On November 6, 2009, President Obama signed into law The Worker,
Homeownership, and Business Assistance Act of 2009. The Act permits the
Company to carryback its anticipated 2009 net operating loss to
previously profitable years that were not available to the Company for
carryback prior to its enactment. In light of the new tax legislation,
the Company plans to book a tax benefit in the fourth quarter for the
full year 2009 and anticipates receiving a federal income tax cash
refund of approximately $80.0 million to $120.0 million during the first
quarter of 2010.
Headquartered in Southern California, Ryland is one of the nation’s
largest homebuilders and a leading mortgage-finance company. Since its
founding in 1967, Ryland has built more than 285,000 homes and financed
more than 240,000 mortgages. The Company currently operates in 15 states
and 19 homebuilding divisions across the country and is listed on the
New York Stock Exchange under the symbol "RYL.” For more information,
please visit www.ryland.com.
Note: Certain statements in this press release may be regarded as
"forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, and may qualify for the safe
harbor provided for in Section 21E of the Securities Exchange Act of
1934, as amended. These forward-looking statements represent the
Company’s expectations and beliefs concerning future events, and no
assurance can be given that the future results described in this press
release will be achieved. These forward-looking statements can generally
be identified by the use of statements that include words such as
"anticipate,” "believe,” "could,” "estimate,” "expect,” "foresee,”
"goal,” "intend,” "likely,” "may,” "plan,” "project,” "should,”
"target,” "will” or other similar words or phrases. All forward-looking
statements contained herein are based upon information available to the
Company on the date of this press release. Except as may be required
under applicable law, the Company does not undertake any obligation to
update or revise any forward-looking statements, whether as a result of
new information, future events, or otherwise.
These forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of the Company’s control, that
could cause actual results to differ materially from the results
discussed in the forward-looking statements. The factors and assumptions
upon which any forward-looking statements herein are based are subject
to risks and uncertainties which include, among others:
-
economic changes nationally or in the Company’s local markets,
including volatility and increases in interest rates, the impact of
government stimulus plans, inflation, changes in consumer demand and
confidence levels and the state of the market for homes in general;
-
instability and uncertainty in the mortgage lending market, including
revisions to underwriting standards for borrowers;
-
the availability and cost of land and the future value of land held or
under development;
-
increased land development costs on projects under development;
-
shortages of skilled labor or raw materials used in the production of
houses;
-
increased prices for labor, land and raw materials used in the
production of houses;
-
increased competition;
-
failure to anticipate or react to changing consumer preferences in
home design;
-
increased costs and delays in land development or home construction
resulting from adverse weather conditions;
-
potential delays or increased costs in obtaining necessary permits as
a result of changes to laws, regulations, or governmental policies
(including those that affect zoning, density, building standards and
the environment);
-
delays in obtaining approvals from applicable regulatory agencies and
others in connection with the Company’s communities and land
activities;
-
changes in the Company’s effective tax rate and assumptions and
valuations related to its tax accounts;
-
the risk factors set forth in the Company’s most recent Annual Report
on Form 10-K; and
-
other factors over which the Company has little or no control.
