Utah-based Woodside Homes is one of the nation’s largest private builders and one of the few that declared bankruptcy in 2008 that is still up and running (and doing better than ever)!
Please visit http://www.woodside-homes.com/ for more details.

NEWS POINTS:              
1. On Monday, December 17, Woodside Homes will announce the recent closing of a major recapitalization transaction—to the tune of about $200 million. We think it’s a great story and follow-up to recent reports about public home builders stock prices going through the roof. Investors who don’t want to buy into these sky-rocketing prices are investing in private companies like Woodside and this $200 million proves it.

A quick scan of five major public home building company stock prices from October 2011 to October 2012 show that prices have tripled in most cases: Lennar went from $12.14 in October 2011 to $39.25 a year later; KB Homes from $5.02 to $17.30; Toll Bros from $13.16 to $35.99; Pulte from $3.29 to $18.30; and D.R. Horton from $8.03 to $22.32. Wow.

2. As home building starts to ramp up again, Woodside Homes is in a great position to discuss what they’re planning for 2013 and what lies ahead for the industry. What are the trends? Where are the hot spots? What about the new money in home building?

3. Like many home building companies in 2008, Woodside declared bankruptcy and had to restructure its entire operations, but unlike many (John Laing Homes for example), Woodside has emerged stronger than ever. There are few, if any home builders that have accomplished this; most are defunct or were sold. In less than three years since emerging from a complicated chapter 11 reorganization, Woodside is well positioned to capture the momentum of a recovering market. Several big name investors are looking for profitable, private home building companies like Woodside where they can put their money since real estate is looking like a good bet again. Woodside Homes President Joel Shine can discuss this in great detail.

SUMMARY:                      
In a move that few homebuilders have accomplished in recent years, Woodside Homes will announce on December 17 the recent closing of a major recapitalization transaction.  Woodside has refinanced its existing debt, significantly increased its liquidity, and strengthened its balance sheet. In less than three years since emerging from a complicated chapter 11 reorganization, Woodside is well positioned to capture the momentum of a recovering market. The recapitalization transaction includes the issuance of $128 million in notes that refinances its existing debt from the plan of reorganization, and a $75 million equity offering to existing shareholders.

HISTORY: Founded in 1977, restructured in 2010, and recapitalized in 2012, with the business objective to plan, develop, construct and market high-quality homes and communities.

DIVISIONS: Operating in five states with divisions in Phoenix AZ, Riverside, Fresno, and Sacramento CA, Las Vegas NV, San Antonio TX, and Salt Lake City UT. As one of America’s top private home builders, Woodside Homes has approximately 200 employees and has built over 28,000 new homes in Arizona, California, Florida, Maryland, Minnesota, Nevada, Texas, Utah and Virginia.

BUILDING STATS:
Active communities:  Approximately 50

Total Lots: Approximately 4,500 in various development stages
Homes currently under construction: 675
Gross sales in past two years (’10 –’11):  2,332

CURRENT MARKET: Woodside now operates in Arizona, California, Nevada, Texas, and Utah. The company is outperforming the market in many of its communities, including Andalusia in Summerlin, NV; Countryside in Yuba County, CA; Bella Brisas in Sacramento, CA; Lindsay Park in Mesa, AZ; and Arrowood in San Antonio, TX.

Woodside’s Belvista community, located in Temecula, California, is the top-selling attached new home community in the Inland Empire. The community attracts first-time homebuyers and mature buyers looking for a maintenance-free lifestyle. Woodside has sold over 60 homes since the community opening in April, and prices have increased approximately five percent since opening.

In Utah, Woodside’s Foxboro community is one of the largest master planned communities in the state. Their redesign of the community tripled the sales pace and sparked a rejuvenation of the community.

We want to thank the Salt Lake Home Builders Assoc. for this announcement.