EXHIBIT 99.2
SELECTED FINANCIAL DATA
The following selected financial data of Technical Olympic USA, Inc. (formerly
known as Newmark Homes Corp.) is derived from the Company's consolidated
financial statements and the related notes included elsewhere in this Form 8-K.
Westbrooke is accounted for as a discontinued operation of the Company for all
periods discussed below and, therefore, the operating and financial data below
do not include Westbrooke. These historical results are not necessarily
indicative of the results of operations or financial condition to be expected in
the future. You should read the section entitled "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and the financial
statements of the Company and the related notes to those financial statements
included elsewhere in this Form 8-K.
2001 2000 1999 1998 1997
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Total revenues $1,425,571 $ 549,228 $ 420,748 $ 289,752 $ 215,360
Homebuilding revenues $1,392,912 $ 546,666 $ 420,748 $ 289,752 $ 215,360
Income from continuing operations $ 87,765 $ 23,774 $ 15,826 $ 8,859 $ 6,655
Net income $ 94,037 $ 30,095 $ 17,385 $ 12,795 $ 6,655
Inventories $ 645,986 $ 613,095 $ 166,676 $ 141,069 $ 102,547
Total assets $ 999,170 $ 868,553 $ 328,892 $ 245,337 $ 139,213
Total borrowings $ 377,408 $ 346,720 $ 105,876 $ 84,681 $ 67,875
Stockholders' equity $ 413,370 $ 355,059 $ 109,618 $ 90,112 $ 55,691
Per common share:
Income from continuing operations (basic
and diluted) $ 3.15 $ 1.79 $ 1.38 $ 1.16 $ 0.72
Income from discontinued operations (basic
and diluted) $ 0.22 $ 0.48 $ 0.13 $ -- $ --
Book value based on shares outstanding at
end of year $ 14.83 $ 12.74 $ 9.53 $ 7.84 $ 6.05
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(1) On June 25, 2002, the Company completed the merger with Engle Holdings
Corp. (Engle). As both entities were under the common control of Technical
Olympic, Inc. (TOI), the merger was accounted for as a reorganization of
entities under common control. In accordance with Statement of Financial
Accounting Standards (SFAS) No. 141, "Business Combinations", the Company
recognized the acquired assets and liabilities of Engle at their historical
carrying amounts. As both entities became under common control of TOI on
November 22, 2000, the financial statements and other operating data of the
Company have been restated to include the operations of Engle from November
22, 2000. See Note 1 to the consolidated financial statements of Technical
Olympic USA, Inc. included elsewhere in this Form 8-K.
(2) On April 15, 2002, the Company completed the sale of Westbrooke Acquisition
Corp. (Westbrooke). In accordance with SFAS 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets", the results of Westbrooke's
operations have been classified as discontinued operations, and prior
periods have been restated. See Note 12 to the consolidated financial
statements of Technical Olympic USA, Inc. included elsewhere in this Form
8-K.
(3) TOI acquired 80% of the Company's common stock on December 15, 1999.
Consequently, the Company's audited financial statements for 1999 present
the results of operations in two columns on a predecessor and successor
basis. The predecessor column includes the results of operations from
January 1, 1999 to December 15, 1999. The successor column includes the
results of operations from December 16, 1999 to December 31, 1999. In the
above table, the financial and other data reflects the operations of the
Company on a full-year basis, which represents the total of the predecessor
and successor columns.