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Meritage Homes Corporation Message Board

  • xxxstakeholder xxxstakeholder Jan 31, 2012 1:05 PM Flag

    Management is a joke

    Earnings or lack thereof, are pathetic.

    Management continues to reward themselves with short and long term incentives for poor performance, at the expense of shareholders.

    Impairment losses related to exiting Las Vegas - how much of the impairment really relates to the lawsuit they lost on one project where they previously said they had fully reserved for the project?

    Robust market research was suppose to significantly increase gross margin as they identified projects above their hurdle rate and cycled out of old projects and into new projects. Hasn't happened. In addition, shouldn’t this robust market research have indicated Vegas wasn’t where they should be investing and the impairment taken earlier?

    Inventory levels are increasing yet they previously indicated they are substantially reducing the time from sale to close. In addition, 3rd lowest lot supply inventory now – what happens when the cycle turns and they have to compete for land at higher prices – gross margin decreases and cash gets consumed.

    G& A expense as percentage of revenues grew to 7.5% in 2011 from 6.4% in 2010. Where is the cost savings they claim to have captured as they management overhead cost to the level of revenues? In managements own pockets?

    Texas, their bread and butter, down over 10% yoy in orders. Active communities down 19%. Instead they continue to chase communities and sales in more price sensitive bubble markets, Arizona, California and Florida where competition is fierce from foreclosures and pricing.

    BOD are puppets for management and believe any story management tells them similar to the current flavor of the month. The continued excuse is comparisons are tough due to expiration of the home buyer’s credit in early 2010. What is the excuse for the 2nd half of 2011.

    Way to go management, be sure to reward yourselves further at the expense of shareholders. If that is what leadership is, shareholders are in trouble.

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