Dominion Homes Reports 2005 Sales and Closings
January 12 2006 - 5:02PM
Business Wire
Dominion Homes, Inc. (NASDAQ:DHOM) reported that it sold 1,944
homes, with an aggregate sales value of $370.6 million, during 2005
compared to 2,450 homes sold, with an aggregate sales value of
$460.3 million during 2004. Home sales during 2005 declined 21%
compared to the number of homes sold during 2004. The Company sold
230 homes, with an aggregate sales value of $44.9 million, during
the three months ended December 31, 2005 compared to 392 homes,
with an aggregate sales value of $75.0 million, sold during the
three months ended December 31, 2004. This is a 41% decrease in the
number of homes sold during the fourth quarter of 2005 compared to
the number of homes sold during the previous year's fourth quarter.
The Company closed 2,146 homes during 2005 compared to 2,837 homes
during 2004, a 24% decrease. The Company closed 571 homes during
the three months ended December 31, 2005 compared to 605 homes
during the three months ended December 31, 2004, a 6% decrease. The
Company's backlog on December 31, 2005 was 430 sales contracts,
with an aggregate sales value of $89.7 million, compared to a
backlog on December 31, 2004 of 632 sales contracts, with an
aggregate sales value of $127.5 million. According to Douglas G.
Borror, Chairman and CEO of Dominion Homes, "New home sales in our
markets and throughout the Midwest continued to be a challenge
throughout the year. In response to these conditions, the Company
has taken steps to reduce land holdings, reduce selling, general
and administrative expenses, including staff reductions, and
continue to meet the market with significant discounting. We have
also introduced a number of new and exciting products that are
designed to create additional interest in all of our home series in
2006." The Company will announce its 2005 financial results on
February 27, 2006 and host an analyst conference call at 10:00 a.m.
Eastern Time on February 28, 2006 to discuss these results and
other developments in the business. The analyst conference call
will be webcast simultaneously in listen-only mode via Dominion
Homes' website, www.dominionhomes.com. For those who cannot listen
to the live webcast, an archived replay will be available at
www.dominionhomes.com beginning at approximately 11:30 a.m. Eastern
Time on February 28, 2006, and continuing for approximately 90
days. Interested parties may listen in by accessing the Company's
website and selecting "About Dominion Homes," and then selecting
"Investor Relations." Dominion Homes offers a variety of homes,
which are differentiated by size, price, standard features and
available options. The Company's "Best of Everything" philosophy
focuses on providing its customers with unsurpassed products,
quality, and customer service. There are currently 64 Dominion
Homes locations in Central Ohio, Louisville, Kentucky and
Lexington, Kentucky. Additional information about the Company and
its homes is located on its website. Certain statements in this
news release are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results to differ materially. Such
risks, uncertainties and other factors include, but are not limited
to, weather conditions, changes in general economic conditions,
fluctuations in interest rates, increases in raw materials and
labor costs, levels of competition and other factors described in
the Company's Annual Report and Form 10-K for the year ended
December 31, 2004. All forward-looking statements made in this
press release are based on information presently available to the
management of the Company. The Company assumes no obligation to
update any forward-looking statements.
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