First Quarter 2024 Highlights

DALLAS, May 01, 2024 (GLOBE NEWSWIRE) — Landsea Homes Corporation (Nasdaq:LSEA) (“Landsea Homes” or the “Company”), a publicly traded homebuilder, reported financial results for the first quarter ended March 31, 2024. For the quarter, the Company reported pretax income of $0.7 million, and net income of $0.2 million, or $0.01 per share. Excluding one-time transaction costs of $1.7 million, net income was $1.9 million or $0.05 per share. Reported pretax income for the prior year period was $5.7 million with net income of $3.2 million, or $0.08 per share. Adjusted net income (a non-GAAP measure) was $2.0 million or $0.06 per share and adjusted gross margin of 19.4%. For the prior year period, adjusted net income was $7.1 million, or $0.18 per share and adjusted gross margin of 21.9%.

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