ALISO VIEJO, CA -- The New Home Company Inc. reported net income of $5.3 million, an increase of 40%, on total revenues of $73.0 million, an increase of 194%.
New home orders were 19, compared to six homes in the prior year period. The Company had four actively selling communities at the end of the fourth quarter, compared to three at the end of the prior year. At the end of the fourth quarter, the number of homes in backlog was 41, representing approximately $86.7 million of backlog dollar value, compared to 15 homes in the prior year, representing approximately $11.9 million of backlog dollar value. The average sales price of homes in backlog at the end of 2014 was $2,115,000, compared to $791,000 at the end of the prior year. The increase in average selling price of homes in backlog was primarily the result of a change in product mix, as noted above.
Full Year 2014 Operating Results
Total revenue for full year 2014 was $149.7 million, compared to $83.2 million in the prior year. Net income was $4.8 million, or $0.30 per share, compared to a net income of $6.7 million, or $0.85 per share, in the prior year. Basic weighted average shares outstanding increased to 16.0 million from 7.9 million from 2013 to 2014.