Question-and-Answer Session
Operator
We will now begin the formal question-and-answer session. If you would like to ask your question at this time, please press *1 on your touchtone phone, you will be announced prior to asking your question. If you would like to withdraw a question, please press *2. Once again to ask your question, please press *1. One moment for the first question. Our first question is coming from Stephen East of Pali Research. Your line is open.
Stephen East Pali Research
Good morning, guys. First on the JVs. I guess if you could sort of give an update more broadly speaking where the charges were occurring, your JV loss before charges jumped up year over year and just wondering what was going on there. And then, any land source update you have with the JVs?
Bruce E. Gross
Okay let me answer, relative to the JV charges we had $57 million of charges during the quarter. And to your question Stephen we had $59 or $60 million in total of losses from the JVs. Was your question wondering geographically where those charges were?
Stephen East Pali Research
I was wondering if there are any JVs that accounted for a big chunk of the charges and then also the $10 million in loss for the charges, what was driving that.
Bruce E. Gross
There were a few JVs that had larger charges; a couple of them based in the West Coast generated the bulk of the loss and then one that was diversified over different geographies. And then the $10 million loss before the impairments, there was not one item in particular that stood out. It was just a combination of losses in different joint ventures.
Stephen East Pali Research
Okay. And then you did a great job on the orders and you all had said you were going to clear out specs and you did. As we look forward on the orders, does this give you a big hangover so to speak and do you think you can continue to put a similar type of order stream in place?
Stuart A. Miller
Well Stephen, unfortunately the answer to that is just as you asked looking forward and I think that the question looking forward is really market dependent but I think the import of your question is do we feel that weve stressed ourselves in the prior quarter by kind of stealing for the future and I dont think we have done that at all.
Stephen East Pali Research
Okay, great. And then just the last thing, on your corporate SG&A you had a run rate that you saw in 2004, how much of that is related to consolidate synchronization that you talked about versus just really needing to get that cost structure down further.
Bruce E. Gross
Just to clarify Steve, you said corporate SG&A?
Stephen East Pali Research |
