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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):		April 19, 2006

NVR, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

Virginia	1-12378	54-1394360
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
11700 Plaza America Drive, Suite 500, Reston, Virginia		20190
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code:		703-956-4000

Not Applicable
______________________________________________
Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 2.02 Results of Operations and Financial Condition.

On April 19, 2006, NVR, Inc. issued a press release reporting its financial results for the first quarter ended March 31, 2006. A copy of this press release is furnished hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		NVR, Inc.
April 21, 2006		By:		/s/ Dennis M. Seremet
				Name: Dennis M. Seremet
				Title: Vice President and Chief Financial Officer

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Exhibit Index

Exhibit No.		Description
99.1		Press release dated April 19, 2006

NVR, INC. ANNOUNCES A 35% INCREASE IN EARNINGS PER SHARE

April 19, 2006, Reston, VA—NVR, Inc. (AMEX: NVR), one of the nation’s largest homebuilding and mortgage banking companies, announced that diluted earnings per share for its first quarter ended March 31, 2006 increased 35% and net income increased 12% when compared to the 2005 first quarter. Net income for the 2006 first quarter was $132,560,000, $19.48 per diluted share, compared to net income of $117,930,000, $14.38 per diluted share, for the same period of 2005. Consolidated revenues for the first three months of 2006 totaled $1,204,655,000, a 26% increase from $953,432,000 for the comparable 2005 quarter.

Homebuilding

New orders in the first quarter of 2006 increased 10% to 3,633 units, when compared to 3,312 units in the first quarter of 2005. New orders in the Washington D.C. market declined 12% in the first quarter when compared with the year earlier quarter as a result of a higher cancellation rate than the same period last year. The average sales price of total new orders in the first quarter of 2006 declined 3% from the first quarter of 2005. The decline is the result of a shift of new orders out of the Washington D.C. market into lower priced markets in the North and South regions. The cancellation rate in the first quarter of 2006 was 17% compared to 13% in the first quarter of 2005. Settlements increased in the first quarter of 2006 to 2,986 units, 14% more than the same period of 2005. Homebuilding revenues for the three months ended March 31, 2006 totaled $1,183,742,000, 26% higher than the year earlier period. Income before tax from the homebuilding segment totaled $205,546,000, an increase of 10% when compared to the first quarter of the previous year. Gross profit margins decreased to 27.3% in the 2006 first quarter compared to 27.7% for the same period in 2005. Selling, general and administrative costs as a percentage of revenue increased from 7.7% in the 2005 first quarter to 9.6% in the first quarter of 2006. The increase was primarily due to a pre-tax $12,240,000 charge for stock option expense related to the implementation of SFAS 123R, Share Based Payment. Increased personnel costs to position the Company for future growth and higher selling and marketing costs to support the Company’s community count growth also contributed to this increase. The Company’s backlog of homes sold but not settled at the end of the 2006 quarter increased on a unit basis by 10% to 8,957 units and 18% on a dollar basis to $3,901,354,000 when compared to the same period last year.

Mortgage Banking

Mortgage closed loan production of $736,782,000 for the three months ended March 31, 2006 was 20% higher than the same period last year. Operating income contributed by the mortgage banking operations during the first quarter of 2006 increased 47% to $12,481,000, when compared to $8,500,000 reported for the same period of 2005.

Outlook

The Company expects full year 2006 gross margins will continue to be negatively impacted by pricing pressure in many of its markets; however, the Company reiterated its full year 2006 guidance of approximately 15% growth in net income over 2005. Full year net income expectations include an after tax expense of approximately $36,000,000 for the implementation of SFAS 123R, Share Based Payment.

Some of the statements in this release made by the Company constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “may,” “will,” “should” or “anticipates” or the negative thereof or other variations thereof or comparable terminology, or by discussion of strategies, each of which involves risks and uncertainties. All statements other than those of historical facts included herein, including those regarding market trends, NVR’s financial position, business strategy, projected plans and objectives of management for future operations, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to, general economic and business conditions (on both a national and regional level), interest rate changes, access to suitable financing, competition, the availability and cost of land and other raw materials used by NVR in its homebuilding operations, shortages of labor, weather related slow downs, building moratoria, governmental regulation, the ability of NVR to integrate any acquired business, fluctuation and volatility of stock and other financial markets and other factors over which NVR has little or no control. The Company has no obligation to update such forward-looking statements.

1

NVR, Inc.
Consolidated Statements of Income
(in thousands, except per share data)
(Unaudited)

2

NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)

(Continued)

3

NVR, Inc.
Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)

4

NVR, Inc.
Operating Activity
(unaudited)
(dollars in thousands)

(1)

Washington, D.C. metropolitan area and adjacent counties in Maryland, Virginia and West Virginia

(2)

Baltimore, MD metropolitan area and adjacent counties in Pennsylvania

(3)

Delaware, Maryland Eastern Shore, New Jersey, New York, Ohio, Pennsylvania, Michigan, and Kentucky

(4)

North Carolina, South Carolina, Tennessee and Richmond, VA

5