Revenue during the quarter grew 25.35 percent to $155.55 million from $124.09 million in the previous year period.

Cost of revenue rose 26.16 percent or $26.58 million during the quarter to $128.18 million. Gross margin for the quarter contracted 53 basis points over the previous year period to 17.60 percent.

Total expenses were $150.55 million for the quarter, up 23.42 percent or $28.56 million from year-ago period. Operating margin for the quarter expanded 152 basis points over the previous year period to 3.21 percent.

Operating income for the quarter was $5 million, compared with $2.11 million in the previous year period.

Revenue from real estate activities during the quarter increased 25.35 percent or $31.46 million to $155.55 million.

“With a 25% increase in revenue over the prior year period and strong profit generated in the first quarter, AV Homes continues to effectively execute against our focused growth strategy in driving shareholder value,” said Roger A. Cregg, President and Chief Executive Officer. “Having successfully completed the acquisition of Savvy Homes on April 3, we have further enhanced our position in one of the most attractive U.S. growth markets.” Mr. Cregg continued, “Our balance sheet strength and ample liquidity further enables us to be properly positioned to capitalize on profitable growth opportunities in 2017 and beyond.”

Real estate inventory stood at $6.24 million as on Mar. 31, 2017. Net receivables stood at $599.17 million as on Mar. 31, 2017. Accounts payable stood at $39.03 million as on Mar. 31, 2017.

Total assets stood at $837.87million as on Mar. 31, 2017. On the other hand, total liabilities were at $384.02 million as on Mar. 31, 2017.

Return on assets was at 0.39 percent in the quarter. At the same time, return on equity was at 0.54 percent in the quarter.

Total debt was at $276.06 million as on Mar. 31, 2017. Shareholders equity was at $453.86 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 0.61 percent in the quarter.