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ORIOLE HOMES REPORTS THIRD QUARTER RESULTS; COMPANY SEES TRENDS POINTING TO FURTHER IMPROVEMENTS IN OPERATING RESULTS

 DELRAY BEACH, Fla., Oct. 25 /PRNewswire/ -- Oriole Homes Corp. (AMEX: OHC.A, OHC.B) today reported unaudited results for the third quarter and nine months ended Sept. 30, 1993.
 For the third quarter ended Sept. 30, 1993, revenues totaled $23,621,937, compared to revenues of $21,084,859 during the third quarter ended Sept. 30, 1992. Net income during the third quarter of 1993 was $798,705, or $0.17 per share, compared to $1,030,113, or $0.22 per share, during the same period in 1992.
 For the nine months ended Sept. 30, 1993, revenues totaled $63,299,766, vs. total revenues of $61,814,683 during the nine months ended Sept. 30, 1992. Net income from operations during the first nine months of 1993 totaled $1,689,178, or $0.37 per share, vs. net income from operations of $3,079,626, or $0.73 per share during the first nine months of 1992.
 As previously reported, the company entered into 168 new sales contracts, valued at $25,118,177, during the recently ended third quarter, compared with 164 new sales contracts, valued at $19,049,184, during the third quarter of 1992. The average per unit value of new sales contracts rose 29 percent from $116,154 per unit in 1992's third quarter to $149,513 per unit in the most recently ended third quarter. The value of the company's backlog of undelivered housing, which reflects new sales contracts which have yet to close, increased 29 percent to $57,390,440 (representing 410 units) as of Sept. 30, 1993, from $44,490,545 (representing 345 units) as of Sept. 30, 1992. The average unit price of the company's backlog now stands at $139,977, compared to $128,958 as of Sept. 30, 1992.
 "As expected, the positive trends underlying our business have allowed us to begin the second half of the year with an improvement in sales," commented Mark A. Levy, president of Oriole Homes. "These trends have continued strongly into the most recently ended quarter, as evidenced by the significant increase in the value of our backlog and new sales contracts, which were up by 29 percent and 32 percent respectively. We are also pleased with the increasing average per unit value of both our backlog and new sales contracts. In turn, as our business continues to gain momentum, we expect to see further improvements in our operating results, particularly in 1994."
 The company noted that its net results for the first nine months of the 1993 period were affected by a non-recurring extraordinary expense in the amount of $999,288, net of taxes, or $0.22 per share, in connection with the redemption on Feb. 16, 1993 of the company's outstanding 12-7/8 percent subordinated debentures due July 15, 2000, and the early repayment of a bank credit agreement. This charge represents upfront costs incurred in obtaining those financings, which are normally amortized over the life of the debt, and which prior to the recently ended nine month period had not yet been fully expenses. As a result, the company experienced a gain after taxes of only $689,890, or $0.15 per share, during the nine months ended Sept. 30, 1993. The company also noted that net income for the nine months ended Sept. 30, 1992 included a net after taxes gain of $306,747, or $0.08 per share, from the sale of a golf course.
 As previously reported, sales of houses and condominiums closed during the third quarter ended Sept. 30, 1993 amounted to $21,822,052 (168 units), compared to $19,496,854 (149 units) during the same quarter of 1992. Sales of houses and condominiums closed during the nine months ended Sept. 30, 1993 totaled $57,641,374 (463 units), compared with $56,471,073 (452 units) during the first nine months of 1992.
 Oriole Homes is engaged principally in the design, construction, marketing and sale of single-family homes, patio homes, townhomes, villas, duplexes and low- and mid-rise condominiums in Palm Beach and Broward counties, Florida.
 ORIOLE HOMES CORP.
 COMPARATIVE OPERATING HIGHLIGHTS
 (Unaudited)
 For the Three Months Ended Sept. 30,
 1993 1992
 Total revenues from operations $ 23,621,937 $ 21,084,859
 Income before taxes $ 1,302,871 $ 1,651,469
 Provision for income taxes 504,166 621,356
 Net income $ 798,705 $ 1,030,113
 Earnings per Class A and
 Class B common share: $ .17 $ .22
 Average number of Class A and
 Class B common shares outstanding 4,625,524 4,625,524
 For the Nine Months Ended Sept. 30,
 1993 1992
 Total revenues from operations $ 63,299,766 $ 61,814,683
 Income before taxes and
 extraordinary item $ 2,774,705 $ 4,936,950
 Provision for income taxes 1,085,527 1,857,324
 Net income before
 extraordinary item $ 1,689,178 $ 3,079,626
 Extraordinary item,
 net after taxes (A) (999,288) ---
 Net income (loss) (B) $ 689,890 $ 3,079,626
 Earnings per Class A and
 Class B common share:
 Before extraordinary item $ .37 $ .73
 Extraordinary item (A) (.22) ---
 Total earnings per share (B) $ .15 $ .73
 Average number of Class A and
 Class B common shares outstanding 4,625,524 4,236,984
 (A) -- Net results for the nine months ended Sept. 30, 1993 include a non-recurring expense of $999,288, net of taxes, or $.22 per share, in connection with the redemption on Feb. 16, 1993 of the company's 12-7/8 percent subordinated debentures due July 15, 2000, and the early repayment of a bank credit agreement.
 (B) -- Net income for the nine months ended Sept. 30, 1992 includes a net after taxes gain of $306,747, or $.08 per share, from the sale of a golf course.
 -0- 10/25/93
 /CONTACT: Mark A. Levy, president, Oriole Homes, 407-274-2000; or Barry A. Rothman of Greenstone Roberts Public Relations, 305-975-3500, for Oriole Homes/
 (OHC.A OHC.B)


CO: Oriole Homes Corp. ST: Florida IN: CST SU: ERN

AW-JV -- FL008 -- 6385 10/25/93 13:52 EDT
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Date:Oct 25, 1993
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