Hamptons Luxury Homes
Beats Trend in Construction Industry
Reports 342% Quarterly Increase in Revenue; 533% Increase
in Income from Operations and 308% Increase in Net Income
for Nine Months Ending September 30, 2007
Bridgehampton, NY, November 14,2007 – Hamptons Luxury
Homes, Inc. (OTCBB:HLXH) today reported third quarter and nine
month results that beats the current trend in the construction/homebuilding
industry. For the quarter ending September 30, 2007,
the company reported contract revenues of $3,743,123, a 342%
increase over the $846,547 in revenue recorded for the comparative
quarterly period one year ago. The company reported net
income of $204,981 for the current quarter, compared to a net
loss of $171,664 for the third quarter of 2006.
For the nine months ending September 30, 2007, Hamptons Luxury
Homes reported revenue of $6,585,098, an increase of 71% over
the $3,849,197 reported for the nine month period in 2006.
The company’s net income for the nine months ending September
30, 2007 was $466,441, compared to net income of $114,458 for
the nine-month period in 2006.
Revenues for both the current quarter and nine-month period
were primarily composed of construction service revenues generated
under contracts to construct, renovate, manage and administer
luxury estate homes and single family residences in the exclusive
environs of the Hamptons.
“The sales and marketing programs that we established
a year ago are beginning to be reflected in our revenues and
earnings,” said Roy Dalene, President and Chief Executive
Officer of Hamptons Luxury Homes.
At September 30, 2007, the Company has commitments for $10.5
million of work with a backlog of work that is projected to
be fulfilled through May 2008. “We currently have
bids in various stages of approval on an additional $20.7 million
of work and are working with potential clients to assist them
in various stages of design and approvals on an additional
$17.5 million in work,” said Frank Dalene, Hamptons’ Vice
President and Chief Financial Officer.
Roy Dalene added: “Bids and working with potential
clients to assist them in various stages of design and approvals
represents a pipeline of future work that may become contracts
within six to 12 months. Although we believe that it
is favorable that these bids and future work will become contracts,
these figures represent estimates of what we anticipate in
the coming year and there are no assurances that any or all
of these estimates will be realized.”
During the third quarter, Hamptons’ wholly-owned subsidiary,
DWD Construction Services, acting as the Owner’s Representative
for Northway Island Associates, commenced activities on behalf
of Northway and the development of a multi-million entertainment
complex in upstate New York. DWD is a 10% shareholder
of Northway Island Associates and “we are pleased to
provide continued assistance and support for the completion
of the North Country Entertainment Complex,” said Roy
Dalene. “We believe our involvement will continue
to provide synergies to the core business of our company since,
as we provide consulting services to Northway Island Associates,
we will also have the ability to study and explore future opportunities
in the vacation home markets in northern New York State and
along the St. Lawrence River.
“Our sales and marketing efforts have brought success
in 2007 and we believe will further result in strong revenue
numbers in 2008,” said Roy Dalene. “In order
to manage this expected growth, we have retained Robert C.
Morsch as a new vice president and director of business development
to our management team. Mr. Morsch has over 30 years
of sales and marketing experience."
Hamptons Luxury Homes (www.hlxhomes.com)
is a regional construction services company that builds and
maintains custom homes, luxury vacation homes and ultra-luxury
estate homes throughout the eastern end of Long Island, New
York, with its principal offices located in Bridgehampton,
New York. The Company’s wholly owned subsidiary,
Telemark Inc. is a nationally recognized and award winning
ultra-luxury homebuilder. The Company maintains an industry
leading reputation for construction of luxury vacation homes
from foundation to completion, with values ranging up to $50
million. Hamptons Luxury Homes combines ultra-high quality
materials with superb old-world craftsmanship to create the
ultimate in luxury homes with outstanding aesthetic appeal. Already
a recognized and well-established entity in the exclusive environs
of the Hamptons on Long Island, the company intends to expand
into similar luxury markets in the United States. The
Company's wholly-owned subsidiaries include: Telemark
Service and Maintenance, providing ongoing property management,
maintenance and service; Bridgehampton Lumber Corp., supplying
building material and an independent dealer of The Barden & Robeson
Corporation; DWD Construction Services, which performs construction
administration and advisory services in connection with the
construction of homes and business development of major commercial
projects; and East Coast Properties, Inc. Telemark Inc.
is a 50% partner in Architectural Woodwork of the Hamptons,
LLC, which manufactures and installs custom millwork, custom
cabinetry, custom built-ins and furniture.
Certain statements in this news release may contain forward-looking
information within the meaning of Rule 175 under the Securities
Act of 1933 and Rule 3B-6 under the Securities Exchange Act
of 1934, and are subject to the safe harbor created by those
rules. All statements, other than statements of fact,
included in this release, including without limitation, statements
regarding the potential future plans and objectives of the
company, are forward-looking statements that involve risks
and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and
future events could differ materially from those anticipated
in such statements.
Contact: Bev
Jedynak
Martin
E. Janis & Company, Inc.
312-943-1123
bjedynak@janispr.com |
