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Mittwoch, 12.08.2015 22:45 von PR Newswire | Aufrufe: 198

Green Brick Partners, Inc. Reports Second Quarter 2015 Results

Ein Arzt berät einen Patienten (Symbolbild). © TommL / Vetta / Getty Images https://www.gettyimages.de/

PR Newswire

PLANO, Texas, Aug. 12, 2015

PLANO, Texas, Aug. 12, 2015 /PRNewswire/ -- Green Brick Partners, Inc. (NASDAQ: GRBK) ("we," "Green Brick" or the "Company"), today reported results for its second quarter and six months ended June 30, 2015.

Results for the Second Quarter Ended June 30, 2015:

Basic adjusted net income attributable to Green Brick per common share ("Adjusted EPS") for the three months ended June 30, 2015 was $0.19. See "Reconciliation of Non-GAAP Financial Measures."
The dollar value of backlog units as of June 30, 2015 was $102.4 million, an increase of 29.8% compared to June 30, 2014. The average sales price of homes in backlog increased $82,467, or 25.1%, to $411,249 for the three months ended June 30, 2015, compared to $328,782 for the three months ended June 30, 2014. Homes under construction increased 39.9% to 522 as of June 30, 2015, compared to 373 as of June 30, 2014.
For the three months ended June 30, 2015, the Company had revenue of $72.0 million, gross profit of $17.3 million, and pre-tax income of $5.9 million.
Builder operations revenue for the three months ended June 30, 2015 was $60.4 million compared to $55.0 million for the three months ended June 30, 2014. Land development revenue for the three months ended June 30, 2015 was $11.6 million compared to $10.8 million for the three months ended June 30, 2014.

Results for the Six Months Ended June 30, 2015:

Basic adjusted net income attributable to Green Brick per common share ("Adjusted EPS") for the six months ended June 30, 2015 was $0.39. See "Reconciliation of Non-GAAP Financial Measures."
The Company increased homebuilding starts by 40.2% to 366 units during the six months ended June 30, 2015, from 261 units for the six months ended June 30, 2014.
For the six months ended June 30, 2015, the Company had revenue of $130.4 million, gross profit of $33.6 million, and pre-tax income of $12.1 million.
Builder operations revenue for the six months ended June 30, 2015 was $110.0 million compared to $104.7 million for the six months ended June 30, 2014. Land development revenue for the six months ended June 30, 2015 was $20.4 million compared to $24.2 million for the six months ended June 30, 2014. The decrease in land development revenue is due primarily to an increase in lot sales to our builders where revenue is not recognized until the house closing.

"I am pleased with our second quarter results and excited to announce that in July we raised $169.8 million in net proceeds in an oversubscribed underwritten public offering. We now have one of the most unleveraged balances sheets of any public builder, and the capital and lot positions to execute our plans for significant growth. We continue to expect pre-tax income attributable to Green Brick in the range of $29 to $32 million for all of 2015," stated James R. Brickman, Green Brick's Chief Executive Officer.

Explanatory Note Regarding Historical Results:

Results for periods prior to the completion of the Company's acquisition of JBGL Builder Finance LLC and its consolidated subsidiaries and affiliated companies (collectively, "Builder Finance"), and JBGL Capital Companies ("Capital"), a combined group of commonly managed limited liability companies and partnerships (collectively with Builder Finance, "JBGL") on October 27, 2014 (the "Transaction") are JBGL's historical results, as the Transaction is reflected as a "reverse recapitalization."

Reconciliation of Non-GAAP Financial Measures:

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Kurse

Green Brick Partners Inc

55,71 $

-0,82%

In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating the Company's operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with Generally Accepted Accounting Principles ("GAAP"), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.

Due to the tax effects of the Transaction on October 27, 2014, net income attributable to Green Brick per share for the three and six months ended June 30, 2015 is not comparable to net income attributable to Green Brick per share for the three and six months ended June 30, 2014. Furthermore, the weighted average shares outstanding for the three and six months ended June 30, 2014 (which does not reflect the effects of the rights offering conducted as part of the Transaction) is not indicative of the Company's future weighted average shares outstanding.

The following table calculates the non-GAAP measure of Adjusted EPS for the three and six months ended June 30, 2015 and June 30, 2014 and reconciles these amounts to net income attributable to Green Brick, as reported and prepared in accordance with GAAP. Adjusted EPS for the three and six months ended June 30, 2014 means pre-tax income for the period presented divided by the weighted average number of common shares outstanding for the three and six months ended June 30, 2015. Pre-tax income represents net income attributable to Green Brick for the period excluding provision for income taxes attributable to Green Brick due to the change in tax status of the JBGL entities, from pass through entities to taxable entities, during the three months ended December 31, 2014.

(In thousands, except per share amounts):	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share amounts):	2015		2014		2015		2014
Basic Adjusted EPS
Net income attributable to Green Brick —basic	$	3,788	$	7,410	$	7,806	$	14,759
Income tax provision attributable to Green Brick	$	2,127	$	(25)	$	4,310	$	301
Pre-tax income	$	5,915	$	7,385	$	12,116	$	15,060
Adjusted weighted-average number of shares outstanding —basic	31,346		31,346		31,346		31,346
Basic Adjusted EPS	$0.19		$0.24		$0.39		$0.48
Diluted Adjusted EPS
Net income attributable to Green Brick —diluted	$	3,788	$	7,410	$	7,806	$	14,759
Income tax provision attributable to Green Brick	$	2,127	$	(25)	$	4,310	$	301
Pre-tax income	$	5,915	$	7,385	$	12,116	$	15,060
Adjusted weighted-average number of shares outstanding —diluted	31,353		31,353		31,350		31,350
Diluted Adjusted EPS	$0.19		$0.24		$0.39		$0.48

The following table calculates the non-GAAP measure of Adjusted Homebuilding Gross Margin for the three and six months ended June 30, 2015 and June 30, 2014 and reconciles these amounts to homebuilding gross margin, as reported and prepared in accordance with GAAP.

(In thousands):

Three Months Ended
June 30,

Six Months Ended
June 30,

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