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The New Home Company (NWHM) has introduced the Sky Ranch Collection, a limited offering of eight custom-quality residences in Covenant Hills, Ladera Ranch, California. Sales are set to begin in late March. The homes, designed by EBTA Architects, will feature over 4,500 square feet of living space, starting in the low to mid $2 million range. Notably, the collection emphasizes contemporary ranch living with innovative designs, including spacious lots average over 13,000 square feet and advanced technology suites. This development aims to continue the success of the previously acclaimed Sky Ranch neighborhood.
The New Home Company (NYSE: NWHM) has expanded into Denver, Colorado, acquiring Epic Homes. Epic's President, Christina Presley, will lead its newly formed division. The deal includes a backlog of 102 homes valued at approximately $100 million and control of 294 lots across four communities. Executive Chairman Larry Webb highlights Denver's strong qualities such as job growth and demographic appeal. CEO Leonard Miller expresses optimism about increased revenue and market diversification from this strategic move.
The New Home Company priced a private offering of $35 million in senior notes due 2025 at 103.25% of face value, yielding 6.427%. This offering aims to raise funds for general corporate purposes, including land acquisition and working capital. The notes are an additional issuance related to existing 7.25% Senior Notes due 2025, totaling $250 million previously issued. The offering will close on February 24, 2021, pending customary conditions. Notes are offered to qualified institutional buyers and not registered under the Securities Act.
The New Home Company (NYSE: NWHM) plans to privately offer $35 million in additional 7.25% senior notes due 2025. The proceeds will fund general corporate purposes, including land acquisition and working capital. This offering is an extension of the existing $250 million 7.25% senior notes issued in 2020, with identical terms except for issuance date and price. The notes will be sold to qualified institutional buyers and are not registered under the Securities Act, meaning they cannot be sold in the U.S. without registration or an exemption.
The New Home Company (NWHM) reported robust financial results for Q4 and the full year 2020. Notable highlights include a 89% increase in net orders and an 88% rise in the dollar value of homes in backlog, totaling $236 million. Total revenues reached $145.6 million, with home sales revenue at $135.4 million. Improved gross margin was reported at 14.8%, up from 7.8% year-over-year. Despite a net loss of $1.2 million, adjusted net income was $4.8 million, or $0.26 per share. The company ended the year with a strong cash balance of $107.3 million.
The New Home Company (NWHM) is set to expand in Granite Bay, acquiring over 20 acres for its new community, Eureka Grove, with 72 residences. Situated in Placer County, sales are expected to begin in Q3 at prices starting in the $600,000s. The Sacramento region has been identified as the top housing market of 2021, and NWHM anticipates strong demand due to remote working trends.
Eureka Grove will include two distinct home collections and comes standard with smart-home technology. The company aims to make quality living accessible with homes under $1 million.
The New Home Company (NYSE: NWHM) will release its financial results for Q4 and the full year 2020 on February 11, 2021, before market open. A conference call for investors is scheduled for the same day at 8:00 AM PT (11:00 AM ET) to discuss the results and recent developments. Interested parties can access the call via the Company’s website, with a webcast available for live listening and playback afterwards. The Company focuses on innovative homebuilding in key growth markets in California and Arizona.
The New Home Company Inc. (NYSE: NWHM) has initiated a new stock repurchase program, authorizing the repurchase of up to $10 million of its stock. This program replaces the previous $15 million authorization, which had $1.7 million remaining as of November 19, 2020. Management will determine the timing and terms of repurchases based on market conditions and other factors. The program has no expiration date and allows for modifications or suspension at any time. The Company plans to retire any repurchased shares.
The New Home Company reported a net income of $1.2 million, or $0.06 per diluted share, for Q3 2020, a significant turnaround from a net loss of $4.6 million in Q3 2019. Homes sales revenue reached $117.4 million, slightly down from $118.8 million YoY, yet showed a 27% increase in new home deliveries to 157 units. Gross margin improved to 14.2%, bolstered by a strategic shift to affordably priced communities. The backlog increased by 59% to 329 homes. Cash flow from operations was $40 million, with a debt-to-capital ratio of 59.4%. Upcoming Q4 estimates predict home sales revenue between $115-$125 million.
