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New NanoMarkets Report States That Functional Inkjet Inks Market ... - MarketWatch
stevedumesnil.blogspot.com | Nov 30, 2008
By 2016, the market for jetted materials for display and signage applications alone should reach .2 billion. -- Inkjet is a non-contact process which ...
http://stevedumesnil.blogspot.com/2008/11/new-nanomarkets-report-states-that_7933.html
NVR, Inc. Appoints New Members to Board of Directors (PR Newswire)
biz.yahoo.com | Nov 6, 2008
NVR, Inc. Appoints New Members to Board of Directors. - RESTON, Va., Nov. 6 /PRNewswire-FirstCall/ -- NVR, Inc. (NYSE: NVR - News) announced that Alfred E.
NVR, Inc. Appoints New Members to Board of Directors
www.prnewswire.com
RESTON, Va., Nov. 6 /PRNewswire-FirstCall/ -- NVR, Inc. (NYSE: NVR) announced that Alfred E. Festa and W. Grady Rosier will join its Board of Directors as independent directors effective December 1, 2008. Mr.
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/11-06-2008/0004920193&EDATE=
NVR, Inc. Announces Offering of $325 Million of Convertible Senior Notes Due 2038 (PR Newswire)
us.rd.yahoo.com | Sep 9, 2008
NVR, Inc. Announces Offering of $325 Million of Convertible Senior Notes Due 2038. - RESTON, Va., Sept. 9 /PRNewswire-FirstCall/ -- NVR, Inc. (NYSE: NVR - News), one of the nation's largest homebuilding and mortgage banking companies, announced that it is commencing an underwritten public offering
http://us.rd.yahoo.com/finance/news/rss/story/*http://biz.yahoo.com/prnews/080909/netu059.html?.v=68
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Q1 2009 Brinker International Earnings Release - Before Market Open (CCBN)
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Learn when companies announce their quarterly, annual earnings. See the latest EPS estimates. Listen to the conference call and remind yourself by adding it to your calendar.
Ryan Homes
Copyright © Ryan Homes. All Rights Reserved. Ryan Homes, an NVR, Inc. Company.
HousingZone.com giants 2007 1
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HousingZone.com is the deepest, richest site serving the home building and remodeling industries, offering original content, daily news updates, weekly newsletters, an extensive Buyers' Guide, cost estimators, online education and more.
Chesterfield County, Virginia | Planning
symbol indicates that an attachment accompanies the agenda item. These attachments are generally available the second or first Wednesday prior to the Planning Commission meeting, depending upon their release date.
http://www.co.chesterfield.va.us/CommunityDevelopment/Planning/CPCAgenda/CPC6-17-08Ag.asp
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BUYINS.NET: Market Maker Surveillance Report. Top 6 Winning Stocks With Lowest Price Friction For
Dec 04, 2008 (M2 PRESSWIRE via COMTEX) --
BUYINS.NET, www.buyins.net, announced today its proprietary Market Maker Friction Factor Report for December 3, 2008. Since late October market makers are now required to be on the bid as much as they are on the offer and for like amounts of stock. This "fair market making" requirement is designed to prevent market makers from manipulating stock prices. On Wednesday there were 3,156 companies with "abnormal" market making, 3,313 companies with positive Friction Factors and 2,443 companies with negative Friction Factors. Here is a list of the top 6 companies with the largest dollar gain per share Wednesday and low price friction (bullish). This means that there was more buying than selling in the stocks and their stock prices rose faster with less Friction. NVR Inc. (NYSE: NVR), Axsys Technologies (NASDAQ: AXYS), Washington Post (NYSE: WPO), Amazon (NASDAQ: AMZN), Quality Systems (NASDAQ: QSII) and Genzyme Corp (NASDAQ: GENZ). To access Friction Factor, Naked Short Data and SqueezeTrigger Prices on all stocks please visit http://www.buyins.net .
Market Maker Friction Factor is shown in the chart below:
Symbol Change % BuyVol Buy% SellVol Sell% NetVol Friction
NVR $25.37 6.30% 47,166 44.69% 38,471 36.45% 8,695 3
AXYS $5.57 8.26% 291,641 52.70% 251,288 45.40% 40,353 72
WPO $5.37 1.41% 26,944 46.46% 22,755 39.23% 4,189 8
AMZN $3.84 9.32% 7,811,311 49.83% 7,697,530 49.10% 113,781 296
QSII $3.72 13.27% 349,457 48.94% 345,099 48.33% 4,358 12
GENZ $3.52 5.86% 2,237,834 53.69% 1,854,007 44.48% 383,827 1,090
Click here to view chart: http://www.buyins.com/ff/fftopg12-3-08.jpg
Analysis of the Friction Factor chart above shows that each of the six stocks mentioned above have high net dollar gains (Change) and very low price friction in their stocks. The Friction Factor displays how many more shares of buying than selling are required to move a stock higher by one cent or how many more shares of selling than buying moves a stock lower by 1 cent.
For example, the chart above shows AXYS with a dollar gain Wednesday of +$5.57 and a Friction Factor of 72 shares. That means that it only took 72 more shares of buying than selling to move AXYS higher by one penny. The Market Makers are currently allowing the stock to rise quickly (low friction). The combination of low friction and positive market direction can drive prices higher much faster than normal.
NVR, Inc. (NYSE: NVR) operates as a homebuilder in the United States. It engages in the construction and sale of single-family detached homes, town homes, and condominium buildings. The company sells home buildings under the Ryan Homes, NVHomes, Fox Ridge Homes, and Rymarc Homes trade names primarily to first-time homeowners and first-time move-up buyers. It markets its products in Maryland, Virginia, West Virginia, Pennsylvania, New York, North Carolina, South Carolina, Ohio, New Jersey, Delaware, and Kentucky. The company also offers mortgage banking services to its homebuilding customers, including broker title insurance; and performs title searches in connection with mortgage loan closings. The company was founded in 1979. It was formerly known as NVHomes, Inc. and changed its name to NVR, Inc. The company is based in Reston, Virginia.
Axsys Technologies, Inc. (NASDAQ: AXYS) designs and manufactures precision optical solutions for defense, aerospace, homeland security, and commercial applications. The company operates in two Segments, the Surveillance Systems Group and the Imaging Systems Group. The Surveillance Systems Group segment offers precise camera systems for deployment on ground, marine, and aerial vehicles. Its products are used in surveillance, reconnaissance, tracking, and targeting applications. The Imaging Systems Group segment manufactures and sells optical and motion control subsystems and components for deployment in integrated systems. Its products include visible and infrared lenses, scanning systems, laser positioners, long-range telescopes, stabilized sensor positioning systems, precision motion-control components, and imaging optics. The company sells its products to various government institutions, such as the U.S. Border Patrol, Army, Navy, Air Force, and Coast Guard, as well as defense contractors for integration into larger platforms. Axsys Technologies was incorporated in 1959 and is headquartered in Rocky Hill, Connecticut.
The Washington Post Company (NYSE: WPO), together with its subsidiaries, operates as a diversified education and media company in the United States and internationally. The company provides a range of educational services, including higher education, professional training, test preparation, and K12 services for children and schools. The Washington Post Company also engages in the publication of newspapers in the Washington, D.C., area and Everett; newsprint warehousing and recycling facilities; and electronic media publishing business, primarily washingtonpost.com. In addition, it publishes a weekly news magazine, Newsweek, which has one domestic and three English-language international editions, as well as Arthur Frommers Budget Travel magazine. Further, the company owns six VHF television stations serving the Detroit, Houston, Miami, San Antonio, Orlando, and Jacksonville television markets; and operates cable systems offering basic cable, digital cable, pay television, cable modem, telephony, and other services to subscribers in midwestern, western, and southern states, as well as engages in commercial printing business. The Washington Post Company was founded in 1877 and is based in Washington, District of Columbia.
Amazon.com, Inc. (NASDAQ: AMZN) operates retail Web sites, as well as provides programs that enable third parties to sell their products on its Web sites in North America and internationally. It sources and sells a range of products under various categories, such as books; electronics and computers; toys, kids, and baby; sports and outdoors; movies, music, and games; home and garden; apparel, shoes, and jewelry; tools, auto, and industrial; digital downloads; grocery; and health and beauty. The companys retail Web sites include amazon.com, amazon.ca, amazon.de, amazon.fr, amazon.co.jp, amazon.co.uk, shopbop.com, endless.com, and the Joyo Amazon Web sites at joyo.cn and amazon.cn. Amazon.com, through Amazon Services, offers programs that enable sellers to sell their products on its Web sites; allow customers to shop for products owned by sellers using its features and technologies; and allow individual customers to complete transactions that include multiple sellers in a single checkout process. The companys Amazon Enterprise Solutions offer sellers e-commerce expertise, technology, and operational infrastructure to enable e-commerce businesses operating under their own brand name and Web site address. It also offers Amazon Web Services, which provide access to technology infrastructure that developers can use to enable virtually various types of businesses. Amazon Web Services include Amazon Simple Storage Service, Amazon Elastic Compute Cloud, Amazon Simple Queue Service, Amazon SimpleDB, Amazon Flexible Payments Service, Amazon Mechanical Turk, and Alexas Web Services. In addition, Amazon.com offers co-branded credit card programs, fulfillment-related services, and other marketing and promotional services, such as online advertising. Further, it designs, manufactures, markets, and sells a wireless e-reading device, the Amazon Kindle. The company was founded in 1994 and is headquartered in Seattle, Washington.
Quality Systems, Inc. (NASDAQ: QSII) engages in the development and marketing of healthcare information systems in the United States. Its system automates various aspects of medical and dental practices, and networks of practices, such as physician hospital organizations and management service organizations, ambulatory care centers, community health centers, and medical and dental schools. The company offers proprietary electronic medical records software and practice management systems under the NextGen3 product name. The product categories of the NextGen suite include electronic medical records, enterprise practice management, enterprise appointment scheduling, enterprise master patient index, NextGen image control system, managed care server, electronic data interchange, system interfaces, Internet operability, and a patient-centric and provider-centric Web portal solution. It also offers NextGen Express designed for small practices and NextGen Community Health Solution; and revenue cycle management services under the Practice Solutions name, which include billing and collections services for medical practices. In addition, Quality Systems provides hardware and software installation, maintenance and support services, system training, and electronic data interchange services. The company was founded in 1974 and is headquartered in Irvine, California.
Genzyme Corporation (NASDAQ: GENZ) operates as a biotechnology company worldwide. It operates through five segments: Renal, Therapeutics, Transplant, Biosurgery, and Genetics. The Renal segment develops, manufactures, and distributes products for patients suffering from renal diseases, including chronic renal failure. This segment offers Renagel, a phosphate binder for the control of serum phosphorus in patients with chronic kidney disease (CKD) on hemodialysis; and Hectorol vitamin D2 pro-hormone products for the treatment of secondary hyperparathyroidism in patients with stages 3 and 4 CKD, and in patients with stage 5 CKD on dialysis. The Therapeutics segment provides Cerezyme/Ceredase, an enzyme replacement therapy for the treatment of Gaucher disease; Fabrazyme, a recombinant form of the human enzyme alpha-galactosidase for the treatment of Fabry disease; Thyrogen, an adjunctive diagnostic agent used in the follow-up of patients with thyroid cancer; Myozyme therapy for Pompe disease; and Aldurazyme, a recombinant form of the human enzyme alpha-L-iduronidase to treat mucopolysaccharidosis I. The Transplant segment offers Thymoglobulin, a polyclonal antibody that suppresses immune cells responsible for acute organ rejection in transplant patients. The Biosurgery segment markets Synvisc, a biomaterial used to treat the pain associated with osteoarthritis of the knee; and Sepra products for preventing adhesions following various surgical procedures in the body. The Genetics segment provides reproductive testing services, diagnostic services for reproductive and oncology markets, and genetic counseling services. It has a collaboration agreement with PTC Therapeutics, Inc. to develop and commercialize PTC124 for the treatment of genetic disorders due to nonsense mutations. The company also has a strategic alliance with Osiris Therapeutics, Inc. to develop and commercialize Prochymal and Chondrogen. Genzyme Corporation was founded in 1981 and is based in Cambridge, Massachusetts.
About BUYINS.NET
WWW.BUYINS.NET is a service designed to help bonafide shareholders of publicly traded US companies fight naked short selling. Naked short selling is the illegal act of short selling a stock when no affirmative determination has been made to locate shares of the stock to hypothecate in connection with the short sale. Buyins.net has built a proprietary database that uses Threshold list feeds from NASDAQ, AMEX and NYSE to generate detailed and useful information to combat the naked short selling problem. For the first time, actual trade by trade data is available to the public that shows the attempted size, actual size, price and average value of short sales in stocks that have been shorted and naked shorted. This information is valuable in determining the precise point at which short sellers go out-of-the-money and start losing on their short and naked short trades.
BUYINS.NET has built a massive database that collects, analyzes and publishes a proprietary SqueezeTrigger for each stock that has been shorted. The SqueezeTrigger database of nearly 2,200,000,000 short sale transactions goes back to January 1, 2005 and calculates the exact price at which the Total Short Interest is short in each stock. This data was never before available prior to January 1, 2005 because the Self Regulatory Organizations (primary exchanges) guarded it aggressively. After the SEC passed Regulation SHO, exchanges were forced to allow data processors like Buyins.net to access the data.
The SqueezeTrigger database collects individual short trade data on over 7,000 NYSE, AMEX and NASDAQ stocks and general short trade data on nearly 8,000 OTCBB and PINKSHEET stocks. Each month the database grows by approximately 50,000,000 short sale transactions and provides investors with the knowledge necessary to time when to buy and sell stocks with outstanding short positions. By tracking the size and price of each month's short transactions, BUYINS.NET provides institutions, traders, analysts, journalists and individual investors the exact price point where short sellers start losing money and a short squeeze can begin.
All material herein was prepared by BUYINS.NET, based upon information believed to be reliable. The information contained herein is not guaranteed by BUYINS.NET to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this opinion have not approved the statements made in this opinion. None of the companies in this report have paid to be included in this report. From time to time we will mention a company that may have previously paid $995 per month for market data purchased from BUYINS.NET. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. BUYINS.NET is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on or mentioned herein. BUYINS.NET will not advise as to when it decides to sell and does not and will not offer any opinion as to when others should sell; each investor must make that decision based on his or her judgment of the market.
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Companies: Amazon.com, Inc. (AMZN), Axsys Technologies, Inc. (AXYS), Genzyme Corp. (GENZ), NVR (YYAZA), NVR, Inc. (NVR), Quality Systems, Inc. (QSII), Washington Post Co. (WPO)
NVR, Inc. Announces Third Quarter Results - Zibb.com
RESTON, Va., Oct 21, 2008 /PRNewswire-FirstCall via COMTEX/ --
NVR, Inc. (NYSE: NVR), one of the nation's largest homebuilding and mortgage banking companies, announced that diluted earnings per share and net income for its third quarter ended September 30, 2008 decreased 60% when compared to the 2007 third quarter. Net income for the 2008 third quarter was $36,551,000, $6.12 per diluted share, compared to net income of $91,113,000, $15.26 per diluted share, for the same period of 2007. Consolidated revenues for the third quarter of 2008 totaled $939,211,000, a 27% decrease from $1,292,088,000 for the comparable 2007 quarter.
For the nine months ended September 30, 2008, consolidated revenues were $2,782,865,000, 25% lower than the $3,701,945,000 reported for the same period of 2007. Net income for the nine months ended September 30, 2008 was $131,349,000, a decrease of 51% when compared to the nine months ended September 30, 2007. Diluted earnings per share for the nine months ended September 30, 2008 was $22.21, a decrease of 47% from $42.25 per diluted share for the comparable period of 2007.
Homebuilding
New orders in the third quarter of 2008 decreased 25% to 2,002 units, when compared to 2,660 units in the third quarter of 2007. The cancellation rate in the quarter ended September 30, 2008 was 24% compared to 27% in the third quarter of 2007 and 19% in the second quarter of 2008. Settlements decreased in the third quarter of 2008 to 2,750 units, 21% less than the same period of 2007. The Company's backlog of homes sold but not settled at the end of the 2008 quarter decreased on a unit basis by 35% to 4,583 units and 44% on a dollar basis to $1,499,830,000 when compared to the same period last year.
Homebuilding revenues for the three months ended September 30, 2008 totaled $928,265,000, 27% lower than the year earlier period. Gross profit margins decreased to 13.2% in the 2008 third quarter compared to 14.4% for the same period in 2007. Gross profit margins were impacted by land deposit impairments of approximately $43,000,000, 461 basis points of revenue, in the 2008 third quarter, and approximately $97,000,000, 760 basis points of revenue, in the year ago period. Gross profit margins excluding the land deposit impairments were 17.8% in the 2008 third quarter compared to 22.0% for the same period in 2007. Income before tax from the homebuilding segment totaled $56,535,000 in the 2008 third quarter, a decrease of 56% when compared to the third quarter of the previous year. Operating unit activity and financial performance are being negatively impacted by high levels of new and existing home inventories, affordability issues, a tight mortgage lending environment and declining homebuyer confidence.
Mortgage Banking
Mortgage closed loan production of $610,313,000 for the three months ended September 30, 2008 was 23% lower than the same period last year. Operating income for the mortgage banking operations during the third quarter of 2008 decreased 76% to $4,072,000, when compared to $16,814,000 reported for the same period of 2007. Operating income in the current quarter was negatively impacted by a $4,100,000 decrease in unrealized income from the fair value measurements required under SFAS No. 157, Fair Value Measurement, and more competitive mortgage pricing.
Some of the statements in this release made by the Company constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "will," "should" or "anticipates" or the negative thereof or other variations thereof or comparable terminology, or by discussion of strategies, each of which involves risks and uncertainties. All statements other than those of historical facts included herein, including those regarding market trends, NVR's financial position, business strategy, the outcome of pending litigation, projected plans and objectives of management for future operations, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to, general economic and business conditions (on both a national and regional level), interest rate changes, access to suitable financing by NVR and NVR's customers, competition, the availability and cost of land and other raw materials used by NVR in its homebuilding operations, shortages of labor, weather related slow downs, building moratoria, governmental regulation, the ability of NVR to integrate any acquired business, fluctuation and volatility of stock and other financial markets, mortgage financing availability and other factors over which NVR has little or no control. The Company has no obligation to update such forward-looking statements.
NVR, Inc.
Consolidated Statements of Income
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
Homebuilding:
Revenues $928,265 $1,270,471 $2,739,167 $3,642,721
Other income 4,256 4,209 14,356 16,425
Cost of sales (805,931) (1,087,399) (2,305,231) (3,002,746)
Selling, general and
administrative (66,796) (54,906) (240,833) (253,510)
Operating income 59,794 132,375 207,459 402,890
Interest expense (3,259) (3,375) (9,730) (9,995)
Homebuilding income 56,535 129,000 197,729 392,895
Mortgage Banking:
Mortgage banking fees 10,946 21,617 43,698 59,224
Interest income 929 1,078 2,608 3,415
Other income 188 320 531 780
General and
administrative (7,761) (6,001) (23,823) (24,278)
Interest expense (230) (200) (544) (513)
Mortgage banking income 4,072 16,814 22,470 38,628
Income before taxes 60,607 145,814 220,199 431,523
Income tax expense (24,056) (54,701) (88,850) (164,842)
Net income $36,551 $91,113 $131,349 $266,681
Basic earnings per share $6.72 $17.25 $24.60 $48.35
Diluted earnings per
share $6.12 $15.26 $22.21 $42.25
Basic average shares
outstanding 5,438 5,283 5,340 5,516
Diluted average shares
outstanding 5,968 5,969 5,915 6,312
NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
September 30, December 31,
2008 2007
(unaudited) -
ASSETS
Homebuilding:
Cash and cash equivalents $963,313 $660,709
Receivables 10,444 10,855
Inventory:
Lots and housing units, covered under
sales agreements with customers 536,895 573,895
Unsold lots and housing units 67,570 105,838
Manufacturing materials and other 6,555 9,121
611,020 688,854
Contract land deposits 130,575 188,528
Assets not owned, consolidated
per FIN 46R 127,074 180,206
Property, plant and equipment, net 26,834 32,911
Reorganization value in excess of amounts
allocable to identifiable assets, net 41,580 41,580
Goodwill and other indefinite and definite
life intangibles, net 11,707 11,782
Other assets 253,785 252,461
2,176,332 2,067,886
Mortgage Banking:
Cash and cash equivalents 1,728 3,500
Mortgage loans held for sale, net 113,839 107,338
Property and equipment, net 903 881
Reorganization value in excess of amounts
allocable to identifiable assets, net 7,347 7,347
Other assets 8,003 7,464
131,820 126,530
Total assets $2,308,152 $2,194,416
September 30, December 31,
2008 2007
(unaudited) -
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable $181,403 $219,048
Accrued expenses and other liabilities 235,564 251,475
Liabilities related to assets not owned,
consolidated per FIN 46R 118,323 164,369
Customer deposits 93,117 125,315
Other term debt 2,630 2,820
Senior notes 200,000 200,000
831,037 963,027
Mortgage Banking:
Accounts payable and other liabilities 13,858 18,551
Notes payable 90,782 83,463
104,640 102,014
Total liabilities 935,677 1,065,041
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000
shares authorized; 20,561,187 and 20,592,640
shares issued for September 30, 2008 and
December 31, 2007, respectively 206 206
Additional paid-in capital 706,560 663,631
Deferred compensation trust -- 515,950 and
516,085 shares of NVR, Inc. common stock for
September 30, 2008 and December 31, 2007,
respectively (75,495) (75,636)
Deferred compensation liability 75,495 75,636
Retained earnings 3,661,344 3,529,995
Less treasury stock at cost -- 15,108,940 and
15,455,086 shares for September 30, 2008 and
December 31, 2007, respectively (2,995,635) (3,064,457)
Total shareholders' equity 1,372,475 1,129,375
Total liabilities and shareholders'
equity $2,308,152 $2,194,416
NVR, Inc.
Operating Activity
(unaudited)
(dollars in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
Homebuilding data:
New orders (units):
Mid Atlantic (1) 965 1,061 3,598 4,785
North East (2) 205 260 725 1,022
Mid East (3) 577 667 2,020 2,620
South East (4) 255 672 1,060 1,895
Total 2,002 2,660 7,403 10,322
Average new order
price $302.9 $330.1 $314.1 $358.4
Settlements (units):
Mid Atlantic (1) 1,266 1,656 3,851 4,728
North East (2) 264 345 813 918
Mid East (3) 756 936 2,012 2,347
South East (4) 464 539 1,289 1,646
Total 2,750 3,476 7,965 9,639
Average settlement
price $337.1 $365.1 $343.5 $377.5
Backlog (units):
Mid Atlantic (1) 2,473 3,722
North East (2) 417 644
Mid East (3) 1,121 1,547
South East (4) 572 1,158
Total 4,583 7,071
Average backlog price $327.3 $381.2
Community count
(average) 426 506 437 517
Lots controlled at
end of period 58,300 79,700
Mortgage banking
data:
Loan closings $610,313 $793,749 $1,727,718 $2,358,218
Capture rate 86% 84% 84% 85%
Common stock
information:
Shares outstanding at
end of period
5,452,247 5,135,600
Number of shares
repurchased - 479,088 - 784,788
Aggregate cost of
shares repurchased - $297,859 - $507,472
(1) Virginia, West Virginia, Maryland, and Delaware
(2) Eastern Pennsylvania and New Jersey
(3) Western Pennsylvania, Kentucky, New York and Ohio
(4) North Carolina, South Carolina and Tennessee
SOURCE NVR, Inc.
http://www.nvrinc.com
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NVR, Inc. Announces Offering of $325 Million of Convertible Senior Notes Due 2038 - Zibb.com
RESTON, Va., Sept 09, 2008 /PRNewswire-FirstCall via COMTEX/ --
NVR, Inc. (NYSE: NVR), one of the nation's largest homebuilding and mortgage banking companies, announced that it is commencing an underwritten public offering of $325 million aggregate principal amount of convertible senior notes due 2038 under its shelf registration statement filed with the Securities and Exchange Commission. NVR will also grant the underwriter an option to purchase up to an additional $48.75 million aggregate principal amount of notes, within 13 days of the initial issuance of the notes, to cover over-allotments.
The notes will be initially convertible, upon satisfaction of certain conditions, into a combination of cash up to the principal amount of the notes and cash, common stock or a combination thereof, at the company's election, with respect to any excess conversion value. Holders of the notes may require the company to repurchase the notes if the company is involved in certain types of corporate transactions or other events constituting a fundamental change. Beginning in September 2013, the company will have the right to redeem the notes, in whole or in part. Holders of the notes have the right to require the company to repurchase all or a portion of their notes for cash on September 15 of each of 2013, 2018, 2023, 2028 and 2033.
Credit Suisse Securities (USA) LLC will be the sole underwriter for the offering. A preliminary prospectus supplement and final prospectus related to the public offering will be filed with the Securities and Exchange Commission. Copies of the preliminary prospectus and final prospectus, when available, may be obtained from Credit Suisse, Prospectus Department, One Madison Avenue, New York, New York 10010 (telephone: 212-325-2580) or by faxing requests to 212-325-8057.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering may be made only by means of a prospectus and related prospectus supplement.
Some of the statements in this release made by the Company constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. All statements other than those of historical facts included herein, including those regarding the issuance of the notes and the successful completion of the notes offering, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to, general economic and business conditions, interest rate changes, financial market conditions and other factors over which NVR has little or no control. NVR has no obligation to update such forward-looking statements.
SOURCE NVR, Inc.
http://www.nvrinc.com
Tags: banking business corporate election mortgage new_york nyse public offering securities
NVR, INC. ANNOUNCES OFFERING OF $325 MILLION OF CONVERTIBLE SENIOR NOTES DUE 203 - Zibb.com
Sep 09, 2008 (XFN via COMTEX) --
- NVR, INC. ANNOUNCES OFFERING OF $325 MILLION OF CONVERTIBLE SENIOR NOTES DUE 2038
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