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Business Description
M.D.C. Holdings, Inc. (MDC) is primarily engaged in owning and managing subsidiary companies that build and sell homes in the United States under the name Richmond American Homes. The Company conducts its homebuilding operations in Colorado, Northern Virginia, suburban Maryland, Arizona, Nevada, Northern and Southern California. MDC also has a growing presence in Dallas/Fort Worth and has entered the Houston, San Antonio, Philadelphia/Delaware Valley, West Florida, Jacksonville and Chicago markets. The Company also owns and manages HomeAmerican Mortgage Corporation, which originates mortgage loans primarily for MDC's homebuyers. In addition, MDC provides title agency services through American Home Title and Escrow Company to MDC homebuyers in Virginia, Maryland and Colorado, and offers third-party insurance products through American Home Insurance Agency, Inc. to its homebuyers.

Financial Information
For the nine months ended 9/30/04, revenues rose 30% to $2.67 billion. Net income increased 71% to $248.5 million. Results reflect an increase in the number of home closings, and increased margins.