Orleans Homebuilders (AMEX:OHB), Bensalem, Pa., late Wednesday reported a$15.6 million ($-0.84 per share) loss for its fiscal second quarter of 2009 ended Dec. 31, including impairments and write-downs of $10.3 million. The company lost $38.6 million ($-2.09 per share) for the prior year period.
Home building revenue decreased 39% to $87.8 million as closings fell 38.4% to 199 homes) and average selling prices fell to $441,000 from $447,000 in the prior year period. Net new orders decreased 64% to 113 homes with an agreggate value of $41.2 million, down from $114.7 million a year earlier.The cancellation rate was 31% up from 26% for the year-ago quarter.
Backlog at December 31, 2008 decreased 48% to $156.8 million (335 homes) compared to $301.3 million (610 homes) at December 31, 2007. The average selling price for homes in backlog at December 31, 2008 was $468,000 compared to $494,000 as of December 31, 2007.
Orleans owned or controlled approximately 6,387 building lots at December 31, 2008, with 1,353 controlled through contracts and options, a 25% decrease from the same quarter last year. Approximately 52% of the owned lots are in the northern region; 36% in the South; 7% in the Midwest; and 5% in Florida.
SG&A declined to $16.1 million from $24.6 million in the year-ago quarter. The company ended the quarter with $10.8 million in cash and cash equivalents, down from $72.3 million on June 30, 2008.
"The downturn in the housing industry has continued, due to continued external factors, including rising unemployment and diminished consumer confidence," said Jeffrey P. Orleans, chairman and CEO. "Ultimately, the housing market will get better, although the timing of such improvement is uncertain."