HOLLYWOOD, Fla., Nov. 15, 2005 (PRIMEZONE) -- Technical Olympic USA, Inc. (NYSE:TOA) today announced that it will no longer issue a separate pre-earnings operational press release announcing deliveries, net sales orders and homes in backlog. The Company will issue one combined press release disclosing its operational data and earnings results for the quarter and year to date.
Additionally, the Company will no longer disclose nor provide guidance on the Company's community count. The Company believes its existing and anticipated communities vary significantly in size and duration, and thus are no longer a meaningful measure of current or future performance.
Technical Olympic USA, Inc. ("TOUSA") is a leading homebuilder in the United States, operating in 16 metropolitan markets located in four major geographic regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and markets high-quality detached single-family residences, town homes, and condominiums to a diverse group of homebuyers, such as "first-time" homebuyers, "move-up" homebuyers, homebuyers who are relocating to a new city or state, buyers of second or vacation homes, active-adult homebuyers, and homebuyers with grown children who want a smaller home ("empty-nesters"). It also provides financial services to its homebuyers and to others through its subsidiaries, Preferred Home Mortgage Company and Universal Land Title, Inc. For more information on TOUSA, please visit our website at www.tousa.com.
This press release may contain forward-looking statements. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Company's actual results and could cause the Company's actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. This press release is qualified in its entirety by cautionary statements and risk factor disclosure contained in the Company's Securities and Exchange Commission filings, including the Company's report on Form 10-K for the year ended December 31, 2004, filed with the Commission on March 11, 2005.
The Technical Olympic USA, Inc. logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=1821