News of the strong fiscal performance followed an announcement earlier in the quarter that the company plans to build 11 new luxury high-rise residential buildings valued at more than $1 billion over the next year or so along Florida's west and east coasts.
Homebuilding revenue increased about 89% to $144 million for the three months ended March 31, up from $76 million for the same period in 2000. Value of contracts signed during the quarter increased by 43% to $239.5 million, up from $167.5 million, with the average contract price rising 39% to $399,000 from $287,000.
The company reported a net gain, before an extraordinary item, of $11 million on revenue of $197 million for the quarter, compared with a net gain of $10 million on revenue of $140 million for the same period in 2000.
In a move retire existing debt, the company recorded an extraordinary charge of $1.9 million, net of tax, associated with the issue of $250 million in senior subordinated notes. However, the total percentage of debt-to-capitalization increased to 65.6%, up from 63.4%.
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