BENSALEM, Pa., May 13 /PRNewswire-FirstCall/ -- Orleans
Homebuilders, Inc. (AMEX:OHB) is a residential homebuilder with
operations in Southeastern Pennsylvania; Central and Southern New
Jersey; Orange County, New York; Charlotte, Raleigh and Greensboro,
North Carolina; Richmond and Tidewater, Virginia; Chicago,
Illinois; and Orlando, Florida. The Company's Charlotte, North
Carolina operations also include adjacent counties in South
Carolina. Financial Highlights for the Three Months Ended March 31,
2009: -- Fiscal year 2009 third quarter residential property
revenue decreased 41% to $64.3 million (163 homes) compared to
$109.0 million (243 homes) for the prior year period. The average
selling price for homes delivered in the fiscal 2009 third quarter
was $395,000 compared to $449,000 in the prior year period. --
Fiscal year 2009 third quarter net new orders decreased 47% to
$64.2 million (168 homes) compared to $121.2 million (266 homes)
for the prior year period. The average selling price as of March
31, 2009 for net new orders during the fiscal quarter ended March
31, 2009 was $382,000 compared to $456,000 as of March 31, 2008 for
the quarter ended March 31, 2008. -- The backlog at March 31, 2009
decreased 50% to $156.7 million (340 homes) compared to $313.5
million (633 homes) at March 31, 2008. The average selling price
for homes in backlog at March 31, 2009 was $461,000 compared to
$495,000 as of March 31, 2008. -- The Company experienced a
cancellation rate of approximately 27% for the three months ended
March 31, 2009, which is a decrease from 31% for the three months
ended March 31, 2008. -- The Company owned or controlled
approximately 5,893 building lots at March 31, 2009, which includes
approximately 1,020 building lots controlled through contracts and
options. At March 31, 2008, the Company owned or controlled
approximately 8,242 building lots, of which approximately 2,443
were controlled through contracts and options. This represents a
29% decrease in lots owned or controlled since March 31, 2008. As
of March 31, 2009, approximately 53% of the Company's owned lots
are in its northern region; approximately 36% in its southern
region, approximately 6% are in its midwestern region and
approximately 5% in its Florida region. -- Fiscal year 2009 third
quarter GAAP loss from continuing operations was $15.0 million
($0.81 per diluted share) as compared to a GAAP loss from
continuing operations of $47.1 million ($2.54 per diluted share)
for the prior year period. On a non-GAAP adjusted basis, the fiscal
year 2009 third quarter loss from continuing operations was $3.7
million ($0.20 per diluted share) compared to fiscal year 2008
third quarter loss from continuing operations of $28 thousand
($0.00 per diluted share). Please refer to the section included
herein under the heading "Use of Non-GAAP Financial Information"
for a discussion of the Company's use of non-GAAP adjusted
financial information (1). -- Fiscal year 2009 third quarter
non-GAAP adjusted EBITDA decreased to $(1.1) million compared to
$3.9 million for the prior year period. Please refer to the section
included herein under the heading "Use of Non-GAAP Financial
Information" for a discussion of the Company's use of non-GAAP
adjusted financial information (1). -- During the third quarter of
fiscal year 2009, the Company's deferred tax asset valuation
reserve increased by $5.9 million. The Company first recorded a
deferred tax asset reserve during the third quarter of fiscal year
2008. The reserve recorded during the third quarter of fiscal year
2008 was $43.5 million. -- During the third quarter of fiscal year
2009, the Company recognized additional tax expense of $3.8
million, reflecting the impact of cumulative out of period
adjustments. The amount recognized was related to an overstatement
of tax refunds receivable by the Company and reflected in the
income tax receivable account in the amount of $2.3 million,
coupled with an overstatement of federal tax benefits in the amount
of $1.5 million related to a state tax liability. These out of
period adjustments had the cumulative effect of increasing income
tax expense and reducing net income by $3.8 million. Financial
Highlights for the Nine Months Ended March 31, 2009: -- Fiscal year
2009 year-to-date third quarter residential property revenue
decreased 35% to $240.7 million (562 homes) compared to $372.9
million (829 homes) for the prior year period. The average selling
price for homes delivered in fiscal year 2009 year-to-date third
quarter was $428,000 compared to $450,000 in the prior year period.
-- Fiscal year 2009 year-to-date third quarter net new orders
decreased 57% to $159.1 million (416 homes) compared to $368.4
million (853 homes) for the prior year period. The average selling
price as of March 31, 2009 for net new orders during the
year-to-date period ended March 31, 2009 was $382,000 compared to
$432,000 as of March 31, 2008 for the year-to-date period ended
March 31, 2008. -- The Company experienced a cancellation rate of
approximately 31% for the nine months ended March 31, 2009, which
is an increase from 26% for the nine months ended March 31, 2008.
This increase was primarily driven by lower gross orders. -- Fiscal
year 2009 year-to-date third quarter GAAP loss from continuing
operations was $52.5 million ($2.84 per diluted share) as compared
to a GAAP loss from continuing operations of $87.5 million ($4.73
per diluted share) for the prior year period. On a non-GAAP
adjusted basis, the fiscal year 2009 year-to-date third quarter
loss from continuing operations was $11.7 million ($0.63 per
diluted share) compared to fiscal year 2008 year-to-date third
quarter loss from continuing operations of $3.2 million ($0.17 per
diluted share). Please refer to the section included herein under
the heading "Use of Non-GAAP Financial Information" for a
discussion of the Company's use of non-GAAP adjusted financial
information (1). -- Fiscal year 2009 year-to-date third quarter
non-GAAP adjusted EBITDA decreased to $(1.1) million compared to
$10.9 million for the prior year period. Please refer to the
section included herein under the heading "Use of Non-GAAP
Financial Information" for a discussion of the Company's use of
non-GAAP adjusted financial information (1). -- During the nine
months ended March 31, 2009, the Company recorded an impairment
charge to goodwill in the amount of $4.2 million. This goodwill
impairment charge is related to the Parker and Lancaster
acquisition, and was recorded in the Company's Southern operating
segment. The Company has no goodwill recorded on its balance sheet
as of March 31, 2009. -- During the first nine months of fiscal
year 2009, the Company's deferred tax asset valuation reserve
increased by $20.4 million. Jeffrey P. Orleans, Chairman and Chief
Executive Officer stated: "We are hopeful that the worst of the
housing and economic downturn is behind us. Our fiscal 2009 third
quarter net new orders increased by 56% sequentially from the
fiscal 2009 second quarter, versus a sequential increase of only 6%
in the corresponding prior fiscal year sequential period. Although
on a sequential basis some of this increase could be characterized
as seasonal and the absolute level of third fiscal quarter net
orders was still low historically and significantly below prior
year levels, we are cautiously optimistic that this sequential
improvement in new orders is the first sign that the worst is over.
While still lower on a year-over-year basis, we are also seeing
that both new orders and traffic trends continue to improve
sequentially into the first part of our fourth fiscal quarter."
Inventory Impairments, Impairment on Land to be Sold and Write-Off
of Abandoned Projects and Pre-Acquisition Costs: The following
table represents inventory impairments by region for continuing
operations for the three and nine months ended March 31, 2009 and
2008: Orleans Homebuilders, Inc. Inventory Impairments (in
thousands) (Unaudited) Three Three Nine Nine Months Months Months
Months Ended Ended Ended Ended 3/31/2009 3/31/2008 3/31/2009
3/31/2008 North $2,618 $3,776 $13,522 $10,142 South - 3,150 2,695
8,350 Midwest 133 6,451 4,040 16,119 Florida 258 1,890 840 4,285
--- ----- --- ----- Total $3,009 $15,267 $21,097 $38,896 ======
======= ======= ======= Land Sale Impairment -- During the nine
months ended March 31, 2008, the Company specifically identified
parcels of land to sell and negotiated contracts with potential
buyers. Prior to the closing of the land sale transactions, the
Company recorded asset impairments on the land to be sold of $36.6
million for the nine months ended March 31, 2008, such that there
was no resulting gain or loss on sale. The Company's midwestern
region recorded impairments of $23.2 million related to the sale of
two parcels. The Company's Florida region recorded impairments of
$8.4 million to the sale of four parcels. The Company's southern
region recorded impairments of $5.0 million related to the sale of
two parcels. Additionally, the Company recorded an impairment
charge of $20.7 million related to the sale of its land position in
the western region. This impairment charge is included in loss from
discontinued operations. There were no such land sale related
impairments in the nine months ended March 31, 2009. Abandoned
Projects and other pre-acquisition costs -- The total write-offs of
abandoned projects and other pre-acquisition costs for the three
and nine months ended March 31, 2009 was $0.1 million and $1.9
million, respectively. This compares to $0.1 million and $0.9
million for the three and nine months ended March 31, 2008. Outlook
Since the latter part of fiscal 2006, we and the entire housing
industry have faced several significant challenges in the housing
and mortgage markets as a whole. The U.S. economy is currently in a
recession and national housing starts are at a five decade low.
Additionally and notwithstanding continued challenges for housing,
the capital markets have improved during and subsequent to the
quarter end and there has been some positive news and outlooks from
the still challenged financial services industry. Although the
homebuilding market remains challenging and order activity remains
at relatively low levels, there have been some early signs of
improvement that provide a basis for cautious optimism. We
experienced a 56% sequential net new order increase in the third
quarter of fiscal year 2009 compared to the second quarter of
fiscal year 2009, notwithstanding that third quarter net new orders
decreased 47% year-over-year. While this improvement in sequential
net orders is consistent with the typical seasonality in our
industry, they were substantially better than the improvement that
we experienced in the same period of the prior fiscal year (6%
sequential net new order increase in third quarter versus second
quarter during fiscal 2008). Despite these signs, we remain
cautious, as we cannot be certain that the worst of the housing
downturn is behind us, or that a real and sustained recovery in the
economic and housing environment will not still be delayed for some
time. Elevated unemployment rates, home foreclosures and the impact
on consumer confidence remains a concern, as do the tighter credit
markets, notwithstanding the improvement in homeowner affordability
from home price declines, and lower current mortgage rates and
government homebuyer incentives. We continue to respond to the
current market conditions by attempting to drive absorption through
the use of sales incentives, reevaluating our individual land
holdings, reducing our land expenditures, attempting to monitor and
control community spec unit levels and emphasizing operational cost
reductions to adjust for lower levels of production. Further
decreases in demand for our homes or additional focus on cash flow
may require us to further increase the use of sales incentives and
to take other steps to reduce cash expenditures and operating
expenses. Garry P. Herdler, Executive Vice President and Chief
Financial Officer stated: "We remain focused on our liquidity
needs, generating free cash flow and cost reductions. The Company
is currently in compliance with all of its financial covenants in
its revolving credit facility for the fiscal third quarter. In the
third quarter, we actively reduced our spec inventory levels,
continued our headcount reductions and we were generally cash flow
neutral. In response to lower orders and production needs, we have
now reduced our headcount by approximately 38% in four separate
reductions in fiscal 2009 between July 1, 2008 and April 30, 2009.
Since January 1, 2007, we have succeeded in our stated objectives,
including reducing net debt by approximately 24%, or approximately
$142 million. Since June 30, 2006, total lots have been reduced by
over 60%; spec homes by over 60%; and staff headcount by
approximately 65%. Additionally, we continue to explore a variety
of financing and recapitalization alternatives." Orleans
Homebuilders will hold its quarterly conference call to discuss
results for the third quarter of fiscal year 2009 on Thursday, May
14, 2009, at 10:00 a.m. Eastern Daylight Time. This call is being
web cast by CCBN and can be accessed at Orleans Homebuilders' web
site at http://www.orleanshomes.com/ by clicking on the heading
"Investor Relations". The webcast is also being distributed over
CCBN's Investor Distribution Network to both institutional and
individual investors. Individual investors can listen to the call
through CCBN's individual investor center at
http://www.earnings.com/ or by visiting any of the investor sites
in CCBN's Individual Investor Network. Institutional investors can
access the call via CCBN's password-protected event management
site, StreetEvents (http://www.streetevents.com/). A replay of the
conference call will be available later that day on the Company's
website at http://www.orleanshomes.com/. A copy of this press
release, including the Company's results of operations for the
three and nine months ended March 31, 2009 to be discussed during
the conference call, is available at the Company's website,
http://www.orleanshomes.com/, under the heading "Investor
Relations". About Orleans Homebuilders, Inc. Orleans Homebuilders,
Inc. develops, builds and markets high-quality single-family homes,
townhouses and condominiums. The Company serves a broad customer
base including luxury, move-up, first-time, empty nester and active
adult homebuyers. The Company currently operates in the following
eleven distinct markets: Southeastern Pennsylvania; Central and
Southern New Jersey; Orange County, New York; Charlotte, Raleigh
and Greensboro, North Carolina; Richmond and Tidewater, Virginia;
Chicago, Illinois; and Orlando, Florida. The Company's Charlotte,
North Carolina operations also include adjacent counties in South
Carolina. To learn more about Orleans Homebuilders, please visit
http://www.orleanshomes.com/. Forward-Looking Statements Certain
information included herein and in other Company statements,
reports and SEC filings is forward-looking within the meaning of
the Private Securities Litigation Reform Act of 1995, including,
but not limited to, statements concerning anticipated or expected
conditions in or recovery of the housing market, and economic
conditions; the Company's long-term opportunities; continuing
overall economic conditions and conditions in the housing and
mortgage markets and industry outlook; anticipated or expected
operating results, revenues, sales, net new orders, pace of sales,
spec unit levels, and traffic; future or expected liquidity,
financial resources, debt or equity financings, amendments to or
extensions of our existing revolving credit facility, strategic
transactions or other alternative recapitalization transactions;
the anticipated impact of bank reappraisals; future impairment
charges, future tax valuation allowance and its value; anticipated
or possible federal and state stimulus plans or other possible
future government support for the housing and financial services
industries; anticipated legislation and its impact; expected tax
refunds; anticipated use of proceeds from transactions; anticipated
cash flow from operations; reductions in land expenditures; the
Company's ability to meet its internal financial objectives or
projections, and debt covenants; potential future land sales; the
Company's future liquidity, capital structure and finances; and the
Company's response to market conditions. Such forward-looking
information involves important risks and uncertainties that could
significantly affect actual results and cause them to differ
materially from expectations expressed herein and in other Company
statements, reports and SEC filings. For example, there can be no
assurance that the Company will be able to obtain any amendment to
or extension of its existing revolving credit facility or other
alternative financing or adjust successfully to current market
conditions. These risks and uncertainties include local, regional
and national economic conditions, the effects of governmental
regulation, the competitive environment in which the Company
operates, fluctuations in interest rates, changes in home prices,
the availability and cost of land for future growth, the
availability of capital, our ability to modify or extend our
existing credit facility or otherwise engage in a financing or
strategic transaction; the availability and cost of labor and
materials, our dependence on certain key employees and weather
conditions. Additional information concerning factors the Company
believes could cause its actual results to differ materially from
expected results is contained in Item 1A of the Company's Annual
Report on Form 10-K/A for the fiscal year ended June 30, 2008 filed
with the SEC and subsequently filed Quarterly Reports of Form 10-Q.
Orleans Homebuilders, Inc. and Subsidiaries Condensed Consolidated
Statements of Operations (in thousands, except per share amounts)
(Unaudited) Three Months Ended Nine Months Ended March 31, March
31, 2009 2008 2009 2008 ---- ---- ---- ---- Earned revenues
Residential properties $64,347 $109,018 $240,702 $372,865 Land
sales and other income 2,347 4,276 6,541 18,248 ----- ----- -----
------ 66,694 113,294 247,243 391,113 ------ ------- -------
------- Costs and expenses Residential properties 62,558 110,908
237,513 361,286 Land sales and other expense 1,551 3,201 5,217
52,678 Selling, general and administrative 11,479 19,309 44,178
62,172 Impairment of goodwill - - 4,180 - Interest, net 1,955 -
4,838 - ----- --- ----- --- 77,543 133,418 295,926 476,136 ------
------- ------- ------- Loss from continuing operations before
income taxes (10,849) (20,124) (48,683) (85,023) Income tax benefit
4,120 26,987 3,843 2,458 ----- ------ ----- ----- Loss from
continuing operations (14,969) (47,111) (52,526) (87,481) -------
------- ------- ------- Loss from discontinued operations, net of
taxes - (8,634) - (21,704) -------- -------- -------- --------- Net
loss $(14,969) $(55,745) $(52,526) $(109,185) ======== ========
======== ========= Basic / diluted loss per share Continuing
Operations $(0.81) $(2.54) $(2.84) $(4.73) Discontinued Operations
$- $(0.47) $- $(1.17) -- ------ -- ------ Net Loss $(0.81) $(3.01)
$(2.84) $(5.90) Basic / diluted weighted average shares outstanding
18,555 18,520 18,525 18,508 ====== ====== ====== ====== Orleans
Homebuilders, Inc. Selected Balance Sheet Data (in thousands)
(Unaudited) March 31, June 30, 2009 2008 ---- ---- Cash and cash
equivalents $13,260 $72,341 Restricted cash - due from title
company 4,764 19,269 Marketable securities 497 - Residential
properties 177,057 193,257 Land and improvements 335,386 359,555
Inventory not owned - VIE 10,666 13,050 Inventory not owned - Other
Financial Interests 12,287 12,171 Land deposits and costs of future
developments 10,251 10,380 Total assets 591,463 716,112 Obligations
related to inventory not owned - VIE 10,234 10,875 Obligations
related to inventory not owned - Other Financial Interests 12,187
12,071 Mortgage obligations secured by real estate 355,066 396,133
Subordinated notes 105,000 105,000 Other notes payable - 718
Shareholders' equity 31,336 82,501 Orleans Homebuilders, Inc.
Reconciliation of Net Loss to Adjusted Net Loss (in thousands,
except per share amounts) (Unaudited) Three Three Nine Nine Months
Months Months Months Ended Ended Ended Ended 3/31/2009 3/31/2008
3/31/2009 3/31/2008 Reported net loss $(14,969) $(55,745) $(52,526)
$(109,185) ======== ======== ======== ========= Reported net loss
per common share $(0.81) $(3.01) $(2.84) $(5.90) ====== ======
====== ====== Adjusted net loss and earnings per share: Reported
net loss $(14,969) $(55,745) $(52,526) $(109,185) Reported loss
from discontinued operations, net of tax - (8,634) - (21,704) ---
------ --- ------- Reported loss from continuing operations, net of
tax (14,969) (47,111) (52,526) (87,481) Inventory impairments 3,009
15,267 21,097 38,896 Land sale impairments - - - 36,556 Goodwill
Impairment - - 4,180 - Write-off of debt acquisition costs 274 -
1,058 - Write-off of abandoned projects 82 69 1,880 931 Severance -
- - 500 Tax impact of one time charges (394) (11,797) (10,133)
(36,109) Deferred tax asset valuation allowance (1) 4,471 43,544
18,913 43,544 Cumulative out of period tax adjustments 3,794 -
3,794 - ----- --- ----- --- Adjusted net loss (income) $(3,733)
$(28) $(11,737) $(3,163) ======= ==== ======== ======= Adjusted
basic net loss (income) per common share $(0.20) $- $(0.63) $(0.17)
====== === ====== ====== Adjusted diluted net loss (income) per
common share $(0.20) $- $(0.63) $(0.17) ====== === ====== ======
Basic shares outstanding 18,555 18,520 18,525 18,508 Common stock
equivalents - - - - --- --- --- --- Diluted shares outstanding
18,555 18,520 18,525 18,508 ====== ====== ====== ====== (1) Does
not include out of period adjustment in the amount of $1,447, which
is included in the cumulative out of period tax adjustments line.
Common stock equivalents are anti-dilutive for the three and nine
months ended 3/31/2009 and 3/31/2008. Use of Non-GAAP Financial
Information (1) Pursuant to the requirements of Regulation G, we
have provided a reconciliation of adjusted net loss and adjusted
loss per share, which are non-GAAP financial measures, to net loss
and loss per share, the most directly comparable GAAP financial
measures. Adjusted net loss and adjusted loss per share represents
loss from continuing operations and loss per share from continuing
operations excluding the after-tax effects of charges for inventory
impairments, land sale impairments, the write-off of debt
acquisition costs, the write-off of abandoned projects and other
pre-acquisition costs, impairment of goodwill, severance charges
and tax valuation allowances. For purposes of Regulation G, a
non-GAAP financial measure is a numerical measure of a registrant's
historical or future financial performance, financial position or
cash flows that excluded amounts, or is subject to adjustments that
have the effect of excluding amounts, that are included in the most
directly comparable measure calculated and presented in accordance
with GAAP in the statement of operations, balance sheet, or
statement of cash flows of the issuer; or includes amounts, that
are excluded from the most directly comparable measure so
calculated and presented. In this regard, GAAP refers to generally
accepted accounting principles in the United States of America. The
Company believes these adjusted financial results are useful to
both management and investors in the analysis of the Company's
financial performance when comparing it to prior periods and that
they provide investors with an important perspective on the current
underlying operating performance of the business by isolating the
after-tax impact of non-cash charges related to inventory
impairments, land sale impairments, the write-off of abandoned
projects and other pre-acquisition costs, impairment of goodwill
and tax valuation allowances. Orleans Homebuilders, Inc.
Reconciliation of Adjusted EBITDA to Net Loss (in thousands)
(Unaudited) Three Three Nine Nine Months Months Months Months Ended
Ended Ended Ended 3/31/2009 3/31/2008 3/31/2009 3/31/2008 Adjusted
EBITDA $(1,112) $3,938 $(1,069) $10,891 Inventory impairments 3,009
15,267 21,097 38,896 Land sale impairments - - - 36,556 Goodwill
impairment - - 4,180 - Write-off of debt acquisition costs 274 -
1,058 - Write-off of abandoned projects and other pre-acquisition
costs 82 69 1,880 931 Severance - - - 500 Share-based compensation
453 644 1,414 1,739 --- --- ----- ----- EBITDA (4,930) (12,042)
(30,698) (67,731) Income tax (benefit) expense 4,120 26,987 3,843
2,458 Interest in cost of sales 3,831 7,817 12,510 16,740 Interest
incurred less interest capitalized 1,955 - 4,838 - Depreciation 133
265 637 552 --- --- --- --- Loss from continuing operations, net of
tax (14,969) (47,111) (52,526) (87,481) Loss from discontinued
operations, net of tax - (8,634) - (21,704) --- ------ --- -------
Net loss $(14,969) $(55,745) $(52,526) $(109,185) ======== ========
======== ========= Pursuant to the requirements of Regulation G, we
have provided a reconciliation of Adjusted EBITDA, a non-GAAP
financial measure, to the most directly comparable GAAP financial
measure. Adjusted EBITDA represents loss from continuing operations
before inventory impairments, land sale impairments, write-off of
debt acquisition costs, write-off of abandoned projects and other
pre-acquisition costs, impairment of goodwill, stock option
expense, severance charges, interest expense, previously
capitalized interest amortized to residential properties cost of
sales, income taxes, depreciation, amortization, and extraordinary
items. For purposes of Regulation G, a non-GAAP financial measure
is a numerical measure of a registrant's historical or future
financial performance, financial position or cash flows that
excluded amounts, or is subject to adjustments that have the effect
of excluding amounts, that are included in the most directly
comparable measure calculated and presented in accordance with GAAP
in the statement of operations, balance sheet, or statement of cash
flows of the issuer; or includes amounts, that are excluded from
the most directly comparable measure so calculated and presented.
In this regard, GAAP refers to generally accepted accounting
principles in the United States of America. The Company believes
Adjusted EBITDA provides a meaningful measure of operating
performance. Orleans Homebuilders, Inc. Summary of Deliveries by
Region (Dollars in thousands) (Unaudited) Three Months Nine Months
Ended Ended March 31, March 31, 2009 2008 2009 2008 ---- ---- ----
---- DELIVERIES Northern Region Homes 74 102 244 325 Dollars
$30,383 $49,761 $110,210 $157,811 Average Sales Price $411 $488
$452 $486 Southern region Homes 72 104 236 331 Dollars $27,471
$47,715 $98,976 $157,915 Average Sales Price $382 $459 $419 $477
Midwestern region Homes 13 17 61 79 Dollars $5,738 $6,501 $26,414
$35,062 Average Sales Price $441 $382 $433 $444 Florida region
Homes 4 20 21 94 Dollars $755 $5,041 $5,102 $22,077 Average Sales
Price $189 $252 $243 $235 Total Homes 163 243 562 829 Dollars
$64,347 $109,018 $240,702 $372,865 Average Sales Price $395 $449
$428 $450 Orleans Homebuilders, Inc. Summary of New Orders by
Region (Dollars in thousands) (Unaudited) Three Months Nine Months
Ended Ended March 31, March 31, 2009 2008 2009 2008 ---- ---- ----
---- NEW ORDERS Northern Region Homes 90 100 186 322 Dollars
$35,542 $48,478 $77,501 $147,950 Average Sales Price $395 $485 $417
$459 Southern region Homes 62 127 165 367 Dollars $22,804 $59,124
$58,501 $167,889 Average Sales Price $368 $466 $355 $457 Midwestern
region Homes 14 34 52 107 Dollars $5,435 $12,704 $20,362 $39,672
Average Sales Price $388 $374 $392 $371 Florida region Homes 2 5 13
57 Dollars $421 $864 $2,702 $12,922 Average Sales Price $211 $173
$208 $227 Total Homes 168 266 416 853 Dollars $64,202 $121,170
$159,066 $368,433 Average Sales Price $382 $456 $382 $432 Orleans
Homebuilders, Inc. Summary of Backlog by Region (Dollars in
thousands) (Unaudited) At March 31, BACKLOG 2009 2008 ---- ----
Northern Region Homes 152 252 Dollars $77,109 $134,774 Average
Sales Price $507 $535 Southern region Homes 145 279 Dollars $63,284
$140,502 Average Sales Price $436 $504 Midwestern region Homes 39
83 Dollars $15,032 $32,542 Average Sales Price $385 $392 Florida
region Homes 4 19 Dollars $1,248 $5,663 Average Sales Price $312
$298 Total Homes 340 633 Dollars $156,673 $313,481 Average Sales
Price $461 $495 DATASOURCE: Orleans Homebuilders, Inc. CONTACT:
Garry P. Herdler - Executive Vice President & Chief Financial
Officer of Orleans Homebuilders, Inc., +1-215-245-7500 Web Site:
http://www.orleanshomes.com/
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