W Holding Company, Inc. (NYSE:WHI)
Industry: Financial
Washington Homes, Inc. designs, builds and markets single-family detached homes, townhomes and condominium homes. The Company commenced operations in 1965 and entered the Raleigh and Greensboro, North Carolina markets through an acquisition effective as of May 1994. During fiscal 1996, the Company began operating in Charlotte, North Carolina and Nashville, Tennessee and expanded operations in Pittsburgh, Pennsylvania. During fiscal 1999, the Company entered the Huntsville, Alabama and the Mississippi Gulf Coast markets through an acquisition effective as of March 1999. The Company operates under the name Washington Homes in Maryland, Virginia and Pennsylvania and as Westminster Homes in North Carolina, Tennessee, Alabama and Mississippi. The Company was incorporated in 1965. In August 2000, the Company entered into an agreement and plan of merger with Hovnanian Enterprises, Inc. pursuant to which the Company will merge with and into WHI Holding Company, Inc., a wholly owned subsidiary of Hovnanian. The Company's marketing efforts target consumers ranging from first time homebuyers to retirees. During the five years ended July 31, 2000, the Company delivered 8,497 homes and currently offers homes for sale in 82 communities at base sales prices ranging from $70,000 to $500,000. 2,517 homes were delivered during fiscal 2000 generating homebuilding revenues of $459.3 million, of which 25 were delivered by a joint venture with another builder. The average selling price of homes delivered by the Company during fiscal 2000, excluding the joint venture, was approximately $184,300. The Company builds homes designed by its personnel with assistance from outside architectural firms. It strives to create a diversity of architectural styles in each residential community, providing exterior and interior design options for homes with the same basic floor plans that are intended to appeal to a broad range of potential buyers and respond to changes in the market place. Each residential community offers several home plans, with the opportunity to select various exterior styles. The Company develops new designs to replace or augment existing ones as part of its continuing efforts to assure that its homes are responsive to current consumer preferences. In all of WHI's communities, certain options, including fireplaces, finished basements, brick fronts, expanded rooms, upgraded appliances, upgraded carpet and premium lot locations, are available to the purchaser for an additional charge. During fiscal 1997, the Company decided to phase out its condominium operations and has not subsequently added any new condominium communities. Activity is the result of building out previously established communities. The Company's homebuilding operations are organized into nine geographically based homebuilding divisions grouped into three operating regions. Division offices for the Mid-Atlantic region are maintained in Landover, Maryland; Chantilly, Virginia and Upper St. Clair, Pennsylvania. Division offices for the Southeast region are maintained in Cary, Charlotte and Greensboro, North Carolina. Division offices for the Mid-South region are maintained in Brentwood, Tennessee; Madison, Alabama and Ocean Springs, Mississippi. Corporate headquarters are located in Landover, Maryland. Each division is headed by a division president who reports to a regional president or the President-Homebuilding Operations. Division presidents have responsibility for day-to-day operations, including implementation of community marketing strategies, pricing of homes, managing subcontractors, delivering finished homes and providing attendant service work. Division presidents are supported by sales and production managers. Sales managers coordinate marketing and advertising programs and oversee the sales representatives based at each community. Production managers oversee field operations with managerial responsibility for on-site production superintendents and are responsible for purchasing materials, procuring subcontractor services, technical design
As Of: 10/07 00:00 ET
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