2014

Orleans Homebuilders Reports Results for Third Quarter Ending March 31, 2009

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 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 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 (www.streetevents.com).

A replay of the conference call will be available later that day on the Company's website at 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, 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 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

SOURCE Orleans Homebuilders, Inc.



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http://www.orleanshomes.com/

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