Saxton Q1 shr $0.23 vs. $0.15
LAS VEGAS, May 3 (Reuters) -
SAXTON INCORPORATED AND SUBSIDIARIES
Summarized Results of Operations (unaudited)
For the Three Months Ended
3/31/99 3/31/98
Total revenue $29,552,000 $12,709,000
Gross profit 5,297,000 3,107,000
Income from operations 2,900,000 1,964,000
Pre-tax income 2,599,000 1,595,000
Net income 1,801,000 1,151,000
Net income per common share:
Basic 0.23 0.15
Diluted 0.23 0.15
Weighted average common shares
outstanding:
Basic 7,732,922 7,624,310
Diluted 7,734,817 7,679,049
NOTE: The company said Q1 1999 results helped by
acquisition of Maxim Homes in March, 1998, Diamond Key Homes in
November 1998 and HomeBanc in December 1998.
In Q1 1998, revenue from sales of single-family homes
increased to $21.7 million vs. $2.8 million in Q1 1998.
Single-family home sales resulted from 190 closings, compared
with 33 closings for Q1 1998. Home closings for Q1 1999
included 60 in Nevada, 18 in Utah and 112 in Arizona.
Backlog at March 31, 1999 for home closings reached 316
homes representing $33.9 million in revenue compared with 58
homes representing $5.0 million in revenue at March 31, 1998.
Gross margin on the sales of homes was 12 pct in Q1 1999
vs. 16 pct in Q1 1998 primarily due to lower margins on sales
of homes in certain communities in Utah, which were existing at
the time of the Maxim acquisition.
The company expects that future home sales in Utah will
generate margins more comparable to those in its other
geographic areas of operation as cost savings are implemented
and product types are fully integrated.
Q1 1999 construction revenue from design-build contracts
fell to $4.8 million from $5.7 million in Q1 1998. The company
said it continues to focus its efforts on expanding its
homebuilding business.
Gross margin on Q1 1999 construction revenue fell to 18 pct
from 22 pct in Q1 1998 as a result of lower volume and the
corresponding increased allocation of overhead on a per project
basis.
At the end of Q1 1999, the design-build backlog was $15.4
million compared with $25.4 million for Q1 1998
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