Benzinga | Jul 26, 2021 06:05AM EDT

The New Home Company Sees Prelim. Q2 Home Sales Revenue $135.9M, Up 75% YoY

The New Home Company Inc. (NYSE:NWHM) today announced selected preliminary results for the 2021 second quarter in connection with meetings with investors. These estimated results are preliminary and unaudited.

Preliminary 2021 Second Quarter Financial Highlights (Estimated Results)

* Net new orders of 187 as compared to 164 in the 2020 second quarter, a 14% increase

* Monthly sales absorption of 3.3 per community as compared to 2.2 per community in the 2020 second quarter, a 50% increase

* Home sales revenue of $135.9 million as compared to $77.8 million for the 2020 second quarter, a 75% increase Deliveries increased 98% and average selling price decreased 12% to $666,000 consistent with the Company's shift to more affordable price points, including a significant increase in deliveries from its Arizona operation

* Homes in backlog of 632 homes, representing $439.4 million in backlog value as compared to 235 homes, representing $168.8 million at the end of the 2020 second quarter

* Ending cash balance of $117.3 million, a $31.7 million increase as compared to June 30, 2020

* Total liquidity of $177.3 million, including $60 million in availability under its unsecured revolving credit facility

* Total debt of $280.6 million as of June 30, 2021 as compared to $295.1 million as of June 30, 2020