Dominion Homes Reports First Quarter 2006 Sales and Closings
April 07 2006 - 5:14PM
Business Wire
Dominion Homes, Inc. (NASDAQ:DHOM) reported the Company sold 475
homes, with a sales value of $89.3 million, during the three months
ended March 31, 2006 compared to sales of 626 homes, with a sales
value of $120.8 million, during the three months ended March 31,
2005. The Company closed 315 homes during the three months ended
March 31, 2006 compared to 478 homes closed for the same period a
year ago. The backlog at March 31, 2006 was 590 sales contracts,
with a sales value of $118.2 million, compared to 780 sales
contracts, with a sales value of $157.8 million, at March 31, 2005.
While the number of homes sold declined 24% period to period, sales
contracts in backlog at March 31, 2006 improved to 590 homes from
430 homes at December 31, 2005. However, home sales conditions
continue to be difficult in all of our markets, as new home permits
have declined by approximately 25% during the first two months of
2006. The average sales price of homes in backlog at March 31, 2006
was approximately $200,300 compared to $202,300 at March 31, 2005,
reflecting more aggressive pricing of our homes. The Company will
announce its financial results for the first quarter of 2006 after
the close of business on May 8, 2006 and will host an analyst
conference call at 10:00 a.m. Eastern Time on May 9, 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 May 9, 2006 and continuing for approximately 70 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 over 67 Dominion Homes
locations in Central Ohio and Louisville and Lexington, Kentucky.
Additional information about the Company and 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 on Form 10-K for the year ended
December 31, 2005. 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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