Brookfield Homes Announces Third Quarter Net New Orders, Fixed Price Tender Offer, And Notice Of Third Quarter Conference Call A
October 04 2005 - 7:59AM
Business Wire
Brookfield Homes Corporation (NYSE:BHS) - Net New Orders Net new
orders for the three months ended September 30, 2005 totaled 246
units, a decrease of 55 units compared to the same period in 2004.
The decrease in net new orders resulted from fewer homes available
for sale in our California operations, partially offset by an
increase in sales in the Washington D.C. Area. The company remains
on track in 2005 to close around 1,750 homes and achieve its
previously announced earnings guidance of between $6.50 and $7.00
per share with an anticipated backlog of 30% of its planned 2006
home closings by December 31, 2005. A summary by region of the net
new orders and active selling communities follows: -0- *T Net New
Orders Active Selling Communities
------------------------------------------------------ Three months
Nine months Three months ended ended ended September 30 September
30 September 30
------------------------------------------------------ 2005 2004
2005 2004 2005 2004
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San Francisco Bay Area 26 46 143 317 2 5 Southland / Los Angeles 55
32 210 308 4 3 San Diego / Riverside 59 160 401 564 6 8 Northern
Virginia 106 63 511 321 12 11
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246 301 1,265 1,510 24 27
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*T Fixed Price Tender Offer Brookfield Homes announced today that
its Board of Directors approved the purchase for cash of up to
3,000,000 shares of its outstanding common stock from its
stockholders by way of a tender offer. Stockholders will be invited
to tender their shares at a price per share of $55.00. Brascan
Corporation, the major stockholder of Brookfield Homes, has
indicated that it intends to tender up to an equivalent number of
shares as the aggregate number of shares tendered by other
stockholders. The tender offer is expected to commence on or prior
to October 14, 2005. The closing price of Brookfield Homes' common
stock on the NYSE on October 3, 2005 was $55.89 per share. If
Brookfield Homes purchased 3,000,000 shares at the offer price, the
cash resources utilized in the transaction would be approximately
$165 million, including expenses. Neither Brookfield Homes nor its
Board of Directors is making any recommendation whether
stockholders should tender or refrain from tendering their shares.
Stockholders must decide whether to tender their shares and, if so,
how many shares to tender. Stockholders may wish to discuss with
their broker or other financial or tax advisor whether to tender
their shares. THE FOREGOING ANNOUNCEMENT OF THE TENDER OFFER IS FOR
INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE
SOLICITATION OF AN OFFER TO SELL ANY SHARES OF BROOKFIELD HOMES'
COMMON STOCK. THE SOLICITATION OF OFFERS TO BUY BROOKFIELD HOMES'
COMMON STOCK WILL ONLY BE MADE PURSUANT TO THE OFFER TO PURCHASE
AND RELATED MATERIALS THAT BROOKFIELD HOMES WILL BE DISTRIBUTING TO
ITS STOCKHOLDERS SHORTLY. STOCKHOLDERS SHOULD READ THOSE MATERIALS
CAREFULLY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION,
INCLUDING THE VARIOUS TERMS AND CONDITIONS TO THE OFFER.
STOCKHOLDERS WILL BE ABLE TO OBTAIN THE OFFER TO PURCHASE AND
RELATED MATERIALS FOR FREE AT BROOKFIELD HOMES' WEBSITE
WWW.BROOKFIELDHOMES.COM, THE SEC'S WEBSITE AT WWW.SEC.GOV OR FROM
OUR INFORMATION AGENT. Conference Call and Webcast for Investors
and Analysts You are invited to participate in Brookfield Homes'
Third Quarter Conference Call on Monday, October 31, 2005 at 11:00
a.m. (EST) to discuss with members of senior management our results
and current business initiatives. Brookfield Homes will release its
2005 third quarter financial results on Friday, October 28th at
approximately 5:00 p.m. (EST), and it will be available on our
website at www.brookfieldhomes.com under "Investor Relations -
Press Releases." Our supplemental information package will also be
available under "Investor Relations - Financial Reports and
Investor Presentations." The Conference Call will also be Webcast
live on our website, where it will be archived for future
reference. To participate in the Conference Call, please dial
1-800-251-4491, toll free in North America, at approximately 10
minutes prior to the start time. For those unable to participate in
the Conference Call, a taped rebroadcast will also be available
until midnight Monday, November 14, 2005. To access this
rebroadcast, please call 1-800-807-5315, toll free in North
America. 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 entitle
and develop land for our own communities and sell lots to other
homebuilders. Our portfolio includes 30,000 lots owned and
controlled in the San Francisco Bay Area; Southland / Los Angeles;
San Diego / Riverside; Sacramento; and Washington D.C. Area
markets. For more information, visit the Brookfield Homes website
at www.brookfieldhomes.com. Note: Certain statements in this press
release that are not historical facts, including information
concerning the expected tender offer, targeted 2005 home closings,
our December 31, 2005 backlog, our 2005 earnings guidance, and
those statements preceded by, followed by, or that include the
words "planned", "projected", "goals", "potential", "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.
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