TECHNICAL OLYMPIC GROUP's management informs the investment community that NYSE listed US subsidiary TOUSA Inc. released certain operational data for the three months ended June 30, 2007 (period form April 1st to June 30th, 2007) in anticipation of the Company's previously announced proposed financing syndication led by Citigroup Global Markets Inc. together with certain of its affiliates in order to reach a global consensual resolution with all participants in the Transeastern JV including the senior lenders, the mezzanine lenders, the JV partner and land bankers.
TOUSA reported 1,572 net sales orders for the quarter ended June 30, 2007, a 15% decrease from the 1,846 net sales orders reported in the quarter ended June 30, 2006. The Company's cancellation rate for the second quarter of 2007 was 33%, compared to 30% for second quarter of 2006 and 29% for the first quarter of 2007.
TOUSA delivered 1,725 homes in the second quarter 2007, a 15% decrease from the 2,034 deliveries reported in the second quarter of 2006. The average sales price of homes delivered, which are net of incentives, increased 1% to $320,000 in the second quarter of 2007 from $315,000 in the second quarter of 2006. Incentives for the second quarter of 2007 were $37,700 per delivery, compared to $16,700 in the second quarter of 2006 and $36,400 in the first quarter of 2007.
At June 30, 2007, TOUSA had 3,827 homes in backlog, a 29% decrease from the 5,367 homes in backlog at June 30, 2006 and a 6% decrease from the 4,061 homes in backlog at March 31, 2007.
As of June 30, 2007, TOUSA had approximately $50.0 million outstanding under its revolving credit facility (total amount of $ 800 million, maintaining this way a net balance for use at June 30 2007 amounting to $ 750 million).
TOUSA plans to release earnings for the second quarter of 2007 on Wednesday, August 8, after the close of trading on the New York Stock Exchange followed by a conference call on Thursday, August 9, at 11:00 a.m. (Eastern USA time).
Finally TOUSA announced that it plans to release earnings for the second quarter of 2007 on Wednesday, August 8, after the close of trading on the New York Stock Exchange followed by a conference call on Thursday, August 9, at 11:00 a.m. Eastern Time.
More information regarding the official reports (8-K and 10-K Forms) and our subsidiary TOUSA are filed with the Securities and Exchange Commission and are available at www.sec.gov and our subsidiary's website www.tousa.com