Engle Homes Inc. achieves record second quarter revenues and earnings; announces quarterly dividend.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--May 14, 1995--Engle Homes Inc. (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 :ENGL) Tuesday Tuesday: see week. announced the company has achieved record revenues and earnings for the second quarter ended April 30, 1996. Net income for the three months ended April 30, 1996 totaled $2.0 million, or 29 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. (25 cents fully 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. ) compared to $1.0 million, or 15 cents per share (14 cents fully diluted) for the comparable quarter. Net income for the six months ended April 30, 1996 totaled $2.9 million, or 41 cents per share (36 cents fully diluted) compared to $2.1 million, or 30 cents per share (28 cents fully diluted) for the six months ended April 30, 1995. Engle En´gle n. 1. A favorite; a paramour; an ingle. v. t. 1. To cajole or coax, as favorite. I 'll presently go and engle some broker. - B. Jonson. Homes record results in the second quarter was due in part to a 35.0 percent increase in home sales revenues, a substantial increase in land sale revenues, improved selling, marketing, general and administrative expenses as a percentage of total revenues and an increase in operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . "We are extremely pleased with our second quarter performance," commented Alec ALEC - A Language with an Extensible Compiler Engelstein, president and chief executive officer. "Every division has shown improved results. Most notably, the company's 65 percent increase in new home sales New Home Sales An economic indicator that measures sales of newly built homes. Released by the U.S. Department of Commerce's Census Bureau, it includes both quantity and price statistics. contracts and a 77 percent increase in 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. represents an increasing contribution from our new divisions in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. ; Virginia/Maryland and Raleigh Raleigh (rôl`ē, räl`ē), city (1990 pop. 207,951), state capital, and seat of Wake co., central N.C.; the site was selected for the capital in 1788, and the city was laid out and inc. 1792. , N.C., continued growth in Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and and a strong turn around in Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. . "We are also pleased with our significant growth of our financial services, which include Preferred Home Mortgage Co. and Universal Land Title Inc. Preferred Home Mortgage is currently operating or soon will be operational in all of our home building markets. In the second quarter of fiscal 1996, the mortgage company originated $60.4 million in loans which represented an approximate 85 percent capture rate of Engle Homes homebuyers who financed their purchase with a mortgage. Universal Land Title Inc. currently operates in all markets in Florida and Denver and continues to grow its market share in each of these markets." Engelstein concluded, "Given our record backlog of $235.0 million, the remainder of the fiscal year should result in record results as we focus on maintaining improved margins and growth within our current divisions." The company also declared a quarterly cash dividend of 4 cents per share payable on June June: see month. 28, 1996 to shareholders of record at the close of business on June 7, 1996. Engle Homes Inc. is engaged principally in the design, construction, marketing and sale of single-family homes, townhomes, patio homes A patio home is a type of housing. The term tends to imply a suburban setting and a unit of several houses attached to each other, typically with shared walls between units, and with exterior maintenance and landscaping provided through an association fee. and condominiums in Florida; Denver; Dallas; Raleigh, N.C.; Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). and Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). . In addition, the company's subsidiaries include a mortgage company and a title company. -0-
ENGLE HOMES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
In Thousands, Except Share Data
Three Months Ended Six Months Ended
April 30, April 30,
1996 1995 1996 1995
REVENUES:
Sales of homes $64,816 $48,082 $118,733 $100,395
Sales of land 8,904 696 12,657 4,411
Rent and other 272 417 902 743
Financial service income 493 111 704 156
74,485 49,306 132,996 105,705
COSTS AND EXPENSES
Cost of sales - home
Land and construction
costs 55,772 40,971 102,843 86,420
Cost of sales - land
Land and improvements 8,018 622 11,172 3,568
Selling, marketing, general
and administrative 6,635 5,140 12,808 10,523
Depreciation and
amortization 756 901 1,563 1,779
71,181 47,634 128,386 102,290
INCOME BEFORE TAX 3,304 1,672 4,610 3,415 Provision for income taxes 1,256 635 1,752 1,298 NET INCOME $ 2,048 $ 1,037 $ 2,858 $ 2,117 Net Income per share Primary $ 0.29 $ 0.15 $ 0.41 $ 0.30 Fully diluted $ 0.25 $ 0.14 $ 0.36 $ 0.28 Shares used in earnings per share calculations: Primary 7,037 7,086 7,037 7,007 Fully diluted 9,180 9,229 9,180 9,150
ENGLE HOMES INC. - SELECTED OPERATING DATA
Three Months Ended April 30, 1996
(000's omitted)
1996 1995
New Home Contracts Units Dollars Units Dollars
------------------ ----- ------- ----- -------
South Florida 217 $46,400 195 $36,900
Orlando 118 22,800 87 15,400
Tampa 26 3,800 20 3,800
Texas 53 9,100 23 4,700
Denver 128 23,700 56 10,500
Virginia/Maryland 50 10,300 10 2,500
North Carolina 36 7,000 4 900
----- ------- ----- -------
TOTAL: 628 $123,100 395 $74,700
Homes Closed
------------
South Florida 147 $29,000 129 $26,100
Orlando 84 15,900 44 7,700
Tampa 9 1,400 7 1,300
Texas 11 2,200 12 2,200
Denver 43 8,100 59 10,800
Virginia/Maryland 25 5,400 -- --
North Carolina 14 2,800 -- --
----- ------- ----- -------
TOTAL: 333 $64,800 251 $48,100
Backlog
-------
South Florida 595 $130,200 385 $75,100
Orlando 204 37,800 142 25,800
Tampa 40 6,500 38 6,900
Texas 62 10,900 23 4,800
Denver 146 26,900 69 13,000
Virginia/Maryland 48 10,000 17 5,100
North Carolina 66 12,700 10 2,200
----- ------- ----- -------
TOTAL: 1,161 $235,000 685 $132,900
ENGLE HOMES INC. - SELECTED OPERATING DATA
Six Months Ended April 30, 1996
(000's omitted)
1996 1995
New Home Contracts Units Dollars Units Dollars
------------------ ----- ------- ----- -------
South Florida 319 $69,400 297 $57,000
Orlando 228 42,600 143 25,500
Tampa 43 6,700 32 6,000
Texas 73 13,100 35 7,000
Denver 191 35,300 127 23,100
Virginia/Maryland 66 13,900 15 4,300
North Carolina 56 10,800 10 2,200
----- ------- ----- -------
TOTAL: 976 $191,800 659 $125,100
Homes Closed
------------
South Florida 264 $50,000 266 $53,800
Orlando 154 28,300 107 17,900
Tampa 28 5,100 15 2,800
Texas 29 5,800 25 4,600
Denver 82 15,700 121 21,300
Virginia/Maryland 43 10,000 -- --
North Carolina 19 3,800 -- --
----- ------- ----- -------
TOTAL: 619 $118,700 534 $100,400
CONTACT: Engle Homes Inc., Boca Raton David Shapiro David Shapiro may refer to:
407/391-4012 |
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