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M.D.C. Holdings Reports 57%
Increase in Third Quarter Earnings Per Share
Earnings per share of $3.07 vs. $1.96 a year ago
DENVER, Oct 11, 2004 (PRNewswire-FirstCall via COMTEX) -- M.D.C. Holdings,
Inc. today announced the highest net income, earnings per share and revenues
for any quarter in its 32-year history. Net income for the three months
ended September 30, 2004 was $105.1 million, or $3.07 per share, a 61%
increase over the $65.5 million, or $1.96 per share, for the same period in
2003. Total revenues for the quarter were $1.03 billion, compared with $799
million for the same period in 2003, representing an increase of 28%. These
outstanding results were driven primarily by a $33,000 increase in average
selling price on a record number of homes closed, as well as the Company's
highest ever home gross margins.
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