Tarragon Corporation Announces $967 Million in Orders for New Homes in 2005
Wednesday February 1, 7:30 am ET
NEW YORK, Feb. 1 /PRNewswire-FirstCall/ -- Tarragon Corporation (Nasdaq: TARR - News), a leading homebuilder specializing in the development and marketing of high-density residential communities, today announced continued growth in sales and closing activity for the fourth quarter and full year 2005.
In the fourth quarter of 2005 the Company wrote 594 new orders totaling $139 million, compared with 513 new orders totaling $130 million for the same period in 2004. For the full 2005 year the Company reached record levels, writing 3,900 new orders totaling $967 million, compared with 1,406 new orders totaling $355 million in 2004.
In the fourth quarter the Company delivered 949 homes representing $254 million in sales, compared with 526 closings for $144 million in the fourth quarter of 2004, representing unit growth of 80% and dollar value growth of 76% over the same period in 2004.
For the full year 2005, the Company posted more than three-fold increases in home deliveries and corresponding dollar values, closing 3,343 homes representing $881 million, compared with 942 closings worth $215 million in 2004.
At year-end 2005, the non-cancelable contractual backlog rose to $428 million, up 25% over the year-end 2004 figure of $343 million, corresponding to a backlog of 1,795 and 1,238 homes, respectively. Sales activity was strong in all geographic regions including New Jersey and New York, and was especially strong in south and central Florida.
At December 31, 2005, Tarragon's active developments (including non- cancelable contractual backlog) totaled more than 8,000 homes representing about $2.4 billion in projected revenue, up from 4,352 homes representing $1.4 billion in projected revenue at December 31, 2004.
The Company's homebuilding pipeline at year-end 2005, which is comprised of sites owned or controlled by the Company not yet included in active developments, totaled more than 8,800 homes in 29 communities -- more than double year-end 2004 levels of 4,200 homes. The Company added 11 projects to its homebuilding pipeline in the fourth quarter of 2005, representing approximately 2,500 homes.
Tarragon Chairman and CEO William S. Friedman commented, "Our accelerating sales growth validates our urban high-density business strategy. We focus on developing sites in the Northeast and Florida where development approvals are difficult to obtain, creating high barriers to entry and contributing to unsatisfied customer demand." |
