracted 397 basis points in the quarter to 8.71 percent from 12.68 percent in the last year period.

Revenue from real estate activities during the quarter went down marginally by 0.93 percent or $2.44 million to $258.85 million. Revenue from sale of real estate was $258.85 million for the quarter, down 0.93 percent or $2.44 million from year-ago period.

"We are extremely excited about our sales momentum to start the year, in what has been a robust Spring selling season year-to-date, as well as the early results from the opening of certain of our key strategic assets," said Matthew R. Zaist, president and chief executive officer. "We have experienced month-over-month improvement in absorption rates through each month of the first quarter, averaging 3.5 sales per community per month. This absorption pace increased through April 2017 to 4.8 sales per month, resulting in 432 net new home orders, an increase of 48% over April 2016. Community count averaged 82 in the first quarter, up 19% year-over-year, increasing to 90 average new home selling communities in the month of April 2017."

Real estate inventory stood at $1,793.63 million as on Mar. 31, 2017. Net receivables were at $10.70 million as on Mar. 31, 2017, up 74.71 percent or $4.58 million from year-ago. Accounts payable declined 7.74 percent or $6.11 million to $72.75 million on Mar. 31, 2017.

Real estate investments stood at $7.33 million as on Mar. 31, 2017.

Total assets went up marginally by 2 percent or $39.56 million to $2,018.60 million on Mar. 31, 2017. On the other hand, total liabilities were almost stable over the past one year at $1,270.04 million on Mar. 31, 2017.

Return on assets was negative at 1.54 percent in the quarter against a positive 0.50 percent in the last year period. Return on equity was negative at 1.34 percent in the quarter against a positive 1.26 percent in the last year period.

Debt remains almost stableTotal debt was at $1,125.49 million as on Mar. 31, 2017, up 0.94 percent or $10.50 million from year-ago. Shareholders equity stood at $748.56 million as on Mar. 31, 2017, up 4.90 percent or $34.95 million from year-ago. As a result, debt to equity ratio went down 6 basis points to 1.50 percent in the quarter. 
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