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The New Home Company (NYSE: NWHM) reported strong second quarter 2021 results with net income of $4.8 million, or $0.26 per diluted share, compared to a net loss of $24.3 million in the prior year. Home sales revenue surged 75% to $135.9 million, aided by a 98% increase in deliveries. The backlog rose 169% to 632 homes, valued at $439.4 million. Adjusted homebuilding gross margin improved to 21.4%. The company also announced a merger agreement with Apollo Funds, offering $9.00 per share. Ending cash stood at $117.3 million, strengthening the balance sheet.
The New Home Company (NYSE: NWHM) has announced preliminary results for the second quarter of 2021. Key highlights include a 14% increase in net new orders, totaling 187, and a 50% rise in monthly sales absorption per community, now at 3.3. Home sales revenue surged 75% to $135.9 million, driven by a 98% increase in deliveries despite a 12% decrease in average selling price to $666,000. The company reported a backlog of 632 homes valued at $439.4 million and an ending cash balance of $117.3 million, marking a $31.7 million increase year-over-year.
The New Home Company (NYSE: NWHM) has entered a definitive merger agreement with Apollo Funds, managed by Apollo Global Management (NYSE: APO), for an all-cash acquisition at $9.00 per share, valuing NWHM at approximately $338 million. This price represents an 85% premium over the stock’s closing price on July 22, 2021. The deal, unanimously approved by NWHM's Board, aims to enhance operational and financial flexibility and capture growth in the housing market. The transaction is expected to close in the second half of the fiscal year, with NWHM becoming a privately held company post-acquisition.
The New Home Company (NYSE: NWHM) will release its Q2 2021 financial results on July 29, 2021, before the market opens. An investor conference call is scheduled for 8:00 AM PT (11:00 AM ET) on the same day to review these results and discuss recent developments. The call will be accessible via their website, with a live webcast expected approximately 15 minutes prior to the start time. The Company focuses on innovative homebuilding in California, Arizona, and Colorado, and has received multiple awards for customer experience and home design.
The New Home Company (NYSE: NWHM) will present at the UBS Global Industrials & Transportation Virtual Conference on June 9 at 3:00 PM ET. Interested investors can access the webcast link under the Investor Relations section on NWHM.com. An archived recording of the presentation will be available for 30 days post-event.
About The New Home Company: NWHM is a homebuilder focused on innovative, consumer-driven homes in California, Arizona, and Colorado, and has received numerous accolades, including Builder of the Year in 2019.
The New Home Company reported a net income of $0.6 million, or $0.03 per diluted share, for Q1 2021, recovering from a net loss of $8.5 million in Q1 2020. Home sales revenue was $93.9 million, slightly down from $95.7 million a year earlier, despite a 36% increase in deliveries. Gross margin improved to 17.1% from 11.4% in the prior year. New orders surged by 114% to 283, and homes in backlog increased 273% to 649. The company ended the quarter with $114.8 million in cash and no debt drawn from its credit facility, signaling improved financial health and performance.
The New Home Company (NYSE: NWHM) will announce its Q1 2021 financial results on April 30, 2021, before market opening. An investor conference call will follow at 8:00 AM PT to discuss the results and recent developments. Interested parties can access the live webcast on the company's website, with an archive available for a limited time. The New Home Company focuses on innovative homebuilding in key U.S. markets and has received several accolades for customer experience and design.
The New Home Company (NWHM) is expanding in Arizona, particularly in the Phoenix market, where it has acquired land in sought-after masterplans. The company is set to launch Element at Eastmark, featuring 135 single-family homes, with sales beginning this summer. Homes will range from 1,559 to 1,965 square feet, priced from the mid $300,000s. With its energy-efficient designs and user-friendly tech packages, Element aims to attract first-time buyers. The company has seen success with its other communities since 2020, with positive market reception.
