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NEW YORK--(BUSINESS WIRE)--The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who purchased UCP, Inc. (NYSE: UCP) stock prior to April 11, 2017. You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of UCP, Inc. to Century Communities, Inc. Under the terms of transaction, UCP shareholders will receive $5.32 in cash and 0.2309 of a share in the newly combined company for each share they own; this represents a value of approximately $11.35 per share. To learn more about the action and your rights, go to: or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you. Levi & Korsinsky is a national firm with offices in New York, Connecticut, California, and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities lawsuits and have recovered hundreds of millions of dollars for aggrieved shareholders. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.


News Article | April 28, 2017
Site: www.businesswire.com

SAN JOSE, Calif.--(BUSINESS WIRE)--UCP, Inc. (NYSE:UCP) today announced that it will release its financial results for the first quarter ending March 31, 2017 after the market closes on Thursday, May 4, 2017. UCP is a homebuilder and land developer with expertise in residential land acquisition, entitlement, and development, as well as home design, construction and sales. UCP operates in the States of California, Washington, North Carolina, South Carolina and Tennessee. UCP designs and builds single-family homes for a variety of lifestyles and budgets through its wholly-owned subsidiary, Benchmark Communities, LLC.


News Article | April 21, 2017
Site: www.accesswire.com

BALA CYNWYD, PA / ACCESSWIRE / April 21, 2017 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of UCP, Inc. ("UCP" or "the Company") (NYSE- UCP-News) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Century Communities, Inc. ("Century"). Click here to learn more http://www.brodskysmith.com/cases/upc-inc-nyse-upc/, or call: 877-534-2590. There is no cost or obligation to you. Under the terms of the transaction, UCP shareholders will receive only 0.2309 of a share in the newly combined company and $5.32 in cash for each share of UCP stock they own. The transaction values UCP at approximately $11.35 per share. The investigation concerns whether the Board of UCP breached their fiduciary duties to shareholders and whether Century is underpaying for the Company. The transaction may undervalue the Company and would result in a loss for many UCP shareholders. For example, shares of UCP stock traded at $12.60 per share on January 10, 2017 and the price being paid by Century is below an analyst price target of $14.00 per share. If you own shares of UCP stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by visiting http://www.brodskysmith.com/cases/upc-inc-nyse-upc/, or calling toll free 877-LEGAL-90. Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.


News Article | April 21, 2017
Site: marketersmedia.com

BALA CYNWYD, PA / ACCESSWIRE / April 21, 2017 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of UCP, Inc. ("UCP" or "the Company") (NYSE- UCP-News) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Century Communities, Inc. ("Century"). Click here to learn more http://www.brodskysmith.com/cases/upc-inc-nyse-upc/, or call: 877-534-2590. There is no cost or obligation to you. Under the terms of the transaction, UCP shareholders will receive only 0.2309 of a share in the newly combined company and $5.32 in cash for each share of UCP stock they own. The transaction values UCP at approximately $11.35 per share. The investigation concerns whether the Board of UCP breached their fiduciary duties to shareholders and whether Century is underpaying for the Company. The transaction may undervalue the Company and would result in a loss for many UCP shareholders. For example, shares of UCP stock traded at $12.60 per share on January 10, 2017 and the price being paid by Century is below an analyst price target of $14.00 per share. If you own shares of UCP stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by visiting http://www.brodskysmith.com/cases/upc-inc-nyse-upc/, or calling toll free 877-LEGAL-90. Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome. BALA CYNWYD, PA / ACCESSWIRE / April 21, 2017 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of UCP, Inc. ("UCP" or "the Company") (NYSE- UCP-News) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Century Communities, Inc. ("Century"). Click here to learn more http://www.brodskysmith.com/cases/upc-inc-nyse-upc/, or call: 877-534-2590. There is no cost or obligation to you. Under the terms of the transaction, UCP shareholders will receive only 0.2309 of a share in the newly combined company and $5.32 in cash for each share of UCP stock they own. The transaction values UCP at approximately $11.35 per share. The investigation concerns whether the Board of UCP breached their fiduciary duties to shareholders and whether Century is underpaying for the Company. The transaction may undervalue the Company and would result in a loss for many UCP shareholders. For example, shares of UCP stock traded at $12.60 per share on January 10, 2017 and the price being paid by Century is below an analyst price target of $14.00 per share. If you own shares of UCP stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by visiting http://www.brodskysmith.com/cases/upc-inc-nyse-upc/, or calling toll free 877-LEGAL-90. Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.


Lifshitz & Miller announces investigation into possible breaches of fiduciary duties by the board in connection with the proposed sale of AIQ to Tahoe Investment Group Co., Ltd. for $13.25 in cash per share. For more information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@jlclasslaw.com. Lifshitz & Miller announces investigation into possible breaches of fiduciary duties by the board in connection with the proposed sale of ALJ to Delek US Holdings, Inc. for 0.5040 of a share of Delek for each ALJ share owned. For more information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@jlclasslaw.com. Lifshitz & Miller announces investigation into possible breaches of fiduciary duties by the board in connection with the proposed sale of EXAR to MaxLinear, Inc. for $13.00 in cash per share. For more information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@jlclasslaw.com. Lifshitz & Miller announces investigation into possible breaches of fiduciary duties by the board in connection with the proposed sale of FCH to RLJ Lodging Trust, in which FCH shareholders will receive 0.362 of a share of RLJ for each FCH share they own, a value of approximately $7.62 per share. For more information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@jlclasslaw.com. Lifshitz & Miller announces investigation into possible breaches of fiduciary duties by the board in connection with the proposed sale of SNOW to a newly-formed entity controlled by affiliates of Aspen Skiing Company, L.L.C. and KSL Capital Partners, LLC, in which SNOW shareholders will receive $23.75 in cash per share. For more information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@jlclasslaw.com. Lifshitz & Miller announces investigation into possible breaches of fiduciary duties by the board in connection with the proposed sale of UCP to Century Communities, Inc. for a combination of 0.2309 of a share of Century and $5.32 in cash for each share of UCP owned. For more information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@jlclasslaw.com. Lifshitz & Miller announces investigation into possible breaches of fiduciary duties by the board in connection with the proposed sale of UTEK to Veeco Instruments Inc. for a combination of 0.2675 of a share of Veeco and $21.75 in cash for each share of UTEK owned. For more information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@jlclasslaw.com. ATTORNEY ADVERTISING. © 2017 Lifshitz & Miller LLP.  The law firm responsible for this advertisement is Lifshitz & Miller LLP, 821 Franklin Avenue, Suite 209, Garden City, New York 11530, Tel: (516)493-9780.  Prior results do not guarantee or predict a similar outcome with respect to any future matter. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lifshitz--miller-llp-announces-investigation-of-alliance-healthcare-services-inc-alon-usa-energy-inc-exar-corporation-felcor-lodging-trust-incorporated-intrawest-resorts-holdings-inc-ucp-inc-and-ultratech-inc-300448284.html


News Article | August 1, 2017
Site: www.businesswire.com

SAN JOSE, Calif.--(BUSINESS WIRE)--UCP, Inc., (NYSE:UCP) (“UCP”) today announced that its stockholders have voted to approve the previously announced merger with Century Communities, Inc. (NYSE: “CCS”) (“Century”). At the special meeting to consider the merger, approximately 14,942,673 million votes were cast in favor of the merger, representing over 94% of the votes cast and over 81% of the outstanding voting power of UCP as of the June 9, 2017 record date. The final vote results will be filed on a Form 8-K with the Securities and Exchange Commission. “We appreciate the strong support of our stockholders, who recognize the significant value the pending business combination with Century will create for them and our Company,” said Dustin Bogue, President and Chief Executive Officer of UCP, Inc. “The merger will bring together two nationally established, award-winning homebuilders that will benefit from a leading presence in core growth markets with a high number of strategically located lots.” Upon completion of the merger, each share of UCP common stock outstanding immediately prior to the closing will be converted into the right to receive $5.32 in cash and 0.2309 of a newly issued share of Century common stock. UCP and Century expect to close the transaction before the opening of the NYSE on Friday, August 4, 2017, subject to the satisfaction of customary closing conditions. UCP is a homebuilder and land developer with expertise in residential land acquisition, development and entitlement, as well as home design, construction and sales. UCP operates in the States of California, Washington, North Carolina, South Carolina and Tennessee. UCP designs and builds single-family homes for a variety of lifestyles and budgets through its wholly-owned subsidiary, Benchmark Communities, LLC. Statements in this news release that are not historical in nature constitute forward looking statements. These forward-looking statements relate to information or assumptions about the timing of completion of the proposed acquisition, the expected benefits of the proposed acquisition, management's plans, projections and objectives for future operations, scale and performance, integration plans and expected synergies therefrom, and anticipated future financial and operating performance results, including operating margin or gross margin capital and other expenditures, cash flow, dividends, restructuring and other project costs, and cost savings, and debt ratings. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believe," "estimate" and similar expressions. Such expectations are based upon certain preliminary information, internal estimates, and management assumptions, expectations, and plans, and are subject to a number of risks and uncertainties inherent in projecting future conditions, events, and results. Actual results could differ materially from those expressed or implied in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the risk that the necessary stockholder approvals may not be obtained; the risk that the necessary regulatory approvals may not be obtained or may be obtained subject to conditions that are not anticipated; the risk that the proposed acquisition will not be consummated in a timely manner; risks that any of the closing conditions to the proposed acquisition may not be satisfied or may not be satisfied in a timely manner; risks related to disruption of management time from ongoing business operations due to the proposed acquisition; the risk that Century is unable to retain its investment grade rating; failure to realize the benefits expected from the proposed acquisition; the risk that the cost savings and any other synergies from the acquisition may not be fully realized or may take longer to realize than expected; the future cash requirements of the combined company; general worldwide economic uncertainties; failure to promptly and effectively integrate the acquisition; and the effect of the announcement of the proposed acquisition on the ability of Century and UCP to retain customers and retain and hire key personnel, maintain relationships with suppliers, on their operating results and businesses generally and those factors listed in Century’s most recently filed Annual Report on Form 10-K for the year ended December 31, 2016 and UCP’s most recent Annual Report on Form 10-K for the year ended December 31, 2016, in each case, filed with the Securities and Exchange Commission (“SEC”). Changes in such assumptions or factors could produce significantly different results. There can be no assurance that the merger or any other transaction described above will in fact be consummated in the manner described, or at all. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this document. Unless legally required, neither Century nor UCP assumes any obligation, and expressly disclaims any such obligation, to update any forward-looking statement as a result of new information or future events or developments. The information in this communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the merger or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act and otherwise in accordance with applicable law. Important Additional Information and Where to Find it In connection with the offering and sale of shares of Century common stock in the merger, Century has filed with the SEC a Registration Statement on Form S-4 (including Amendments No. 1, 2 and 3 thereto, the “Registration Statement”). The Registration Statement was declared effective by the SEC on June 29, 2017. UCP has also filed with the SEC and mailed to its stockholders on July 3, 2017 a definitive proxy statement (the “Proxy Statement”) regarding the merger and related matters. This communication is not a substitute for any proxy statement, registration statement or other documents Century and/or UCP may file with the SEC in connection with the proposed transaction. WE URGE INVESTORS AND STOCKHOLDERS TO CAREFULLY READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC AND ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CENTURY, UCP AND THE PROPOSED MERGER. Investors and stockholders will be able to obtain copies of the Registration Statement, Proxy Statement and other documents (when they become available) filed with the SEC by Century and UCP free of charge at the SEC’s website, www.sec.gov. In addition, copies will be available free of charge by accessing Century’s website at www.centurycommunities.com by clicking on the “Investors” link, then clicking on “Financial Information” and then clicking on the “SEC Filings” link or by accessing the Investor Relations section of UCP’s website at www.unioncommunityllc.com.


News Article | May 26, 2017
Site: www.marketwired.com

We hereby file the UCP Quarterly Report for Q1 2017. The complete report can be viewed here. In addition to the report, we want to highlight the following in the UCP group development; Net revenues are 8% higher in the first three months compared with the same period in 2016. This is a consequence of new clients won in year 2016 and increased sales of services to current clients. Compared with last year the clients' media investments, including minority interest companies, have decreased with 10%. Our share of the aggregated media spend for all companies in the group decreased by 12% ($3.1 MUSD) in the first three months of the year. The decreased media investments is primarily due to a change in the seasonality of the spending pattern of clients this year compared to last year, with higher investments planned for later in the year. The increased digital media investments is also a factor that contributes to some extent to the lower media investments as the investments are normally lower for the same results. Overall, for year 2017 we expect the media investments to increase compared to last year. Gross profit for the group has increased 6% compared to the first three months 2017. The attained Gross profit margin is 7.9% compared to 8.0% this year. The operations generated a profit of $97,000 the first quarter compared to a profit of $136,000 the same period last year. The selling, general and administrative expenses of the operations have increased 11.6% so far this year. Costs for retaining qualified staff, costs for recruiting staff with specialist skills within digital disciplines, investments in training, systems and tools are main contributing factors to the increased costs. We do aim to keep our organisation both lean and effective, with a firm focus on creating better results both for us and for our clients. We also need to secure the best people to service our current clients, win new clients in a competitive market and create further growth. Profit before taxes and minority interests generated the first three months is $293,000 compared to a profit of $142,000 in 2016. The profit available to shareholders for the three months ended March 31, 2017 is $271,000. The year has started reasonably well, but we are not content. We aim for further growth and will continue to strive for both growth and increased profitability for the group. New York, USA, 15th of May 2017 For the full report go to www.ucpworld.com


News Article | May 15, 2017
Site: www.prweb.com

FrozenYogurtParts.com will share fifty percent of its profits with United Cerebral Palsy (UCP) for FrozenYogurtParts.com Gives Back, a community giving event taking place May 19 and 20. In addition to raising money for UCP, FrozenYogurtParts.com will also be raising awareness among its customers of the wonderful work that UCP does throughout the United States. “It’s important for us to give back to our community, and we know that the money we raise for UCP will go towards the amazing work they do for so many people,” said Dan Doromal, Customer Service Manager of FrozenYogurtParts.com. UCP educates, advocates and provides support services to ensure a life without limits for people with a range of disabilities and their families. There is no cure for cerebral palsy, and there is no single therapy that works for every child who has cerebral palsy. However, by working with a team of healthcare professionals, a child’s specific needs can be identified and an appropriate treatment plan can be developed. Many children with cerebral palsy go on to enjoy near normal adult lives if their disabilities are properly managed. Giving back is a common theme among the frozen dessert restaurants that depend on FrozenYogurtParts.com for high quality and low priced parts and supplies. As part of that community, FrozenYogurtParts.com is also committed to giving back. Since FrozenYogurtParts.com serves businesses throughout the United States, it only seemed appropriate to give back to an organization with affiliates throughout the United States, providing services and support to communities in every state. FrozenYogurtParts.com provides frozen dessert businesses with a more efficient way to get the parts they need for their soft serve machines. FrozenYogurtParts.com manufactures high quality, aftermarket, Original Equipment Manufacturer (OEM) replacement parts for the soft serve machine industry.. Rather than having to call a OEM distributor's parts department , our customers simply order their parts online quickly and efficiently, 24 hours a day, seven days a week. UCP and its nearly 70 affiliates have a mission to advance the independence, productivity and full citizenship of people with a broad range of disabilities by providing services and support to more than 176,000 children and adults every day—one person at a time, one family at a time. UCP works to enact real change—to revolutionize care, raise standards of living and create opportunities—impacting the lives of millions living with disabilities. For more than 60 years, UCP has worked to ensure the inclusion of individuals with disabilities in every facet of society. Together, with parents and caregivers, UCP will continue to push for the social, legal and technological changes that increase accessibility and independence, allowing people with disabilities to dream their own dreams, for the next 60 years, and beyond.


News Article | May 9, 2017
Site: www.marketwired.com

NEW YORK NY--(Marketwired - May 8, 2017) - United Communications Partners ( : UCPA). The Financial Statements were posted through the OTC Disclosure & News Services the 14th of April 2017. The Statements show that UCP Inc. achieved a profit of $466,000 in 2016. This result is a significant improvement compared to earlier years. New client wins and increased sales of services to current clients explains the growth of Net revenues with 29% compared to last year. Gross profit rose a healthy 19%. Net operating profit generated was up as well at $175,000, compared to a loss of $117,000 in 2015. The board concludes the operating strategy chosen in 2015 has been successful. Investments in key staff, systems, training and development have provided UCP with optimum financial results. For more information and for the full report, see UCPs website: www.ucpworld.com.


News Article | February 27, 2017
Site: www.businesswire.com

SAN JOSE, Calif.--(BUSINESS WIRE)--UCP, Inc. (NYSE:UCP) today announced its results of operations for the three months and full year ended December 31, 2016. Dustin Bogue, President and Chief Executive Officer of UCP, stated, “We are pleased to achieve record earnings for the full year 2016 as a result of sustained revenue momentum, operating discipline and a transformative approach to generating stronger profitability. During the year, our efforts to design innovative homes and uphold best in class construction standards allowed us grow homebuilding revenues and improve homebuilding gross margin, despite inflationary increases in material and labor costs. In the fourth quarter, the West division continued to be the main driver of growth, with home deliveries growing 22.8% and net new home orders growing 31.7%, on the strength of demand from our first-time and move down home buyer. In the Southeast, fourth quarter net new home orders grew for the second consecutive quarter. Overall, our West and Southeast markets continue to demonstrate healthy housing fundamentals with year-end backlog up 45.4% to 362 units. As we look to 2017 and beyond, we are committed to growing earnings through a sustainable pipeline of well-located communities to drive high-quality orders at attractive margins. We plan to accomplish this while improving balance sheet metrics, extending our debt maturities and maintaining an effective land strategy to improve returns on equity.” Net income increased to $9.3 million for the quarter, compared to $7.6 million for the prior year period. Net income attributable to Class A common stockholders was $7.2 million, or $0.89 per share, compared to $3.2 million, or $0.40 per share, for the prior year period. Net income and net income attributable to Class A common stockholders of UCP for the fourth quarter 2016 included a $5.6 million tax benefit the majority of which was in connection with the removal of UCP’s valuation allowance of $5.5 million on its deferred tax asset as of December 31, 2016. Homebuilding revenue increased 17.5% to $104.4 million, compared to $88.9 million for the prior year period. The improvement was driven by a 15.2% increase in homes delivered to 257, compared to 223 during the prior year period, led by increased deliveries of 22.8% in the West. The average selling price of a home increased 1.8% to $406,000 per home, compared to the prior year period. Homebuilding gross margin percentage was 18.6%, compared to 18.0% for the prior year period. Adjusted homebuilding gross margin percentage was 20.9%, compared to 21.1% for the prior year period, due primarily to inflationary increases in material and labor costs. Consolidated gross margin percentage was 18.5%, compared to 19.6% for the prior year period, primarily as a result of lower revenue from a significant land sale in the fourth quarter of 2015. Sales and marketing expense was $5.7 million, or flat compared to the prior year period. As a percentage of total revenue, sales and marketing expense increased slightly to 5.4%, compared to 5.3% for the prior year period, due to a reduction in land development revenue. Sales and marketing expense as a percentage of homebuilding revenue improved by 100 basis points year-over-year. General and administrative expense was $10.1 million, compared to $7.6 million for the prior year period. General and administrative expense in the fourth quarter 2016 included approximately $1.3 million of one-time expenses associated with professional fees in connection with capital market activities, which was partly offset by tightly managing other G&A expenses. As a percentage of total revenue, general and administrative expense was 9.6% compared to 7.1% for the prior year period, primarily attributable to the one-time costs in the fourth quarter of 2016 and a reduction in land development revenue. Net new home orders increased 26.1% to 232, compared to 184 for the prior year period, led by a 31.7% increase in net new home orders in the West. The average number of selling communities remained consistent with the prior year period at 28. Unit backlog at the end of the quarter was up 45.4% to 362, compared to 249 at the end of the prior year period. Unit backlog in the Southeast improved 64.1% to 105 homes. Backlog on a dollar basis increased 37.6% to $149.6 million, compared to $108.8 million at the end of the prior year period. Total lots owned and controlled were 6,638 at December 31, 2016, compared to 5,878 at December 31, 2015. UCP reduced its number of owned lots by 720 lots to 4,031 and increased its number of controlled lots by 1,480 lots to 2,607, as UCP continues to prudently manage its inventory and strive to expand its return on equity and assets. Net income increased to $14.4 million for 2016, compared to $5.8 million for 2015. Net income attributable to Class A common stockholders was $9.2 million, or $1.15 per share, compared to $2.4 million, or $0.30 per share, for the prior year. Total consolidated revenue increased 25.3% to $349.4 million, compared to $278.8 million for the prior year. Homebuilding revenue increased 36.2% to $343.9 million, compared to $252.6 million for the prior year. The improvement was the result of a 17.0% increase in the number of homes delivered to 820 during 2016, compared to 701 during 2015, and a 16.4% increase in the average selling price per home. Land development revenue was $5.4 million, compared to $21.1 million for the prior year. Opportunities to sell land at attractive margins did not exist during 2016 to the extent they did in 2015 and the economics did not justify foregoing margins available from building homes through ongoing operations. Homebuilding gross margin percentage was 18.3%, compared to 17.8% for the prior year. Adjusted Homebuilding gross margin was 20.7%, compared to 20.3% for the prior year. Consolidated gross margin percentage was 17.6%, compared to 18.5% for the prior year. Selling, general and administrative expense was $48.4 million, compared to $45.8 million for the prior year. As a percentage of total revenue, selling, general and administrative expense was 13.9%, compared to 16.4% for the prior year. Net new home orders increased 8.5% to 933 from 860 for the prior year while the average number of selling communities remained consistent with the prior year at 28. In June 2016, UCP’s board of directors authorized a stock repurchase program, under which UCP may repurchase up to $5.0 million of its Class A common stock through June 1, 2018. As of December 31, 2016, UCP had repurchased 146,346 shares of Class A common stock for approximately $1.2 million under this stock repurchase program. UCP will host a conference call for investors and other interested parties on Monday, February 27, 2017 at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time). Interested parties can listen to the call live on the internet and locate accompanying presentation slides through the Investor Relations section of UCP’s website at www.unioncommunityllc.com. Listeners are advised to log on to the website at least 15 minutes prior to the call to download and / or install any necessary audio software. The conference call can also be accessed by dialing 1-877-407-3982 for domestic participants or 1-201-493-6780 for international participants. Participants should ask for the UCP Fourth Quarter 2016 Earnings Conference Call. Those dialing in should do so at least ten minutes prior to the start of the conference call. A replay of the conference call will be available through March 27, 2017 by dialing 1-844-512-2921 for domestic participants or 1-412-317-6671 for international participants and entering the pass code 13653240. An archive of the webcast will be available on UCP’s website for a limited time. UCP is a homebuilder and land developer with expertise in residential land acquisition, development and entitlement, as well as home design, construction and sales. UCP operates in the States of California, Washington, North Carolina, South Carolina and Tennessee. UCP designs, constructs and sells high quality single-family homes through its wholly-owned subsidiary, Benchmark Communities, LLC. This press release contains forward-looking statements. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to UCP's operations and business environment, all of which are difficult to predict and many of which are beyond UCP's control. Forward-looking statements include information concerning UCP's possible or assumed future results of operations, including descriptions of UCP's business strategy. These statements often include words such as "may," “might,” "will," "should," “expects,” “plans,” "anticipates," “believes,” “estimates,” “predicts,” “potential,” “project,” “goal” "intend," or “continue,” or similar expressions. These statements are based on assumptions that UCP has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Although UCP believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance they will prove to be correct. Therefore, you should be aware that many factors could affect UCP's actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. Any forward-looking statement made by UCP herein, or elsewhere, speaks only as of the date on which it was made. New risks and uncertainties come up from time to time, and it is impossible for UCP to predict these events or how they may affect it. UCP has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws. Homebuilding adjusted gross margin, land development adjusted gross margin and net debt to capital are non-GAAP financial measures. A reconciliation to the most comparable U.S. GAAP financial measures is presented in Appendix A hereto.

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