MDC Holdings Inc. (MDC) 2003年年度报告「NYSE」.pdf

1、C u t t i n gE d g e.,.“.”Larry A.Mi zelChairm an and Chief Executive Of f icer :The mission of MDC is to build and finance the highest quality homes at affordable prices,designed to meet our customersneeds.Our objectives are to create homeowner satisfaction and lasting value for our customers,incre

2、ase returns for ourshareowners,and provide a rewarding work environment for our employees that encourages the pursuit of excellence,personal growth,teamwork,and support of the communities in which we live.:2003 Financial Highlights .3Letter from Your Management Team.5The Year in Review.9Financial Hi

3、ghlights(continued).15 .,.,.o n eh o m e,o n eb u y e r,o n ed r e a ma tat i m e.M D C2 0 0 32 0 0 22 0 0 12 0 0 01 9 9 9(Doll a rs in thou s a n d s,except per share amou n t s),Orders for Homes,net1 2,6 3 09,8997,7017,8357,232Home Closings1 1,2 1 18,9008,1747,4847,221Homes in Backlog at Year-End5

4、,5 9 34,0352,8823,2922,941Backlog Sales Value at Year-End$1,6 0 0,0 0 0$1,120,000$760,000$775,000$600,000Active Subdivisions at Year-End1 9 8178137133131,Total Revenues$2,9 2 0,0 7 0$2,318,524$2,125,874$1,751,545$1,567,638Home Gross Margins2 4.1%23.0%23.2%22.3%19.3%Excluding Interest in Home Cost of

5、 Sales2 5.0%23.9%24.4%23.6%21.2%Average Selling Price per Home Closed$254.3$254.0$254.1$227.3$211.4 Pre-Tax Operating Income$3 4 8,2 2 3$274,044$255,387$203,201$148,453Net Income$212,229$167,305$155,715$123,303$89,392Average Diluted Shares Outstanding(T h ou s a n d s)3 0,3 0 330,52929,95529,21230,1

6、56Net Income per Diluted Share$7.0 0$5.48$5.20$4.22$2.96Net Operating Return on Revenues7.3%7.2%7.3%7.0%5.7%,Total Homebuilding and Corporate Debt$5 0 0,1 7 9$322,990$174,503$264,444$214,389StockholdersEquity$1,0 1 5,9 2 0$800,567$653,831$482,230$389,023Book Value per Outstanding Share$3 4.4 027.542