Ryland Group Inc. (RYL:NYSE)

Ryland Group Inc. reported earnings results for the third quarter and nine months ended September 30, 2009. Consolidated revenues of $327.8 million for the quarter ended September 30, 2009, reflected a decrease of 39.7% from the quarter ended September 30, 2008. Cash flows from operations totaled $40.7 million for the quarter ended September 30, 2009; For the third quarter ended September 30, 2009, the company reported a consolidated net loss of $52.5 million, or $1.20 per diluted share, compared to a loss of $65.7 million, or $1.54 per diluted share, for the same period in 2008. The company had pretax charges for inventory and other valuation adjustments, and write-offs that totaled $39.1 million, or $0.89 per share, during the third quarter ended September 30, 2009, compared to $64.8 million for the same period in 2008. The homebuilding segments reported a pretax loss of $48.5 million during the third quarter of 2009, compared to a pretax loss of $72.4 million for the same period in 2008. This reduction was primarily due to lower inventory valuation adjustments and write-offs, partially offset by declines in closings and home prices. For the three months ended September 30, 2009, the financial services segment reported pretax losses of $618,000, compared to pretax earnings of $6.0 million for the same period in 2008. This decrease was attributable to higher loan indemnification expense and to a 31.8% decline in the number of mortgages originated due to homebuilding market trends, partially offset by increased net gains on mortgages, on a per-unit basis, primarily due to product mix and lower general and administrative expenses. For the nine months ended September 30, 2009, the company reported a consolidated net loss of $201.5 million, or $4.65 per diluted share, compared to a loss of $336.7 million, or $7.94 per diluted share, for the same period in 2008. The company recorded inventory and other valuation adjustments, joint venture impairments, and option deposit and feasibility write-offs that totaled $135.9 million, or $3.14 per share, during the nine months ended September 30, 2009, compared to $273.2 million for the same period in 2008. The homebuilding segments reported a pretax loss of $190.3 million during the first nine months of 2009, compared to a pretax loss of $303.2 million for the same period in 2008. This reduction was primarily due to lower inventory and other valuation adjustments and write-offs, partially offset by declines in closings and home prices. Homebuilding revenues decreased 40.2% to $836.4 million for the first nine months of 2009, compared to $1.4 billion for the same period in 2008. This decline was primarily attributable to fewer closings and lower sales prices. Closings totaled 3,463 units for the nine months ended September 30, 2009, compared to 5,388 units for the same period in the prior year, reflecting a 35.7% decrease. The average closing price of a home declined by 5.5% to $241,000 for the nine-month period ended September 30, 2009, from $255,000 for the same period in 2008. Homebuilding revenues for the first nine months of 2009 included $958,000 from land sales, which contributed net pretax losses of $247,000, compared to revenues of $25.4 million from land sales for the first nine months of 2008, which contributed net pretax losses of $6.2 million.

Ryland Group Inc., Q3 2009 Earnings Call, Oct 29 2009

Ryland Group Inc. expected to Report Fiscal Year 2009 Results on January 29, 2010. This event was calculated by Capital IQ (Created on September 30, 2009).