PLANO, Texas, Nov 24, 2021 (GLOBE NEWSWIRE via COMTEX) --
PLANO, Texas, Nov. 24, 2021 (GLOBE NEWSWIRE) -- Green Brick Partners, Inc. (the "Company" or "Green Brick"), Fortune Magazine's top 20 fastest growing company of 2021 and its fastest growing public homebuilder, is pleased to announce that it has been named to Forbes' 2022 list of America's Best Small Companies for the second consecutive year.
To qualify for the list, companies must meet a rigorous set of qualifying factors and are then ranked by earnings growth, sales growth, return on equity, and total stock return for the last 12 months and over the last five years.
"We are incredibly proud to receive this recognition," said Jim Brickman, Chief Executive Officer and co-founder of Green Brick Partners. "Though our proven track record of strong returns, risk-adjusted growth, and position in some of the best markets in the country were integral in allowing us to receive this accolade, Green Brick Partners still has a long pathway towards future growth."
Over 1,000 companies with a market value between $300 million and $2 billion were evaluated for the recognition, with Green Brick Partners ultimately finishing in 41 [st] place.
"It is an honor to be recognized alongside some of the most influential small-cap companies in the country for our accomplishments," said Jed Dolson, Chief Operating Officer and Executive Vice President of Green Brick Partners. "Unprecedented demand for new homes over the past year combined with our industry-leading land and lot position has positioned us to achieve significant growth in 2022 and beyond. We are extremely grateful to our shareholders for their continued trust in our vision for growth, and of course for our dedicated team who has made this possible."
Most recently, the Company reported record-third quarter 2021 results including home closings revenue of $338.9 million, income before taxes of $65.2 million, and an increase in lots owned and controlled of 101.8% over the prior year.
About Green Brick Partners, Inc.Green Brick Partners, Inc. is a diversified homebuilding and land development company. Green Brick owns five subsidiary homebuilders in Dallas, Texas (CB JENI Homes, Normandy Homes, Southgate Homes, Trophy Signature Homes, and a 90% interest in Centre Living Homes), as well as a controlling interest in a homebuilder in Atlanta, Georgia (The Providence Group) and an 80% interest in a homebuilder in Port St. Lucie, Florida (GHO Homes). Green Brick also owns a noncontrolling interest in Challenger Homes in Colorado Springs, Colorado, and retains interests in related financial services platforms, including Green Brick Title, Green Brick Mortgage, and BHome Mortgage. The Company is engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing, and sales for its residential neighborhoods and master-planned communities. For more information about Green Brick Partners Inc.'s subsidiary homebuilders, please visit greenbrickpartners.com/homebuilders.
Forward Looking Statements:
This press release and our earnings call contain "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts and typically include the words "anticipate," "believe," "consider," "estimate," "expect," "feel," "intend," "plan," "predict," "seek," "strategy," "target," "will" or other words of similar meaning. Forward-looking statements in this press release include statements regarding (i) our belief regarding the strength of our value proposition for investors and (2) our belief that our land and lot position growth coupled with unprecedented demand for new homes over the past year has positioned us to achieve significant growth in 2022 and beyond. These forward-looking statements reflect our current views about future events and involve estimates and assumptions which may be affected by risks and uncertainties in our business, as well as other external factors, which could cause future results to materially differ from those expressed or implied in any forward-looking statement. These risks include, but are not limited to: (1) continuing impacts from the COVID-19 pandemic, (2) general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; (3) changes in macroeconomic conditions, including interest rates and unemployment rates, that could adversely impact demand for new homes or the ability of potential buyers to qualify; (4) shortages, delays or increased costs of raw materials, especially in light of COVID-19 and increased demand for materials, or increases in other operating costs, including costs related to labor, real estate taxes and insurance, which in each case exceed our ability to increase prices; (5) a shortage of labor, (6) an inability to acquire land in our markets at anticipated prices or difficulty in obtaining land-use entitlements; (7) our inability to successfully execute our strategies, including an inability to grow our operations or expand our Trophy brand; (8) a failure to recruit, retain or develop highly skilled and competent employees; (9) government regulation risks; (10) a lack of availability or volatility of mortgage financing or a rise in interest rates; (11) severe weather events or natural disasters; (12) difficulty in obtaining sufficient capital to fund our growth; (13) our ability to meet our debt service obligations; (14) a decline in the value of our inventories and resulting write-downs of the carrying value of our real estate assets; (15) changes in accounting standards that adversely affect our reported earnings or financial condition. For a more detailed discussion of these and other risks and uncertainties applicable to Green Brick please see our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.
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