Exhibit 99.1
NEWS RELEASE
Contact: | Garry P. Herdler – Executive Vice President & Chief Financial Officer | |
| | Orleans Homebuilders, Inc. (215) 245-7500 |
| | (www.orleanshomes.com) |
| | | | |
For Immediate Release:
Orleans Homebuilders
Reports Results for Second Quarter Ending December 31, 2008
Bensalem, Pennsylvania, February 11, 2009:
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 December 31, 2008:
· Fiscal year 2009 second quarter residential property revenue decreased 39% to $87.8 million (199 homes) compared to $144.5 million (323 homes) for the prior year period. The average selling price for homes delivered in the fiscal 2009 second quarter was $441,000 compared to $447,000 in the prior year period.
· Fiscal year 2009 second quarter net new orders decreased 64% to $41.2 million (113 homes) compared to $114.7 million (284 homes) for the prior year period.
· The backlog at December 31, 2008 decreased 48% to $156.8 million (335 homes) compared to $301.3 million (610 homes) at December 31, 2007. The average selling price for homes in backlog at December 31, 2008 was $468,000 compared to $494,000 as of December 31, 2007.
· The Company experienced a cancellation rate of approximately 31% for the three months ended December 31, 2008, which is an increase from 26% for the three months ended December 31, 2007. This increase was primarily driven by lower gross orders.
· The Company owned or controlled approximately 6,387 building lots at December 31, 2008, which includes approximately 1,353 building lots controlled through contracts and options. At December 31, 2007, the Company owned or controlled approximately 8,500 building lots, of which approximately 2,550 were controlled through contracts and options. This represents a 25% decrease of lots owned or controlled since December 31, 2007. As of December 31, 2008, approximately 52% of the Company’s owned lots are in its northern region; approximately 36% in its southern region, approximately 7% are in its midwestern region and approximately 5% in its Florida region.
· Fiscal year 2009 second quarter GAAP loss from continuing operations was $15.6 million ($0.84 per diluted share) as compared to a GAAP loss from continuing operations of $38.6 million ($2.09 per diluted share) for the prior year period. On a non-GAAP adjusted basis, the fiscal year 2009 second quarter loss from continuing operations was $3.5 million ($0.19 per diluted share) compared to fiscal year 2008 second quarter loss from continuing operations of $2.0 million ($0.11 per diluted share).
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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 second quarter non-GAAP adjusted EBITDA decreased to $573,000 compared to $3.1 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 second quarter of fiscal year 2009, the Company’s deferred tax asset reserve increased by $6.0 million.
Financial Highlights for the Six Months Ended December 31, 2008:
· Fiscal year 2009 year-to-date second quarter residential property revenue decreased 33% to $176.4 million (399 homes) compared to $263.8 million (586 homes) for the prior year period. The average selling price for homes delivered in the fiscal year 2009 year-to-date second quarter was $442,000 compared to $450,000 in the prior year period.
· Fiscal year 2009 year-to-date second quarter net new orders decreased 62% to $94.9 million (248 homes) compared to $247.3 million (587 homes) for the prior year period.
· The Company experienced a cancellation rate of approximately 34% for the six months ended December 31, 2008, which is an increase from 24% for the six months ended December 31, 2007. This increase was primarily driven by lower gross orders.
· Fiscal year 2009 year-to-date second quarter GAAP loss from continuing operations was $37.6 million ($2.03 per diluted share) as compared to a GAAP loss from continuing operations of $40.4 million ($2.18 per diluted share) for the prior year period. On a non-GAAP adjusted basis, the fiscal year 2009 year-to-date second quarter loss from continuing operations was $8.0 million ($0.43 per diluted share) compared to fiscal year 2008 year-to-date second quarter loss from continuing operations of $3.1 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 second quarter non-GAAP adjusted EBITDA decreased to $43,000 compared to $7.3 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 first half of fiscal year 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.
· During the first six months of fiscal year 2009, the Company’s deferred tax asset reserve increased by $14.4 million.
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Jeffrey P. Orleans, Chairman and Chief Executive Officer stated: “The downturn in the housing industry has continued, due to continued external factors, including rising unemployment and diminished consumer confidence. Ultimately, the housing market will get better, although the timing of such improvement is uncertain. The anticipated federal stimulus provides some hope that this rebound will occur sooner than previously expected. We are also hopeful that the anticipated federal stimulus bill will provide a meaningful tax credit for all homebuyers. We believe there is pent-up demand in some markets that when combined with reduced mortgage rates may stimulate buyers who have been waiting on the sidelines. With this in mind, we remain focused on our stated objectives, and we are confident in our long-term opportunities.”
Inventory Impairments, Impairment on Land to be Sold and Write-Off of Abandoned Projects and Pre-Acquisition Costs:
The overall economic downturn deepened during the second quarter of fiscal year 2009 significantly impacting the homebuilding market. Amidst rising unemployment, high foreclosures, increased supply of existing home inventory, tight credit and falling home resale values homebuyers’ confidence continued to deteriorate. This has resulted in increased sales incentives and decreased homebuyer demand causing the company to record pre-tax charges in the three and six months ended December 31, 2008 and 2007, as follows:
Orleans Homebuilders, Inc
Inventory Impairments
(in thousands)
(Unaudited)
| | Three | | Three | | Six | | Six | |
| | Months | | Months | | Months | | Months | |
| | Ended | | Ended | | Ended | | Ended | |
| | 12/31/2008 | | 12/31/2007 | | 12/31/2008 | | 12/31/2007 | |
| | | | | | | | | |
North | | $ | 6,005 | | $ | 5,654 | | $ | 10,904 | | $ | 6,366 | |
South | | 2,598 | | 5,200 | | 2,695 | | 5,200 | |
Midwest | | — | | 9,668 | | 3,907 | | 9,668 | |
Florida | | 67 | | 2,395 | | 582 | | 2,395 | |
Total | | $ | 8,670 | | $ | 22,917 | | $ | 18,088 | | $ | 23,629 | |
Land Sale Impairment
· During the three months ended December 31, 2007, 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 three and six months ended December 31, 2007, 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 three and six months ended December 31, 2008.
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Abandoned Projects and other pre-acquisition costs
· The total write-offs of abandoned projects and other pre-acquisition costs for the three and six months ended December 31, 2008 was $1.6 million and $1.8 million, respectively. This compares to $462 thousand and $862 thousand for the three and six months ended December 31, 2007.
Outlook
The challenges faced by the housing industry have increased during the last quarter. Difficulties which were previously confined to certain segments of the economy (including homebuilding) have expanded to a greater portion of the United States and global economy. Economic reports show that the United States economy is suffering from rising unemployment, lower consumer spending, falling wages, tight credit and continuing difficulties in the real estate industry. Housing starts have fallen to record lows, unemployment has increased and consumer confidence is at or near record lows. During the quarter, it was announced that the United States economy had been in a recession since December 2007. As a result, we believe that overall economic conditions and conditions in the housing and mortgage markets will remain difficult and these conditions may continue to have a negative impact on new orders, new order pricing and consumer confidence related to housing in the near term, thereby further reducing revenues, gross margins and net income. We are continuing to respond to these unfavorable market conditions by attempting to maintain absorption levels through the use of sales incentives, reevaluating our individual land holdings, reducing our land expenditures, limiting our supply of unsold homes under construction and emphasizing cost reductions to adjust for lower levels of production. Further decreases in demand for our homes may require us to further increase the use of sales incentives and to take other steps to reduce expenditures and expenses.
Garry P. Herdler, Executive Vice President and Chief Financial Officer stated: “Given the lower net orders, weak economic conditions and capital markets volatility we observed during the second fiscal quarter, the Company has continued to focus on maintaining liquidity and generating cash flow. We have limited the supply of unsold homes under construction during the quarter, reduced our budgeted land expenditures in the coming quarters, and we continue to focus on cost reductions.”
Orleans Homebuilders will hold its quarterly conference call to discuss results for the second quarter of fiscal year 2009 on Thursday, February 12, 2008, at 10:00 a.m. Eastern Standard Time. This call is being web cast by CCBN and can be accessed at Orleans Homebuilders’ web site at 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 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 (www.streetevents.com).
A replay of the conference call will be available later that day on the Company’s website at www.orleanshomes.com. A copy of this press release, including the Company’s results of operations for the three and six months ended December 31, 2008 to be discussed during the conference call, is available at the Company’s website, www.orleanshomes.com, under the heading “Investor Relations”.
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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, empty nester, active adult and first-time 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 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 recovery of the housing market, the Company’s long-term opportunities, continuing overall economic conditions and conditions in the housing and mortgage markets, revenues, sales, operating results, financial resources, pace of sales, industry outlook, economic conditions, future impairment charges, future tax valuation allowance, possible government support for the housing and financial services industries, anticipated legislation and its impact, anticipated tax refunds, anticipated debt repayment, anticipated use of proceeds from transactions, reductions in land expenditures, the Company’s ability to meet its internal financial objectives including debt reduction objectives, the impact of recent transactions on the Company’s 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 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, 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.
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Orleans Homebuilders, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
| | Three Months Ended | | Six Months Ended | |
| | December 31, | | December 31, | |
| | 2008 | | 2007 | | 2008 | | 2007 | |
Earned revenues | | | | | | | | | |
Residential properties | | $ | 87,753 | | $ | 144,490 | | $ | 176,355 | | $ | 263,847 | |
Land sales and other income | | 2,475 | | 10,453 | | 4,194 | | 13,972 | |
| | 90,228 | | 154,943 | | 180,549 | | 277,819 | |
Costs and expenses | | | | | | | | | |
Residential properties | | 87,248 | | 147,425 | | 174,955 | | 250,378 | |
Land sales and other expense | | 1,858 | | 46,225 | | 3,666 | | 49,477 | |
Selling, general and administrative | | 16,121 | | 24,588 | | 32,699 | | 42,863 | |
Impairment of goodwill | | — | | — | | 4,180 | | — | |
Interest, net | | 1,019 | | — | | 2,883 | | — | |
| | 106,246 | | 218,238 | | 218,383 | | 342,718 | |
| | | | | | | | | |
Loss from continuing operations before income taxes | | (16,018 | ) | (63,295 | ) | (37,834 | ) | (64,899 | ) |
Income tax benefit | | (397 | ) | (24,688 | ) | (277 | ) | (24,529 | ) |
| | | | | | | | | |
Loss from continuing operations | | (15,621 | ) | (38,607 | ) | (37,557 | ) | (40,370 | ) |
| | | | | | | | | |
Loss from discontinued operations, net of taxes | | — | | (12,778 | ) | — | | (13,070 | ) |
| | | | | | | | | |
Net loss | | $ | (15,621 | ) | $ | (51,385 | ) | $ | (37,557 | ) | $ | (53,440 | ) |
| | | | | | | | | |
Basic / diluted loss per share | | | | | | | | | |
Continuing Operations | | $ | (0.84 | ) | $ | (2.09 | ) | $ | (2.03 | ) | $ | (2.18 | ) |
Discontinued Operations | | $ | — | | $ | (0.69 | ) | $ | — | | $ | (0.71 | ) |
Net Loss | | $ | (0.84 | ) | $ | (2.78 | ) | $ | (2.03 | ) | $ | (2.89 | ) |
| | | | | | | | | |
Basic / diluted weighted average shares outstanding | | 18,518 | | 18,502 | | 18,511 | | 18,502 | |
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Orleans Homebuilders, Inc
Selected Balance Sheet Data
(in thousands)
(Unaudited)
| | December 31, | | June 30, | |
| | 2008 | | 2008 | |
| | | | | |
Cash and cash equivalents | | $ | 10,795 | | $ | 72,341 | |
Restricted cash - due from title company | | 1,911 | | 19,269 | |
Marketable securities | | 17,318 | | — | |
Residential properties | | 192,729 | | 193,257 | |
Land and improvements | | 340,055 | | 359,555 | |
Inventory not owned - VIE | | 10,668 | | 13,050 | |
Inventory not owned - Other Financial Interests | | 12,158 | | 12,171 | |
Land deposits and costs of future developments | | 10,486 | | 10,380 | |
Total assets | | 625,009 | | 716,112 | |
Obligations related to inventory not owned - VIE | | 10,235 | | 10,875 | |
Obligations related to inventory not owned - Other Financial Interests | | 12,058 | | 12,071 | |
Mortgage obligations secured by real estate | | 365,409 | | 396,133 | |
Subordinated notes | | 105,000 | | 105,000 | |
Other notes payable | | — | | 718 | |
Shareholders’ equity | | 45,759 | | 82,501 | |
| | | | | | | |
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.
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Orleans Homebuilders, Inc
Reconciliation of Net Loss to Adjusted Net Loss
(in thousands, except per share amounts)
(Unaudited)
| | Three | | Three | | Six | | Six | |
| | Months | | Months | | Months | | Months | |
| | Ended | | Ended | | Ended | | Ended | |
| | 12/31/2008 | | 12/31/2007 | | 12/31/2008 | | 12/31/2007 | |
| | | | | | | | | |
Reported net loss | | $ | (15,621 | ) | $ | (51,385 | ) | $ | (37,557 | ) | $ | (53,440 | ) |
| | | | | | | | | |
Reported net loss per common share | | $ | (0.84 | ) | $ | (2.78 | ) | $ | (2.03 | ) | $ | (2.89 | ) |
| | | | | | | | | |
Adjusted net loss and earnings per share: | | | | | | | | | |
Reported net loss | | $ | (15,621 | ) | $ | (51,385 | ) | $ | (37,557 | ) | $ | (53,440 | ) |
Reported loss from discontinued operations, net of tax | | — | | (12,778 | ) | — | | (13,070 | ) |
Reported loss from continuing operations, net of tax | | (15,621 | ) | (38,607 | ) | (37,557 | ) | (40,370 | ) |
Inventory impairments | | 8,670 | | 22,917 | | 18,088 | | 23,629 | |
Land sale impairments | | — | | 36,556 | | — | | 36,556 | |
Goodwill Impairment | | — | | — | | 4,180 | | — | |
Write-off of debt acquisition costs | | — | | — | | 784 | | — | |
Write-off of abandoned projects | | 1,641 | | 462 | | 1,798 | | 862 | |
Severance | | — | | 500 | | — | | 500 | |
Tax impact of one time charges | | (4,209 | ) | (23,872 | ) | (9,739 | ) | (24,312 | ) |
Deferred tax asset valuation allowance | | 5,979 | | — | | 14,442 | | — | |
Adjusted net loss | | $ | (3,540 | ) | $ | (2,044 | ) | $ | (8,004 | ) | $ | (3,135 | ) |
| | | | | | | | | |
Adjusted diluted net loss per common share | | $ | (0.19 | ) | $ | (0.11 | ) | $ | (0.43 | ) | $ | (0.17 | ) |
| | | | | | | | | |
Basic shares outstanding | | 18,518 | | 18,502 | | 18,511 | | 18,502 | |
Common stock equivalents | | — | | — | | — | | — | |
Diluted shares outstanding | | 18,518 | | 18,502 | | 18,511 | | 18,502 | |
Common stock equivalents are anti-dilutive for the three and six months ended 12/31/2008 and 12/31/2007.
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Orleans Homebuilders, Inc
Reconciliation of Adjusted EBITDA to Net Loss
(in thousands)
(Unaudited)
| | Three | | Three | | Six | | Six | |
| | Months | | Months | | Months | | Months | |
| | Ended | | Ended | | Ended | | Ended | |
| | 12/31/2008 | | 12/31/2007 | | 12/31/2008 | | 12/31/2007 | |
| | | | | | | | | |
Adjusted EBITDA | | $ | 573 | | $ | 3,119 | | $ | 43 | | $ | 7,282 | |
Inventory impairments | | 8,670 | | 22,917 | | 18,088 | | 23,629 | |
Land sale impairments | | — | | 36,556 | | — | | 36,556 | |
Goodwill impairment | | — | | — | | 4,180 | | — | |
Write-off of debt acquisition costs | | — | | — | | 784 | | — | |
Write-off of abandoned projects and other pre-acquisition costs | | 1,641 | | 462 | | 1,798 | | 862 | |
Severance | | — | | 500 | | — | | 500 | |
Share-based compensation | | 478 | | 600 | | 961 | | 1,159 | |
EBITDA | | (10,216 | ) | (57,916 | ) | (25,768 | ) | (55,424 | ) |
Income tax (benefit) expense | | (397 | ) | (24,688 | ) | (277 | ) | (24,529 | ) |
Interest in cost of sales | | 4,535 | | 5,114 | | 8,679 | | 8,923 | |
Interest incurred less interest capitalized | | 1,019 | | — | | 2,883 | | — | |
Depreciation | | 248 | | 265 | | 504 | | 552 | |
Loss from continuing operations, net of tax | | (15,621 | ) | (38,607 | ) | (37,557 | ) | (40,370 | ) |
Loss from discontinued operations, net of tax | | — | | (12,778 | ) | — | | (13,070 | ) |
Net loss | | $ | (15,621 | ) | $ | (51,385 | ) | $ | (37,557 | ) | $ | (53,440 | ) |
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.
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Orleans Homebuilders, Inc
Summary of Deliveries by Region
(Dollars in thousands)
(Unaudited)
| | Three Months Ended
December 31, | | Six Months Ended
December 31, | |
| | 2008 | | 2007 | | 2008 | | 2007 | |
DELIVERIES | | | | | | | | | |
Northern Region | | | | | | | | | |
Homes | | 73 | | 118 | | 170 | | 223 | |
Dollars | | $ | 33,102 | | $ | 57,024 | | $ | 79,827 | | $ | 108,050 | |
Average Sales Price | | $ | 453 | | $ | 483 | | $ | 470 | | $ | 485 | |
| | | | | | | | | |
Southern region | | | | | | | | | |
Homes | | 100 | | 127 | | 164 | | 227 | |
Dollars | | $ | 44,227 | | $ | 61,827 | | $ | 71,505 | | $ | 110,200 | |
Average Sales Price | | $ | 442 | | $ | 487 | | $ | 436 | | $ | 485 | |
| | | | | | | | | |
Midwestern region | | | | | | | | | |
Homes | | 20 | | 34 | | 48 | | 62 | |
Dollars | | $ | 9,198 | | $ | 15,725 | | $ | 20,676 | | $ | 28,561 | |
Average Sales Price | | $ | 460 | | $ | 463 | | $ | 431 | | $ | 461 | |
| | | | | | | | | |
Florida region | | | | | | | | | |
Homes | | 6 | | 44 | | 17 | | 74 | |
Dollars | | $ | 1,226 | | $ | 9,914 | | $ | 4,347 | | $ | 17,036 | |
Average Sales Price | | $ | 204 | | $ | 225 | | $ | 256 | | $ | 230 | |
| | | | | | | | | |
Total | | | | | | | | | |
Homes | | 199 | | 323 | | 399 | | 586 | |
Dollars | | $ | 87,753 | | $ | 144,490 | | $ | 176,355 | | $ | 263,847 | |
Average Sales Price | | $ | 441 | | $ | 447 | | $ | 442 | | $ | 450 | |
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Orleans Homebuilders, Inc
Summary of New Orders by Region
(Dollars in thousands)
(Unaudited)
| | Three Months Ended
December 31, | | Six Months Ended
December 31, | |
| | 2008 | | 2007 | | 2008 | | 2007 | |
NEW ORDERS | | | | | | | | | |
Northern Region | | | | | | | | | |
Homes | | 41 | | 109 | | 96 | | 222 | |
Dollars | | $ | 16,505 | | $ | 45,890 | | $ | 41,959 | | $ | 99,472 | |
Average Sales Price | | $ | 403 | | $ | 421 | | $ | 437 | | $ | 448 | |
| | | | | | | | | |
Southern region | | | | | | | | | |
Homes | | 52 | | 119 | | 103 | | 240 | |
Dollars | | $ | 17,472 | | $ | 50,183 | | $ | 35,697 | | $ | 108,765 | |
Average Sales Price | | $ | 336 | | $ | 422 | | $ | 347 | | $ | 453 | |
| | | | | | | | | |
Midwestern region | | | | | | | | | |
Homes | | 17 | | 33 | | 38 | | 73 | |
Dollars | | $ | 6,767 | | $ | 13,532 | | $ | 14,927 | | $ | 26,968 | |
Average Sales Price | | $ | 398 | | $ | 410 | | $ | 393 | | $ | 369 | |
| | | | | | | | | |
Florida region | | | | | | | | | |
Homes | | 3 | | 23 | | 11 | | 52 | |
Dollars | | $ | 490 | | $ | 5,082 | | $ | 2,281 | | $ | 12,058 | |
Average Sales Price | | $ | 163 | | $ | 221 | | $ | 207 | | $ | 232 | |
| | | | | | | | | |
Total | | | | | | | | | |
Homes | | 113 | | 284 | | 248 | | 587 | |
Dollars | | $ | 41,234 | | $ | 114,687 | | $ | 94,864 | | $ | 247,263 | |
Average Sales Price | | $ | 365 | | $ | 404 | | $ | 383 | | $ | 421 | |
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Orleans Homebuilders, Inc
Summary of Backlog by Region
(Dollars in thousands)
(Unaudited)
| | At December 31, | |
| | 2008 | | 2007 | |
BACKLOG | | | | | |
Northern Region | | | | | |
Homes | | 136 | | 254 | |
Dollars | | $ | 71,950 | | $ | 136,057 | |
Average Sales Price | | $ | 529 | | $ | 536 | |
| | | | | |
Southern region | | | | | |
Homes | | 155 | | 256 | |
Dollars | | $ | 67,951 | | $ | 129,093 | |
Average Sales Price | | $ | 438 | | $ | 504 | |
| | | | | |
Midwestern region | | | | | |
Homes | | 38 | | 66 | |
Dollars | | $ | 15,335 | | $ | 26,339 | |
Average Sales Price | | $ | 404 | | $ | 399 | |
| | | | | |
Florida region | | | | | |
Homes | | 6 | | 34 | |
Dollars | | $ | 1,582 | | $ | 9,840 | |
Average Sales Price | | $ | 264 | | $ | 289 | |
| | | | | |
Total | | | | | |
Homes | | 335 | | 610 | |
Dollars | | $ | 156,818 | | $ | 301,329 | |
Average Sales Price | | $ | 468 | | $ | 494 | |
12
