• Net Income increased 55.9% to $32.2 million, or $1.49 Basic EPS and $1.39 Diluted EPS
• Net Income Before Income Taxes increased 54.9% to $48.6 million
• Home Sales Revenues increased 45.6% to $324.2 million
• Home Closings increased 34.0% to 1,511 homes
• Average Home Sales Price increased 8.7% to $214,545
• Gross Margin as a Percentage of Homes Sales Revenues was 26.6% as compared to 26.5%
• Adjusted Gross Margin (non-GAAP) as a Percentage of Home Sales Revenues was 28.0% as compared to 27.8%
• Ending backlog increased 74.2% to 1,545 units
• Active Selling Communities at June 30, 2017 increased to 71 from 56
• 32,689 Total Owned and Controlled Lots at June 30, 2017
For the full year 2017, we now anticipate to close more than 5,000 homes. In addition, we are raising the range of our full year EPS guidance to $4.25 to $4.75 per basic share.
Satisfying after so much skepticism that management could not back up their claims through the winter and spring months. Though I am no2 concerned that euphoria could get so high any small setback could have skeptics coming out of dark corners and drag the stock back down.