New Home Company Slips To Loss In Q2 - Quick Facts

(RTTNews) - New Home Company Inc. (NWHM) said that its net loss attributable to the company for the second quarter 2014 was $1.05 million or $0.06 per share, compared to net income of $0.6 million, or $0.07 per share, in the prior year period. The change in result was primarily due to a decrease in equity in net income from JVs, a decline in fee building activity and related gross margin and an increase in SG&A.

Home sales revenue for the second quarter 2014 was $9.6 million, compared to $8.6 million in the prior year period and new home deliveries were 13 for the second quarter 2014, compared to 22 in the prior year period. The average selling price of homes delivered was approximately $739,000 compared to $389,000 in the prior year period. The increase in average selling prices was primarily due to a change in product mix to communities with higher average sales prices.

New home orders were 23 in the second quarter 2014, compared to 27 homes in the prior year period. The Company had four actively selling communities at the end of the second quarter and three at the end of the prior year period.

Total revenues for the second quarter 2014 were $22.5 million, compared to $19.1 million in the prior year period.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.02 per share and revenues of $17.91 million. Analysts' estimates typically exclude special items.