M.D.C. Holdings Reports January and February Home Orders and Preliminary First Quarter 2005 Earnings Outlook

M.D.C. Holdings Reports January and February Home Orders and
Preliminary First Quarter 2005 Earnings Outlook 


DENVER, March 1  /PRNewswire-FirstCall/ -- M.D.C. Holdings, Inc.
(NYSE:MDC)(PCX:MDC) today announced that it received 2,736 home orders in
January and February 2005, compared with the 2,685 home orders received for the
same period in 2004.  This represents the best start for a first quarter in the
Company's history, despite the difficult comparison created by the 32%
year-over-year increase in home orders achieved in the 2004 first quarter, and
despite the wet weather conditions experienced in key western markets this
year.  Although MDC's current practice is to report home orders on a quarterly
basis, this information is being provided to comply with Regulation FD in
anticipation of communications with the investment community this week.
Detailed information on 2005 first quarter home orders will be provided in
April.

Home orders in Arizona particularly were strong due to consistently high demand
for new homes in this market.  The Company also received significantly more
home orders in January and February 2005 from its newest markets in Texas,
Utah, Florida, Philadelphia/Delaware Valley and Chicago than in the same period
in 2004.  Similar to the 2004 fourth quarter, these increases partially were
offset by lower home orders year-over-year in Nevada and California, compared
with the extraordinary levels experienced in these markets during the first two
months of 2004.

MDC also announced that earnings per share for the first quarter of 2005 should
exceed considerably the record $1.38 earnings per share posted in the first
quarter of 2004.  However, construction and development delays resulting from
adverse weather conditions have occurred in several of its markets, most
notably Southern California, Nevada and Arizona.  As a result, approximately
200 home closings originally scheduled for the first quarter of 2005 may be
delayed to later periods.  The Company believes that the impact of these
delayed home closings may cause earnings per share for the first quarter of
2005 to be slightly below the low end of analyst estimates for the quarter of
$1.80 per share, which represents a 30% increase from the same period in 2004.
MDC anticipates that the affected divisions can recover from these
weather-related challenges and recapture the delayed closings by the latter
half of 2005.  Therefore, although the total year results may be more back-end
loaded than previously anticipated, MDC's expectations for record full year
2005 revenues and earnings remain essentially unchanged.

MDC, whose subsidiaries build homes under the name "Richmond American Homes,"
is one of the largest homebuilders in the United States.  The Company also
provides mortgage financing, primarily for MDC's homebuyers, through its wholly
owned subsidiary HomeAmerican Mortgage Corporation.  MDC is a major regional
homebuilder with a significant presence in some of the country's best housing
markets.  The Company is the largest homebuilder in Colorado; among the top
five homebuilders in Northern Virginia, suburban Maryland, Phoenix, Tucson, Las
Vegas and Salt Lake City; and among the top ten homebuilders in Jacksonville,
Northern California and Southern California.  MDC also has established
operating divisions in Dallas/Fort Worth, Houston, West Florida,
Philadelphia/Delaware Valley and Chicago.  For more information about our
Company, please visit http://www.richmondamerican.com/.

Forward-Looking Statements

Certain statements in this release constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve known and unknown risks, uncertainties
and other factors that may cause the actual results, performance or
achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking
statements.  Such factors include, among other things, (1) general economic and
business conditions; (2) interest rate changes; (3) the relative stability of
debt and equity markets; (4) competition; (5) the availability and cost of land
and other raw materials used by the Company in its homebuilding operations; (6)
the availability and cost of performance bonds and insurance covering risks
associated with our business; (7) shortages and the cost of labor; (8) weather
related slowdowns; (9) slow growth initiatives; (10) building moratoria; (11)
governmental regulation, including the interpretation of tax, labor and
environmental laws; (12) changes in consumer confidence and preferences; (13)
required accounting changes; (14) terrorist acts and other acts of war; and
(15) other factors over which the Company has little or no control.  Additional
information about the risks and uncertainties applicable to the Company's
business is contained in the Company's Form 10-K for the year ended December
31, 2004, which was filed with the Securities and Exchange Commission.  All
forward-looking statements made in this press release are made as of the date
hereof, and the risk that actual results will differ materially from
expectations expressed in this press release will increase with the passage of
time.  The Company undertakes no duty to publicly update any forward-looking
statements, whether as a result of new information, future events or otherwise.
 However, any further disclosures made on related subjects in our subsequent
filings, releases or presentations should be consulted. 

DATASOURCE: M.D.C. Holdings, Inc.



CONTACT:  Paris G. Reece III, Chief Financial Officer, [phone],

, or Rachel Neumann, Communications Director, [phone],

, both of M.D.C. Holdings, Inc.



Web site:  http://www.richmondamerican.com/ 

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