Financial Statements for Meritage Homes Corporation

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Meritage Homes Corporation financials

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Income Statement

Balance Sheet

Cash Flow

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In Millions of USD (except for per share items)	3 months ending 2012-06-30	3 months ending 2012-03-31	3 months ending 2011-12-31	3 months ending 2011-09-30	3 months ending 2011-06-30
Revenue	282.10	204.35	245.99	217.53	220.13
Other Revenue, Total	-	-	-	-	-
Total Revenue	282.10	204.35	245.99	217.53	220.13
Cost of Revenue, Total	253.45	188.09	233.84	199.30	199.40
Gross Profit	28.64	16.26	12.15	18.23	20.73
Selling/General/Admin. Expenses, Total	16.52	14.72	17.60	16.47	14.99
Research & Development	-	-	-	-	-
Depreciation/Amortization	-	-	-	-	-
Interest Expense(Income) - Net Operating	-	-	-	-	-
Unusual Expense (Income)	5.97	-	0.00	0.00	0.00
Other Operating Expenses, Total	-0.79	0.16	0.71	-0.88	-1.27
Total Operating Expense	279.25	208.92	257.59	220.61	219.38
Operating Income	2.84	-4.57	-11.60	-3.08	0.75
Interest Income(Expense), Net Non-Operating	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-
Other, Net	-	-	-	-	-
Income Before Tax	2.84	-4.57	-11.60	-3.08	0.75
Income After Tax	8.01	-4.75	-11.77	-3.23	0.56
Minority Interest	-	-	-	-	-
Equity In Affiliates	-	-	-	-	-
Net Income Before Extra. Items	8.01	-4.75	-11.77	-3.23	0.56
Accounting Change	-	-	-	-	-
Discontinued Operations	-	-	-	-	-
Extraordinary Item	-	-	-	-	-
Net Income	8.01	-4.75	-11.77	-3.23	0.56
Preferred Dividends	-	-	-	-	-
Income Available to Common Excl. Extra Items	8.01	-4.75	-11.77	-3.23	0.56
Income Available to Common Incl. Extra Items	8.01	-4.75	-11.77	-3.23	0.56
Basic Weighted Average Shares	-	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-	-
Dilution Adjustment	-	0.00	0.00	0.00	-
Diluted Weighted Average Shares	33.10	32.63	32.45	32.42	32.64
Diluted EPS Excluding Extraordinary Items	0.24	-0.15	-0.36	-0.10	0.02
Diluted EPS Including Extraordinary Items	-	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-	-
Depreciation, Supplemental	-	-	-	-	-
Total Special Items	-	-	-	-	-
Normalized Income Before Taxes	-	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-	-
Normalized Income After Taxes	-	-	-	-	-
Normalized Income Avail to Common	-	-	-	-	-
Basic Normalized EPS	-	-	-	-	-
Diluted Normalized EPS	0.36	-0.14	-0.27	-0.08	0.03

In Millions of USD (except for per share items)	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31	12 months ending 2008-12-31
Revenue	861.24	941.66	970.31	1,523.07
Other Revenue, Total	-	-	-	-
Total Revenue	861.24	941.66	970.31	1,523.07
Cost of Revenue, Total	795.05	850.76	1,044.94	1,696.84
Gross Profit	66.20	90.90	-74.63	-173.78
Selling/General/Admin. Expenses, Total	64.18	59.78	59.46	64.79
Research & Development	-	-	-	-
Depreciation/Amortization	-	-	-	-
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	0.00	3.45	-9.39	1.13
Other Operating Expenses, Total	-2.16	-3.30	-2.42	-4.43
Total Operating Expense	881.62	939.17	1,125.11	1,799.03
Operating Income	-20.38	2.48	-154.80	-275.97
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	-	-	-	-
Income Before Tax	-20.38	2.48	-154.80	-275.97
Income After Tax	-21.11	7.15	-66.46	-291.94
Minority Interest	-	-	-	-
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	-21.11	7.15	-66.46	-291.94
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	-21.11	7.15	-66.46	-291.94
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	-21.11	7.15	-66.46	-291.94
Income Available to Common Incl. Extra Items	-21.11	7.15	-66.46	-291.94
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	0.00	0.00	0.00	0.00
Diluted Weighted Average Shares	32.38	32.32	31.35	29.33
Diluted EPS Excluding Extraordinary Items	-0.65	0.22	-2.12	-9.95
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	-0.33	0.54	0.36	-4.09

In Millions of USD (except for per share items)	As of 2012-06-30	As of 2012-03-31	As of 2011-12-31	As of 2011-09-30	As of 2011-06-30
Cash & Equivalents	81.83	90.60	173.61	157.10	167.57
Short Term Investments	-	-	-	-	-
Cash and Short Term Investments	81.83	90.60	173.61	157.10	167.57
Accounts Receivable - Trade, Net	-	-	-	-	-
Receivables - Other	-	-	-	-	-
Total Receivables, Net	15.78	14.88	14.93	19.62	16.08
Total Inventory	-	868.03	815.42	798.06	776.23
Prepaid Expenses	17.90	15.17	16.48	16.89	15.67
Other Current Assets, Total	-	-	-	-	-
Total Current Assets	-	-	-	-	-
Property/Plant/Equipment, Total - Gross	-	-	-	-	-
Accumulated Depreciation, Total	-	-	-	-	-
Goodwill, Net	-	-	-	-	-
Intangibles, Net	1.41	1.56	1.57	1.52	1.81
Long Term Investments	1,071.17	185.34	158.52	199.78	210.15
Other Long Term Assets, Total	26.81	12.23	12.15	11.11	10.27
Total Assets	1,243.84	1,217.61	1,221.38	1,233.54	1,225.77
Accounts Payable	53.62	39.21	37.73	38.90	31.30
Accrued Expenses	84.55	69.55	76.39	79.35	77.58
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	-	-	-	-	-
Other Current liabilities, Total	12.75	14.47	11.93	10.03	10.69
Total Current Liabilities	-	-	-	-	-
Long Term Debt	596.05	606.57	606.41	606.25	606.10
Capital Lease Obligations	-	-	-	-	-
Total Long Term Debt	596.05	606.57	606.41	606.25	606.10
Total Debt	596.05	606.57	606.41	606.25	606.10
Deferred Income Tax	-	-	-	-	-
Minority Interest	-	-	-	-	-
Other Liabilities, Total	0.22	0.95	0.00	1.30	1.30
Total Liabilities	747.18	730.75	732.47	735.83	726.97
Redeemable Preferred Stock, Total	-	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-	-
Common Stock, Total	0.41	0.41	0.40	0.40	0.40
Additional Paid-In Capital	483.33	481.55	478.84	475.86	473.72
Retained Earnings (Accumulated Deficit)	201.69	193.69	198.44	210.22	213.45
Treasury Stock - Common	-188.77	-188.77	-188.77	-188.77	-188.77
Other Equity, Total	-	-	-	-	-
Total Equity	496.66	486.87	488.91	497.71	498.80
Total Liabilities & Shareholders' Equity	1,243.84	1,217.61	1,221.38	1,233.54	1,225.77
Shares Outs - Common Stock Primary Issue	-	-	-	-	-
Total Common Shares Outstanding	32.76	32.75	32.49	32.43	32.41

In Millions of USD (except for per share items)	As of 2011-12-31	As of 2010-12-31	As of 2009-12-31	As of 2008-12-31
Cash & Equivalents	173.61	103.95	249.33	205.92
Short Term Investments	-	-	-	-
Cash and Short Term Investments	173.61	103.95	249.33	205.92
Accounts Receivable - Trade, Net	-	-	-	-
Receivables - Other	-	-	-	-
Total Receivables, Net	14.93	20.84	115.44	142.55
Total Inventory	815.42	738.93	675.04	859.30
Prepaid Expenses	16.48	13.58	10.92	16.04
Other Current Assets, Total	-	-	-	-
Total Current Assets	-	-	-	-
Property/Plant/Equipment, Total - Gross	-	-	-	-
Accumulated Depreciation, Total	-	-	-	-
Goodwill, Net	-	-	-	-
Intangibles, Net	1.57	2.14	3.59	5.02
Long Term Investments	158.52	310.33	137.58	17.29
Other Long Term Assets, Total	12.15	9.34	16.35	0.00
Total Assets	1,221.38	1,224.94	1,242.67	1,326.25
Accounts Payable	37.73	23.59	30.30	31.66
Accrued Expenses	76.39	84.99	98.64	122.19
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	-	-	-	-
Other Current liabilities, Total	11.93	9.72	14.09	11.40
Total Current Liabilities	-	-	-	-
Long Term Debt	606.41	605.78	605.01	628.97
Capital Lease Obligations	-	-	-	-
Total Long Term Debt	606.41	605.78	605.01	628.97
Total Debt	606.41	605.78	605.01	628.97
Deferred Income Tax	-	-	-	-
Minority Interest	-	-	-	-
Other Liabilities, Total	0.00	0.87	9.20	4.83
Total Liabilities	732.47	724.94	757.24	799.04
Redeemable Preferred Stock, Total	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-
Common Stock, Total	0.40	0.40	0.40	0.39
Additional Paid-In Capital	478.84	468.82	461.40	436.74
Retained Earnings (Accumulated Deficit)	198.44	219.55	212.40	278.85
Treasury Stock - Common	-188.77	-188.77	-188.77	-188.77
Other Equity, Total	-	-	-	-
Total Equity	488.91	500.00	485.43	527.21
Total Liabilities & Shareholders' Equity	1,221.38	1,224.94	1,242.67	1,326.25
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	32.49	32.14	31.82	30.70

In Millions of USD (except for per share items)	6 months ending 2012-06-30	3 months ending 2012-03-31	12 months ending 2011-12-31	9 months ending 2011-09-30
Net Income/Starting Line	3.25	-4.75	-21.11	-9.33
Depreciation/Depletion	3.61	1.69	7.18	5.27
Amortization	-	-	-	-
Deferred Taxes	-	-	-	-
Non-Cash Items	1.89	1.79	24.74	8.56
Changes in Working Capital	-113.66	-54.10	-84.95	-55.71
Cash from Operating Activities	-104.91	-55.36	-74.14	-51.21
Capital Expenditures	-4.38	-2.34	-7.08	-5.43
Other Investing Cash Flow Items, Total	36.70	-26.37	148.26	107.96
Cash from Investing Activities	32.31	-28.70	141.18	102.53
Financing Cash Flow Items	-5.33	-	0.00	0.00
Total Cash Dividends Paid	-	-	-	-
Issuance (Retirement) of Stock, Net	1.22	1.05	2.61	1.83
Issuance (Retirement) of Debt, Net	-15.08	-	0.00	0.00
Cash from Financing Activities	-19.19	1.05	2.61	1.83
Foreign Exchange Effects	-	-	-	-
Net Change in Cash	-91.79	-83.01	69.66	53.15
Cash Interest Paid, Supplemental	-	7.86	28.87	22.77
Cash Taxes Paid, Supplemental	-	0.00	0.76	0.86

In Millions of USD (except for per share items)	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31	12 months ending 2008-12-31
Net Income/Starting Line	-21.11	7.15	-66.46	-291.94
Depreciation/Depletion	7.18	7.97	8.84	15.67
Amortization	-	-	-	-
Deferred Taxes	-	-	-	20.49
Non-Cash Items	24.74	17.25	127.30	389.73
Changes in Working Capital	-84.95	0.18	114.38	65.87
Cash from Operating Activities	-74.14	32.55	184.07	199.83
Capital Expenditures	-7.08	-6.39	-3.61	-9.69
Other Investing Cash Flow Items, Total	148.26	-168.13	-141.81	-13.57
Cash from Investing Activities	141.18	-174.51	-145.42	-23.26
Financing Cash Flow Items	0.00	-3.07	0.00	0.00
Total Cash Dividends Paid	-	-	-	-
Issuance (Retirement) of Stock, Net	2.61	2.06	4.75	83.68
Issuance (Retirement) of Debt, Net	0.00	-2.41	0.00	-82.00
Cash from Financing Activities	2.61	-3.41	4.75	1.68
Foreign Exchange Effects	-	-	-	-
Net Change in Cash	69.66	-145.38	43.41	178.25
Cash Interest Paid, Supplemental	28.87	31.97	32.46	20.48
Cash Taxes Paid, Supplemental	0.76	4.92	0.02	2.96