Benzinga | Oct 13, 2020 07:43AM EDT

The New Home Company Sees Prelim. Q3 Home Sales Revenue $117.4M, Down From $118.8M YoY

ALISO VIEJO, Calif.--(BUSINESS WIRE)-- The New Home Company Inc. (NYSE:NWHM) today announced selected preliminary results for the 2020 third quarter. These estimated results are preliminary and unaudited.

Preliminary 2020 Third Quarter Financial Highlights (Estimated Results)

* Net new orders of 251 as compared to 124 in the 2019 third quarter, a 102% increase

* Monthly sales absorption of 3.5 per community as compared to 2.0 per community in the 2019 third quarter, a 75% increase

* September net new orders of 99, a 106% increase compared to September 2019

* Homes in backlog of 329 homes, representing $207.1 million in backlog value, as compared to 207 homes at the end of the 2019 third quarter, a 59% increase

* Ending actively selling community count of 25, a 14% increase compared to the end of the 2019 third quarter

* Homes sales revenue of $117.4 million as compared to $118.8 million for the 2019 third quarter Deliveries of 157 as compared to 124 in the 2019 third quarter, a 27% increase Average sales price of $748,000 as compared to $958,000 in the 2019 third quarter

* Fee building revenues of $13.4 million as compared to $22.3 million for the 2019 third quarter

* Cash and cash equivalents of $126.4 million as of September 30, 2020 as compared to $85.6 million as of June 30, 2020

* Total debt, net of $290.3 million as compared to $327.4 million as of September 30, 2019