Orleans Homebuilders Announces Leave of Absence of President and Chief Operating Officer
August 14 2009 - 6:00PM
PR Newswire (US)
BENSALEM, Pa., Aug. 14 /PRNewswire-FirstCall/ -- Orleans
Homebuilders, Inc. (the "Company") (AMEX:OHB) announced today that
Michael T. Vesey, its President and Chief Operating Officer, has
taken a leave of absence related to an existing medical condition.
Mr. Vesey previously took a leave of absence for the same medical
condition from November 2007 through February 2008. As with his
previous leave of absence, the Company is confident that Mr.
Vesey's responsibilities will be carried out effectively by
existing management during this absence. Jeffrey P. Orleans, the
Company's Chairman and Chief Executive Officer stated, "We wish
Mike well during this leave of absence." 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
first-time, move-up, luxury, 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
http://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 and alternatives; other alternative recapitalization
or exchange offer 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.
DATASOURCE: Orleans Homebuilders, Inc. CONTACT: Garry P. Herdler,
Executive Vice President & Chief Financial Officer of Orleans
Homebuilders, Inc., +1-215-245-7500 Web Site:
http://www.orleanshomes.com/
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