OHB Orleans Homebuilders,

BENSALEM, Pa., May 13 /PRNewswire-FirstCall/ -- Orleans Homebuilders, Inc. (AMEX:OHB) is a residential homebuilder with operations in Southeastern Pennsylvania; Central and Southern New Jersey; Orange County, New York; Charlotte, Raleigh and Greensboro, North Carolina; Richmond and Tidewater, Virginia; Chicago, Illinois; and Orlando, Florida. The Company's Charlotte, North Carolina operations also include adjacent counties in South Carolina. Financial Highlights for the Three Months Ended March 31, 2009: -- Fiscal year 2009 third quarter residential property revenue decreased 41% to $64.3 million (163 homes) compared to $109.0 million (243 homes) for the prior year period. The average selling price for homes delivered in the fiscal 2009 third quarter was $395,000 compared to $449,000 in the prior year period. -- Fiscal year 2009 third quarter net new orders decreased 47% to $64.2 million (168 homes) compared to $121.2 million (266 homes) for the prior year period. The average selling price as of March 31, 2009 for net new orders during the fiscal quarter ended March 31, 2009 was $382,000 compared to $456,000 as of March 31, 2008 for the quarter ended March 31, 2008. -- The backlog at March 31, 2009 decreased 50% to $156.7 million (340 homes) compared to $313.5 million (633 homes) at March 31, 2008. The average selling price for homes in backlog at March 31, 2009 was $461,000 compared to $495,000 as of March 31, 2008. -- The Company experienced a cancellation rate of approximately 27% for the three months ended March 31, 2009, which is a decrease from 31% for the three months ended March 31, 2008. -- The Company owned or controlled approximately 5,893 building lots at March 31, 2009, which includes approximately 1,020 building lots controlled through contracts and options. At March 31, 2008, the Company owned or controlled approximately 8,242 building lots, of which approximately 2,443 were controlled through contracts and options. This represents a 29% decrease in lots owned or controlled since March 31, 2008. As of March 31, 2009, approximately 53% of the Company's owned lots are in its northern region; approximately 36% in its southern region, approximately 6% are in its midwestern region and approximately 5% in its Florida region. -- Fiscal year 2009 third quarter GAAP loss from continuing operations was $15.0 million ($0.81 per diluted share) as compared to a GAAP loss from continuing operations of $47.1 million ($2.54 per diluted share) for the prior year period. On a non-GAAP adjusted basis, the fiscal year 2009 third quarter loss from continuing operations was $3.7 million ($0.20 per diluted share) compared to fiscal year 2008 third quarter loss from continuing operations of $28 thousand ($0.00 per diluted share). Please refer to the section included herein under the heading "Use of Non-GAAP Financial Information" for a discussion of the Company's use of non-GAAP adjusted financial information (1). -- Fiscal year 2009 third quarter non-GAAP adjusted EBITDA decreased to $(1.1) million compared to $3.9 million for the prior year period. Please refer to the section included herein under the heading "Use of Non-GAAP Financial Information" for a discussion of the Company's use of non-GAAP adjusted financial information (1). -- During the third quarter of fiscal year 2009, the Company's deferred tax asset valuation reserve increased by $5.9 million. The Company first recorded a deferred tax asset reserve during the third quarter of fiscal year 2008. The reserve recorded during the third quarter of fiscal year 2008 was $43.5 million. -- During the third quarter of fiscal year 2009, the Company recognized additional tax expense of $3.8 million, reflecting the impact of cumulative out of period adjustments. The amount recognized was related to an overstatement of tax refunds receivable by the Company and reflected in the income tax receivable account in the amount of $2.3 million, coupled with an overstatement of federal tax benefits in the amount of $1.5 million related to a state tax liability. These out of period adjustments had the cumulative effect of increasing income tax expense and reducing net income by $3.8 million. Financial Highlights for the Nine Months Ended March 31, 2009: -- Fiscal year 2009 year-to-date third quarter residential property revenue decreased 35% to $240.7 million (562 homes) compared to $372.9 million (829 homes) for the prior year period. The average selling price for homes delivered in fiscal year 2009 year-to-date third quarter was $428,000 compared to $450,000 in the prior year period. -- Fiscal year 2009 year-to-date third quarter net new orders decreased 57% to $159.1 million (416 homes) compared to $368.4 million (853 homes) for the prior year period. The average selling price as of March 31, 2009 for net new orders during the year-to-date period ended March 31, 2009 was $382,000 compared to $432,000 as of March 31, 2008 for the year-to-date period ended March 31, 2008. -- The Company experienced a cancellation rate of approximately 31% for the nine months ended March 31, 2009, which is an increase from 26% for the nine months ended March 31, 2008. This increase was primarily driven by lower gross orders. -- Fiscal year 2009 year-to-date third quarter GAAP loss from continuing operations was $52.5 million ($2.84 per diluted share) as compared to a GAAP loss from continuing operations of $87.5 million ($4.73 per diluted share) for the prior year period. On a non-GAAP adjusted basis, the fiscal year 2009 year-to-date third quarter loss from continuing operations was $11.7 million ($0.63 per diluted share) compared to fiscal year 2008 year-to-date third quarter loss from continuing operations of $3.2 million ($0.17 per diluted share). Please refer to the section included herein under the heading "Use of Non-GAAP Financial Information" for a discussion of the Company's use of non-GAAP adjusted financial information (1). -- Fiscal year 2009 year-to-date third quarter non-GAAP adjusted EBITDA decreased to $(1.1) million compared to $10.9 million for the prior year period. Please refer to the section included herein under the heading "Use of Non-GAAP Financial Information" for a discussion of the Company's use of non-GAAP adjusted financial information (1). -- During the nine months ended March 31, 2009, the Company recorded an impairment charge to goodwill in the amount of $4.2 million. This goodwill impairment charge is related to the Parker and Lancaster acquisition, and was recorded in the Company's Southern operating segment. The Company has no goodwill recorded on its balance sheet as of March 31, 2009. -- During the first nine months of fiscal year 2009, the Company's deferred tax asset valuation reserve increased by $20.4 million. Jeffrey P. Orleans, Chairman and Chief Executive Officer stated: "We are hopeful that the worst of the housing and economic downturn is behind us. Our fiscal 2009 third quarter net new orders increased by 56% sequentially from the fiscal 2009 second quarter, versus a sequential increase of only 6% in the corresponding prior fiscal year sequential period. Although on a sequential basis some of this increase could be characterized as seasonal and the absolute level of third fiscal quarter net orders was still low historically and significantly below prior year levels, we are cautiously optimistic that this sequential improvement in new orders is the first sign that the worst is over. While still lower on a year-over-year basis, we are also seeing that both new orders and traffic trends continue to improve sequentially into the first part of our fourth fiscal quarter." Inventory Impairments, Impairment on Land to be Sold and Write-Off of Abandoned Projects and Pre-Acquisition Costs: The following table represents inventory impairments by region for continuing operations for the three and nine months ended March 31, 2009 and 2008: Orleans Homebuilders, Inc. Inventory Impairments (in thousands) (Unaudited) Three Three Nine Nine Months Months Months Months Ended Ended Ended Ended 3/31/2009 3/31/2008 3/31/2009 3/31/2008 North $2,618 $3,776 $13,522 $10,142 South - 3,150 2,695 8,350 Midwest 133 6,451 4,040 16,119 Florida 258 1,890 840 4,285 --- ----- --- ----- Total $3,009 $15,267 $21,097 $38,896 ====== ======= ======= ======= Land Sale Impairment -- During the nine months ended March 31, 2008, the Company specifically identified parcels of land to sell and negotiated contracts with potential buyers. Prior to the closing of the land sale transactions, the Company recorded asset impairments on the land to be sold of $36.6 million for the nine months ended March 31, 2008, such that there was no resulting gain or loss on sale. The Company's midwestern region recorded impairments of $23.2 million related to the sale of two parcels. The Company's Florida region recorded impairments of $8.4 million to the sale of four parcels. The Company's southern region recorded impairments of $5.0 million related to the sale of two parcels. Additionally, the Company recorded an impairment charge of $20.7 million related to the sale of its land position in the western region. This impairment charge is included in loss from discontinued operations. There were no such land sale related impairments in the nine months ended March 31, 2009. Abandoned Projects and other pre-acquisition costs -- The total write-offs of abandoned projects and other pre-acquisition costs for the three and nine months ended March 31, 2009 was $0.1 million and $1.9 million, respectively. This compares to $0.1 million and $0.9 million for the three and nine months ended March 31, 2008. Outlook Since the latter part of fiscal 2006, we and the entire housing industry have faced several significant challenges in the housing and mortgage markets as a whole. The U.S. economy is currently in a recession and national housing starts are at a five decade low. Additionally and notwithstanding continued challenges for housing, the capital markets have improved during and subsequent to the quarter end and there has been some positive news and outlooks from the still challenged financial services industry. Although the homebuilding market remains challenging and order activity remains at relatively low levels, there have been some early signs of improvement that provide a basis for cautious optimism. We experienced a 56% sequential net new order increase in the third quarter of fiscal year 2009 compared to the second quarter of fiscal year 2009, notwithstanding that third quarter net new orders decreased 47% year-over-year. While this improvement in sequential net orders is consistent with the typical seasonality in our industry, they were substantially better than the improvement that we experienced in the same period of the prior fiscal year (6% sequential net new order increase in third quarter versus second quarter during fiscal 2008). Despite these signs, we remain cautious, as we cannot be certain that the worst of the housing downturn is behind us, or that a real and sustained recovery in the economic and housing environment will not still be delayed for some time. Elevated unemployment rates, home foreclosures and the impact on consumer confidence remains a concern, as do the tighter credit markets, notwithstanding the improvement in homeowner affordability from home price declines, and lower current mortgage rates and government homebuyer incentives. We continue to respond to the current market conditions by attempting to drive absorption through the use of sales incentives, reevaluating our individual land holdings, reducing our land expenditures, attempting to monitor and control community spec unit levels and emphasizing operational cost reductions to adjust for lower levels of production. Further decreases in demand for our homes or additional focus on cash flow may require us to further increase the use of sales incentives and to take other steps to reduce cash expenditures and operating expenses. Garry P. Herdler, Executive Vice President and Chief Financial Officer stated: "We remain focused on our liquidity needs, generating free cash flow and cost reductions. The Company is currently in compliance with all of its financial covenants in its revolving credit facility for the fiscal third quarter. In the third quarter, we actively reduced our spec inventory levels, continued our headcount reductions and we were generally cash flow neutral. In response to lower orders and production needs, we have now reduced our headcount by approximately 38% in four separate reductions in fiscal 2009 between July 1, 2008 and April 30, 2009. Since January 1, 2007, we have succeeded in our stated objectives, including reducing net debt by approximately 24%, or approximately $142 million. Since June 30, 2006, total lots have been reduced by over 60%; spec homes by over 60%; and staff headcount by approximately 65%. Additionally, we continue to explore a variety of financing and recapitalization alternatives." Orleans Homebuilders will hold its quarterly conference call to discuss results for the third quarter of fiscal year 2009 on Thursday, May 14, 2009, at 10:00 a.m. Eastern Daylight Time. This call is being web cast by CCBN and can be accessed at Orleans Homebuilders' web site at http://www.orleanshomes.com/ by clicking on the heading "Investor Relations". The webcast is also being distributed over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investor center at http://www.earnings.com/ or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents (http://www.streetevents.com/). A replay of the conference call will be available later that day on the Company's website at http://www.orleanshomes.com/. A copy of this press release, including the Company's results of operations for the three and nine months ended March 31, 2009 to be discussed during the conference call, is available at the Company's website, http://www.orleanshomes.com/, under the heading "Investor Relations". About Orleans Homebuilders, Inc. Orleans Homebuilders, Inc. develops, builds and markets high-quality single-family homes, townhouses and condominiums. The Company serves a broad customer base including luxury, move-up, first-time, empty nester and active adult homebuyers. The Company currently operates in the following eleven distinct markets: Southeastern Pennsylvania; Central and Southern New Jersey; Orange County, New York; Charlotte, Raleigh and Greensboro, North Carolina; Richmond and Tidewater, Virginia; Chicago, Illinois; and Orlando, Florida. The Company's Charlotte, North Carolina operations also include adjacent counties in South Carolina. To learn more about Orleans Homebuilders, please visit http://www.orleanshomes.com/. Forward-Looking Statements Certain information included herein and in other Company statements, reports and SEC filings is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning anticipated or expected conditions in or recovery of the housing market, and economic conditions; the Company's long-term opportunities; continuing overall economic conditions and conditions in the housing and mortgage markets and industry outlook; anticipated or expected operating results, revenues, sales, net new orders, pace of sales, spec unit levels, and traffic; future or expected liquidity, financial resources, debt or equity financings, amendments to or extensions of our existing revolving credit facility, strategic transactions or other alternative recapitalization transactions; the anticipated impact of bank reappraisals; future impairment charges, future tax valuation allowance and its value; anticipated or possible federal and state stimulus plans or other possible future government support for the housing and financial services industries; anticipated legislation and its impact; expected tax refunds; anticipated use of proceeds from transactions; anticipated cash flow from operations; reductions in land expenditures; the Company's ability to meet its internal financial objectives or projections, and debt covenants; potential future land sales; the Company's future liquidity, capital structure and finances; and the Company's response to market conditions. Such forward-looking information involves important risks and uncertainties that could significantly affect actual results and cause them to differ materially from expectations expressed herein and in other Company statements, reports and SEC filings. For example, there can be no assurance that the Company will be able to obtain any amendment to or extension of its existing revolving credit facility or other alternative financing or adjust successfully to current market conditions. These risks and uncertainties include local, regional and national economic conditions, the effects of governmental regulation, the competitive environment in which the Company operates, fluctuations in interest rates, changes in home prices, the availability and cost of land for future growth, the availability of capital, our ability to modify or extend our existing credit facility or otherwise engage in a financing or strategic transaction; the availability and cost of labor and materials, our dependence on certain key employees and weather conditions. Additional information concerning factors the Company believes could cause its actual results to differ materially from expected results is contained in Item 1A of the Company's Annual Report on Form 10-K/A for the fiscal year ended June 30, 2008 filed with the SEC and subsequently filed Quarterly Reports of Form 10-Q. Orleans Homebuilders, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (Unaudited) Three Months Ended Nine Months Ended March 31, March 31, 2009 2008 2009 2008 ---- ---- ---- ---- Earned revenues Residential properties $64,347 $109,018 $240,702 $372,865 Land sales and other income 2,347 4,276 6,541 18,248 ----- ----- ----- ------ 66,694 113,294 247,243 391,113 ------ ------- ------- ------- Costs and expenses Residential properties 62,558 110,908 237,513 361,286 Land sales and other expense 1,551 3,201 5,217 52,678 Selling, general and administrative 11,479 19,309 44,178 62,172 Impairment of goodwill - - 4,180 - Interest, net 1,955 - 4,838 - ----- --- ----- --- 77,543 133,418 295,926 476,136 ------ ------- ------- ------- Loss from continuing operations before income taxes (10,849) (20,124) (48,683) (85,023) Income tax benefit 4,120 26,987 3,843 2,458 ----- ------ ----- ----- Loss from continuing operations (14,969) (47,111) (52,526) (87,481) ------- ------- ------- ------- Loss from discontinued operations, net of taxes - (8,634) - (21,704) -------- -------- -------- --------- Net loss $(14,969) $(55,745) $(52,526) $(109,185) ======== ======== ======== ========= Basic / diluted loss per share Continuing Operations $(0.81) $(2.54) $(2.84) $(4.73) Discontinued Operations $- $(0.47) $- $(1.17) -- ------ -- ------ Net Loss $(0.81) $(3.01) $(2.84) $(5.90) Basic / diluted weighted average shares outstanding 18,555 18,520 18,525 18,508 ====== ====== ====== ====== Orleans Homebuilders, Inc. Selected Balance Sheet Data (in thousands) (Unaudited) March 31, June 30, 2009 2008 ---- ---- Cash and cash equivalents $13,260 $72,341 Restricted cash - due from title company 4,764 19,269 Marketable securities 497 - Residential properties 177,057 193,257 Land and improvements 335,386 359,555 Inventory not owned - VIE 10,666 13,050 Inventory not owned - Other Financial Interests 12,287 12,171 Land deposits and costs of future developments 10,251 10,380 Total assets 591,463 716,112 Obligations related to inventory not owned - VIE 10,234 10,875 Obligations related to inventory not owned - Other Financial Interests 12,187 12,071 Mortgage obligations secured by real estate 355,066 396,133 Subordinated notes 105,000 105,000 Other notes payable - 718 Shareholders' equity 31,336 82,501 Orleans Homebuilders, Inc. Reconciliation of Net Loss to Adjusted Net Loss (in thousands, except per share amounts) (Unaudited) Three Three Nine Nine Months Months Months Months Ended Ended Ended Ended 3/31/2009 3/31/2008 3/31/2009 3/31/2008 Reported net loss $(14,969) $(55,745) $(52,526) $(109,185) ======== ======== ======== ========= Reported net loss per common share $(0.81) $(3.01) $(2.84) $(5.90) ====== ====== ====== ====== Adjusted net loss and earnings per share: Reported net loss $(14,969) $(55,745) $(52,526) $(109,185) Reported loss from discontinued operations, net of tax - (8,634) - (21,704) --- ------ --- ------- Reported loss from continuing operations, net of tax (14,969) (47,111) (52,526) (87,481) Inventory impairments 3,009 15,267 21,097 38,896 Land sale impairments - - - 36,556 Goodwill Impairment - - 4,180 - Write-off of debt acquisition costs 274 - 1,058 - Write-off of abandoned projects 82 69 1,880 931 Severance - - - 500 Tax impact of one time charges (394) (11,797) (10,133) (36,109) Deferred tax asset valuation allowance (1) 4,471 43,544 18,913 43,544 Cumulative out of period tax adjustments 3,794 - 3,794 - ----- --- ----- --- Adjusted net loss (income) $(3,733) $(28) $(11,737) $(3,163) ======= ==== ======== ======= Adjusted basic net loss (income) per common share $(0.20) $- $(0.63) $(0.17) ====== === ====== ====== Adjusted diluted net loss (income) per common share $(0.20) $- $(0.63) $(0.17) ====== === ====== ====== Basic shares outstanding 18,555 18,520 18,525 18,508 Common stock equivalents - - - - --- --- --- --- Diluted shares outstanding 18,555 18,520 18,525 18,508 ====== ====== ====== ====== (1) Does not include out of period adjustment in the amount of $1,447, which is included in the cumulative out of period tax adjustments line. Common stock equivalents are anti-dilutive for the three and nine months ended 3/31/2009 and 3/31/2008. Use of Non-GAAP Financial Information (1) Pursuant to the requirements of Regulation G, we have provided a reconciliation of adjusted net loss and adjusted loss per share, which are non-GAAP financial measures, to net loss and loss per share, the most directly comparable GAAP financial measures. Adjusted net loss and adjusted loss per share represents loss from continuing operations and loss per share from continuing operations excluding the after-tax effects of charges for inventory impairments, land sale impairments, the write-off of debt acquisition costs, the write-off of abandoned projects and other pre-acquisition costs, impairment of goodwill, severance charges and tax valuation allowances. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that excluded amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet, or statement of cash flows of the issuer; or includes amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States of America. The Company believes these adjusted financial results are useful to both management and investors in the analysis of the Company's financial performance when comparing it to prior periods and that they provide investors with an important perspective on the current underlying operating performance of the business by isolating the after-tax impact of non-cash charges related to inventory impairments, land sale impairments, the write-off of abandoned projects and other pre-acquisition costs, impairment of goodwill and tax valuation allowances. Orleans Homebuilders, Inc. Reconciliation of Adjusted EBITDA to Net Loss (in thousands) (Unaudited) Three Three Nine Nine Months Months Months Months Ended Ended Ended Ended 3/31/2009 3/31/2008 3/31/2009 3/31/2008 Adjusted EBITDA $(1,112) $3,938 $(1,069) $10,891 Inventory impairments 3,009 15,267 21,097 38,896 Land sale impairments - - - 36,556 Goodwill impairment - - 4,180 - Write-off of debt acquisition costs 274 - 1,058 - Write-off of abandoned projects and other pre-acquisition costs 82 69 1,880 931 Severance - - - 500 Share-based compensation 453 644 1,414 1,739 --- --- ----- ----- EBITDA (4,930) (12,042) (30,698) (67,731) Income tax (benefit) expense 4,120 26,987 3,843 2,458 Interest in cost of sales 3,831 7,817 12,510 16,740 Interest incurred less interest capitalized 1,955 - 4,838 - Depreciation 133 265 637 552 --- --- --- --- Loss from continuing operations, net of tax (14,969) (47,111) (52,526) (87,481) Loss from discontinued operations, net of tax - (8,634) - (21,704) --- ------ --- ------- Net loss $(14,969) $(55,745) $(52,526) $(109,185) ======== ======== ======== ========= Pursuant to the requirements of Regulation G, we have provided a reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to the most directly comparable GAAP financial measure. Adjusted EBITDA represents loss from continuing operations before inventory impairments, land sale impairments, write-off of debt acquisition costs, write-off of abandoned projects and other pre-acquisition costs, impairment of goodwill, stock option expense, severance charges, interest expense, previously capitalized interest amortized to residential properties cost of sales, income taxes, depreciation, amortization, and extraordinary items. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that excluded amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet, or statement of cash flows of the issuer; or includes amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States of America. The Company believes Adjusted EBITDA provides a meaningful measure of operating performance. Orleans Homebuilders, Inc. Summary of Deliveries by Region (Dollars in thousands) (Unaudited) Three Months Nine Months Ended Ended March 31, March 31, 2009 2008 2009 2008 ---- ---- ---- ---- DELIVERIES Northern Region Homes 74 102 244 325 Dollars $30,383 $49,761 $110,210 $157,811 Average Sales Price $411 $488 $452 $486 Southern region Homes 72 104 236 331 Dollars $27,471 $47,715 $98,976 $157,915 Average Sales Price $382 $459 $419 $477 Midwestern region Homes 13 17 61 79 Dollars $5,738 $6,501 $26,414 $35,062 Average Sales Price $441 $382 $433 $444 Florida region Homes 4 20 21 94 Dollars $755 $5,041 $5,102 $22,077 Average Sales Price $189 $252 $243 $235 Total Homes 163 243 562 829 Dollars $64,347 $109,018 $240,702 $372,865 Average Sales Price $395 $449 $428 $450 Orleans Homebuilders, Inc. Summary of New Orders by Region (Dollars in thousands) (Unaudited) Three Months Nine Months Ended Ended March 31, March 31, 2009 2008 2009 2008 ---- ---- ---- ---- NEW ORDERS Northern Region Homes 90 100 186 322 Dollars $35,542 $48,478 $77,501 $147,950 Average Sales Price $395 $485 $417 $459 Southern region Homes 62 127 165 367 Dollars $22,804 $59,124 $58,501 $167,889 Average Sales Price $368 $466 $355 $457 Midwestern region Homes 14 34 52 107 Dollars $5,435 $12,704 $20,362 $39,672 Average Sales Price $388 $374 $392 $371 Florida region Homes 2 5 13 57 Dollars $421 $864 $2,702 $12,922 Average Sales Price $211 $173 $208 $227 Total Homes 168 266 416 853 Dollars $64,202 $121,170 $159,066 $368,433 Average Sales Price $382 $456 $382 $432 Orleans Homebuilders, Inc. Summary of Backlog by Region (Dollars in thousands) (Unaudited) At March 31, BACKLOG 2009 2008 ---- ---- Northern Region Homes 152 252 Dollars $77,109 $134,774 Average Sales Price $507 $535 Southern region Homes 145 279 Dollars $63,284 $140,502 Average Sales Price $436 $504 Midwestern region Homes 39 83 Dollars $15,032 $32,542 Average Sales Price $385 $392 Florida region Homes 4 19 Dollars $1,248 $5,663 Average Sales Price $312 $298 Total Homes 340 633 Dollars $156,673 $313,481 Average Sales Price $461 $495 DATASOURCE: Orleans Homebuilders, Inc. CONTACT: Garry P. Herdler - Executive Vice President & Chief Financial Officer of Orleans Homebuilders, Inc., +1-215-245-7500 Web Site: http://www.orleanshomes.com/

Copyright