شقصته هالسهم

[لافي العتيبي]

cton عند هالسهم بالمحفظه مااقدر ابيعه ليش

 

[مضــارب أسـهم]

cton عند هالسهم بالمحفظه مااقدر ابيعه ليش

السهم واقف عن التدوال من تاريخ 2--12--2008
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اخر خبر نزل علي السهم بشهر 10 ---2008



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15-Oct-2008

Quarterly Report



Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Results of Operations for the Three and Nine Months ended August 31, 2008 and 2007

Revenues: Revenues for the three months ended August 31, 2008 were $321,000 compared to $2,181,000 for the three months ended August 31, 2007. Revenues for the nine months ended August 31, 2007 decreased to $2,089,000 from $3,407,000 for the nine months ended August 31, 2007. The decrease for both the quarter and nine months is attributable to fewer deliveries of homes. There was one home delivery in the quarter ended August 31, 2008 and three in the quarter ended August 31, 2007. Further, the home delivered in the third quarter of 2008 was a custom home on the buyer's lot. Revenue was recognized on a percentage-of-completion basis and most of the revenue had been recognized in prior quarters. This home was also a sale-leaseback and $62,000 of revenue will be recognized over the lease period of one year, beginning in September 2008. There were three home deliveries in the first nine months of fiscal year 2008 and six home deliveries in the first nine months of fiscal year 2007.

Cost of Sales: Cost of sales was $436,000 for the quarter ended August 31, 2008 compared to $1,888,000 for the quarter ended August 31, 2007; and $2,027,000 for the nine months ended August 31, 2008 compared to $2,956,000 for the nine months ended August 31, 2007. Included in cost of goods sold for both the quarter and the nine month period ending August 31, 2008, is $204,000 in an impairment charge on our inventory. This charge caused cost of sales to exceed revenues in the three-month period ending August 31, 2008, resulting in no profit margin for the period. Our profit margin for the same period in 2007 was 13%. Profit margins were 3% and 13% in the nine months ended August 31, 2008 and 2007, respectively. Pre-impairment profit margins for the three and nine months ending August 31, 2008, were 28% and 13%, respectively.

Selling, General and Administrative Expenses: Selling, general and administrative expenses for the quarter ended August 31, 2008 were $209,000 compared to $347,000 for the quarter ended August 31, 2007. Selling, general and administrative expenses for the nine months ended August 31, 2008 and 2007 were $877,000 and $1,019,000, respectively.

Interest Income: Interest income was $4,000 and $5,000 for the nine months ended August 31, 2008 and 2007, respectively. Interest income in 2007 was derived principally from interest on depository accounts and money-market type accounts. In 2008 we closed these accounts to fund operating activities, and therefore, received nominal interest income from these accounts. The interest income realized in the nine months ended August 31, 2008 was interest earned on impact fees prepaid to Indian River County in 2005 and refunded to us in March 2008.

Interest Expense: Interest is incurred on real estate loans and, to the extent required under generally accepted accounting principles, capitalized in real estate inventory. The remaining interest is expensed as incurred. Interest expense amounted to $33,000 for the three months ended August 31, 2008, compared to $78,000 for the three months ended August 31, 2007. Interest expense amounted to $132,000 and $290,000 for the nine months ended August 31, 2008 and 2007, respectively. The reduction in quarterly interest is due to the reduction of our outstanding debt. During the three and nine months ended August 31, 2008, we capitalized $6,000 and $8,000 in interest, respectively.

 

[لافي العتيبي]

وش راح يصير معاه

 

[مضــارب أسـهم]

وش راح يصير معاه

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