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Brookfield Homes

Brookfield Homes Net Income Increases 105% in 4th Qtr

02/18/2004 Up 116.2% (141% annualized) since we recommended the company ten months ago, Brookfield Homes announced their 4th quarter results today. Among the highlights, net income increased 105% and cash flow increased 70%. An excerpt from company's press release follows:

Del Mar, California, February 18, 2004 – (BHS: NYSE) Brookfield Homes Corporation today announced strong financial results for the year ended December 31, 2003:

  • Revenue increased 21% to $1,023 million compared to $842 million for the same period in 2002.
  • Net income totaled $88 million, an increase of $45 million from the same period in 2002. The 2003 results included $39 million generated from bulk land sales in California. Earnings per share was $2.75 (including $1.20 from bulk land sales) compared to $1.35 in 2002.
  • Cash flow before financing activities increased to $214 million, compared to $126 million in 2002, improving the net debt to total capitalization ratio to 32% compared to 53% at the end of 2002.

“Our strong financial performance reflects our business strategy of selective project acquisitions and proactive asset management. In addition, we strengthened our balance sheet, taking advantage of the strong market conditions in California to sell over 4,700 surplus lots,” commented Ian Cockwell, Brookfield Homes’ President and Chief Executive Officer.

Outlook

“The current low interest rate environment has continued to drive demand for move-up and luxury housing, our market niche. Assuming these strong market dynamics continue, and with our significant land holdings and a strong development pipeline, we are well positioned and remain on track to deliver 1,750 homes in 2004 and 2,000 homes in 2005. Our earnings guidance for 2004 is currently $2.85 per share, which excludes any gains on bulk land sales. Looking ahead, our goal remains the same - to add value to our shareholders through proactive asset management, and expand into adjacent markets for future growth,” concluded Cockwell.

Brookfield Homes Corporation

Brookfield Homes Corporation is a residential homebuilder and land developer, building homes and developing land in master-planned communities and infill locations. We design, construct and market single-family and multi-family homes primarily to move-up and luxury homebuyers. We also develop land for our own communities and sell lots to other homebuilders. Our portfolio includes over 21,000 lots owned and controlled in the San Francisco Bay Area; Southland / Los Angeles; San Diego / Riverside; Sacramento; and Northern Virginia markets. For more information, visit the Brookfield Homes website at www.brookfieldhomes.com.

Contact:
Brookfield Homes Corporation
Linda Northwood, 858-481-2567
lnorthwood@brookfieldhomes.com

Note: Certain statements in this press release that are not historical facts, including information concerning possible or assumed future results of operations of the company, expected home closings and deliveries (and the timing thereof), targeted 2004 earnings guidance, the company’s future outlook and growth plans, and those statements preceded by, followed by, or that include the words “planned”, “should”, “goals”, “expected”, “targeted,” “scheduled” or similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Undue reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results to differ materially from the anticipated future results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forward in the forward-looking statements include, but are not limited to: changes in general economic, real estate and other conditions; mortgage rate changes; availability of suitable undeveloped land at acceptable prices; adverse legislation or regulation; ability to obtain necessary permits and approvals for the development of our land; availability of labor or materials or increases in their costs; ability to develop and market our master-planned communities successfully; confidence levels of consumers; ability to raise capital on favorable terms; adverse weather conditions and natural disasters; relations with the residents of our communities; risks associated with increased insurance costs or unavailability of adequate coverage and ability to obtain surety bonds; competitive conditions in the homebuilding industry, including product and pricing pressures; and additional risks and uncertainties referred to in our Form 10-K and other SEC filings, many of which are beyond our control. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.


Source: Brookfield Homes Corporation

 




 

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