THE WOODLANDS, Texas, Sept. 06, 2017 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (Nasdaq:LGIH) today announced 596 homes closed in August 2017, up from 383 home closings in August 2016, representing year-over-year growth of 55.6%. The Company ended the first eight months of 2017 with 3,459 home closings, a 30.0% increase over 2,661 home closings during the first eight months of 2016.
As of the end of August 2017, the Company had 76 active selling communities.
In addition, LGI announced that damage to its communities from Hurricane Harvey has been minimal and, most importantly, all of its employees are safe.
LGI’s operations span across 14 locations throughout the Greater Houston Area comprised of over 500 homes completed or under construction. “Approximately twenty-five homes were impacted from weather related to Hurricane Harvey,” said Eric Lipar, the Company’s Chief Executive Officer and Chairman of the Board. “We expect damages related to these homes to total less than $100,000. All of the Company’s active selling communities are fully operational and we do not anticipate further interruptions in our business as a result of this storm.”
Lipar concluded, “Our thoughts go out to all those affected by Hurricane Harvey during this difficult time. We continue to keep the people of Houston and Southeast Texas in our thoughts and prayers and are committed to supporting relief efforts throughout our region in the aftermath of Hurricane Harvey.”
About LGI Homes, Inc.
Headquartered in The Woodlands, Texas, LGI Homes, Inc. engages in the design, construction and sale of homes in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington and Tennessee. The Company has a notable legacy of more than 14 years of homebuilding operations, over which time it has closed over 19,000 homes. For more information about the Company and its new home developments, please visit the Company's website at www.LGIHomes.com.
Forward-Looking Statements
Any statements made in this press release that are not statements of historical fact, including statements about the Company's beliefs and expectations relating to the impact of Hurricane Harvey, are forward-looking statements within the meaning of the federal securities laws, and should be evaluated as such. For more information concerning factors that could cause actual results to differ materially from those contained in the forward-looking statements please refer to the "Risk Factors" section, including, without limitation, the risk factor entitled "Cautionary Statement about Forward-Looking Statements" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed by the Company with the Securities and Exchange Commission ("SEC") on March 7, 2017 and similar sections in the Company's subsequent filings with the SEC. The Company bases these forward-looking statements on its current expectations, plans and assumptions that it has made in light of its experience in the industry and current conditions, as well as other factors it believes are appropriate under the circumstances and at such time. As you read and consider this press release, you should understand that these statements are not guarantees of future performance or results. The forward-looking statements are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements. Although the Company believes that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect the Company's actual results to differ materially from those expressed in the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. If the Company does update one or more forward-looking statements, there should be no inference that it will make additional updates with respect to those or other forward-looking statements.