MDC Holdings Inc. announced that on May 8 priced an offering of an additional $100 million principal amount of its 6% senior notes due January 2043 at par, bringing the total outstanding principal amount of the notes to $350 million. The company completed the offering of the initial $250 million principal amount Jan. 10. The additional notes will be general unsecured obligations of the company and will rank equally and ratably with its other general unsecured and unsubordinated indebtedness. Also, the additional notes will be fully guaranteed on an unsecured basis, jointly and severally, by most of the company's homebuilding subsidiaries. The company plans to use the proceeds for general corporate purposes. The offering of the additional notes is expected to close May 13, subject to customary closing conditions.

MDC Holdings Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total home sale and land revenues of $331,748,000 against $186,268,000 a year ago. Income before income taxes was $22,586,000 against $2,125,000 a year ago. Net income was $22,516,000 against $2,265,000 a year ago. Diluted earnings per share were $0.45 against $0.04 a year ago. Net cash used in operating activities was $55,418,000 against $18,813,000 a year ago. Purchase of property and equipment was $926,000 against $364,000 a year ago.

MDC Holdings Inc., Q1 2013 Earnings Call, May 02, 2013