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CURRENT REPORTDelaware1-3579627-3201111(State or other jurisdiction
of incorporation)(Commission
File Number)(IRS Employer
Identification No.)19520 Jamboree Road, Suite 200, Irvine, California(Address of principal executive offices)(Zip Code)SIGNATURESTRI Pointe Homes, Inc.By/s/ Michael D. GrubbsMichael D. Grubbs, Chief Financial Officer
and TreasurerINDEX OF EXHIBITSExhibit No.Description of DocumentPress Release dated May 6, 2014KEY OPERATIONS AND FINANCIAL DATAThree Months Ended March 31,20142013ChangeOperating Data:Home salesHomebuilding gross marginHomebuilding gross margin %22.5%18.5%4.0%Adjusted homebuilding gross margin % *23.1%19.5%3.6%SG&A expenseSG&A expense as a % of home sales11.5%(8.0)%Net incomeEBITDA *Interest incurred and capitalized to inventoryInterest expense$—Interest in cost of home salesOther Data:Net new home orders12%New homes delivered92%Average selling price of homes delivered59%Average selling communitiesSelling communities at end of periodCancellation rate8%9%(1Backlog (estimated dollar value)105%Backlog (homes)36%Average selling price in backlog50%March 31,
2014December 31,
2013Balance Sheet Data:Cash and cash equivalentsReal estate inventoriesLots owned and controlled0%Homes under construction(1)23%Notes payableEquityBook capitalizationRatio of debt-to-capital35.1%30.0%5.1%Ratio of net debt-to-capital *30.7%24.2%6.5%CONSOLIDATED BALANCE SHEETSMarch 31,
2014(unaudited)AssetsContracts and accounts receivableDeferred tax assetsOther assetsTotal AssetsLiabilities and Stockholders’ EquityAccounts payableAccrued liabilitiesTotal LiabilitiesStockholders’ Equity:Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares outstanding—Common stock, $0.01 par value, 500,000,000 shares authorized; 31,632,533 and 31,597,907 shares issued and outstanding at
March 31, 2014 and December 31, 2013, respectivelyAdditional paid-in capitalRetained earningsTotal Stockholders’ EquityTotal Liabilities and Stockholders’ EquityCONSOLIDATED STATEMENT OF OPERATIONSRevenues:Fee buildingTotal revenuesExpenses:Cost of home salesSales and marketingGeneral and administrativeTotal expensesIncome from operationsTransaction expensesOther income (expense), netIncome before income taxesProvision for income taxesEarnings per shareBasicDilutedWeighted average number of sharesCONSOLIDATED STATEMENTS OF CASH FLOWSThree Months Ended
March 31,Cash flows from operating activitiesAdjustments to reconcile net income to net cash used in operating activities:Depreciation and amortizationAmortization of stock-based compensationGain on sale of marketable securitiesChanges in operating assets and liabilities:Net cash used in operating activitiesCash flows from investing activitiesPurchases of furniture and equipmentPurchases of marketable securitiesSales of marketable securitiesNet cash used in investing activitiesCash flows from financing activitiesBorrowings from notes payableRepayments of notes payableMinimum tax withholding paid on behalf of employees for stock awardsNet proceeds from issuance of common stockNet cash provided by financing activitiesNet increase (decrease) in cash and cash equivalentsCash and cash equivalents – beginning of periodCash and cash equivalents – end of periodSupplemental disclosure of cash flow informationInterest paid, net of amounts capitalizedIncome taxes paidMARKET DATAHomesAvg. SellingDeliveredPriceNew Homes Delivered:Southern CaliforniaNorthern CaliforniaColoradoTotalThree Months Ended March 31,New
Home
OrdersAverage
Selling
CommunitiesNet New Home Orders:March 31, 2014March 31, 2013Backlog
UnitsBacklog
Dollar
ValueAverage
Selling
PriceBacklog:Lots Owned and Controlled:(1)Lots by Ownership Type:Lots ownedLots controlled(1)RECONCILIATION OF NON-GAAP FINANCIAL MEASURES%(dollars in thousands)100.0%77.5%81.5%Add: interest in cost of home sales0.6%1.0%Adjusted homebuilding gross marginHomebuilding gross margin percentageAdjusted homebuilding gross margin percentageRECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)DebtTotal capitalRatio of debt-to-capital(1)Less: cash and cash equivalentsNet debtRatio of net debt-to-capital(2)Three Months
Ended March 31,(in thousands)Interest expense:Interest incurredInterest capitalizedAmortization of interest in cost of home salesEBITDAThree Months Ended
March 31, 2014Net IncomeDiluted EPSAmount including transaction expenses (GAAP measure)Transaction expenses, net of taxAmount excluding transaction expenses (non-GAAP measure)PK ! J˅~B B docProps/app.xml
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