Denver-based MDC Holdings Inc. said Thursday that it lost $100.7 million in the second quarter, stretching its streak of quarterly losses to seven.
The homebuilder’s revenues fell to $411.9 million in the quarter versus $716.7 million for the same period of 2007. In the second quarter of 2007, the company lost $106.1 million.
“Given the continued weakness in our industry, cash generation and conservation have remained a key management focus thus far in 2008,” said outgoing chief financial officer Paris Reece III.
Despite its losses, MDC generated $90 million in cash flow, boosting its cash reserves to $1.3 billion.
With orders for new homes down by more than half in the first six months of the year, MDC may be forced to tap that cash cushion.
The Denver homebuilder closed on 1,292 homes, with an average gross margin of 11.7 percent, in the second quarter. That compares with 2,031 homes at a 14.1 percent margin for the same period in 2007.
MDC said it sold off 1,100 lots in the first half of the year, generating $40 million in cash for the company.
The company’s stock rose 1.7 percent to $41.52 on Thursday.
