Dominion Homes Reports 232 Percent Increase in First Quarter Net Income.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)--April 30, 1998--Dominion Homes (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DHOM) today reported net income increased 232 percent to $2,005,000, or 30 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. , for the first quarter of 1998, up from $603,000 or 10 cents per share for the same period a year ago. The $2,005,000 first quarter net income is the highest first quarter net income in the company's history. Revenues for the first quarter of 1998 increased 47 percent to $54,458,000 resulting from 370 home closings, compared to revenues of $36,997,000 from 266 closings for the same period last year. New home contracts for the first three months of 1998 totaled 670, increasing 88 percent from the same period in 1997. The 670 new home contracts represent an all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal quarterly record for the company. 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. of homes at March 31, 1998 was 1,003, up from 778 at March 31, 1997. Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. G. Borror, president and chief executive officer, stated, "We are very pleased with the record first quarter results and continue to pursue initiatives to further strengthen our business. The strong sales momentum combined with our solid operating performance are expected to benefit results throughout 1998." The company will present financial results for 1997 and the first quarter of 1998 at its annual meeting of shareholders on May 20th at 10:00 a.m. at the company's Galloway Galloway, district, Dumfries and Galloway, SW Scotland. The Rhinns, or Rinns, of Galloway is a rocky double peninsula that juts into the North Channel of the Irish Sea; its southern extremity is called the Mull of Galloway and is the southernmost point in Scotland. Ridge housing development in Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. . The company offers three distinct series of homes -- Century, Celebrity and Tradition -- which are differentiated by size, price, standard features and available options. The company's "Best of Everything(R)" philosophy focuses every aspect of operations on providing its customers with unsurpassed products, quality and customer service. There are currently over 40 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 locations in the Central Ohio area. 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, changes in general economic conditions, fluctuations in interest rates, increases in raw materials and labor costs, levels of competition and other factors described 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 Inc.
FINANCIAL HIGHLIGHTS
(In thousands, except share information)
(Unaudited)
Three Months Ended
March 31,
1998 1997
Revenues $ 54,458 $ 36,997
Cost of real estate sold 43,558 29,380
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Gross profit 10,900 7,617
Selling, general and administrative 6,352 5,135
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Income from operations 4,548 2,482
Interest expense 1,091 1,443
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Income before income taxes 3,457 1,039
Provision for income taxes 1,452 436
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Net income $ 2,005 $ 603
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Earnings per share
Basic $ .32 $ .10
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Diluted $ .30 $ .10
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Weighted average shares outstanding
Basic 6,268,199 6,239,153
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_________ _________
Diluted 6,579,019 6,319,208
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CONTACT: Dominion Homes Jon M. Donnell or Terry E. George, 614/761-6000 |
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