Meritage homes 2008 first quarter results

This is taken from a press release by Meritage Homes Corporation:
FIRST QUARTER 2008 HIGHLIGHTS:
– Generated approximately $80M positive cash flow from operations
– Paid down debt by $80M, nearly eliminating outstanding bank debt
– 47% net debt-to-capital ratio; $377M available borrowing capacity at quarter-end
– Reduced inventory of unsold homes by 31% to 768 at quarter-end
– Reduced total lot [...]