Dominion Homes Inc. Reports Record Third Quarter Revenues.DUBLIN Dublin, city, Republic of Ireland Dublin, Irish Baile Átha Cliath, county borough (1991 pop. 915,516), Leinster, capital of the Republic of Ireland, on Dublin Bay at the mouth of the Liffey River. , Ohio--(BUSINESS WIRE)--Oct. 30, 1998--Dominion Homes (Nasdaq:DHOM) today reported that revenues for the first nine months of 1998 increased 25 percent to $190,258,000 from $152,392,000 in 1997. Home closings for the 1998 year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. period rose to 1,268 compared with 1,029 for the same period last year. Net income increased 27 percent to $7,245,000, or $1.10 per share, for the nine months ended Sept. 30, 1998, vs. $5,689,000, or 89 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , a year ago. Revenues for the third quarter increased 15 percent to $67,769,000 due to a record 437 home closings, vs. $58,723,000 from 383 home closings for the same period last year. Net income was $2,561,000, or 39 cents per share, for the three months ended Sept. 30, 1998, a 4 percent decrease from net income of $2,674,000, or 42 cents per share, for the same period a year ago. This decrease is a reflection of higher construction costs and costs associated with the company's start-up Start-up The earliest stage of a new business venture. of the Louisville Louisville (l  `ēvĭl), city (1990 pop. 269,063), seat of Jefferson co., NW Ky., at the Falls of the Ohio; inc. 1780. division.New home contracts for the first nine months of 1998 totaled 1,402, representing a 31 percent increase over the 1,069 home contracts for the comparable period in 1997. For the three months ended Sept. 30, 1998, new home contracts totaled 330, down 15 percent from the 380 homes contracted in the third quarter of the prior year. Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at Sept. 30, 1998, was 837 homes vs. 728 homes on the same date a year ago. The average price of homes in backlog at Sept. 30, 1998, increased to $162,881 from $152,816 on the same date last year. Dominion dominion, power to rule, or that which is subject to rule. Before 1949 the term was used officially to describe the self-governing countries of the Commonwealth of Nations—e.g., Canada, Australia, or India. Homes offers three distinct series of homes -- Century, Celebrity and Tradition -- that are differentiated dif·fer·en·ti·ate v. dif·fer·en·ti·at·ed, dif·fer·en·ti·at·ing, dif·fer·en·ti·ates v.tr. 1. To constitute the distinction between: by size, price, standard features and available options. The company's "Best of Everything" philosophy focuses every aspect of operations on providing its customers with unsurpassed products, quality, and customer service. There are currently over 40 Dominion Homes locations in the Central Ohio area. The company recently announced its expansion to Louisville, Ky. Certain statements in this press 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, changes in general economic conditions, fluctuations in interest rates, increases in raw materials and labor costs, levels of competition and other factors described in detail in the company's 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 Dec. 31, 1997. -0-
DOMINION HOMES
FINANCIAL HIGHLIGHTS
(In thousands, except share information)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1998 1997 1998 1997
_________ _________ _________ _________
Revenues $ 67,769 $ 58,723 $ 190,258 $ 152,392
Cost of real estate sold 55,260 46,702 153,848 120,962
_________ _________ _________ _________
Gross profit 12,509 12,021 36,410 31,430
Selling, general and
administrative 6,901 5,866 20,324 16,943
_________ _________ _________ _________
Income from operations 5,608 6,155 16,086 14,487
Interest expense 1,192 1,545 3,594 4,679
_________ _________ _________ _________
Income before income taxes 4,416 4,610 12,492 9,808
Provision for income taxes 1,855 1,936 5,247 4,119
_________ _________ _________ _________
Net income $2,561 $2,674 $7,245 $5,689
_________ _________ _________ _________
_________ _________ _________ _________
Earnings per share
Basic $0.41 $0.43 $1.15 $0.91
_________ _________ _________ _________
Diluted $0.39 $0.42 $1.10 $0.89
_________ _________ _________ _________
Weighted average shares
outstanding
Basic 6,279,016 6,256,853 6,273,326 6,245,835
Diluted 6,615,017 6,438,987 6,600,175 6,365,283
_________ _________ _________ _________
_________ _________ _________ _________
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