Dominion Lowers Second Quarter Sales Expectations.Business Editors DUBLIN, Ohio--(BUSINESS WIRE)--June 7, 2004 Dominion Homes, Inc. (Nasdaq:DHOM) lowered its second quarter home sales expectations today, citing the impact of rising interest rates on its first-time buyer first-time buyer n → persona que compra su primera vivienda first-time buyer n → personne achetant une maison ou un appartement pour la première fois first-time buyer target market. Gross unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. for April and May are off 15%, and increases in cancellations have further impacted net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight which are down 35% below the same months last year. The 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. based Company now expects sales for its second quarter to be significantly below the record second quarter that the Company experienced last year. "Our first quarter results trended toward the higher end Coordinates: For other places with the same name, see Billinge. Higher End or Billinge Higher End is a district of the Metropolitan Borough of Wigan, in Greater Manchester, England. of the original guidance," Dominion Homes Chairman Douglas G. Borror said. "However, 70% of our customers are first-time buyers who, in an increasing interest rate environment, either delay their buying decision, or have a harder time qualifying for a mortgage. The effects of increasing rates on our target market are significantly hurting our sales performance this quarter." The Company will announce second quarter sales, closings, and backlog results in early July. 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 50 Dominion Homes locations in Central Ohio and Louisville and Lexington, Kentucky. Additional information about the Company and its homes is located on its website. Certain statements in this news release are "forward-looking statements" 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 on 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. 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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