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WASHINGTON HOMES, INC. POSTS RECORD FIRST FISCAL QUARTER REVENUES

 LANDOVER, Md., Nov. 17 /PRNewswire/ -- Washington Homes, Inc. (NASDAQ-NMS: WHIN) announced today net earnings of $1.2 million or 16 cents per share for its first fiscal quarter ended Oct. 31, 1993, compared to $900,000 or 23 cents per share during the three months ended Oct. 31, 1992.
 Net earnings per share for the quarter ending Oct. 31, 1992, do not reflect the issuance of additional shares of the company's initial public offering of common stock in February 1993 and a private placement of stock in December 1992. Assuming the total number of shares outstanding in fiscal 1993 reflected the additional shares issued, the company would have earned 12 cents per share in the first fiscal quarter of 1993 compared to 16 cents in the first fiscal quarter of 1994.
 Revenues from home sales increased 16 percent to $30.2 million from $26.0 million for the comparable quarter of fiscal 1993. This represents the highest first fiscal quarter revenues from home sales in the company's history.
 The company delivered 217 homes in the first three months of fiscal 1994, compared to 192 homes delivered in the same three month period of fiscal 1993, an increase of 13 percent. Net new orders for the three month period increased 18 percent to 241 homes valued at $34.8 million compared to 205 homes valued at $28.4 million in the same period of 1993. The company's backlog of homes under contract as of Oct. 31, 1993, increased to 595 homes representing an aggregate sales value of $85.2 million from 535 homes valued at $78.3 million on Oct. 31, 1992.
 In announcing the record results, Geaton A. DeCesaris Jr., the company's president and chief executive officer, said: "These results are reflective of additional communities open in fiscal 1994 over 1993, increased consumer confidence and the lowest interest rates in 25 years. With revenues of over $30 million in the first quarter and a solid backlog of over $85 million, Washington Homes is positioned for another record year in 1994. Our first quarter of fiscal 1994 marks the ninth consecutive quarter that the company has exceeded both revenues and ending backlog of homes under contract from the previous year's comparable quarter."
 Unaudited results for the three-month periods ended Oct. 31, 1993 and 1992 are set forth below (in thousands except per share amounts):
 Quarter Ended Oct. 31
 1993 1992
 Total revenues $30,460 $26,375
 Net earnings $ 1,242 $ 928
 Net earnings per share $ 0.16 $ 0.23
 Pro forma earnings per share(A) $ 0.16 $ 0.12
 Average shares outstanding 7,942,763 4,000,000
 Pro forma shares outstanding(A) 7,942,763 7,942,763
 (A) Assumes shares issued in the initial public offering and private placement were outstanding from the beginning of fiscal 1993.
 Washington Homes designs, builds and markets single-family detached homes, townhomes and condomimiums. It is a leading provider of moderately priced, quality homes in the Washington and Baltimore metropolitan areas.
 Shares of Washington Homes common stock are traded on the NASDAQ National Market System under the symbol "WHIN."
 -0- 11/17/93
 /CONTACT: Geaton A. DeCesaris Jr. of Washington Homes, 301-772-8900/
 (WHIN)


CO: Washington Homes, Inc. ST: Maryland IN: CST SU: ERN

KD-IH -- DC013 -- 5383 11/17/93 10:38 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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