Dominion Homes Reports Record 2003 Sales and Closings.Business Editors 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)--Jan. 15, 2004 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, Inc. (Nasdaq:DHOM) sold a record 3,071 homes, with an aggregate sales value of $554.7 million, during 2003. These sales represent a 19% increase over the 2,577 homes sold during 2002 and an 18% increase over the $469.3 million aggregate sales value of homes sold in 2002. The Company sold 586 homes, with an aggregate sales value of $110.1 million, during the three months ended December 31, 2003 compared to 630 homes, with an aggregate sales value of $114.0 million, sold during the three months ended December 31, 2002. This is a 7% decrease in units and a 3% decrease in sales value for the quarter. As a result of selling out of communities faster than anticipated, the active subdivision count for Dominion Homes during the fourth quarter 2003 was 51 compared to 50 active subdivisions in fourth quarter 2002. The company expects its expansion into the 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. market combined with expected new subdivisions in Central Ohio and Louisville, Kentucky  “Louisville” redirects here. For other uses, see Louisville (disambiguation). will increase the subdivision count by up to 10% by second quarter 2004 and by up to 35% by fourth quarter 2004. The Company closed a record 3,070 homes during 2003 compared to 2,591 homes during 2002, an 18% increase. The Company closed 893 homes during the three months ended December 31, 2003 compared to 647 homes during the three months ended December 31, 2002, a 38% increase. The Company's 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. on December 31, 2003 was 1,019 sales contracts Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. , with an aggregate sales value of $198.9 million, compared to a backlog on December 31, 2002 of 1,018 sales contracts, with an aggregate sales value of $194.2 million. The Company will announce its 2003 financial results on January 28, 2004 and host a conference call at 10:00 a.m. Eastern Time on January 29, 2004. Interested parties may listen in by accessing the Company's website at www.dominionhomes.com, selecting either the Central Ohio or Louisville, Kentucky location and then selecting "2003 Conference Call". Dominion Homes offers a variety of homes, which are differentiated by size, price, standard features and available options. The Company's "Best of Everything" philosophy focuses on providing its customers with unsurpassed products, quality, and customer service. There are currently over 50 Dominion Homes locations in Central Ohio and Louisville, Kentucky. The Company has also recently announced that it is expanding into the Lexington, Kentucky market. 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, levels of competition and other factors described in the Company's Annual Report of 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, 2002. 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion