Orleans Homebuilders, Inc. (NYSE:OHB)
Industry: Industrial Goods
Orleans Homebuilders, Inc. and its subsidiaries (OHB) primarily develop, build and market single-family homes, townhouses and condominiums. The Company also operates as a land developer, primarily for its own use. The Company serves a broad customer base, including first time, move-up, luxury, empty nester and active adult homebuyers. During its fiscal year ended June 30, 2005, the Company operated in thirteen markets: Southeastern Pennsylvania; Central New Jersey; Southern New Jersey; Charlotte, Raleigh and Greensboro, North Carolina; Richmond and Tidewater, Virginia; Orlando, Palm Coast and Palm Bay, Florida; Orange County, New York; and Chicago, Illinois. During fiscal 2005, the Company delivered 2,507 homes. The Company's activities in developing residential communities include the sale of residential properties and, on a limited basis, the sale of land and developed homesites to other builders. OHB occasionally participates in joint ventures in certain of these activities. It conducts business in the northern region under the Orleans Homebuilders brand name. In the northern region, the Company builds homes predominantly targeted toward move-up, luxury, empty nester and active adult homebuyers. During fiscal 2005, the Company delivered 852 homes in the northern region, generating 42.2% of its residential revenue. OHB's southern region is comprised of its Richmond and Tidewater, Virginia and Charlotte, Raleigh and Greensboro, North Carolina markets. The Company in the southern region builds homes predominantly targeted toward the move-up homebuyer. During fiscal 2005, the Company delivered 827 homes in the southern region, generating 33.4% of its residential revenue. In its Florida region, the Company has operations in the Orlando and Palm Coast and Palm Bay markets. It conducts its business in this region under the Masterpiece Homes brand name. OHB in the Florida region builds homes predominantly targeted toward the first-time homebuyer. During fiscal 2005, the Company delivered 456 homes in the Florida region, generating 9% of its residential revenue. In its midwestern region, OHB has operations in the Chicago area. The Company entered this market through its acquisition of Realen Homes in July 2004. The Company conducts business in this region under the Realen Homes brand name. The Company in the midwestern region builds homes predominantly targeted toward the move-up homebuyer. For fiscal 2005, in the midwestern region the Company delivered 372 homes. The Company historically has designed its own homes with the assistance of unaffiliated architectural firms, as well as supervised the development and building of its communities. When OHB constructs homes, it acts as a general contractor and employs subcontractors at specified prices for the installation of site improvements and construction of its residential homes. The Company's agreements with subcontractors provide for a fixed price for work performed or materials supplied. A large majority of the Company's single-family detached homes are constructed after contracts are signed and mortgage approval has been obtained. The Company generally begins construction of condominium and townhouse buildings after it has obtained customer commitments for at least 50% of the homes in that building. Depending on the market conditions and the specific community, the Company may also build speculative homes. Most of these speculative homes are sold while under construction. The Company monitors its speculative inventory to achieve an adequate return on investment. The Company does not manufacture any of the materials or other items used in the development of its communities, nor does it maintain substantial inventories of materials. OHB offers mortgage brokerage services to its customers. Through the Company's mortgage brokerage subsidiary, it assists its homebuyers in obtaining financing from unaffiliated lenders. The Company does not fund or service the mortgage loans, nor does it assume any credit or interest rate risk in connection with originating th
As Of: 09/12 00:00 ET
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