Benzinga | Jul 26, 2021 06:58AM EDT

New Home's Preliminary Q2 Home Revenue Surge 75%

* New Home Company Inc (NYSE:NWHM) reported preliminary second-quarter home sales revenue growth of 75% year-on-year to $135.9 million.

* Net new orders for the quarter rose 14% Y/Y to 187.

* Monthly sales absorption registered a 50% increase Y/Y to 3.3 per community.

* Home deliveries increased 98% and the average selling price decreased 12% to $666,000.

* The company had a backlog of 632 homes, amounting to $439.4 million in backlog value.

* New Home Company's cash balance as of June 30, 2021, totaled $117.3 million.

* Total debt as of June 30, 2021 was $280.6 million.

* On Friday, New Home agreed to be acquired by Apollo Funds in an all-cash transaction for $9.00 per share.

* Price action: NWHM shares closed higher by 82.92% at $8.89 on Friday.