Lyon William Homes (NYSE:WLH)

Second Quarter 2013 Results

• Home sales revenue increased 122% to $120.6 million for the quarter, as compared to $54.3 million in the year-ago period.
• Net income available to common stockholders was $6.9 million, or $0.29 per diluted share in the second quarter of 2013, compared to net loss available to common stockholders of $2.5 million, or $0.23 per share in the year-ago quarter.

“We achieved some significant milestones in the second quarter of 2013, including completing a successful IPO, generating positive net income in our initial quarter as a public company and delivering our sixth consecutive quarter of year over year growth in deliveries, orders and backlog,” said William H. Lyon, Chief Executive Officer. “During the quarter, we experienced strong demand, as evidenced by continued price increases and a healthy sales pace per community. Looking ahead, we are well positioned with a strong balance sheet and an attractive land position in our markets to capitalize on new growth opportunities. We look forward to continuing to build upon our market leadership position and focus on delivering an unparalleled customer experience to drive growth and returns for our shareholders.”

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--William Lyon Homes (the “Company”) (NYSE: WLH) today announced that in connection with its initial public offering, the underwriters have exercised in full their option to purchase an additional 1,305,000 shares of the Company’s Class A Common Stock, including 652,500 from the Company and 652,500 from the selling stockholder, to cover over-allotments. As a result, the total initial public offering size was 10,005,000 shares of Class A Common Stock, which consisted of 7,177,500 shares sold by the Company and 2,827,500 shares sold by the selling stockholder. The 10,005,000 shares in the offering were sold at a price to the public of $25.00 per share, and the closing of the offering for all such shares took place on May 21, 2013. Giving effect to the exercise of the underwriters’ over-allotment option, the Company raised total net proceeds of approximately $165.0 million in the offering, after deducting the underwriting discount and estimated offering expenses. The Company did not receive any proceeds from the sale of shares by the selling stockholder.

In connection with the offering, the Company completed a common stock recapitalization which included a 1-for-8.25 reverse stock split of its Class A Common Stock (the “Class A Reverse Split”), the conversion of all outstanding shares of the Company’s Class C Common Stock, Class D Common Stock and Convertible Preferred Stock into Class A Common Stock on a one-for-one basis and as automatically adjusted for the Class A Reverse Split, and a 1-for-8.25 reverse stock split of its Class B Common Stock. Upon completion of the offering, the Company had 27,623,629 shares of Class A Common Stock outstanding, excluding shares issuable upon exercise of outstanding stock options, and 3,813,885 shares of Class B Common Stock outstanding, excluding shares underlying a warrant to purchase additional shares of Class B Common Stock. The outstanding shares of the Company’s Class A Common Stock began trading on the New York Stock Exchange under the ticker symbol “WLH” on May 16, 2013.

First Quarter 2013 Results