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Meritage Corp. Listed Among Fortune's Fastest Growing;
Changes Name to Meritage Homes Corp.
SCOTTSDALE, Ariz. & DALLAS, Sep 15, 2004 (BUSINESS WIRE) -- Meritage Homes
Corp. (MTH)
today announced that the company has been named one of America's 100 Fastest
Growing Companies in the Sept. 6, 2004 issue of Fortune magazine, its fourth
appearance on this list in the last six years. In addition, Meritage was
ranked as the nation's 14th largest builder and the fastest-growing public
builder by Builder magazine in May 2004.
In a move to better reflect the company's position as a leading national
public homebuilder, Meritage also announced the addition of the word "Homes"
to its name and now will be known as Meritage Homes Corp. Its common stock
will continue to trade on the New York Stock Exchange under the company's
existing ticker symbol of MTH.
"We are very proud of our achievements and pleased with the recognition we
have received," said Steven J. Hilton, Meritage co-chairman and CEO. "We
believe that our fast and profitable growth is a direct result of our
quality employees executing our business strategy of conservative balance
sheet management, growing in our existing markets and expanding into new
high-growth markets, both through acquisitions and startups. We anticipate
that 2004 will be our 17th consecutive year of record revenue and earnings."
"Our new name more clearly describes Meritage's business -- building quality
homes that provide excellent value to our customers," said John R. Landon,
Meritage co-chairman and CEO. "The core part of our name, Meritage, which
signifies the blending of fine ingredients to create a superior result, is
not changing, nor will our operating goals and strategies that contribute to
our company's success.
"In order to further strengthen our national brand identity, we recently
changed the names of our operating divisions in Phoenix, Las Vegas and
Southern California to Meritage Homes, where we were previously operating as
Hancock Communities, Perma-Bilt Homes and Citation Homes, respectively,"
added Landon. "We now operate as Meritage Homes in California, Phoenix, Las
Vegas and Denver. However, we plan to retain our original founding
companies' names of Monterey Homes in Scottsdale and Tucson and Legacy Homes
in Texas."
About Meritage Homes Corp.
Meritage Homes Corp. is one of the nation's largest single-family
homebuilders, and is traded on the NYSE, symbol: MTH. Fortune recently named
Meritage to its "Fortune 1000" list of America's largest corporations and
included the company as a "top pick from 50 great investors" in its
Investor's Guide 2004. Additionally, Meritage is ranked as one of Fortune's
Fastest Growing Companies in America, its fourth appearance on this list in
six years. The company is included in the S&P SmallCap 600 Index and appears
on Forbes' "Platinum 400" list as part of an elite group of only five
companies on the list that have exceeded 50% in five-year annualized total
return. In its 18-year history the company has built approximately 32,000
homes, ranging from entry-level to semi-custom luxury. Meritage operates in
fast-growing states of the Southern and Western United States, including
five of the top 10 single-family housing markets in the country. For more
information about the company, please visit the Meritage Web site at
www.meritagehomes.com.
This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements include statements concerning our expectation of 2004 being
our 17th consecutive year of record revenue and earnings. Such statements
are based upon the current beliefs and expectations of our management and
are subject to significant risks and uncertainties. Actual results may
differ from those set forth in the forward-looking statements.
Meritage's business is subject to a number of risks and uncertainties
including: the strength and competitive pricing of the single-family housing
market; demand for and acceptance of our homes; changes in the availability
and pricing of real estate in the markets in which we operate; our ability
to continue to acquire additional land or options to acquire additional land
on acceptable terms; general economic slow downs; consumer confidence, which
can be impacted by economic and other factors such as terrorism, war, or
threats thereof and changes in stock markets; the impact of construction
defect and home warranty claims; the cost and availability of insurance,
including the unavailability of insurance for the presence of mold; interest
rates and changes in the availability and pricing of residential mortgages;
our lack of geographic diversification; our level of indebtedness and our
ability to raise additional capital when and if needed; our ability to take
certain actions because of restrictions contained in the indentures for our
senior notes and the agreement for our senior unsecured credit facility;
legislative or other initiatives that seek to restrain growth in new housing
construction or similar measures; the success of our program to integrate
existing operations with any new operations or those of past or future
acquisitions; our success in locating and negotiating favorably with
possible acquisition candidates; our ability to achieve certain pre-tax
margins; our dependence on key personnel and the availability of
satisfactory subcontractors; the impact of inflation; our potential exposure
to natural disasters; the impact of new accounting principles; and other
factors identified in documents filed by us with the Securities and Exchange
Commission, including those set forth in our Form 10-K for the year ended
Dec. 31, 2003 under the caption "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Factors That May Affect Our
Future Results and Financial Condition" and in Exhibit 99.1 of Meritage's
Form 10-Q for the quarter ended June 30, 2004. As a result of these and
other factors, the company's stock and note prices may fluctuate
dramatically.
SOURCE: Meritage Homes Corp.
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