April 20, 2014 11:00 AM ET

Household Durables

Company Overview of Shea Homes Limited Partnership

Company Overview

Shea Homes Limited Partnership engages in the acquisition, development, construction, and sale of residential homes primarily in California, Arizona, Colorado, Washington, Nevada, and Florida. The company operates in Southern California, San Diego, Northern California, Mountain West, South West, and other segments. It also develops and sells lots to other homebuilders; and provides insurance brokerage services. The company uses various marketing platforms, including Website, Internet and mobile applications, customer information centers, advertisements, newspapers, magazines and brochures, direct mail, billboards, and decorated model units. It serves a range of customer base, including entry...

655 Brea Canyon Road

Walnut, CA 91789

United States

Founded in 1968

619 Employees

Phone:

909-594-9500

Fax:

909-869-0897

Key Executives for Shea Homes Limited Partnership

Chief Executive Officer and President
Age: 50
Chief Financial Officer
Age: 54
President of Northern California Operations
President of Trilogy Brand
Age: 45
President of Shea Homes San Diego
Compensation as of Fiscal Year 2013.

Shea Homes Limited Partnership Key Developments

Shea Homes Limited Partnership Enters into $125,000,000 Two-Year Secured Revolving Credit Facility

On February 20, 2014, Shea Homes Limited Partnership entered into a $125,000,000 two-year secured revolving credit facility among the company, the lenders party thereto and U.S. Bank National Association as administrative agent, which became effective on February 25, 2014. Certain of the company's subsidiaries have guaranteed its obligations under the revolving credit facility. Pursuant to an amended and restated security agreement dated as of February 20, 2014, effective as of February 25, 2014, among the company, the Guarantors and Wells Fargo Bank, National Association as collateral agent, the company's obligations under the revolving credit facility are secured by a lien on substantially all of its assets, and the Guarantors' obligations under the guaranty are secured by a lien on substantially all of their assets. The liens securing the revolving credit facility are pari passu with the liens securing the company's 8.625% Senior Secured Notes due 2019, but will have the benefit of repayment priority upon enforcement against the collateral. The revolving credit facility will be used for general corporate purposes of the company and its subsidiaries. Any loans made under the revolving credit facility may accrue interest, at the company's option, either at a daily euro currency base rate as defined in the revolving credit facility, plus a margin of 2.75% or a euro currency rate as defined in the revolving credit facility, plus a margin of 2.75%. The company will also pay a fee of 0.50% per annum on the average unused portion of the revolving credit facility. The revolving credit facility contains certain customary affirmative and negative covenants, including financial covenants. The company's ability to draw upon the revolving credit facility is subject to there being no default continuing under the revolving credit facility, as well as customary documentary conditions. If certain defaults occur, including default under certain of the financial covenants, the revolving credit facility will convert into a term loan with an 18-month maturity, with amortization payments equal to 1/18 of the then-outstanding amount of the facility.

Shea Homes Limited Partnership Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

Shea Homes Limited Partnership reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported revenue of $340,031,000 compared to $295,655,000 a year ago. Income before income taxes was $57,942,000 compared to $32,915,000 a year ago. Net income attributable to the company was $73,751,000 compared to $33,220,000 a year ago. Adjusted EBITDA was $83,828,000 compared to $72,935,000 a year ago. Net cash provided by operating activities was $78,551,000 compared to $80,646,000 a year ago. EBITDA was $82,128,000 compared to $64,045,000 a year ago. The increase in net income was partially offset by a $3.1 million increase in selling, general and administrative expenses. The increase in house Revenue was primarily due to a 22% increase in average selling price to $496,000, a result of general home price increases in all of regions, and the delivery of more expensive homes, primarily in Southern California. Net investments in unconsolidated joint ventures were $4,988,000 compared to $10,179,000 for the same period a year ago. Net other investing activities were $1,969,000 compared to $464,000 for the same period a year ago. For the year, the company reported revenue of $930,610,000 compared to $680,147,000 a year ago. Income before income taxes was $111,838,000 compared to $29,800,000 a year ago. Net income attributable to the company was $125,947,000 compared to $29,038,000 a year ago. Adjusted EBITDA was $184,169,000 compared to $131,201,000 a year ago. Net cash used in operating activities was $45,898,000 compared to $6,191,000 a year ago, was primarily due to increased land acquisition, land development and house construction costs, partially offset by increased cash receipts from home closings. EBITDA was $189,154,000 compared to $113,882,000 a year ago. The increase in net income was partially offset by a $14.9 million increase in SG&A, primarily due to higher volume related costs and compensation expenses. Net investments in unconsolidated joint ventures were $21,304,000 compared to $11,646,000 for the same period a year ago. Net other investing activities were $1,969,000 compared to $464,000 for the same period a year ago.

Shea Homes Limited Partnership Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013

Shea Homes Limited Partnership reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported revenue of $238,309,000 compared to $146,421,000 a year ago. Income before income taxes was $27,107,000 compared to $9,107,000 a year ago. Net income was $25,826,000 compared to $8,300,000 a year ago. Net income attributable to the company was $25,824,000 compared to $8,330,000 a year ago. Net cash used in operating activities was $16,283,000 compared to $53,133,000 a year ago. EBITDA was $45,354,000 compared to $28,305,000 a year ago. Adjusted EBITDA was $43,632,000 compared to $20,708,000 a year ago. For the nine months, the company reported revenue of $590,579,000 compared to $384,492,000 a year ago. Income before income taxes was $53,896,000 compared to loss before income taxes of $3,115,000 a year ago. Net income was $52,195,000 compared to net loss of $4,018,000 a year ago. Net income attributable to the company was $52,196,000 compared to net loss attributable to the company of $4,182,000 a year ago. Net cash used in operating activities was $124,449,000 compared to $86,837,000 a year ago. EBITDA was $107,026,000 compared to $49,837,000 a year ago. Adjusted EBITDA was $100,341,000 compared to $58,266,000 a year ago.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
January 10, 2014
3-acre Parcel at the San Mateo
Merger/Acquisition
September 23, 2013
358 Acre Site in Phoenix
 

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