Dominion Homes Announces Cost Saving Initiatives.DUBLIN, Ohio Dublin is a city in Delaware, Franklin, and Union counties in the U.S. state of Ohio. The population was 31,392 at the 2000 census. In 2006, the population was estimated to be 36,565[1], and Dublin continues to be one of the fastest-growing suburbs of Columbus. -- Dominion Homes, Inc. (Nasdaq:DHOM) -- In a conference call on Tuesday, November 9, 2004 at 2:00 pm (ET), along with a web cast live via DominionHomes.com, Douglas G. Borror, Chairman and Chief Executive Officer of Dominion Homes, discussed the housing market decline in the Midwest Region, which resulted in lower than expected sales for Dominion Homes in the third quarter; down 16% year-over-year. In addition, the Company had a backlog at September 30, 2004 of 845 sales contracts Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. with an aggregate sales value of $166 million down 36% from the backlog one year previously of 1,326 with an aggregate sales value of $251.2 million. During the call, Borror announced the following initiatives: --A commitment to maintaining market share in both Central Ohio and Kentucky by offering the best locations, well-positioned products, and competitive pricing. --A reduction in full-time staff through attrition Attrition The reduction in staff and employees in a company through normal means, such as retirement and resignation. This is natural in any business and industry. Notes: as well as restructuring, from a high of just under 700 in May of 2004 to under 600 today. --A non-personnel overhead reduction plan to review and analyze day-to-day operating costs operating costs npl → gastos mpl operacionales and construction expenses. --An aggressive inventory management plan that includes inventory homes, developed lots, sites under construction, and its land pipeline. --And a review of future land needs, including the evaluation of every piece of ground under contract. Borror concluded the conference call with the following statement, "While the third quarter has presented us with many challenges, we are still positioned to deliver the third best year in our Company's history." On November 8, 2004, Dominion announced third quarter earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the to be $.91 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. Today, Dominion announces, for the full year 2004, the Company expects earnings to be in the range of $2.25 to $2.50 per diluted share. Dominion Homes offers a variety of homes, which are differentiated by size, price, standard features and available options. The Company's "The Best of Everything" philosophy focuses on providing its customers with unsurpassed products, quality, and customer service. There are currently over 55 Dominion Homes locations in Central Ohio and Louisville and Lexington, Kentucky Lexington, Kentucky, United States, known as the "Horse Capital of the World," is located in the heart of the Bluegrass region. It is the second-largest city in Kentucky, after Louisville, Kentucky,[1] and the 68th largest in the United States. . Additional information about the Company and its homes is located on its website. Certain statements in this news release are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risks, uncertainties and other factors include, but are not limited to, weather conditions, changes in general economic conditions, fluctuations in interest rates, increases in raw materials and labor costs, change in demand from first time home buyers, levels of competition and other factors described in the Company's Annual Report and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2003. There can be no assurance that the forward-looking statements made in this document will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements. |
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