Exhibit 99.1

 

 

Contacts:	Investor Relations:	Corporate Communications:
	Brent Anderson	Jane Hays
	Vice President-Investor Relations	Vice President-Corporate Communications
	(972) 580-6360	(972) 580-6353

 

MERITAGE HOMES REPORTS SECOND QUARTER 2009 RESULTS

 

SECOND QUARTER 2009 SELECTED RESULTS:

·                  Generated positive cash flow for the seventh consecutive quarter, ending with $385M cash

·                  Reduced net debt-to-capital ratio to 33%

·                  Reported net loss of $74M for the quarter; generated $13M of adjusted EBITDA*

·                  Reduced general and administrative expenses by 33% from the prior year, excluding the benefit of a one-time legal settlement in the second quarter of 2008

·                  Increased net orders sequentially from the first quarter, while sales cancellation rate fell to 23%

·                  Decided to terminate unneeded $150M credit facility

 

YEAR TO DATE 2009 SELECTED RESULTS:

·                  Reported net loss of $92M for the first half of 2009; generated $23M of adjusted EBITDA*

·                  Maintained light land supply of 2.7 years of lots (based on ttm closings) with 36% optioned

·                  Retired $24M senior subordinated notes at a 41% discount in exchange for approximately 783,000 shares of common stock

 

Scottsdale, Ariz. (July 27, 2009) — Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, today announced second quarter results for the period ended June 30, 2009.

 

Summary Operating Results (unaudited)

(Dollars in millions, except per share amounts)

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2009			2008			%Chg		2009			2008			%Chg
Homes closed (units)		890			1,388			-36	%	1,822			2,716			-33	%
Home closing revenue		$	220		$	374		-41	%	$	451		$	746		-39	%
Sales orders (units)		1,147			1,473			-22	%	2,134			3,107			-31	%
Sales order value		$	263		$	387		-32	%	$	496		$	807		-39	%
Ending backlog (units)										1,593			2,679			-41	%
Ending backlog value										$	382		$	731		-48	%
Net loss (including write-offs)		$	(74	)	$	(23	)	-214	%	$	(92	)	$	(69	)	-34	%
Adjusted pre-tax (loss)/earnings* (excluding write-offs)		$	(5	)	$	5		-209	%	$	(13	)	$	(6	)	-127	%
Diluted EPS (including write-offs)		$	(2.37	)	$	(0.79	)	-200	%	$	(2.97	)	$	(2.46	)	-21	%

 

* Adjusted EBITDA excludes impairments: See non-GAAP reconciliations of net loss to adjusted pre-tax loss on “Operating Results” statement, and adjusted EBITDA on “Non-GAAP Financial Disclosures” statement.

 

 

SECOND QUARTER HIGHLIGHTS

 

“I am pleased with the improvements we achieved in several key measures this quarter, despite the weaker economy that is evident in our year over year comparisons,” said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. “We strengthened our balance sheet by generating $40 million of cash from operations, fortifying our cash position to $385 million at quarter-end and reducing our net debt to capital ratio to 33%. We also believe that we are making progress toward our goal of returning to profitability, as we generated positive EBITDA before impairments for both the quarter and the first half of the year. We achieved a pre-impairment gross margin of 12.3% while keeping our overhead expenses down. And we increased sales from our first to second quarter this year, aided by the lowest cancellation rate we’ve experienced since the third quarter of 2005.”

 

“We are also seeing positive results from our product repositioning,” said Mr. Hilton. “Armed today with a stronger balance sheet and increased liquidity, we have been replacing older communities as they sell out, with new lower-priced lots. As a result, we increased our active communities to 178 during the second quarter. The newer communities represented only about 7% of our second quarter home closing revenue, as many are still in the start-up phases, and we expect them to have a more meaningful impact on our results over time.

 

He continued, “These communities are designed to compete with increased foreclosures in today’s market. We are offering more affordable homes in these communities for the entry-level and first-time move-up buyers, who comprise the largest segment of today’s home buying market. Those buyers are responding well to the exceptional values we’re offering in our new communities.”

 

SECOND QUARTER OPERATING RESULTS

 

Net home sales in the second quarter were 22% lower than last year, partially due to a 16% decline in active communities since the second quarter of 2008. However, average sales per community for the second quarter remained nearly flat year over year, at 6.6 in 2009 compared to 6.9 in 2008, while increasing from 5.7 in the first quarter of 2009. Total sales for the second quarter 2009 showed a sequential improvement from the first quarter due to monthly increases in sales from February through May. The second quarter cancellation rate of 23% in 2009 was lower than the 26% rate in the previous quarter and the lowest sales cancellation rate in more than three years.

 

Second quarter total order value was down 32% year over year, due to fewer homes sold and a decline in average sales price to approximately $230,000 in 2009, compared to $263,000 in 2008. The lower average price reflected reductions in construction costs that enabled the Company to reduce home prices at all levels, as well as a higher ratio of entry-level homes sold. Approximately 68% of second quarter 2009 sales were to entry level and first time move-up buyers, compared to approximately 61% in the prior year.

 

Meritage’s second quarter home closing revenue declined 41% year over year, due to 36% fewer homes closed and an 8% lower average closing price of $248,000 in the second quarter of 2009, compared to $269,000 in the second quarter of 2008. While closing revenue declined in all states but Colorado, Texas was down less than others, at 28% lower than a year ago.

 

2

 

Despite price reductions, Meritage maintained gross margins by introducing more efficient home designs, realizing construction efficiencies and negotiating better terms with its subcontractors. Second quarter 2009 total gross margin was 12.3% before impairments, compared to 12.0% in the prior quarter and 13.8% in the second quarter of 2008. Including impairments, gross margin was -17.7% in the second quarter of 2009, compared to 7.5% and 4.4% in the prior quarter and prior year, respectively.

 

Total general and administrative expenses were $14 million for the second quarter of 2009.  Excluding the benefit of a one-time legal settlement of $10 million that reduced G&A expense in the second quarter of 2008, second quarter G&A expenses this year were down 33% from last year.

 

Meritage reported a net loss for the second quarter 2009 of $74 million or $2.37 per share, compared to a net loss of $23 million or $0.79 per share in the second quarter 2008. The second quarter net losses included $67 million of pre-tax real estate-related impairment charges in 2009, compared to $39 million of similar charges in 2008. Before those impairment charges, the pre-tax loss from operations was $5 million in the second quarter of 2009, compared with a pre-tax profit of $5 million in the second quarter of 2008. The 2009 results also include a $7 million gain on early extinguishment of debt in the second quarter of 2009, whereas 2008 results benefited from the one-time legal settlement.

 

Mr. Hilton explained, “We recorded a $55 million impairment charge in the current quarter related to the termination of our largest purchase agreement for about 1,200 lots in north Phoenix. This was the last large option contract we had remaining. After much analysis and discussion, we determined that our expected returns from that project did not support its continued development at this time. Aside from that one project, our total impairments were $12 million in the second quarter, most of which was in Las Vegas, one of the most challenged housing markets in the country,” said Mr. Hilton. “We now have only $16 million of option deposits and $14 million of investments in joint ventures remaining on our balance sheet. These balances represent lots and land predominantly located in Texas, where we remain profitable and have recorded significantly fewer impairments. Because the total value of our remaining option deposits and JV investments is only $30 million, we believe our risk of significant additional impairments is limited.  Even if the market were to deteriorate further, we would expect any impairments of our owned assets to be small and in line with any decline in the market.”

 

YEAR TO DATE RESULTS

 

Meritage reported a net loss for the first half 2009 of $92 million or $2.97 per share, compared to a net loss of $69 million or $2.46 per share in the first half 2008. The net loss in the first half of 2009 included no tax benefit, while the loss in 2008 was partially offset by a $36 million tax benefit. Since the third quarter of 2008, the Company has fully reserved its tax assets, which totaled $162 million as of June 30, 2009. These off-balance sheet assets are available to offset federal income tax liability on an estimated $450 million of future taxable income.

 

3

 

Year to date net losses included $77 million of pre-tax real estate-related impairment charges in 2009, compared to $99 million of similar charges in 2008. Before these charges, the pre-tax loss from operations was $13 million in the first half of 2009, compared with a pre-tax loss of $6 million in the first half of 2008. These results also included a $9 million gain on early extinguishment of debt in the first half of 2009 other income, as well as the benefit of a $10 million legal settlement in 2008.

 

REAL ESTATE ASSETS

 

The Company held 491 unsold homes in inventory at the end of the second quarter 2009, an average of 2.8 specs per community, and lower than its inventory of 725 unsold homes or 3.4 per community in the prior year. Though Meritage remains primarily a build-to-order homebuilder, the Company increased its level of spec homes started in 2009 to capture buyers wanting to move into a home quickly. Approximately half of Meritage’s 2009 second quarter sales were from specs, causing total spec inventories to remain low.

 

“We have seen an increase in land acquisition activity in our markets in just the last few months,” Mr. Hilton explained. “During the first half of 2009, we entered into purchase and option contracts for approximately 550 new lots priced at deeply discounted values. We continue to actively monitor the pipeline of available lots and are evaluating lot acquisition opportunities as they arise. We expect to reinvest in other new high-quality, low-cost lots over the next few quarters where we believe we can achieve a more normal profit margin.”

 

At June 30, 2009, Meritage’s total lot supply was 12,986, including 8,374 owned lots, or about 2.7 years total supply based on trailing twelve months closings. By comparison, the Company’s total lot supply was 21,902, or 3.1 years supply at June 30, 2008, with 9,532 of those lots owned. The reduction from the first quarter’s total lot count of 15,069 mainly reflects the abandonment of optioned lots in north Phoenix and Las Vegas, as well as lots utilized for new home starts.

 

STOCK EXCHANGED FOR DEBT

 

During the current quarter, Meritage retired $18 million principal amount of its 7.731% senior subordinated notes due 2017, issuing approximately 533,000 shares of common stock in exchange for those notes. This resulted in a $7 million gain on the early extinguishment of debt, included as a component of other income.

 

In the first six months of 2009, the Company retired a total of $24 million of these notes in exchange for 783,000 shares of Meritage common stock with an implied discount of 41% to the face value of the notes retired, saving approximately two million dollars of future interest cost per year.  Meritage may continue to retire additional notes in the future, based on market conditions.

 

4

 

TERMINATING CREDIT FACILITY

 

“We are planning to terminate our existing credit facility during the third quarter, as we do not anticipate needing it before it expires in May of 2011. We expect to enter into one or more new credit commitments with a total capacity of approximately $40-50 million, to replace approximately $22 million in letters of credit supported by the existing facility.  Terminating our current facility will save approximately two million dollars in fees over the remaining term of the agreement, but will result in a third quarter expense of approximately one million dollars to write-off capitalized origination fees,” said Larry W. Seay, executive vice president and chief financial officer for Meritage Homes. “While we are currently in compliance with all of our covenants, we’ll no longer be subject to the covenants and related restrictions imposed by the current credit facility after it is terminated.

 

“Based on our preliminary discussions with the rating agencies, we do not anticipate that this termination will cause any negative actions regarding our corporate bond ratings.”

 

SUMMARY

 

“We’ve strengthened our balance sheet over the last few of years by reducing our inventories and debt, generating cash, building liquidity and reducing our cost structure as homebuilding activity slowed. Many home builders and land developers have gone out of business, and the industry is consolidating. Lots once owned by these companies are coming back onto the market at greatly reduced prices, and we believe Meritage is well-positioned to take advantage of those opportunities,” said Mr. Hilton.

 

“We believe that homebuilders like Meritage with low levels of high-priced legacy lots, combined with adequate cash to purchase new lower-priced lots, will have a strategic advantage as housing demand recovers and home sales increase. That strategic advantage should translate to a quicker return to profitability, in turn benefiting our shareholders. Our goal is to return to profitability sometime during 2010.”

 

Management will host a conference call to discuss these results on July 28, 2009 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time.) The call will be webcast by Business-to-Investor, Inc. (B2i), with an accompanying slideshow available on the “Investor Relations” page of the Company’s web site at http://investors.meritagehomes.com. For telephone participants, the dial-in number is 888-241-0558 with a passcode of “Meritage”. Participants are encouraged to dial in five minutes before the call begins. A replay of the call will be available after approximately 12:30 p.m. ET, July 28, 2009 on the website noted above, or by dialing 800-365-8354, and referencing passcode 16423939.

 

5

 

Meritage Homes Corporation and Subsidiaries

Operating Results

(Unaudited)

(In thousands, except per share data)

 

		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2009			2008			2009			2008
Operating results
Home closing revenue		$	220,414		$	373,923		$	451,392		$	745,579
Land closing revenue		1,125			1,375			1,285			3,148
Total closing revenue		221,539			375,298			452,677			748,727
Home closing gross (loss)/profit		(39,084		)	23,268			(21,734		)	24,349
Land closing gross loss		(141		)	(6,652		)	(169		)	(6,566		)
Total closing gross (loss)/profit		$	(39,225	)	$	16,616		$	(21,903	)	$	17,783
Commissions and other sales costs		(18,098		)	(33,669		)	(37,243		)	(67,434		)
General and administrative expenses (1)		(13,775		)	(10,453		)	(27,644		)	(31,746		)
Interest expense		(11,332		)	(5,538		)	(19,662		)	(11,199		)
Other income/(loss), net (2)		10,536			(1,116		)	16,289			(12,348		)
Loss before income taxes		(71,894		)	(34,160		)	(90,163		)	(104,944		)
(Provision)/benefit for income taxes		(1,708		)	10,692			(1,794		)	36,171
Net loss		$	(73,602	)	$	(23,468	)	$	(91,957	)	$	(68,773	)
Loss per share
Basic and Diluted:
Loss per share		$	(2.37	)	$	(0.79	)	$	(2.97	)	$	(2.46	)
Weighted average shares outstanding		31,055			29,594			30,933			27,953
Non-GAAP Reconciliations:
Total closing gross (loss)/profit		$	(39,225	)	$	16,616		$	(21,903	)	$	17,783
Add: Real estate-related impairments
Terminated lot options and land sales		61,480			10,968			62,714			25,597
Impaired projects		4,900			24,174			14,134			53,894
Adjusted closing gross profit		$	27,155		$	51,758		$	54,945		$	97,274
Loss before income taxes		$	(71,894	)	$	(34,160	)	$	(90,163	)	$	(104,944	)
Add: Real estate-related and joint venture (JV) impairments
Terminated lot options and land sales		61,480			10,968			62,714			25,597
Impaired projects		4,900			24,174			14,134			53,894
JV impairments		219			3,873			219			19,689
Adjusted (loss)/income before income taxes		$	(5,295	)	$	4,855		$	(13,096	)	$	(5,764	)

 

(1)       General and administrative expenses in 2008 reflect a  $10.2 million reduction related to a successful legal settlement.

 

(2)       Other income is net of the Joint Venture (JV) impairments shown in the “Non-GAAP reconciliations” section above.  2009 amounts include a gain on early extinguishment of debt of $7 million in the second quarter and $9 million in the first half of the year.

 

6

 

Meritage Homes Corporation and Subsidiaries

Non-GAAP Financial Disclosures

(In thousands)

(unaudited)

 

		Three Months Ended June 30,						Six Months Ended June  30,						As of and for the Twelve Months Ended June 30,
		2009			2008			2009			2008			2009			2008
EBITDA reconciliation: (1)
Net loss		$	(73,602	)	$	(23,468	)	$	(91,957	)	$	(68,773	)	$	(315,119	)	$	(316,164	)
Provision/(benefit) for income taxes		1,708			(10,692		)	1,794			(36,171		)	53,934			(178,676		)
Interest amortized to cost of sales and interest expense		16,557			13,007			31,549			27,768			63,399			58,862
Depreciation and amortization		2,120			3,216			4,545			6,564			13,650			15,338
EBITDA		$	(53,217	)	$	(17,937	)	$	(54,069	)	$	(70,612	)	$	(184,136	)	$	(420,640	)
Add back:
Real estate-related impairments		66,599			39,015			77,067			99,180			241,327			400,459
Fixed asset impairments		—			—			—			—			—			3,124
Goodwill and intangible asset impairments		—			—			—			—			1,133			102,538
Adjusted EBITDA		$	13,382		$	21,078		$	22,998		$	28,568		$	58,324		$	85,481
Interest coverage ratio: (2)
Adjusted EBITDA														$	58,324		$	85,481
Interest incurred														49,798			56,004
Interest coverage ratio														1.2			1.5
Net debt-to-capital: (3)
Notes payable and other borrowings														$	604,926		$	634,976
Less: cash and cash equivalents														(385,305		)	(115,153		)
Net debt														219,621			519,823
Stockholders’ equity														454,495			746,794
Capital														$	674,116		$	1,266,617
Net debt-to-capital														32.6		%	41.0		%

 

(1)  EBITDA and adjusted EBITDA are non-GAAP financial measures representing net earnings /(loss) before interest amortized to cost of sales and interest expense, income taxes, depreciation and amortization, with write-offs and non-cash impairment charges also excluded from adjusted EBITDA.  A non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet, or statement of cash flows (or equivalent statements) of the Company; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.  In this regard, GAAP refers to generally accepted accounting principles in the United States.  We have provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure.  EBITDA is presented here because it is used by management to analyze and compare Meritage with other homebuilding companies on the basis of operating performance and we believe it is a financial measure widely used by investors and analysts in the homebuilding industry.  EBITDA as presented may not be comparable to similarly titled measures reported by other companies because not all companies calculate EBITDA in an identical manner and, therefore, it is not necessarily an accurate means of comparison between companies.  EBITDA is not intended to represent cash flows for the period or funds available for management’s discretionary use nor has it been presented as an alternative to operating income or as an indicator of operating performance and it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Adjusted EBITDA is presented because it more closely, although not exactly, resembles the comparable covenant calculations under our revolving credit facility and senior and senior subordinated note indentures.

 

(2)  Interest coverage ratio is calculated as the trailing four quarters’ adjusted EBITDA divided by the trailing four quarters’ interest incurred. This calculation may differ from our interest coverage ratio as computed for our credit facility covenant due to additional non-cash reconciling items, such as stock compensation.

 

(3) Net debt-to-capital is calculated as notes payable and other borrowings less cash and cash equivalents, divided by the sum of notes payable and other borrowings, less cash and cash equivalents, plus stockholders’ equity.

 

7

 

Meritage Homes Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands)

(unaudited)

 

		June 30, 2009			December 31, 2008
Assets:
Cash and cash equivalents		$	385,310		$	205,923
Income tax receivable		2,146			111,508
Other receivables		25,864			31,046
Real estate (1)		710,129			859,305
Investments in unconsolidated entities		14,416			17,288
Deposits on real estate under option or contract		16,436			51,658
Other assets		46,349			49,521
Total assets		$	1,200,650		$	1,326,249
Liabilities:
Senior notes		$	479,051		$	478,968
Senior subordinated notes		125,875			150,000
Revolving credit facility		—			—
Accounts payable, accrued liabilities, home sale deposits and other liabilities		141,229			170,075
Total liabilities		746,155			799,043
Total stockholders’ equity		454,495			527,206
Total liabilities and equity		$	1,200,650		$	1,326,249

 

(1) Real estate — Allocated costs:
Homes under contract under construction		$	160,649		$	170,347
Finished home sites and home sites under development		375,015			455,048
Unsold homes, completed and under construction		78,654			158,378
Model homes		40,855			48,608
Land held for development or sale		54,956			26,924
Total allocated costs		$	710,129		$	859,305

 

8

 

Meritage Homes Corporation and Subsidiaries

Condensed Consolidated Statement of Cash Flows

 (In thousands)

(unaudited)

 

		Three Months Ended June 30,						Six Months Ended June 30,
		2009			2008			2009			2008
Operating results
Net loss		$	(73,602	)	$	(23,468	)	$	(91,957	)	$	(68,773	)
Real-estate related impairments		66,380			35,142			76,848			79,491
Increase in deferred taxes		—			(462		)	—			(9,023		)
Equity in earnings/(losses) from JVs and distributions of JV earnings, net		649			4,183			1,607			20,979
Decrease in real estate and deposits, net		32,225			15,101			110,073			81,246
Decrease in income tax receivable		—			3,113			107,660			77,972
Other operating activities		13,934			(12,976		)	(26,026		)	(80,136		)
Net cash provided by operating activities		39,586			20,633			178,205			101,756
Cash used in investing activities		(1,308		)	(12,611		)	(1,451		)	(15,835		)
Payments under Credit Facility		—			(1,800		)	—			(82,000		)
Proceeds from issuance of common stock, net		2,633			82,775			2,633			82,775
Other financing activities		—			16			—			780
Net cash provided by financing activities		2,633			80,991			2,633			1,555
Net increase in cash		40,911			89,013			179,387			87,476
Beginning cash and cash equivalents		344,399			26,140			205,923			27,677
Ending cash and cash equivalents		$	385,310		$	115,153		$	385,310		$	115,153

 

9

 

Meritage Homes Corporation and Subsidiaries

Operating Data

(Dollars in thousands)

(unaudited)

 

		For the Three Months Ended June 30,
		2009					2008
		Homes		Value			Homes		Value
Homes Closed:
California		64		$	22,299		152		$	64,548
Nevada		41		8,221			61		16,242
West Region		105		30,520			213		80,790
Arizona		152		30,786			266		68,432
Texas		552		137,473			789		191,839
Colorado		30		10,196			26		9,197
Central Region		734		178,455			1,081		269,468
Florida		51		11,439			94		23,665
East Region		51		11,439			94		23,665
Total		890		$	220,414		1,388		$	373,923
Homes Ordered:
California		103		$	31,352		165		$	65,137
Nevada		40		7,524			67		17,509
West Region		143		38,876			232		82,646
Arizona		241		46,510			285		60,823
Texas		654		147,878			876		218,454
Colorado		46		14,085			29		10,282
Central Region		941		208,473			1,190		289,559
Florida		63		16,144			51		14,599
East Region		63		16,144			51		14,599
Total		1,147		$	263,493		1,473		$	386,804

 

10

 

Meritage Homes Corporation and Subsidiaries

Operating Data

(Dollars in thousands)

(unaudited)

 

		For the Six Months Ended June 30,
		2009					2008
		Homes		Value			Homes		Value
Homes Closed:
California		156		$	55,723		325		$	134,827
Nevada		79		17,089			134		36,117
West Region		235		72,812			459		170,944
Arizona		350		72,446			475		129,868
Texas		1,068		260,838			1,528		374,611
Colorado		69		22,070			64		21,981
Central Region		1,487		355,354			2,067		526,460
Florida		100		23,226			190		48,175
East Region		100		23,226			190		48,175
Total		1,822		$	451,392		2,716		$	745,579
Homes Ordered:
California		157		$	53,205		366		$	145,145
Nevada		66		12,912			152		39,053
West Region		223		66,117			518		184,198
Arizona		409		78,805			545		120,902
Texas		1,302		296,777			1,801		435,817
Colorado		72		22,568			77		27,550
Central Region		1,783		398,150			2,423		584,269
Florida		128		31,349			166		38,546
East Region		128		31,349			166		38,546
Total		2,134		$	495,616		3,107		$	807,013
Order Backlog:
California		88		$	31,392		205		$	91,850
Nevada		12		2,276			82		21,596
West Region		100		33,668			287		113,446
Arizona		249		48,570			460		111,592
Texas		1,121		266,094			1,745		445,557
Colorado		47		13,763			66		23,706
Central Region		1,417		328,427			2,271		580,855
Florida		76		20,160			121		37,118
East Region		76		20,160			121		37,118
Total		1,593		$	382,255		2,679		$	731,419

 

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Meritage Homes Corporation and Subsidiaries

Operating Data

(unaudited)

 

		Second Quarter 2009				Second Quarter 2008
		Beg.		End		Beg.		End
Active Communities:
California		9		12		23		17
Nevada		12		12		11		12
West Region		21		24		34		29
Arizona		28		31		31		31
Texas		107		108		132		136
Colorado		3		4		6		5
Central Region		138		143		169		172
Florida		11		11		12		12
East Region		11		11		12		12
Total		170		178		215		213

 

		First Half 2009				First Half 2008
		Beg.		End		Beg.		End
Active Communities:
California		12		12		27		17
Nevada		12		12		11		12
West Region		24		24		38		29
Arizona		31		31		36		31
Texas		109		108		127		136
Colorado		3		4		6		5
Central Region		143		143		169		172
Florida		11		11		13		12
East Region		11		11		13		12
Total		178		178		220		213

 

About Meritage Homes Corporation

 

Meritage Homes Corporation (NYSE:MTH) builds primarily single-family homes across the western and southern United States under the Meritage, Monterey and Legacy brands. Meritage has active communities in Houston, Dallas/Ft. Worth, Austin, San Antonio, Phoenix/Scottsdale, Tucson, Las Vegas, the California East Bay/Central Valley and Inland Empire, Denver and Orlando. The Company was ranked by Builder magazine in 2008 as the 10th largest homebuilder in the U.S. and ranked #803 on the 2008 Fortune 1000 list. For more information about the Company, visit www.meritagehomes.com.

 

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