Exhibit 99.1
Orleans Homebuilders, Inc. and Subsidiaries
Unaudited Supplemental Consolidated and Combined Statements of Operations
(dollars in thousands, except per share amounts)
| | Quarter Ended | | Year Ended | | Quarter Ended | | Year Ended | |
| | December 31, | | September 30, | | June 30, | | June 30, | | March 31, | | December 31, | | September 30, | | June 30, | | June 30, | |
| | 2007 | | 2007 | | 2007 | | 2007 | | 2007 | | 2006 | | 2006 | | 2006 | | 2005 | |
Earned revenue | | | | | | | | | | | | | | | | | | | |
Residential properties | | $ | 144,490 | | $ | 119,357 | | $ | 647,316 | | $ | 203,486 | | $ | 128,886 | | $ | 153,172 | | $ | 161,772 | | $ | 975,483 | | $ | 911,004 | |
Land sales | | 8,224 | | 1,186 | | 25,170 | | 8,101 | | 14,864 | | 1,797 | | 408 | | 2,034 | | 474 | |
Other income | | 2,229 | | 2,333 | | 10,047 | | 2,722 | | 2,244 | | 2,159 | | 2,922 | | 9,675 | | 7,752 | |
| | 154,943 | | 122,876 | | 682,533 | | 214,309 | | 145,994 | | 157,128 | | 165,102 | | 987,192 | | 919,230 | |
Costs and expenses | | | | | | | | | | | | | | | | | | | |
Residential properties | | 147,425 | | 102,953 | | 613,954 | | 198,191 | | 149,123 | | 135,327 | | 131,313 | | 761,270 | | 727,006 | |
Land sales | | 44,784 | | 1,258 | | 26,022 | | 8,678 | | 15,739 | | 1,231 | | 374 | | 1,685 | | 467 | |
Other | | 1,441 | | 1,994 | | 6,571 | | 1,665 | | 1,395 | | 1,515 | | 1,996 | | 6,655 | | 4,971 | |
Selling, general and administrative | | 24,588 | | 18,275 | | 114,527 | | 25,725 | | 33,360 | | 30,599 | | 24,843 | | 113,673 | | 95,701 | |
Impairment of goodwill | | — | | — | | 16,334 | | — | | 16,334 | | — | | — | | — | | — | |
Interest: | | | | | | | | | | | | | | | | | | | |
Incurred | | 13,035 | | 12,669 | | 47,776 | | 12,444 | | 10,946 | | 12,096 | | 12,290 | | 38,095 | | 19,075 | |
Less capitalized | | (13,035 | ) | (12,669 | ) | (47,776 | ) | (12,444 | ) | (10,946 | ) | (12,096 | ) | (12,290 | ) | (38,095 | ) | (18,973 | ) |
| | 218,238 | | 124,480 | | 777,408 | | 234,259 | | 215,951 | | 168,672 | | 158,526 | | 883,283 | | 828,247 | |
| | | | | | | | | | | | | | | | | | | |
(Loss) income from continuing operations before income taxes | | (63,295 | ) | (1,604 | ) | (94,875 | ) | (19,950 | ) | (69,957 | ) | (11,544 | ) | 6,576 | | 103,909 | | 90,983 | |
Income tax (benefit) provision | | (24,688 | ) | 159 | | (37,458 | ) | (8,214 | ) | (27,263 | ) | (4,515 | ) | 2,534 | | 40,547 | | 35,399 | |
| | | | | | | | | | | | | | | | | | | |
(Loss) income from continuing operations | | (38,607 | ) | (1,763 | ) | (57,417 | ) | (11,736 | ) | (42,694 | ) | (7,029 | ) | 4,042 | | 63,362 | | 55,584 | |
| | | | | | | | | | | | | | | | | | | |
Discontinued operations: | | | | | | | | | | | | | | | | | | | |
(Loss) income from discontinued operations, net of taxes | | (12,778 | ) | (292 | ) | (9,433 | ) | 409 | | (9,204 | ) | (495 | ) | (143 | ) | (321 | ) | — | |
| | | | | | | | | | | | | | | | | | | |
Net (loss) income available for common shareholders | | $ | (51,385 | ) | $ | (2,055 | ) | $ | (66,850 | ) | $ | (11,327 | ) | $ | (51,898 | ) | $ | (7,524 | ) | $ | 3,899 | | $ | 63,041 | | $ | 55,584 | |
| | | | | | | | | | | | | | | | | | | |
Basic (loss) earnings per share | | | | | | | | | | | | | | | | | | | |
Continuing operations | | $ | (2.09 | ) | $ | (0.10 | ) | $ | (3.11 | ) | $ | (0.63 | ) | $ | (2.31 | ) | $ | (0.38 | ) | $ | 0.22 | | $ | 3.43 | | $ | 3.09 | |
Discontinued operations | | $ | (0.69 | ) | $ | (0.02 | ) | $ | (0.51 | ) | $ | 0.02 | | $ | (0.50 | ) | $ | (0.03 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | — | |
Basic (loss) earnings per share | | $ | (2.78 | ) | $ | (0.11 | ) | $ | (3.62 | ) | $ | (0.61 | ) | $ | (2.81 | ) | $ | (0.41 | ) | $ | 0.21 | | $ | 3.41 | | $ | 3.09 | |
| | | | | | | | | | | | | | | | | | | |
Diluted (loss) earnings per share | | | | | | | | | | | | | | | | | | | |
Continuing operations | | $ | (2.09 | ) | $ | (0.10 | ) | $ | (3.11 | ) | $ | (0.63 | ) | $ | (2.31 | ) | $ | (0.38 | ) | $ | 0.22 | | $ | 3.37 | | $ | 2.96 | |
Discontinued operations | | $ | (0.69 | ) | $ | (0.02 | ) | $ | (0.51 | ) | $ | 0.02 | | $ | (0.50 | ) | $ | (0.03 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | — | |
Diluted (loss) earnings per share | | $ | (2.78 | ) | $ | (0.11 | ) | $ | (3.62 | ) | $ | (0.61 | ) | $ | (2.81 | ) | $ | (0.41 | ) | $ | 0.21 | | $ | 3.35 | | $ | 2.96 | |
| | | | | | | | | | | | | | | | | | | |
Basic weighted average shares outstanding | | 18,502 | | 18,502 | | 18,458 | | 18,502 | | 18,491 | | 18,476 | | 18,363 | | 18,483 | | 17,978 | |
| | | | | | | | | | | | | | | | | | | |
Diluted weighted average shares outstanding | | 18,502 | | 18,502 | | 18,458 | | 18,502 | | 18,491 | | 18,476 | | 18,673 | | 18,824 | | 18,809 | |
