Printer Friendly

Monterey Homes announces third quarter 1996 results.

PHOENIX--(BUSINESS WIRE)--Nov. 27, 1996--Homeplex Mortgage Investments Corp. (NYSE:HPX) Wednesday announced the combined revenue and net earnings for the three and nine month periods ended Sept. 30, 1996 for Monterey Homes Arizona II Inc. and Monterey Homes Construction II Inc., a group of privately held companies engaged in the homebuilding business in Phoenix, Scottsdale, and Tucson, Ariz. (collectively, "Monterey").

Homeplex and Monterey previously announced the execution of a definitive merger agreement which, subject to the approval of Homeplex's stockholders, is scheduled to close on Dec. 31, 1996.

For the quarter, Monterey's combined revenues totaled $19.4 million, an increase of 12.1 percent over the $17.3 million achieved for the corresponding period in 1995. Net earnings for the quarter were $1.9 million, an increase of 5.5 percent compared to net earnings of $1.8 million for the third quarter of 1995.

For the nine month period, revenues rose 26.6 percent to $50.9 million, compared with $40.2 million for the same period in the prior year. Net earnings grew to $3.9 million for the first nine months of 1996, an increase of 25.8 percent compared to net earnings of $3.1 million for the first nine months of 1995.

The merger of Homeplex and Monterey is subject to the approval of the Homeplex stockholders at a meeting to be held on Dec. 18, 1996. If the merger is approved, the combined entity will continue with Monterey's building operations as its main line of business and withdraw from Homeplex's residual and real estate lending business.

CONTACT: Monterey Homes, Scottsdale

Larry Seay, 602/998-8700; FAX 602/998-9162
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Nov 27, 1996
Words:274
Previous Article:Sizzler International reports 2 cents second quarter loss on lower revenues.
Next Article:Physician Sales & Service Completes Merger With Radiology and Imaging Distributor.


Related Articles
Monterey Homes Corp. announces record closings and revenues.
Monterey Homes Corp. announces record closings and revenues.
Monterey Homes Corp. -- formerly Homeplex Mortgage Investments Corp. -- announces pro forma and historical 1996 results.
Monterey Homes Corp. announces first-quarter results; sales and backlog at record levels.
Monterey Homes Corp. Announces Third-Quarter Results.
Monterey Resources Reports Third- Quarter Results.
SIMI VALLEY: BRIEFLY : 4 HELD IN THEFT OF TIRES, WHEELS.
STATE TO STUDY WATER FLOW REVIEW AFFECTS NEWHALL RANCH.
L.A. HOMES MOST OUT OF REACH.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters