Jim Brickman, Chief Executive Officer, said, “We just reported the best first quarter in the history of the Company where net income attributable to Green Brick over the last twelve months through March 31, 2021 grew to $123.7 million, a 100% increase over the prior twelve-month period.
For the three months ended March 31, 2021, our net new home orders and home starts reflect a record for any quarter since the Company’s inception.
Our record starts of 1,039 homes this quarter were despite the severe Texas snowstorm that impacted construction schedules, leading to the deferral of approximately 40 home closings into the second quarter.
Due to the increased demand for certain materials, we have recently and may continue to experience price increases, shortages and significant extensions to our lead time for the delivery of materials such as lumber, appliances and windows.
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Generally Accepted Accounting Principles , they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.
We believe this non-GAAP financial measure is relevant in measuring our profitability in relation to stockholder’s equity and should only be used to supplement Green Brick’s GAAP results.
. Green Brick also owns a noncontrolling interest in Challenger Homes in Colorado Springs, Colorado and retains interests in related financial services platforms, including Green Brick Title, Providence Group Title, and Green Brick Mortgage.
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