Mr. Reece: MDC was formed in 1972 with 50,000 of capital by our chairman, Larry Mizel, and until 1977, MDC built mostly apartments. In 1977, when David Mandarich, our Chief Operating Officer and President, joined MDC, we started building single-family homes. Since that time, we have built close to 75,000 homes and have generated over 12 billion in revenue. We closed 7,221 homes in 1999 and we should close somewhere in the neighborhood of 7,500 homes this year. We are a merchant homebuilder that builds under the name Richmond American Homes in several selected growth markets. We have a mortgage company, HomeAmerican Mortgage Corporation, that not only supports our home building operation, but is also a significant contributor to the company's profitability.
TWST: What markets are you serving?
Mr. Reece: We build in Colorado, which is our home market, comprising a
little over 40% of our revenues. We also build in California, both
Northern California in the Bay area and Sacramento, as well as in the
six major counties in Southern California, comprising about 23% of our
revenues for the first nine months of the year. We also build in
Arizona, in both Phoenix and Tucson, contributing about 14% of our
revenues. We build in the mid-Atlantic region around Washington, DC in
Northern Virginia and suburban Maryland. Between the two, they are about
15% of our revenues. Finally, we build in Las Vegas, which contributed
about 7% of our revenues at this point in the year.
Tickers included in this excerpt: MDC
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