SALT LAKE CITY--(EON: Enhanced Online News)--Woodside Homes commented on its results of operations for the last quarter ended and certain recent developments, including closing its offering of $220 million aggregate principal amount of 6 ¾ percent senior unsecured notes.
“Our new home designs and our distinctive buying process that gives homebuyers the flexibility to select personal design options in the sales office without the need to go to a design center have contributed to our recent positive operating results.”
“For the quarter recently ended, Woodside’s revenue increased by 25 percent compared to the prior year period and during this quarter, Woodside experienced positive growth in each of our markets,” said Joel Shine, Chief Executive Officer of Woodside Homes. The company's home closings increased by 44 percent in 2012 as compared to 2011 and have grown by over 25 percent in the first half of 2013 versus the same period in 2012. Additionally, net sales have improved year-over-year in each of the last eight quarters.
The joint bookrunners of the unsecured notes offering were Credit Suisse Securities (USA), Moelis & Company, Citigroup and Wells Fargo Securities. “Despite being a private company, Woodside was able to access the debt capital markets for its financing. We are pleased that the offering provides Woodside with additional capital to pursue growth opportunities," noted Shine.
Approximately $140 million of the net proceeds from the issuance and sale of unsecured notes were used to refinance the company's existing senior secured notes and pay fees and expenses relating to the offering and refinancing and the remainder will be used for general corporate purposes. The notes are due 2021.
Woodside has expanded its presence in the western United States since its recapitalization in 2012. The company is active in Arizona, California, Nevada, Texas, and Utah, where it focuses on entry level and move-up homebuyers. Woodside has recently opened and broken ground on a number of new communities and is expected to open approximately 40 new communities in 2013.
Some of the notable communities that Woodside has opened this year include Utah’s Stonehaven at Foxboro North and Dry Creek at Three Forks. In Arizona, the company is building the Legacy Series and Signature Series at Eastmark and the Villages at Westridge, an urban infill community. In Nevada, the builder has unveiled Seville at Andorra and Castille at Andorra, which are both located at Summerlin—one of the most popular master-planned communities in the state.
New home designs and a positive buying experience have been pivotal to Woodside’s success. Woodside’s Chief Marketing Officer Jay Moss notes, “Our new home designs and our distinctive buying process that gives homebuyers the flexibility to select personal design options in the sales office without the need to go to a design center have contributed to our recent positive operating results.”
Woodside Homes’ “Better by Design” concept provides flexibility for homebuyers to personalize their home from a choice of three unique design palettes chosen by top interior designers. In addition, distinctive floor plans for single-family and multi-family housing incorporate numerous design elements and options, such as volume ceilings, arched or angled doorways, rounded corners, media niches, islands and breakfast nooks in kitchens, dual vanities, and separate showers and tubs. Other popular amenities include built-in dog beds, solar, indoor-outdoor living and multi-generational floorplans. Woodside also offers an extensive list of pre-planned and pre-priced options and upgrades, including flexible room uses and room expansions.
Founded in 1977, Woodside Homes is a homebuilder and land developer that operates in five states. As one of America’s top private homebuilders, Woodside has over 200 employees and has built more than 28,000 new homes in Arizona, California, Florida, Maryland, Minnesota, Nevada, Texas, Utah and Virginia. Its current markets are Arizona, California, Nevada, Texas and Utah. Focusing on designing and building innovative single-family and multi-family homes, Woodside specializes in the entry level and move-up markets. Through its “Better by Design” program, Woodside offers flexibility for homebuyers to personalize their home with a design palette that suits their tastes. For more information, please visit http://www.woodsidehomes.com/.
Statements contained in this news release that state the Company’s or management’s intentions, expectations or predictions of the future are forward-looking statements. By their nature, forward looking statements involve risks and uncertainties, many of which are beyond the control of the Company, including economic conditions generally and in the markets in which the Company operates, fluctuations in value of land, costs and other uncertainties associated with acquisition of land and construction, cost and availability of mortgage financing, changes in tax laws, adverse weather and availability of capital. The Company disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events or otherwise.