| Business Summary | | Meritage
Corporation,
formed
in
1988
as
a
real
estate
investment
trust,
designs,
constructs
and
sells
single-family
homes
ranging
from
entry-level
to
semi-custom
luxury.
Meritage
currently
operates
in
three
large
and
growing
Sunbelt
states:
Texas,
Arizona
and
California.
As
of
December
31,
2000,
the
Company
was
actively
selling
homes
in
56
communities.
Meritage
designs
its
homes
to
appeal
to
a
wide
variety
of
consumers.
In
Texas,
the
Company
targets
entry-level
and
move-up
buyers,
offering
homes
at
prices
that
reflect
the
production
efficiencies
of
a
high-volume
tract
builder.
In
Arizona,
the
Company
focuses
on
the
luxury
market,
which
is
characterized
by
unique
communities
and
distinctive
luxury
homes,
and
the
move-up
homebuyers'
market.
In
Northern
California,
the
Company
focuses
on
building
quality
first
and
second-time
move-up
homes. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Meritage
Corporation
develops,
constructs,
markets
and
sells
new
single
family
homes
in
the
semi-custom
luxury,
move-up
and
entry
level
markets.
For
the
six
months
ended
6/30/01,
revenues
rose
36%
to
$292.1
million.
Net
income
before
extraordinary
items
rose
52%
to
$20.3
million.
Revenues
reflect
increased
units
closed
due
to
strong
market
performance
in
Texas
and
California.
Earnings
also
reflect
an
increase
in
gross
margins. | More
from
Market Guide: Significant
Developments |
| | | | FY2000 Pay | |
| Steven Hilton, 39 Co-Chairman
and Co-CEO | $1.4M | John Landon, 43 Co-Chairman
and Co-CEO | 1.4M | Larry Seay, 45 CFO,
VP-Fin., Sec., Treasurer | 351K | Richard Morgan, 45 VP | 208K | Dollar
amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|