Housing Giants - September 10, 2008 - (Page 11) listing assets of $2.3 billion and debts of $1.8 billion. Publicly traded TOUSA ranked No. 17 in this year’s Giant 400, with $1.84 billion in 2007 housing revenues on 5,850 closings. Public giant WCI ranked No. 32 this year, with $716.1 million in revenues, on 1,657 closings last year. The common thread for all three is a heavy concentration of operations in Florida, where markets began crashing hard in November 2005 and have yet to recover. We asked Brad Hunter, director of Metrostudy’s South Florida research operations if his market is the worst in the country: “I think it is,” he said. “Both Southeast and Southwest Florida are massively oversupplied with both homes and lots. More Florida builders will go down. We’ve still got too many projects and too many builders. The weak will fall.” — Bill Lurz M/i hoMes to seLL $250 MiLLion in securities M/I Homes representatives said they filed a mixed-shelf registration statement with the SEC. This will give the company the right to sell up to $250 million in securities. This includes any debt or stocks. The company said any proceeds will go to general corporate purposes, which may include refinancing debt, capital expenditures and other strategic investments. Wachovia Losing More than Money Wachovia Corporation said in a statement in early August that another top executive is leaving the company. Chief Risk Officer Donald K. Truslow is planning to retire once a successor has been found. This follows on top of a previous announcement that CFO Thomas Wurtz is leaving the bank. www.Housinggiants.com 9.10.08.Housing giants 11 http://www.metrostudy.com http://www.mihomes.com http://www.wachovia.com/ http://www.Housinggiants.com
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