Homebuilder Meritage Narrows First Quarter Loss

Scottsdale, AZ, April 28, 2009--Meritage Homes first-quarter net loss narrowed as charges to write down the value of land declined.

The homebuilder reported a net loss of $18.4 million, or 60 cents per share, compared with a year-ago loss of $45.3 million million, or $1.72 per share.

The results included $10 million in real estate valuation charges, 83 percent lower than the $60 million taken in the year-ago quarter.

Home-closing revenue fell 38 percent to $231 million.

Meritage has capitalized on its outsized exposure to the relatively healthy Texas market to endure the U.S. housing market slump, now on the cusp of its third year.

The Scottsdale, Arizona-based builder also said it had begun to acquire deeply discounted land where it had seen an increase in entry-level homebuyer activity.