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 October 29, 2015 - 8:01 AM EDT
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Meritage Homes Reports Third Quarter 2015 Results, Including a 10% Increase in Total Order Value With 21% Increases in Home Closing Revenue and Ending Backlog Value

SCOTTSDALE, AZ--(Marketwired - October 29, 2015) - Meritage Homes Corporation (NYSE: MTH), a leading U.S. homebuilder, announced today third quarter results for the period ended September 30, 2015.

Summary Operating Results (unaudited)
(Dollars in thousands, except per share amounts)

     
   Three Months Ended September 30,  Nine Months Ended September 30,
   2015  2014  %Chg  2015  2014  %Chg
Homes closed (units)   1,712   1,522  12 %  4,603   3,999  15 %
Home closing revenue  $661,884  $545,524  21 % $1,770,184  $1,454,103  22 %
Average sales price - closings  $387  $358  8 % $385  $364  6 %
Home orders (units)   1,567   1,500  4 %  5,532   4,672  18 %
Home order value  $629,977  $573,643  10 % $2,188,604  $1,747,118  25 %
Average sales price - orders  $402  $382  5 % $396  $374  6 %
Ending backlog (units)               3,043   2,705  12 %
Ending backlog value              $1,264,872  $1,043,741  21 %
Average sales price - backlog              $416  $386  8 %
Net earnings  $30,308  $32,577  (7 )% $75,841  $93,033  (18 )%
Diluted EPS  $0.73  $0.79  (8 )% $1.83  $2.27  (19 )%
                   

MANAGEMENT COMMENTS

"Our third quarter results reflect strong order growth in our east and west regions this year, which drove a 21% increase in our third quarter home closing revenue," said Steven J. Hilton, chairman and chief executive officer of Meritage Homes. "I am pleased that we were able to deliver more than 1,700 homes to our customers during the quarter despite encountering headwinds from labor shortages and weather-related challenges in some of our markets.

"Rising construction costs driven by labor shortages have pressured our home closing gross margin this year, which was 19% for the third quarter," said Mr. Hilton. "However, we expect to see our margins increase over the next 12-18 months as we improve the margins in our East region, made up primarily of new markets we have entered in recent years, which have not yet achieved anticipated operating efficiencies.

"We finished the third quarter with 250 actively selling communities -- more than we have ever had in our 30-year history, which positions us for additional growth in 2016. While recent order volumes may be less robust than expected and conditions vary by market, they remain healthy overall. We believe our expanded position in many of the best markets will provide for more consistent performance over the long term," continued Mr. Hilton.

"As we enter our fourth quarter, we are doing our best to complete and close homes by year-end where schedules have slipped due to weather and labor issues, so that our customers can move in as soon as possible. Based on our backlog and current costs, we anticipate fourth quarter home closing revenue of approximately $750-800 million and diluted EPS of approximately $1.10-1.35 for the quarter."

THIRD QUARTER RESULTS

  • Net earnings were $30.3 million or $0.73 per diluted share for the third quarter of 2015, compared to $32.6 million or $0.79 per diluted share in the third quarter of 2014, reflecting higher home closing revenue in the third quarter of 2015, offset by lower gross margins on closings and a charge of $4.1 million or $0.06 per diluted share due to an unfavorable ruling on litigation related to a Nevada-based joint venture.
  • Home closing revenue increased 21% over the prior year's third quarter, with a 12% increase in home closings and an 8% increase in the average price of homes closed during the quarter. The East region led with 47% growth over the prior year in home closing revenue, followed by 20% growth in the West region and 3% in the Central region, where closings in the Dallas and Houston markets were delayed due to excessive spring rainfall.
  • Home closing gross margin of 19.0% in the third quarter of 2015 declined from 20.4% in the third quarter of 2014 due to increased land costs and construction cost increases driven by labor shortages in certain markets, and lower than average margins in the East, primarily associated with the company's most recent acquisitions. Approximately $2.0 million of real estate impairments related to option abandonments are included in cost of sales for the quarter.
  • General and administrative expenses decreased to 4.3% of total third quarter closing revenue in 2015 from 5.2% in the prior year. Commissions and other sales costs were 7.3% and 7.4% of third quarter home closing revenue in 2015 and 2014, respectively.
  • Interest expense increased by $3.7 million to $4.2 million in the third quarter of 2015, primarily due to greater interest incurred associated with the issuance of $200 million of new senior notes in early June 2015.
  • The third quarter effective tax rate was 35% in 2015 compared to 31% in 2014. The 2014 effective tax rate reflected the benefit of federal energy tax credits on Meritage's highly energy efficient homes. A similar benefit has yet to be recognized in 2015 as the legislative renewal of energy tax credits has not yet occurred.
  • Total order value grew 10% to $630.0 million in the third quarter of 2015, compared to $573.6 million in the prior year. Total orders increased 4% and average sales prices rose 5% over 2014's third quarter. The increases were primarily driven by community count growth and stronger demand in Arizona, California and Florida, where orders grew 37%, 29% and 10%, respectively in the third quarter of 2015 compared to 2014. Order declines in Denver and Dallas were partially attributable to extended delivery schedules resulting from weather-related delays in starting new homes, which management believes have discouraged some buyers from contracting for new homes. Softer demand in Houston related to lower oil prices also contributed to the decline in Texas' orders.
  • Average orders per active community during the quarter slowed to 6.4 in the third quarter of 2015 compared to 7.5 in 2014, reflecting a 23% increase in average active communities during the quarter compared to the prior year, offset by less robust demand in certain markets.
  • Ending community count at September 30, 2015 grew 11% to 250 from 225 at September 30, 2014.
  • Ending backlog value at September 30 was 21% higher in 2015 than in 2014, with 12% more units in backlog and an 8% increase in the average price of orders in backlog.

YEAR TO DATE RESULTS

  • Net earnings were $75.8 million for the first nine months of 2015, compared to $93.0 million for the first nine months of 2014, as a 22% increase in 2015 year-to-date home closing revenue was offset by reduced home closing margins impacted by impairments and the $4.1 million litigation-related charge in the third quarter of 2015.
  • Home closings for the first three quarters of the year increased 15% over 2014, and average sales prices increased 6% over the same period.
  • Year-to-date home closing gross margin in 2015 was 18.9%, compared to 21.6% for 2014, reflecting higher land and construction costs with less home price appreciation in 2015, in addition to $4.0 million of real estate related impairments through the first nine months of 2015. Prior year margins benefited from a disproportionate rise in home prices relative to land and construction costs increases during 2013 and early 2014.
  • Total commissions and selling expenses represented 7.6% of year-to-date 2015 home closing revenue, compared to 7.4% in 2014. General and administrative expenses declined to 4.8% of total closing revenue in 2015 compared to 5.1% in 2014.
  • Interest expense for the first nine months of the year increased to $12.0 million in 2015 compared to $4.6 million in 2014 due to a higher debt balance in 2015.

BALANCE SHEET

  • The company ended the third quarter of 2015 with $235.4 million in cash and cash equivalents, compared to $103.3 million at December 31, 2014. The increase in cash was primarily due to the issuance of $200 million of senior notes in June 2015, a portion of which was used to acquire real estate.
  • Real estate assets increased to $2.09 billion at September 30, 2015, compared to $1.88 billion at December 31, 2014, as the balance of homes under contract under construction increased $176.6 million, accounting for most of the increase.
  • Net debt-to-capital ratio at quarter-end of 43.1% was consistent with the 42.9% ratio at December 31, 2014.
  • In June 2015, the company issued $200 million of 6.0% senior unsecured notes with a maturity date of June 2025, and also extended the maturity of its $500 million revolving credit facility by one year to July 2019 in order to provide ample liquidity for future growth.
  • Total lot supply at the end of the quarter was approximately 29,000, compared to approximately 29,500 at September 30, 2014. Based on trailing twelve months closings, total lots at September 30, 2015 represented approximately a 4.5 year supply of lots.

CONFERENCE CALL

Management will host a conference call today to discuss the Company's results at 11:00 a.m. Eastern Time (8:00 a.m. Arizona Time). The call will be webcast with an accompanying slideshow available on the "Investor Relations" page of the Company's web site at http://investors.meritagehomes.com. Telephone participants may avoid any delays by pre-registering for the call using the following link to receive a special dial-in number and PIN.

Conference Call registration link: http://dpregister.com/10072723.

Telephone participants who are unable to pre-register may dial in to 866-226-4948 on the day of the call. International dial-in number is 1-412-902-4125.

A replay of the call will be available through November 12, 2015, beginning at 1:00 p.m. ET on October 29, 2015 on the website noted above, or by dialing 877-344-7529, and referencing conference number 10072723. For more information, visit www.meritagehomes.com.

Meritage Homes Corporation and Subsidiaries
Consolidated Income Statements
(Unaudited)
(In thousands, except per share data)

     
   Three Months Ended September 30,  Nine Months Ended September 30,
   2015  2014  2015  2014
Homebuilding:            
 Home closing revenue  $661,884   $545,524   $1,770,184   $1,454,103  
 Land closing revenue   8,072    11,252    16,285    16,622  
  Total closing revenue   669,956    556,776    1,786,469    1,470,725  
 Cost of home closings   (536,267 )  (434,286 )  (1,434,843 )  (1,140,305 )
 Cost of land closings   (7,445 )  (11,729 )  (14,992 )  (18,084 )
  Total cost of closings   (543,712 )  (446,015 )  (1,449,835 )  (1,158,389 )
 Home closing gross profit   125,617    111,238    335,341    313,798  
 Land closing gross profit/(loss)   627    (477 )  1,293    (1,462 )
  Total closing gross profit   126,244    110,761    336,634    312,336  
Financial Services:                     
 Revenue   3,000    2,749    8,276    7,099  
 Expense   (1,253 )  (1,238 )  (3,914 )  (3,444 )
 Earnings from financial services unconsolidated entities and other, net   3,854    2,783    9,155    7,281  
  Financial services profit   5,601    4,294    13,517    10,936  
Commissions and other sales costs   (48,097 )  (40,211 )  (134,876 )  (107,250 )
General and administrative expenses   (28,774 )  (29,218 )  (86,074 )  (75,460 )
Loss from other unconsolidated entities, net   (123 )  (134 )  (415 )  (364 )
Interest expense   (4,187 )  (460 )  (11,962 )  (4,569 )
Other income/(expense), net   (3,996 )  1,998    (3,445 )  6,395  
Earnings before income taxes   46,668    47,030    113,379    142,024  
Provision for income taxes   (16,360 )  (14,453 )  (37,538 )  (48,991 )
Net earnings  $30,308   $32,577   $75,841   $93,033  
                      
Earnings per share:                     
 Basic                     
  Earnings per share  $0.76   $0.83   $1.92   $2.39  
  Weighted average shares outstanding   39,663    39,123    39,568    38,977  
 Diluted                     
  Earnings per share  $0.73   $0.79   $1.83   $2.27  
  Weighted average shares outstanding   42,192    41,656    42,134    41,564  
                   

Meritage Homes Corporation and Subsidiaries
Consolidated Balance Sheets
(In thousands)
(unaudited)

     
   September 30, 2015  December 31, 2014
Assets:      
 Cash and cash equivalents  $235,409  $103,333
 Other receivables   59,617   56,763
 Real estate (1)   2,088,690   1,877,682
 Real estate not owned   -   4,999
 Deposits on real estate under option or contract   91,526   94,989
 Investments in unconsolidated entities   10,374   10,780
 Property and equipment, net   34,403   32,403
 Deferred tax asset   66,850   64,137
 Prepaids, other assets and goodwill   77,017   71,052
  Total assets  $2,663,886  $2,316,138
Liabilities:        
 Accounts payable  $113,869  $83,619
 Accrued liabilities   161,803   154,144
 Home sale deposits   39,587   29,379
 Liabilities related to real estate not owned   -   4,299
 Loans payable and other borrowings   41,898   30,722
 Senior and convertible senior notes   1,104,060   904,486
   Total liabilities   1,461,217   1,206,649
Stockholders' Equity:        
 Preferred stock   -   -
 Common stock   397   391
 Additional paid-in capital   556,121   538,788
 Retained earnings   646,151   570,310
   Total stockholders' equity   1,202,669   1,109,489
  Total liabilities and stockholders' equity  $2,663,886  $2,316,138
(1)Real estate - Allocated costs:        
 Homes under contract under construction  $505,527  $328,931
 Unsold homes, completed and under construction   301,528   302,288
 Model homes   135,323   109,614
 Finished home sites and home sites under development   1,146,312   1,136,849
  Total real estate  $2,088,690  $1,877,682
         

Supplemental Information and Non-GAAP Financial Disclosures (Dollars in thousands - unaudited):

       
   Three Months Ended September 30,   Nine Months Ended September 30,  
   2015   2014   2015   2014  
Depreciation and amortization  $3,565   $2,972   $10,294   $8,154  
                      
Summary of Capitalized Interest:                     
Capitalized interest, beginning of period  $58,870   $44,355   $54,060   $32,992  
Interest incurred   17,857    14,695    49,665    43,333  
Interest expensed   (4,187 )  (460 )  (11,962 )  (4,569 )
Interest amortized to cost of home and land closings   (11,144 )  (8,135 )  (30,367 )  (21,301 )
Capitalized interest, end of period  $61,396   $50,455   $61,396   $50,455  
                      
    September 30, 2015    December 31, 2014            
Notes payable and other borrowings  $1,145,958   $935,208            
Stockholders' equity   1,202,669    1,109,489            
Total capital   2,348,627    2,044,697            
Debt-to-capital   48.8 %  45.7 %          
                      
Notes payable and other borrowings  $1,145,958   $935,208            
 Less: cash and cash equivalents   (235,409 )  (103,333 )          
Net debt   910,549    831,875            
Stockholders' equity   1,202,669    1,109,489            
Total net capital  $2,113,218   $1,941,364            
Net debt-to-capital   43.1 %  42.9 %          
                 

Meritage Homes Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands) (unaudited)

   
   Nine Months Ended September 30,
   2015  2014
Cash flows from operating activities:      
 Net earnings  $75,841   $93,033  
 Adjustments to reconcile net earnings to net cash used in operating activities:           
  Depreciation and amortization   10,294    8,154  
  Stock-based compensation   12,418    9,035  
  Excess income tax benefit from stock-based awards   (2,040 )  (2,197 )
  Equity in earnings from unconsolidated entities   (8,740 )  (6,917 )
  Distribution of earnings from unconsolidated entities   9,446    8,784  
  Other   1,246    8,361  
 Changes in assets and liabilities:           
  Increase in real estate   (198,520 )  (343,763 )
  Decrease/(increase) in deposits on real estate under option or contract   2,719    (27,552 )
  Increase in receivables, prepaids and other assets   (6,067 )  (19,502 )
  Increase in accounts payable and accrued liabilities   39,949    33,920  
  Increase in home sale deposits   10,208    9,015  
  Net cash used in operating activities   (53,246 )  (229,629 )
Cash flows from investing activities:           
 Investments in unconsolidated entities   (300 )  (245 )
 Purchases of property and equipment   (12,334 )  (16,367 )
 Proceeds from sales of property and equipment   92    173  
 Maturities of investments and securities   -    115,584  
 Payments to purchase investments and securities   -    (35,697 )
 Cash paid for acquisitions   -    (130,677 )
  Net cash used in investing activities   (12,542 )  (67,229 )
Cash flows from financing activities:           
 Repayment of loans payable and other borrowings   (4,044 )  (6,524 )
 Proceeds from issuance of senior notes   200,000    -  
 Debt issuance costs   (3,013 )  -  
 Proceeds from issuance of common stock, net   -    110,420  
 Excess income tax benefit from stock-based awards   2,040    2,197  
 Proceeds from stock option exercises   2,881    734  
  Net cash provided by financing activities   197,864    106,827  
Net increase/(decrease) in cash and cash equivalents   132,076    (190,031 )
Beginning cash and cash equivalents   103,333    274,136  
Ending cash and cash equivalents (2)  $235,409   $84,105  

(2) Ending cash and cash equivalents excludes investments and securities of $9.9 million as of September 30, 2014.

Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands) (unaudited)

   
   Three Months Ended
   September 30, 2015  September 30, 2014
   Homes  Value  Homes  Value
Homes Closed:            
 Arizona  302  $92,888  236  $77,793
 California  236   120,387  196   97,260
 Colorado  123   56,927  114   49,792
 West Region  661   270,202  546   224,845
 Texas  517   183,455  584   178,614
 Central Region  517   183,455  584   178,614
 Florida  202   90,285  164   61,713
 Georgia  62   20,663  37   11,899
 North Carolina  165   63,532  104   43,413
 South Carolina  80   25,812  37   11,494
 Tennessee  25   7,935  50   13,546
 East Region  534   208,227  392   142,065
 Total  1,712  $661,884  1,522  $545,524
Homes Ordered:              
 Arizona  272  $96,867  198  $67,753
 California  203   110,076  157   87,610
 Colorado  84   43,782  153   66,744
 West Region  559   250,725  508   222,107
 Texas  452   165,206  537   181,127
 Central Region  452   165,206  537   181,127
 Florida  227   94,114  207   86,145
 Georgia  67   23,143  31   9,447
 North Carolina  138   57,168  128   47,862
 South Carolina  88   26,766  44   14,225
 Tennessee  36   12,855  45   12,730
 East Region  556   214,046  455   170,409
 Total  1,567  $629,977  1,500  $573,643
            

Meritage Homes Corporation and Subsidiaries
Operating Data
(Dollars in thousands) (unaudited)

   
   Nine Months Ended
   September 30, 2015  September 30, 2014
   Homes  Value  Homes  Value
Homes Closed:            
 Arizona  717  $227,367  699  $234,181
 California  565   302,573  546   272,254
 Colorado  364   166,914  318   142,006
 West Region  1,646   696,854  1,563   648,441
 Texas  1,466   510,439  1,511   456,375
 Central Region  1,466   510,439  1,511   456,375
 Florida  589   254,607  482   189,542
 Georgia  156   49,178  37   11,899
 North Carolina  389   148,721  248   102,119
 South Carolina  247   77,630  37   11,494
 Tennessee  110   32,755  121   34,233
 East Region  1,491   562,891  925   349,287
 Total  4,603  $1,770,184  3,999  $1,454,103
Homes Ordered:              
 Arizona  880  $290,172  665  $220,772
 California  750   419,987  599   315,270
 Colorado  454   213,610  417   185,993
 West Region  2,084   923,769  1,681   722,035
 Texas  1,644   574,533  1,889   613,821
 Central Region  1,644   574,533  1,889   613,821
 Florida  693   295,634  560   218,651
 Georgia  197   64,051  31   9,447
 North Carolina  467   191,460  311   124,943
 South Carolina  283   85,767  44   14,225
 Tennessee  164   53,390  156   43,996
 East Region  1,804   690,302  1,102   411,262
 Total  5,532  $2,188,604  4,672  $1,747,118
               
Order Backlog:              
 Arizona  355  $129,023  244  $83,830
 California  397   241,377  278   150,479
 Colorado  358   168,329  301   136,371
 West Region  1,110   538,729  823   370,680
 Texas  1,036   373,135  1,170   403,101
 Central Region  1,036   373,135  1,170   403,101
 Florida  341   143,597  286   118,381
 Georgia  94   31,457  65   21,322
 North Carolina  263   110,907  196   77,138
 South Carolina  106   34,257  90   31,915
 Tennessee  93   32,790  75   21,204
 East Region  897   353,008  712   269,960
 Total  3,043  $1,264,872  2,705  $1,043,741
            

Meritage Homes Corporation and Subsidiaries
Operating Data
(unaudited)

   
   Three Months Ended
   September 30, 2015  September 30, 2014
   Ending  Average  Ending  Average
Active Communities:            
 Arizona  41  42.0  42  42.0
 California  26  23.0  22  18.5
 Colorado  15  15.5  16  14.5
 West Region  82  80.5  80  75.0
 Texas  70  68.0  65  67.0
 Central Region  70  68.0  65  67.0
 Florida  31  30.5  26  22.0
 Georgia  17  16.5  11  5.5
 North Carolina  25  25.0  20  16.5
 South Carolina  17  18.5  19  9.5
 Tennessee  8  6.0  4  4.5
 East Region  98  96.5  80  58.0
 Total  250  245.0  225  200.0
         
             
   Nine Months Ended
   September 30, 2015  September 30, 2014
   Ending  Average  Ending  Average
Active Communities:            
 Arizona  41  41.0  42  41.0
 California  26  25.0  22  22.0
 Colorado  15  16.0  16  15.0
 West Region  82  82.0  80  78.0
 Texas  70  64.5  65  67.5
 Central Region  70  64.5  65  67.5
 Florida  31  30.0  26  23.0
 Georgia  17  15.0  11  5.5
 North Carolina  25  23.0  20  18.5
 South Carolina  17  18.5  19  9.5
 Tennessee  8  6.5  4  4.5
 East Region  98  93.0  80  61.0
 Total  250  239.5  225  206.5
          

About Meritage Homes Corporation

Meritage Homes is the seventh-largest public homebuilder in the United States, based on homes closed in 2014. Meritage builds and sells single-family homes for first-time, move-up, luxury and active adult buyers across the Western, Southern and Southeastern United States. Meritage builds in markets including Sacramento, San Francisco Bay area, southern coastal and Inland Empire markets in California; Houston, Dallas-Ft. Worth, Austin and San Antonio, Texas; Phoenix/Scottsdale, Green Valley and Tucson, Arizona; Denver and Fort Collins, Colorado; Orlando and Tampa, Florida; Raleigh and Charlotte, North Carolina; Greenville-Spartanburg and York County, South Carolina; Nashville, Tennessee and Atlanta, Georgia.

Meritage has designed and built more than 90,000 homes in its 30-year history, and has a reputation for its distinctive style, quality construction, and positive customer experience. Meritage is the industry leader in energy-efficient homebuilding and has received the U.S. Environmental Protection Agency's ENERGY STAR Partner of the Year for Sustained Excellence Award in 2013, 2014 and 2015, for innovation and industry leadership in energy efficient homebuilding.

For more information, visit investors.meritagehomes.com.

This press release and the accompanying comments during our analyst call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include management's expectations with respect to future revenue growth and earnings expansion, margin expansion in new markets, estimated home closing revenue and diluted EPS for the fourth quarter of 2015, expectations to continue to grow revenue and expand earnings over the next year, the benefits of expansion into new markets, and the approval of legislation to renew federal energy tax credits.

Such statements are based upon the current beliefs and expectations of Company management, and current market conditions, which are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, to update or revise any forward-looking statements to reflect future events or changes in these expectations. Meritage's business is subject to a number of risks and uncertainties. As a result of those risks and uncertainties, the Company's stock and note prices may fluctuate dramatically. These risks and uncertainties include, but are not limited to, the following: the availability of finished lots and undeveloped land; interest rates and changes in the availability and pricing of residential mortgages; fluctuations in the availability and cost of labor; changes in tax laws that adversely impact us or our homebuyers; the ability of our potential buyers to sell their existing homes; cancellation rates; fluctuations in home prices in our markets; weakness in the homebuilding market resulting from a setback in the current economic recovery due to lower energy prices or other factors; inflation in the cost of materials used to develop communities and construct homes; the adverse effect of slower order absorption rates; a change to the feasibility of projects under option or contract that could result in the write-down or write-off of option deposits; our ability to successfully integrate acquired companies and achieve anticipated benefits from these acquisitions; our potential exposure to natural disasters or severe weather conditions; competition; construction defect and home warranty claims; adverse legal rulings; our success in prevailing on contested tax positions; our ability to obtain performance bonds in connection with our development work; the loss of key personnel; changes in, or our failure to comply with, laws and regulations; limitations of our geographic diversification; fluctuations in quarterly operating results; our financial leverage and level of indebtedness; our ability to take certain actions because of restrictions contained in the indentures for our senior notes; our ability to raise additional capital when and if needed; our credit ratings; our compliance with government regulations and the effect of legislative or other initiatives that seek to restrain growth of new housing construction or similar measures; expiration or non-renewal of current or anticipated tax credits available to us; acts of war; the replication of our "Green" technologies by our competitors; our exposure to information technology failures and security breaches; and other factors identified in documents filed by the company with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2014 and subsequent quarterly reports on Forms 10-Q under the caption "Risk Factors," which can be found on our website.

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Contacts:
Brent Anderson
VP Investor Relations
(972) 580-6360 (office)
Brent.Anderson@meritagehomes.com


Source: Marketwired (Canada) (October 29, 2015 - 8:01 AM EDT)

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