Brookfield Homes Corporation

Brookfield Homes Corporation

January 05, 2005 17:20 ET

Brookfield Homes Announces 2004 Closings and Net New Orders


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BROOKFIELD HOMES CORPORATION

NYSE SYMBOL: BHS

JANUARY 5, 2005 - 17:20 ET

Brookfield Homes Announces 2004 Closings and Net New
Orders

DEL MAR, CALIFORNIA--(CCNMatthews - Jan. 5, 2005) - Brookfield Homes
Corporation (NYSE:BHS) closed 1,798 homes in 2004, an increase of 270
units over last year. As well, we achieved our targeted backlog at
December 31, 2004 of approximately 30% of our estimated 1,875 home
closings in 2005.

Our current earnings guidance for 2004 remains at $143 million or $4.53
per share, with a targeted growth in earnings per share of 15% in 2005.

Our net new orders for the three months ended December 31, 2004 totaled
255 units, a decrease of 63 units compared to the same period last year.
The decline in net new orders during the quarter resulted from fewer
homes available for sale within a number of our communities nearing
build-out in the San Francisco Bay Area and Southland/Los Angeles, and a
delay in opening new projects in Virginia. This was partially offset by
San Diego/Riverside where a number of new projects came on stream.

A summary by region of the net new orders and active selling communities
follows:



Net New Orders Active Selling Communities
------------------------- --------------------------
Three Twelve Three
months months months
ended ended ended
December 31 December 31 December 31
------------ ----------- --------------------------
2004 2003 2004 2003 2004 2003
---------------------------------------------------------------------
San Francisco
Bay Area 31 73 348 342 5 6
Southland/
Los Angeles 30 91 338 358 5 6
San Diego/
Riverside 110 47 674 447 8 4
Northern
Virginia 84 107 405 563 9 14
---------------------------------------------------------------------
255 318 1,765 1,710 27 30
---------------------------------------------------------------------
---------------------------------------------------------------------


Brookfield Homes Corporation

Brookfield Homes Corporation is a residential homebuilder and land
developer, building homes and developing land in master-planned
communities and infill locations. We design, construct and market
single-family and multi-family homes primarily to move-up and luxury
homebuyers. We also develop land for our own communities and sell lots
to other homebuilders. Our portfolio includes over 25,000 lots owned and
controlled in the San Francisco Bay Area; Southland / Los Angeles; San
Diego / Riverside; Sacramento and Northern Virginia markets. For more
information, visit the Brookfield Homes website at
www.brookfieldhomes.com.

Note: Certain statements in this press release that are not historical
facts, including information concerning projected 2005 home closings and
year-end backlog, 2004 earnings guidance and 2005 earnings per share
growth and those statements preceded by, followed by, or that include
the words "planned", "projected", "goals", "expected", "targeted,"
"scheduled" or similar expressions, constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Undue reliance should not be placed on
forward-looking statements because they involve known and unknown risks,
uncertainties and other factors, which may cause the actual results to
differ materially from the anticipated future results expressed or
implied by such forward-looking statements. Factors that could cause
actual results to differ materially from those set forward in the
forward-looking statements include, but are not limited to: changes in
general economic, real estate and other conditions; mortgage rate
changes; availability of suitable undeveloped land at acceptable prices;
adverse legislation or regulation; ability to obtain necessary permits
and approvals for the development of our land; availability of labor or
materials or increases in their costs; ability to develop and market our
master-planned communities successfully; confidence levels of consumers;
ability to raise capital on favorable terms; adverse weather conditions
and natural disasters; relations with the residents of our communities;
risks associated with increased insurance costs or unavailability of
adequate coverage and ability to obtain surety bonds; competitive
conditions in the homebuilding industry, including product and pricing
pressures; and additional risks and uncertainties referred to in our
Form 10-K and other SEC filings, many of which are beyond our control.
We undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events or
otherwise.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Brookfield Homes Corporation
    Linda Northwood
    Director, Investor Relations
    (858) 481-2567
    Email: lnorthwood@brookfieldhomes.com