Brookfield Homes (NYSE:BHS)
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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
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Three months Nine months Three months
ended ended ended
September 30 September 30 September 30
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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.
Brookfield Homes Corporation (NYSE:BHS)