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Technical Olympic USA Reports Third Quarter Financial
Results
Highlights of the quarter include: -- Record revenues
and earnings of $507.2 million and $28.1 million, respectively -- Record
backlog of $1.7 billion, a 92% increase from the prior year -- Confirmed
2004 annual guidance of $117 in net income -- Issued 2005 annual guidance of
$155 million in net income, a 33% increase from 2004 -- Authorization to
list on the New York Stock Exchange (NYSE) -- Completion of $600 million
homebuilding revolving credit facility and $100 million mortgage warehouse
facility
HOLLYWOOD, Fla., Nov 2, 2004 /PRNewswire-FirstCall via COMTEX/ -- Technical
Olympic USA, Inc. (TOUS) today released financial results for the third
quarter ended September 30, 2004.
Homebuilding revenues for the third quarter of 2004 were $507.2 million, an
18% increase over the $430.4 million in the third quarter of 2003. The
increase in homebuilding revenues can be attributed to a 14% increase in
home deliveries to 1,784 from 1,559, and a 7% increase in the average
selling price on homes delivered to $280,000 from $263,000.
Net income for the third quarter of 2004 increased 30% to $28.1 million (or
$.61 per diluted share) from $21.5 million (or $.51 per diluted share) for
the three months ended September 30, 2003.
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