TRI Pointe Homes Reports Combined Q1 Results

IRVINE, CA—TRI Pointe Homes, Inc. said Friday that first-quarter new home orders were up 79% over last year. The company also reported a 31% jump in deliveries and net income of $15.3%.

Last July, TRI Pointe consummated the merger with Weyerhaeuser Real Estate Company (WRECO). The merger was accounted for as a “reverse acquisition” of TRI Pointe by WRECO. As a result, legacy TRI Pointe’s financial results are only included in the combined company’s financial statements from the closing date forward and are not reflected in the combined company’s historical financial statements. Accordingly, legacy TRI Pointe’s financial results are not included in the GAAP results for the three months ended March 31, 2014 included in this press release. The company has appended Supplemental Combined Company Information to this press release to provide supplemental financial and operational information of the combined company that is “adjusted” to include legacy TRI Pointe’s standalone operations for the relevant periods prior to the merger.