Earnings Call Excerpt
M.D.C. Holdings, Inc. (MDC)
Q4 2008 Earnings Call
February 10, 2009 10:00 am ET
Executives
Robert N. Martin – Director of Corporate Finance & Investor Relations
Larry A. Mizel – Chairman & Chief Executive Officer
Christopher M. Anderson – Senior Vice President & Chief Financial Officer
Analysts
Michael Rehaut
Dan Oppenheim
[Nashaf Font]
Alex Barron
[Joshua Pollard]
[Unidentified Analyst]
Josh Levin
James McCanless
[Adam Reder]
[Steven Kim]
Jim Wilson
[Joe Walker]
[Alex Barrons]
Presentation
Operator
Good morning. We are ready to begin the M.D.C. Holdings, Incorporated fourth quarter earnings call. I will now turn it over to Robert Martin, Director of Corporate Finance and Investor Relations. Sir you may begin.
Robert N. Martin
Thank you. Good morning ladies and gentlemen and welcome to M.D.C. Holdings 2008 fourth quarter earnings conference call. On the call with me today I have Larry Mizel, Chairman and Chief Executive Officer; and Chris Anderson, Senior Vice President and Chief Financial Officer.
At this time all participants are in a listen only mode. After finishing our prepared remarks, we will conduct a Question-and-Answer session at which time we request that participants limit themselves to one question and one follow-up question. Please note that this conference is being recorded and will be available for replay. For information on how to access that replay please visit our website at mdcholdings.com.
Before turning the call over to Larry it should be noted that certain statements made during this conference call including those related to M.D.C.’s business; financial condition; results of operation; cash flows; strategies; and prospects; and responses to questions may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. These and other factors that could impact the company’s actual performance are set forth in the company’s 2008 Form 10-K.
I should also note that Regulation G requires that certain information accompany the use of non-GAAP financial measures. Any information required by Regulation G will be posted on our website. And now I will turn the call over to Mr. Mizel for opening remarks.
Larry A. Mizel
Good morning and welcome. Since our last earnings call in late October the recession has tightened its grip on our economy, with job losses reaching into the millions and consumer confidence plummeting to new lows. During 2008 these general economic issues coupled with problems unique to the homebuilding industry prevented us from returning to growth and profitability. With a new administration in Washington, there has been much discussion about what can be done to shorten the down part of this cycle.
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