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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Orleans Homebuilders, | AMEX:OHB | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
(Check
one):
|
o
Form
10-K
|
o
Form
20-F
|
o
Form
11-K
|
x
Form
10-Q
|
o
Form
10-D
|
||
o
Form
N-SAR
|
o
Form
N-CSR
|
||||||
For
Period Ended:
|
December 31,
2009
|
||||||
o
Transition
Report on Form 10-K
|
|||||||
o
Transition
Report on Form 20-F
|
|||||||
o
Transition
Report on Form 11-K
|
|||||||
o
Transition
Report on Form 10-Q
|
|||||||
o
Transition
Report on Form N-SAR
|
|||||||
For
the Transition Period Ended:
|
Read
Instructions (on back page) Before Preparing Form. Please Print or
Type.
Nothing
in this form shall be construed to imply that the Commission has verified
any information contained herein.
|
Orleans
Homebuilders, Inc.
|
Full
Name of Registrant
|
N/A
|
Former
Name if Applicable
|
3333
Street Road
|
Address
of Principal Executive Office
(Street and
Number)
|
Bensalem,
PA 19020
|
City,
State and Zip Code
|
(a)
|
The
reason described in reasonable detail in Part III of this form could
not be eliminated without unreasonable effort or
expense
|
|
o
|
(b)
|
The
subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, Form 11-K, Form N-SAR or
Form N-CSR, or portion thereof, will be filed on or before the
fifteenth calendar day following the prescribed due date; or the subject
quarterly report or transition report on Form 10-Q or subject
distribution report on Form 10-D, or portion thereof, will be filed
on or before the fifth calendar day following the prescribed due date;
and
|
(c)
|
The
accountant’s statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
|
(1)
|
Name
and telephone number of person to contact in regard to this
notification
|
||||
Garry
P. Herdler
|
215
|
245-7500
|
|||
(Name)
|
(Area
Code)
|
(Telephone
Number)
|
|||
(2)
|
Have
all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceding 12 months or for such shorter period that
the registrant was required to file such report(s) been filed? If answer
is no, identify report(s).
|
||||
o
Yes
x
No
|
|||||
The
Company has not filed its Form 10-K for the fiscal year ended June 30,
2009.
|
|||||
The
Company has not filed its Form 10-Q for the fiscal quarter ended December
31,
|
|||||
2009
|
(3)
|
Is
it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion
thereof?
|
||||
x
Yes
o
No
|
|||||
If
so, attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
|
|||||
The
Company anticipates that its residential revenue will decrease
approximately 11% from the second quarter of fiscal year 2009 to the
second quarter of fiscal year 2010. The Company
anticipates that its net new orders will increase approximately 43% from
the second quarter of fiscal year 2009 to the second quarter of fiscal
year 2010. During the second fiscal quarter of 2010, the
Company had a cancellation rate of approximately 23%, versus a
cancellation rate of approximately 31% for the second fiscal quarter of
2009. Backlog at December 31, 2009 was approximately $149
million (on 353 units), versus backlog of approximately $157 million (on
335 units) at December 31, 2008, which is a decrease of approximately 5%
in dollars and an increase of approximately 5% in units As of
December 31, 2009, the Company had cash and cash equivalents of
approximately $10.5 million, restricted cash due from title companies of
approximately $1.2 million, restricted cash – customer deposits of
approximately $7.6 million, mortgage and other note obligations of
approximately $312.0 million, subordinated note obligations of
approximately $107.0 million, net borrowing base availability of
approximately $5.7 million and net debt of approximately $407.4
million. The Company defines “net debt” as total mortgage and
other note obligations plus subordinated notes less the aggregate of cash
and cash equivalents, marketable securities, restricted cash – due from
title companies, but excluding restricted cash – customer
deposits. The net debt includes the impact of a Below Par
Redemption Option, related to the Company’s new unsecured junior
subordinated notes. At December 31, 2009, the Company had
liquidity of approximately $17.4 million. The Company defines
“liquidity” as the sum of cash and cash equivalents, restricted cash – due
from title companies, marketable securities and net borrowing base
availability. The Company is not able to provide a reasonable
estimate of net income for the quarter ended December 31, 2009 at this
time due to the above noted resource constraints. The Company’s
estimates that it will record inventory impairments of approximately $75.0
million for its fourth fiscal quarter ended June 30, 2009, versus
inventory impairments of $20.0 million as of the fiscal quarter ended June
30, 2008. The impairments have not yet been approved by the
Company’s Board of Directors nor have the Company outside auditors
completed their review of the impairment. Further, as the
attention of the Company’s senior management has been focused on matters
relating to its Credit Facility and other strategic alternatives, the
Company has not yet been able to adequately review the inventory
impairment charges to be recorded, if any, for either the
fiscal quarter ending on September 30, 2009 or on December 31,
2009.
The
Company believes that without a Credit Facility maturity extension and
other necessary modifications, or securing alternative financing in the
event it does not obtain such a Credit Facility maturity extension and
other necessary modifications, the Company’s external auditors will issue
an opinion with an explanatory paragraph on the Company’s financial
statements as there would be substantial doubt about the Company’s ability
to continue as a going concern.
|
Date
|
February
17, 2010
|
By
|
/s/
Garry P. Herdler
|
|
Name:
Garry P. Herdler
|
||||
Title:
Executive Vice President and Chief Financial
Officer
|
ATTENTION
|
||
Intentional
misstatements or omissions of fact constitute Federal Criminal Violations
(See 18 U.S.C. 1001).
|
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