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CROSSMANN COMMUNITIES REPORTS 3RD QUARTER RESULTS; PRO FORMA INCOME $.40 PER SHARE, PRO FORMA REVENUE UP 60.6 PERCENT, NET INCOME UP 73.9 PERCENT

 INDIANAPOLIS, Nov. 8 /PRNewswire/ -- Crossmann Communities, Inc. (NASDAQ: CROS) today reported unaudited results for the third quarter ended Sept. 30, 1993.
 For the three months ended Sept. 30, 1993, sales totaled $29.8 million for Crossmann's Deluxe Entities and its recent acquisition, Deluxe Homes of Columbus, Inc., compared to sales of $18.5 million for the same period in 1992. Net income for the third quarter totaled $2.3 million or $.40 per share in 1993 versus $1.4 million or $.24 per share in 1992. This performance was reported on a pro forma basis, assuming that the acquisition of Deluxe of Columbus and public offering shares had occurred Jan. 1.
 For the nine months ended Sept. 30, 1993, sales on a pro forma basis totaled $65.6 million, compared to $48 million for the same period last year. Net income for the period totaled $4.5 million or $.77 per share versus $2.6 million or $.44 per share for 1992, an increase of 75 percent.
 At Sept. 30, 1993, Crossmann had a sales backlog of 308 homes with an aggregate sales value of $31.1 million, compared to 223 homes with an aggregate sales value of $22.4 million at Sept. 30, 1992.
 Crossmann Communities, Inc. completed its initial public offering of 2,000,000 common shares on Oct. 26, 1993. The company is a leading regional builder of single-family homes in Central Indiana and, concurrent with its offering, acquired a former affiliate, Deluxe Homes of Columbus, Inc., of Columbus, Ohio. The company targets entry-level and first move-up buyers at an average price under $100,000.
 CROSSMANN COMMUNITIES, INC.
 COMBINED STATEMENTS OF INCOME (unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30 Sept. 30
 1993 1992 1993 1992
 Sales of residential
 real estate $26,501,496 $15,768,389 $58,542,295 $41,411,013
 Cost of real
 estate sold 20,917,203 12,376,190 45,939,126 32,473,053
 Gross profit 5,584,293 3,392,199 12,603,169 8,937,960
 Selling, general and
 administrative
 expenses 1,988,728 1,324,234 5,345,999 4,837,456
 Income from
 operations 3,595,565 2,067,965 7,257,170 4,100,504
 Other income
 (expense), net 115,787 107,478 243,427 180,828
 Interest expense (33,012) (17,474) (75,945) (23,695)
 Net Income $3,678,340 $2,157,969 $7,424,652 $4,257,637
 Unaudited pro forma financial information
 (Includes Deluxe Homes of Columbus, Inc.)
 Pro forma operating
 revenues $29,789,195 $18,548,845 $65,612,510 $48,066,752
 Pro forma income
 before income
 taxes 3,882,809 2,269,355 7,536,322 4,310,802
 Pro forma income
 taxes 1,553,124 907,742 3,014,529 1,724,321
 Pro forma net
 income $ 2,329,685 $ 1,361,613 $ 4,521,793 $2,586,481
 Pro forma shares
 outstanding 5,850,000 5,850,000 5,850,000 5,850,000
 Pro forma net income
 per share $0.40 $0.23 $0.77 $0.44
 -0- 11/8/93
 /CONTACT: Jennifer A. Holihen, chief financial officer, of Crossmann Communities, Inc., 317-843-9514/
 (CROS)


CO: Crossmann Communities, Inc. ST: Indiana IN: CST SU: ERN

AR-TJ -- CL020 -- 1953 11/08/93 18:01 EST
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Publication:PR Newswire
Date:Nov 8, 1993
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