LGI Homes, Inc. Reports March and First Quarter 2020 Home Closings and 2020 First Quarter Earnings Conference Call

THE WOODLANDS, Texas, April 03, 2020 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (Nasdaq:LGIH) today announced 795 homes closed in March 2020, up from 566 home closings in March 2019, representing year-over-year growth of 40.5%. In addition, the Company announced record-breaking quarterly home closings of 1,835 during the first quarter of 2020 compared to 1,228 home closings in the first quarter of 2019, a 49.4% increase year-over-year. The Company reported 199 wholesale closings in the first quarter of 2020, representing 10.8% of the home closing results for the quarter.

As of the end of March 2020, the Company had 113 active selling communities.

“At LGI Homes, we are driven by our commitment to our customers and our desire to make dreams of homeownership come true. We are pleased that our business of fulfilling those dreams and providing shelter has been appropriately recognized as an essential business by the vast majority of the states and municipalities in which we operate,” said Eric Lipar, the Company’s Chief Executive Officer. “With the health and welfare of our employees, customers, trade partners and their families as our highest priority, we are proud to announce outstanding home closing results for the month of March and a record-breaking first quarter.”

“As we continue to navigate these times and the rapidly evolving impact of COVID-19, we are taking action to adjust our day-to-day operations to safeguard the health and safety of everyone. Our information centers remain open and in compliance with federal, state and local regulations. As we continue to close homes, we remain focused on providing exceptional customer service and managing our cash and balance sheet effectively.”

Lipar concluded, “At LGI Homes, our team and our business are built to withstand changing market conditions and challenging environments. We are closely monitoring the situation and expect to address the impact of COVID-19 and our 2020 guidance on our May 5, 2020 conference call discussing our financial results for the first quarter.”

The Company expects to release financial results for the first quarter ended March 31, 2020 before the market opens on Tuesday, May 5, 2020. The Company expects to hold a conference call for investors and other interested parties on Tuesday, May 5, 2020 at 12:30 p.m. Eastern Time.

A link to the live audio webcast will be provided through the Investors section of the Company's website at www.LGIHomes.com under Events and Presentations. The call can also be accessed by dialing [phone] for domestic participants or [phone] for international participants. Participants should ask for the LGI Homes 2020 First Quarter Earnings Conference Call or reference Conference ID 8699695. Those dialing in should do so at least ten minutes prior to the start of the call.