Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (date of earliest event reported): December 17, 2013

 

 

LGI HOMES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-36126   46-3088013

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification Number)

 

1450 Lake Robbins Drive, Suite 430,

The Woodlands, Texas

  77380
(Address of principal executive offices)   (Zip Code)

(281) 362-8998

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02 Results of Operations and Financial Condition.

On December 17, 2013, LGI Homes, Inc. (the “Company”) issued a press release announcing its financial results for the quarter and nine months ended September 30, 2013. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

None of the information furnished in this Item 2.02 and the accompanying exhibit will be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor will it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended.

 

Item 7.01 Regulation FD Disclosure.

The information set forth in Item 2.02 above and in Exhibit 99.1 to this Current Report on Form 8-K is incorporated herein by reference.

None of the information furnished in this Item 7.01 will be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor will it be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

99.1    Press Release of LGI Homes, Inc. issued on December 17, 2013.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    LGI HOMES, INC.

Dated: December 17, 2013

   

By:

 

/s/ Eric T. Lipar

      Eric T. Lipar
      Chief Executive Officer and
          Chairman of the Board


EXHIBIT INDEX

 

Exhibit
Number

  

Description

99.1    Press Release of LGI Homes, Inc. issued on December 17, 2013
EX-99.1

Exhibit 99.1

LGI Homes, Inc. Reports Third Quarter and YTD 2013 Financial Results

THE WOODLANDS, Texas, Dec. 17, 2013 (GLOBE NEWSWIRE) – LGI Homes, Inc. (NASDAQ:LGIH) today announced results for its third quarter and the nine months ended September 30, 2013.

Third Quarter 2013 Highlights and Comparisons to Third Quarter 2012:1

 

    Home Closings Increased 40.0% to 448

 

    22 Active Selling Communities as of September 30, 2013

 

    Home Sales Revenue Increased 58.4% to $68.0 Million

 

    Average Home Sales Price Increased 13.1% to $151,779

 

    Adjusted Gross Margin as a Percentage of Home Sales Revenues of 27.4%2

 

    Approximately 11,000 Owned and Controlled Lots as of September 30, 2013

“LGI Homes’ third quarter and year to date financial results demonstrate our proven ability to successfully grow using the unique sales model LGI has created which delivers better returns on capital and industry leading margins,” said Eric Lipar, the Company’s Chief Executive Officer and Chairman of the Board. “We are extremely pleased with these strong results and maintain our positive outlook as we continue to see robust demand from consumers looking for homeownership.”

On November 13, 2013, LGI Homes, Inc. (the “Company”) completed its initial public offering (the “IPO”) issuing 10,350,000 shares of its common stock at $11.00 per share which generated net proceeds of approximately $102.7 million after deducting the underwriters’ discounts and commissions, and offering expenses. Concurrent with the IPO, the Company acquired all of the equity interests of LGI Homes Group, LLC and LGI Homes Corporate, LLC and their subsidiaries (collectively referred to as “predecessor” or “LGI Homes Group (Predecessor)”) in exchange for 10,003,358 shares of the Company’s common stock. Prior to the IPO, the Company’s predecessor owned a 15% equity interest in four unconsolidated joint ventures (“the LGI/GTIS Joint Ventures”). The Company’s predecessor managed the day-to-day operations of the LGI/GTIS Joint Ventures, and accounted for its interests in the joint ventures using the equity method. At the time of the IPO, the Company also acquired all of GTIS’ equity interests in the LGI/GTIS Joint Ventures in exchange for aggregate consideration of $41.4 million, consisting of a cash payment of approximately $36.9 million and 409,091 shares of the Company’s common stock valued at $4.5 million (based on the IPO price of $11.00 per share).

For the quarter ended September 30, 2013, home closings increased 40.0% to 448 from 320 during the third quarter of 2012. This consists of a 44.6% increase in predecessor home closings to 240 and a 35.1% increase in the LGI/GTIS Joint Ventures’ home closings to 208 homes. Active selling communities increased to 22 communities as of September 30, 2013, consisting of 14 predecessor communities and 8 LGI/GTIS Joint Ventures communities.

Home sales revenue for the third quarter of 2013 increased 58.4% as compared to the third quarter of 2012 to $68.0 million, consisting of an increase of 62.1% to $37.0 million for the Company’s predecessor and an increase of 54.1% to $31.0 million for the LGI/GTIS Joint Ventures. This increase was due to the increase in the number of active selling communities, homes closed and average selling price per home.

The average home sales price during the third quarter of 2013 increased 13.1% as compared to the third quarter of 2012 to $151,779, consisting of a 12.1% increase in the Company’s predecessor’s average home sales price to $154,313 and a 14.1% increase in the average home sales price for the LGI/GTIS Joint Ventures to $148,855. This increase was primarily due to a shift in product mix and the pass through of increased construction costs to the homebuyer.

 

 

1  Amounts presented include both LGI Homes Group (Predecessor) and the LGI/GTIS Joint Ventures.
2  Please see “Non-GAAP Measures” for a reconciliation of adjusted gross margin to gross margin.


Adjusted gross margin as a percentage of home sales revenues of 27.4% for the third quarter of 2013 slightly decreased 50 basis points from 27.9% for the third quarter of 2012, reflecting the net impact of increased construction costs and higher developed lot costs, offset by higher average home sales prices.

Nine Months Ended September 30, 2013 Compared to Nine Months Ended September 30, 2012:

 

    Home Closings Increased 49.9% to 1,112

 

    Home Sales Revenue Increased 65.3% to $164.0 Million

 

    Average Home Sales Price Increased 10.3% to $147,452

 

    Adjusted Gross Margin as a Percentage of Home Sales Revenues of 27.9%3

For the nine months ended September 30, 2013, home closings increased 49.9% to 1,112 from 742 during the first nine months of 2012. This consists of a 72.2% increase in predecessor home closings to 637 and a 27.7% increase in the LGI/GTIS Joint Ventures’ home closings to 475 homes.

Home sales revenue for the nine months ended September 30, 2013 increased 65.3% as compared to the first nine months of 2012 to $164.0 million, consisting of an increase of 87.4% to $95.0 million for the Company’s predecessor and an increase of 42.2% to $68.9 million for the LGI/GTIS Joint Ventures. This increase in revenue was largely due to the increase in the number of active selling communities and expansion into new markets.

The average home sales price during the nine months ended September 30, 2013 increased 10.3% as compared to the first nine months of 2012 to $147,452, consisting of an 8.9% increase in the Company’s predecessor’s average home sales price to $149,188 and an 11.4% increase in the average home sales price for the LGI/GTIS Joint Ventures to $145,123. This increase was primarily due to a shift in product mix and the pass through of increased construction costs to the homebuyer.

Adjusted gross margin as a percentage of home sales revenues of 27.9% for the nine months ended September 30, 2013 slightly decreased 50 basis points from 28.4% for the nine months ended September 30, 2012, reflecting the net impact of increased construction costs and higher developed lot costs, offset by higher average home sales prices.

Outlook

Subject to the caveats in the Forward-Looking Statements section of this press release, the Company offers the following limited guidance. With the addition of two new communities in the fourth quarter of 2013, the Company will have at least 24 active selling communities at the end of 2013. The Company expects to close more than 420 homes during the fourth quarter of 2013.

Looking forward to 2014, the Company believes it will have 36 active selling communities at the end of the year and close 2,200 homes during the year. This outlook assumes that general economic and mortgage availability conditions in 2014 are similar to those in 2013.

 

 

3  Please see “Non-GAAP Measures” for a reconciliation of adjusted gross margin to gross margin.


Earnings Conference Call

The Company will host a conference call via live webcast for investors and other interested parties beginning at 10 a.m. Eastern Time on Wednesday, December 18, 2013. The call will be hosted by, Eric Lipar, Chief Executive Officer and Chairman of the Board, and Charles Merdian, Chief Financial Officer, Secretary and Treasurer.

Participants may access the live webcast by visiting the Company’s investor relations website at www.LGIHomes.com. The call can also be accessed by dialing (855) 433-0929, or (970) 315-0256 for international participants.

An archive of the webcast will be available on the Company’s website from approximately 1:00 p.m. Eastern Time on December 18, 2013 through 11:59 p.m. Eastern Time on December 25, 2013.

About LGI Homes, Inc.

Headquartered in The Woodlands, Texas, LGI Homes, Inc. engages in the design and construction of homes in Texas, Arizona, Florida, Georgia and recently New Mexico. LGI’s core markets include Houston, San Antonio, Dallas/Fort Worth, Austin, Phoenix, Tampa, Orlando, Atlanta and more recently, Tucson and Albuquerque. For more information about the Company and its new home developments please visit the Company’s website at www.LGIHomes.com.

Forward-Looking Statements

Any statements made in this press release that are not statements of historical fact, including statements about the Company’s beliefs and expectations, are forward-looking statements within the meaning of the federal securities laws, and should be evaluated as such. Forward-looking statements include information concerning market conditions and possible or assumed future results of operations, including descriptions of the Company’s business plan and strategies. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believe,” “estimate,” “project,” “anticipate,” “expect,” “seek,” “predict,” “contemplate,” “continue,” “possible,” “intent,” “may,” “might,” “will,” “could,” “would,” “should,” “forecast,” or “assume” or, in each case, their negative, or other variations or comparable terminology. For more information concerning factors that could cause actual results to differ materially from those contained in the forward-looking statements please refer to the “Risk Factors” section of the prospectus filed by the Company with the Securities and Exchange Commission (“SEC”) on November 8, 2013 and subsequent filings by the Company with the SEC. The Company bases these forward-looking statements or projections on its current expectations, plans and assumptions that it has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances and at such time. As you read and consider this press release, you should understand that these statements are not guarantees of future performance or results. The forward-looking statements and projections are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or projections. Although the Company believes that these forward-looking statements and projections are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect the Company’s actual financial results or results of operations and could cause actual results to differ materially from those expressed in the forward-looking statements and projections. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. If the Company does update one or more forward-looking statements, there should be no inference that it will make additional updates with respect to those or other forward-looking statements.


LGI HOMES GROUP (PREDECESSOR)

COMBINED BALANCE SHEETS

(Unaudited)

 

     September 30, 2013      December 31, 2012  

ASSETS

     

Cash and cash equivalents

   $ 9,392,646       $ 7,069,471   

Accounts receivable

     1,604,638         922,897   

Accounts receivable, related parties

     669,079         1,026,925   

Real estate inventory

     66,800,545         28,489,191   

Pre-acquisition costs and deposits

     3,671,963         997,875   

Investments in unconsolidated LGI/GTIS Joint Ventures

     5,118,726         4,446,302   

Property and equipment, net

     651,761         719,390   

Other assets

     3,984,063         1,884,100   
  

 

 

    

 

 

 

Total assets

   $ 91,893,421       $ 45,556,151   
  

 

 

    

 

 

 

LIABILITIES AND EQUITY

     

Accounts payable

   $ 6,347,461       $ 3,090,890   

Accounts payable, related parties

     7,688         108,577   

Accrued expenses and other liabilities

     5,177,709         2,176,945   

Notes payable

     27,443,882         14,968,762   
  

 

 

    

 

 

 

Total liabilities

     38,976,740         20,345,174   

EQUITY

     

Owners’ equity

     37,702,488         25,210,977   

Non-controlling interests

     15,214,193         —     
  

 

 

    

 

 

 

Total equity

     52,916,681         25,210,977   
  

 

 

    

 

 

 

Total liabilities and equity

   $ 91,893,421       $ 45,556,151   
  

 

 

    

 

 

 


LGI HOMES GROUP (PREDECESSOR)

COMBINED STATEMENTS OF OPERATIONS

(Unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2013     2012     2013     2012  

Revenues:

        

Home sales

   $ 37,035,022      $ 22,850,711      $ 95,032,844      $ 50,711,231   

Management and warranty fees

     1,007,605        705,883        2,309,327        1,697,586   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     38,042,627        23,556,594        97,342,171        52,408,817   

Cost of sales

     27,083,342        16,698,926        69,225,134        36,971,435   

Selling expenses

     3,589,221        1,846,511        9,082,074        4,709,674   

General and administrative

     4,051,706        1,804,628        9,077,539        4,255,812   

Income from unconsolidated LGI/GTIS Joint Ventures

     (1,976,197     (525,863     (2,919,884     (1,111,688
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     5,294,555        3,732,392        12,877,308        7,583,584   

Interest expense

     (41,968     (11,083 )     (47,636     (35,767

Other income, net

     33,914        60,913        56,216        84,852   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income before income taxes

     5,286,501        3,782,222        12,885,888        7,632,669   

Income tax provision

     (136,318     (32,461 )     (272,595     (97,027
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     5,150,183        3,749,761        12,613,293        7,535,642   

(Income) loss attributable to non-controlling interests

     437,535        (94,954 )     583,057        (162,969
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to owners

   $ 5,587,718      $ 3,654,807      $ 13,196,350      $ 7,372,673   
  

 

 

   

 

 

   

 

 

   

 

 

 


LGI HOMES GROUP (PREDECESSOR)

COMBINED STATEMENTS OF CASH FLOWS

(Unaudited)

 

     Nine Months Ended
September 30,
 
     2013     2012  

Cash flows from operating activities:

    

Net Income

   $ 12,613,293      $ 7,535,642   

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

    

Income from unconsolidated LGI/GTIS Joint Ventures

     (2,919,884 )     (1,111,688

Distributions from unconsolidated LGI/GTIS Joint Ventures

     3,027,135        1,099,187   

Depreciation and amortization

     198,752        126,066   

Gain on settlement of participation fee obligation

     (8,614     —     

Net loss on disposal of vehicles

     61,055        —     

Changes in assets and liabilities:

    

Accounts receivable

     (681,741 )     (344,431

(Receivables from) payables to related parties, net

     256,957        49,444   

Real estate inventory

     (38,311,354 )     (10,862,446

Pre-acquisition costs and deposits

     (2,674,088 )     (883,064

Other assets

     (2,099,963 )     (263,876

Accounts payable

     3,256,571        1,510,053   

Accrued expenses and other liabilities

     3,000,764        589,438   
  

 

 

   

 

 

 

Net cash used in operating activities

     (24,281,117 )     (2,555,675

Cash flows from investing activities:

    

Investments of capital into unconsolidated LGI/GTIS Joint Ventures

     (927,977 )     (318,500

Distributions of capital from unconsolidated LGI/GTIS Joint Ventures

     148,303        33,313   

Purchases of property and equipment

     (532,653 )     (279,387

Proceeds from disposal of assets

     34,647        —     
  

 

 

   

 

 

 

Net cash used in investing activities

     (1,277,680 )     (564,574

Cash flows from financing activities:

    

Proceeds from notes payable

   $ 64,151,438      $ 29,090,823   

Payments on notes payable

     (51,361,877 )     (24,661,085

Contributions

     2,535,000        6,450,000   

Distributions

     (3,239,839 )     (4,247,261

Contributions from non-controlling interests

     15,797,250        —     
  

 

 

   

 

 

 

Net cash provided by financing activities

     27,881,972        6,632,477   
  

 

 

   

 

 

 

Net increase in cash and cash equivalents

     2,323,175        3,512,228   

Cash and cash equivalents, beginning of period

     7,069,471        5,106,183   
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 9,392,646      $ 8,618,411   
  

 

 

   

 

 

 


LGI/GTIS JOINT VENTURES

COMBINED CONDENSED BALANCE SHEETS

(Unaudited)

 

Balance Sheets

   September 30, 2013      December 31, 2012  

Assets:

     

Cash and cash equivalents

   $ 7,958,159       $ 4,129,107   

Real estate inventory

     29,179,536         26,835,602   

Other assets

     2,730,130         2,128,764   
  

 

 

    

 

 

 

Total assets

   $ 39,867,825       $ 33,093,473   
  

 

 

    

 

 

 

Liabilities and members’ equity:

     

Liabilities

   $ 5,742,985       $ 3,451,448   

Members’ equity:

     

LGI Homes Group (Predecessor)

     5,118,726         4,446,302   

GTIS members

     29,006,114         25,195,723   
  

 

 

    

 

 

 

Total members’ equity

     34,124,840         29,642,025   
  

 

 

    

 

 

 

Total liabilities and members’ equity

   $ 39,867,825       $ 33,093,473   
  

 

 

    

 

 

 

LGI/GTIS JOINT VENTURES

COMBINED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 

Statements of Operations

   2013      2012      2013      2012  

Home sales

   $ 30,961,933       $ 20,089,653       $ 68,933,308       $ 48,476,147   

Costs of sales

   $ 22,414,968       $ 14,526,174       $ 49,805,019       $ 34,815,151   

Net earnings of unconsolidated LGI/GTIS Joint Ventures

   $ 4,674,762       $ 3,233,043       $ 9,502,060       $ 7,138,539   

Predecessor’s share in net earnings of unconsolidated LGI/GTIS Joint Ventures

   $ 1,976,197       $ 525,863       $ 2,919,884       $ 1,111,688   


Non-GAAP Measures

In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this earnings announcement contains the non-GAAP financial measure adjusted gross margin. The reason for the use of this measure, a reconciliation of this measure to the most directly comparable GAAP measure and other information relating to this measure is included below.

Adjusted gross margin

Adjusted gross margin is a non-GAAP financial measure used by management as a supplemental measure in evaluating operating performance. The Company defines adjusted gross margin as gross margin less capitalized interest and excluding adjustments resulting from the application of purchase accounting included in the cost of sales. Management believes this information is useful because it isolates the impact that capitalized interest and items considered to be unusual and non-recurring have on gross margin. However, because adjusted gross margin information excludes capitalized interest, which has real economic effects and could impact results, the utility of adjusted gross margin information as a measure of operating performance may be limited. In addition, other companies may not calculate adjusted gross margin information in the same manner. Accordingly, adjusted gross margin information should be considered only as a supplement to gross margin information as a measure of performance. There are no purchase accounting adjustments included in cost of sales for the periods presented below.

The following table reconciles adjusted gross margin to gross margin, which is the GAAP financial measure that management believes to be most directly comparable (dollars in thousands):

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2013     2012     2013     2012  

Home sales—Predecessor

   $ 37,035,022      $ 22,850,711      $ 95,032,844      $ 50,711,231   

Home sales—LGI/GTIS Joint Ventures

     30,961,933        20,089,653        68,933,308        48,476,147   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

     67,996,955        42,940,364        163,966,152        99,187,378   

Cost of sales—Predecessor

     27,083,342        16,698,926        69,225,134        36,971,435   

Cost of sales—LGI/GTIS Joint Ventures

     22,414,968        14,526,174        49,805,019        34,815,151   

Less: Elimination of warranty expenses included in the LGI/GTIS Joint Ventures’ cost of sales

     52,000        54,000        118,750        108,500   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cost of sales—LGI/GTIS Joint Ventures

     22,362,968        14,472,174        49,686,269        34,706,651   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of sales

     49,446,310        31,171,100        118,911,403        71,678,086   

Total gross margin

     18,550,645        11,769,264        45,054,749        27,509,292   

Capitalized interest included in the Predecessor’s cost of sales

     113,789        224,276        699,727        697,644   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Gross Margin

   $ 18,664,434      $ 11,993,540      $ 45,754,476      $ 28,206,936   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross margin %(a)

     27.3     27.4     27.5     27.7

Adjusted gross margin %(a)

     27.4     27.9     27.9     28.4

 

(a) Calculated as a percentage of home sales revenue.


Land Acquisition and Development

The tables below show owned or controlled lots by market as of September 30, 2013 and December 31, 2012.

LGI HOMES GROUP (PREDECESSOR)

 

     September 30, 2013      December 31, 2012  

Market

   Owned      Controlled      Total      Owned      Controlled      Total  

Houston

     711         2,611         3,322         475         693         1,168   

Dallas/Ft. Worth

     922         965         1,887         149         284         433   

San Antonio

     33         1,022         1,055         22         758         780   

Austin

     28         709         737         41         156         197   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Central

     1,694         5,307         7,001         687         1,891         2,578   

Phoenix

     339         377         716         96         —           96   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Western

     339         377         716         96         —           96   

Central Florida

     189         278         467         8         351         359   

Atlanta

     508         650         1,158         —           —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Eastern

     697         928         1,625         8         351         359   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     2,730         6,612         9,342         791         2,242         3,033   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

LGI/GTIS JOINT VENTURES

 

     September 30, 2013      December 31, 2012  

Market

   Owned      Controlled      Total      Owned      Controlled      Total  

Houston

     90         —           90         226         —           226   

Dallas/Ft. Worth

     248         24         272         300         50         350   

San Antonio

     873         —           873         996         —           996   

Austin

     31         90         121         54         112         166   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Central

     1,242         114         1,356         1,576         162         1,738   

Phoenix

     150         —           150         196         —           196   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Western

     150         —           150         196         —           196   

Central Florida

     104         —           104         131         —           131   

Atlanta

     —           —           —           —           —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Eastern

     104         —           104         131         —           131   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     1,496         114         1,610         1,903         162         2,065   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Investor Relations:

Eric Lipar, (281) 210-2619

InvestorRelations@LGIHomes.com

Source: LGI Homes, Inc.