Homebuilding revenues impressive, says Tarragon.Tarragon tarragon (târ`əgŏn), perennial aromatic Old World herb (Artemisia dracunculus) of the family Asteraceae (aster family), of the same genus as wormwood and sagebrush. Corporation a leading homebuilder specializing in the development and marketing of high-density high-den·si·ty adj. Having a high concentration: high-density urban areas. residential communities and a real estate investor A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. with a portfolio of approximately 14,000 apartments announced its third quarter and nine months 2004 results. 2004 third quarter total revenues were $81.6 million, up 95 percent over prior year revenues of $41.9 million, reflecting higher Homebuilding Division sales and an increasing 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 contracts. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $3.9 million in the third quarter of 2004, after income tax expense of $2.6 million (of which $2.3 million was a deferred tax provision), versus $6.5 million in 2003. Homebuilding Division revenues in the third quarter of 2004 were up 180 percent to $56.9 million, versus $20.3 million in third quarter 2003, signifying Signifyin' (slang) is an African-American rhetorical device featuring indirect communication or persuasion and the creating of new meanings for old words and signs. Signifying, in this sense, includes repetition and difference, implication and association, combining words and the continued increase in activity in this Division. Gross profit contributed by the Homebuilding Division was $13.5 million versus $5.2 million. For the nine-month period, revenues increased 284 percent to $135.1 million from $35.1 million with gross profit increasing to $29.4 million from $6.4 million. The number of homes closed in the third quarter of 2004 was 151, up 39 percent from the 109 homes closed in the same period last year. Net new home orders for the third quarter were 224, up 6 percent from 211 homes for the prior year. Net new home orders for the nine months ended September 30, 2004 were 891, up 130 percent from 388 homes for the same period last year. Tarragon Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. William Friedman noted, "Despite disruptions caused by multiple hurricanes during the third quarter, our Florida developments fared well. Homebuilding revenues were impressive given the impact these storms had on sales activity and scheduling of closings. "We still managed to close over 150 units and put under contract an additional 224 homes. Our Northeast developments continue to move full steam ahead with closings at our Hoboken community scheduled to begin the first quarter of 2005. We look forward to these future quarters as we convert our backlog of sales into revenue." At September 30, 2004, Tarragon had under development or in its pipeline a total of 30 communities representing over 6,400 homes and $2.2 billion in future Homebuilding sales revenue. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion