Engle Homes reports first quarter earnings.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) Wednesday reported consolidated results for the first quarter ended Jan. 31, 1996. For the three months ended Jan. 31, 1996, total revenues increased to $58.5 million compared to $56.4 million for the comparable quarter of last year. Net income for the first quarter of 1996 decreased to $810,000, or 12 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. (11 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 net income of $1.1 million, or 16 cents per share (14 cents fully diluted) in the first quarter of 1995. Alec Engelstein, chairman and chief executive officer commented, "We are most encouraged by our record backlog at Jan. 31, 1996 of $176.7 million and the solid traffic experienced by all of our divisions in the past four to six weeks resulting in increased 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. contract activity." Engelstein continued: "Our disappointment with the first quarter results, due primarily to delays in delivering homes in one of our very successful subdivisions in Southwest Broward County, Fla., and to a lessor One who rents real property or Personal Property to another. A lessor of land is a landlord. Cross-references Landlord and Tenant. lessor n. the owner of real property who rents it to a lessee pursuant to a written lease. extent to inclement in·clem·ent adj. 1. Stormy: inclement weather. 2. Showing no clemency; unmerciful. in·clem weather delays in our divisions in Virginia and North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. . We have overcome the problems with the local municipalities which caused the delays in Southwest Broward, and expect improving results during the rest of the year." The company also declared a quarterly cash dividend of 4 cents per share payable on March 22, 1996, to shareholders of record at the close of business on March 1, 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 and Maryland. 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
Jan. 31,
1996 1995
---- ----
REVENUES:
Sales of homes $53,917 $52,313
Sales of land 3,753 3,715
Rent and other 630 325
Financial service income 211 45
58,511 56,398
COSTS AND EXPENSES
Cost of sales - home
Land and construction costs 47,071 45,449
Cost of sales - land
Land and improvements 3,154 2,946
Selling, marketing, general
and administrative 6,173 5,382
Depreciation and amortization 807 878
57,205 54,655
INCOME BEFORE TAX 1,306 1,743 Provision for income taxes 496 662 NET INCOME $ 810 $ 1,081 Net income per share Primary $ 0.12 $ 0.16 Fully diluted $ 0.11 $ 0.14 Shares used in earnings per share calculations: Primary 6,989 6,912 Fully diluted 9,132 9,054 CONTACT: Engle Homes Inc., 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. David Shapiro David Shapiro may refer to:
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