BENSALEM, Pa., Oct. 1 /PRNewswire-FirstCall/ -- Orleans
Homebuilders, Inc. (the "Company") (AMEX:OHB) announced today that
on September 30, 2009, the Company entered into the Third Amendment
to its Second Amended and Restated Revolving Credit Loan Agreement
dated September 30, 2008 (as amended, the "Credit Facility"),
effective immediately. The terms of the Third Amendment are
substantially similar to the terms of the Second Amendment to the
Credit Facility dated August 13, 2009. The Third Amendment
effectively extends for approximately one month the borrowing base
relief, minimum liquidity covenant deferral, existing loan fee
payment deferral and other accommodations provided by the Second
Amendment. This amendment allows the Company and its lending group
additional time to continue to work towards obtaining a maturity
extension of the Company's Credit Facility (which matures on
December 20, 2009) as well as certain longer term modifications to
borrowing base availability and other covenants. However, as
discussed herein, there can be no assurance that the Company and
its lenders under the Credit Facility (the "Lenders") will be able
to agree on the terms of a maturity extension and longer term
modifications to the Credit Facility. The Company continues to work
actively with its bank lending group to obtain an amendment to its
existing $375 million Credit Facility and extension of the December
20, 2009 maturity date of the facility, by approximately October
31, 2009 or thereabouts. In light of these ongoing negotiations and
uncertainty, the Company also announced today that it did not make
the $639,000 quarterly payment due on September 30, 2009 with
respect to the $30 million issue of 8.52% trust preferred
securities. The Company currently intends to make the $639,000
quarterly payment on its $30 million of trust preferred securities
in conjunction with the effectiveness of any amendment and maturity
date extension of its Credit Facility that it may obtain. While the
Company currently believes that a Credit Facility maturity
extension and other necessary modifications to borrowing base
availability and other covenants may be obtained, the Company can
offer no assurance as to the terms of any extension or
modifications or that it will be able to obtain such a Credit
Facility maturity extension or other modifications at all or on
acceptable terms, or obtain alternative financing in the event it
does not obtain such a Credit Facility maturity extension and other
necessary modifications. Accordingly, there is no assurance that
the Company will actually make the quarterly interest payment in
the future. The Company also announced that on September 29, 2009
the Company filed a Form 12b-25 with the Securities and Exchange
Commission, which stated that the Company was unable to file its
Annual Report on Form 10-K for the fiscal year ended June 30, 2009
on a timely basis without unreasonable effort or expense.
Accordingly, the Company is not currently providing information
concerning expense items, inventory impairments, balance sheet and
other information until it files its Annual Report on Form 10-K for
the fiscal year ended June 30, 2009. The Company currently
anticipates filing its Annual Report on Form 10-K for the fiscal
year ended June 30, 2009 by October 31, 2009; however, the Company
can offer no assurance that it will be able to do so. The Company
currently anticipates having an earnings call for its fourth fiscal
quarter after it files its Annual Report on Form 10-K. The Company
also announced today limited unaudited financial information,
including (i) its revenues, net new orders and cancellation rate
for the three months and fiscal year ended June 30, 2009; (ii) its
backlog, cash and cash equivalents, debt, net debt and liquidity as
of June 30, 2009; (iii) the amount of its backlog, net debt and
liquidity as of August 31, 2009; (iv) preliminary guidance for the
percentage increase in the amount of year-over-year net new orders
for the fiscal year 2010 first quarter ended September 30, 2009
versus the comparable prior year period; (v) the impacts from the
curtailment of the retirement and disability benefits under the
supplemental retirement executive plan in June 2009; and (vi) a
detailed summary of regional closings, net new orders and backlog.
Financial Highlights for the Three Months Ended June 30, 2009: --
Total earned revenues for the three months ended June 30, 2009 were
$83.7 million compared to $192.2 million for the three months ended
June 30, 2008, a decrease of 56.5% or $108.5 million. -- Fiscal
year 2009 fourth quarter residential property revenue decreased
56.9% to $81.5 million (208 homes) compared to $189.3 million (433
homes) for the prior year period. The average selling price for
homes delivered in the fiscal 2009 fourth quarter was $392,000
compared to $437,000 in the prior year period. -- Fiscal year 2009
fourth quarter net new orders decreased 37.0% to $71.9 million (208
homes) compared to $114.1 million (286 homes) for the prior year
period. The fiscal year 2009 fourth quarter net new orders
increased by 12.1% sequentially from the fiscal 2009 third quarter,
versus a 5.9% sequential net new order decrease from the fiscal
2008 third quarter to the fiscal 2008 fourth quarter. The average
selling price for net new orders during the fiscal quarter ended
June 30, 2009 was $346,000 compared to $399,000 for the quarter
ended June 30, 2008. -- The backlog at June 30, 2009 decreased
38.3% to $147.1 million (340 homes) compared to $238.3 million (486
homes) at June 30, 2008. At June 30, 2009, 89.2% of this backlog
was in the Company's Northern and Southern regions, compared with
89.6% in those regions at June 30, 2008. The average selling price
for homes in backlog at June 30, 2009 was $433,000 compared to
$490,000 as of June 30, 2008. -- The Company's cancellation rate
was approximately 21% for the three months ended June 30, 2009,
which is a decrease from the 25% rate for the three months ended
June 30, 2008. This decrease was primarily driven by improvements
in the cancellation rate in the Company's Northern and Southern
regions. -- The Company owned or controlled approximately 5,673
building lots at June 30, 2009, which included approximately 1,003
building lots controlled through contracts and options. At June 30,
2008, the Company owned or controlled approximately 7,229 building
lots, which included approximately 1,847 building lots controlled
through contracts and options. This represents a 21.5% decrease in
total owned and controlled lots, and a 13.2% decrease in owned
lots. As of June 30, 2009, approximately 53% of the Company's owned
lots are in its Northern region; approximately 35% in its Southern
region; approximately 7% are in its Midwestern region; and
approximately 5% in its Florida region. -- Effective as of June 30,
2009, the Company amended the terms of its Supplemental Executive
Retirement Plan (the "SERP") to, among other things, terminate the
retirement and disability benefits provided to participants in the
SERP and to delete the provisions related to the acceleration of
the vesting of benefits in the event of a change of control. The
SERP continues only to provide death benefits to a participant's
survivors in the event a participant dies while employed by the
Company. This termination of the retirement benefit and the
disability benefit under the Company's supplemental executive
retirement plan was accounted for as a curtailment and resulted in
a reduction in accrued liabilities of $6.7 million, a pre-tax and
after-tax gain of $4.9 million, and other comprehensive income of
$1.8 million pre-tax ($0.8 million after-tax). For additional
discussion of the curtailment of the retirement and disability
benefits under the SERP, please refer to the Current Report on Form
8-K filed with the Securities and Exchange Commission on July 2,
2009. As a result of its assessment of inventory in accordance with
Statement of Financial Accounting Standards ("SFAS") No. 144,
"Accounting for Impairment or Disposal of Long-Lived Assets," the
Company has concluded that an impairment of its inventory exists.
Further, as the attention of the Company's senior management has
been focused on matters relating to its Credit Facility, the
Company has not yet been able to adequately review the inventory
impairment charges to be recorded. Accordingly, the Company is not
able to give a reasonable estimate of the inventory impairment
charges or loss per share for the Company's fiscal 2009 fourth
quarter at this time. At this time, however, the Company does
believe that its fourth quarter of fiscal 2009 results, including
its fourth quarter of fiscal 2009 basic and diluted loss per share
from continuing operations will likely be impacted by a material
amount of non-cash inventory impairment charges. There will be no
tax impact as a result of these charges due to a full valuation
allowance against our deferred tax assets. The fourth quarter of
fiscal 2008 results included inventory impairment charges of
approximately $20 million. Financial Highlights for the Year Ended
June 30, 2009: -- Total earned revenues for the fiscal year ended
June 30, 2009 were $330.9 million compared to $583.3 million for
the fiscal year ended June 30, 2008, a decrease of 43.3% or $252.4
million. -- Fiscal year 2009 residential property revenue decreased
42.7% to $322.2 million (770 homes) compared to $562.2 million
(1,262 homes) for the prior year. The average selling price for
homes delivered in fiscal year 2009 was $418,000 compared to
$445,000 in the prior year. -- Fiscal year 2009 net new orders
decreased 52.1% to $231.0 million (624 homes) compared to $482.6
million (1,139 homes) for the prior year period. The average
selling price for net new orders during the fiscal year ended June
30, 2009 was $370,000 compared to $424,000 for the year ended June
30, 2008. -- The Company's cancellation rate was approximately 28%
for the year ended June 30, 2009, which is an increase from the 26%
rate for the fiscal year ended June 30, 2008. Cancellation rates
decreased sequentially since the end of the first quarter of fiscal
year 2009. The rates by quarter were 36% for the first quarter, 31%
for the second quarter, 27% for the third quarter and 21% for the
fourth quarter. Jeffrey P. Orleans, Chairman and Chief Executive
Officer stated: "We would like to thank our bank lending group for
their continuing support. We look forward to continuing to work
together toward a mutually satisfactory maturity extension. We
believe that the worst of the housing and economic downturn is
behind us. In our fiscal 2009 fourth quarter, we saw our second
consecutive quarter of sequential net new order growth. We remain
focused on the challenges. I am cautiously optimistic as we are
seeing increased new orders and traffic in our communities compared
to the historically low levels of the past year. We are not out of
the woods, but I expect that in the first quarter of fiscal year
2010, we will see the first year-over-year net new order growth in
approximately two years. This growth will be driven primarily by
improvements in our Southern and Northern regions. We believe the
September 30th fiscal quarter year-over year new order growth will
be approximately 35%." Net Debt and Liquidity As of June 30, 2009,
the Company had cash and cash equivalents of $8.4 million,
restricted cash due from title companies of $4.4 million,
restricted cash - customer deposits of $5.9 million, marketable
securities of $6.3 million, mortgage and other note obligations of
$333.0 million and subordinated note obligations of $105.0 million
compared to cash and cash equivalents of $72.3 million, restricted
cash due from title companies of $19.3 million, restricted cash -
customer deposits of $8.3 million, mortgage and other note
obligations of $396.1 million and subordinated note obligations of
$105.0 million as of June 30, 2008. The Company defines "net debt"
as total mortgage and other note obligations plus subordinated
notes less the aggregate of cash and cash equivalents, marketable
securities, restricted cash - due from title companies, but
excluding restricted cash - customer deposits. -- During the fourth
quarter of fiscal 2009, the Company's net debt decreased by $22.6
million from $441.5 million as of March 31, 2009 to $418.9 million
as of June 30, 2009. -- During fiscal 2009, the Company's net debt
increased by $8.7 million from $410.2 million as of June 30, 2008
to $418.9 million as of June 30, 2009. -- Since January 1, 2007,
the Company's net debt decreased by $165.0 million or 28% from
$583.9 million as of December 31, 2006 to $418.9 million as of June
30, 2009. The Company defines "liquidity" as the sum of cash and
cash equivalents, restricted cash - due from title companies,
marketable securities and net borrowing base availability. --
During the fourth quarter of fiscal 2009, the Company's liquidity
increased by $3.5 million, from $15.8 million as of March 31, 2009
to $19.3 million as of June 30, 2009. -- During the fiscal year
ended June 30, 2009, the Company's liquidity decreased by $51.9
million, from $71.2 million as of June 30, 2008 to $19.3 million as
of June 30, 2009. The decrease in liquidity was primarily due to
cash used for operations, lower year-over-year backlog and
decreased year-over-year net new orders, which have the impact of
reducing our gross borrowing base, and inventory impairments during
the year ended June 30, 2009, which decrease our borrowing base
availability. -- As of August 31, 2009, the Company's liquidity was
approximately $17.4 million, a decrease of $1.9 million from $19.3
million as of June 30, 2009. On August 3, 2009, the Company
completed a private debt exchange offering, and related bank lender
consent, for exchange of 100% of its $75 million aggregate
principal amount of unsecured junior subordinated trust preferred
securities issued by an affiliate of the Company on November 23,
2005 for newly issued unsecured junior subordinated notes due
January 30, 2036 issued by OHI Financing, Inc., a wholly owned
subsidiary of the Company (the "Junior Debt Exchange Agreement"),
which includes a significant reduction of quarterly interest
payments to 1% per annum on the principal amount of the new notes
for each of the first five years ending on July 30, 2014,
elimination of certain covenants and a significantly below par
discounted optional redemption option (the "Below Par Redemption
Option") under the newly issued unsecured junior subordinated
notes. The Company has not yet determined the value of the Below
Par Redemption Option of these new notes, but the Company will be
required to recognize and account for the Below Par Redemption
Option's initial value separately as a derivative instrument. Since
the Below Par Redemption Option results in a benefit to Orleans,
the Company will recognize the initial value of the derivative on
its books as an asset with a corresponding liability. Any future
changes in fair value of the asset will be reported in current
period earnings. The liability represents unamortized premium which
will be amortized over the life of the new notes and included in
the determination of the effective interest rate on the new
unsecured junior subordinated notes. Excluding the impact of the
Below Par Redemption Option, our net debt as of August 31, 2009 was
approximately $420.8 million compared to $418.9 million as of June
30, 2009, an increase of approximately $1.9 million. For additional
discussion of the Company's completed Junior Debt Exchange
Agreement, please refer to the Form 8-K and press release filed
with the Securities and Exchange Commission on August 7, 2009.
Update for Net Orders and Backlog -- Backlog at August 31, 2009 was
$160.2 million (383 homes) compared to $227.7 million (465 homes)
at August 31, 2008, a decrease of 29.6% compared to the prior year
period. Backlog increased by 8.9% compared to June 30, 2009. -- The
Company anticipates that the amount of net new orders for the first
quarter of fiscal year 2010 will increase by approximately 35% as
compared to the first quarter of fiscal year 2009, driven primarily
by significant increases in the Southern and Northern regions.
Credit Facility and $30 Million 8.52% Trust Preferred Securities
Update On September 30, 2009, the Company entered into the Third
Amendment to its Credit Facility. The terms of the Third Amendment
are substantially similar to the terms of the Second Amendment to
the Credit Facility dated August 13, 2009. The Third Amendment
effectively extends for approximately one month the borrowing base
relief, minimum liquidity covenant deferral, existing loan fee
payment deferral and other accommodations provided by the Second
Amendment. This amendment allows the Company and its Lenders
additional time to continue to work towards obtaining a maturity
extension of the Company's Credit Facility (which matures on
December 20, 2009) as well as certain longer term modifications to
borrowing base availability and other covenants. However, as
discussed herein, there can be no assurance that the Company and
the Lenders will be able to agree on the terms of a maturity
extension and longer term modifications to the Credit Facility. The
Company continues to work actively with its bank Lenders to obtain
an amendment to its existing $375 million Credit Facility and
extension of the December 20, 2009 maturity date of the facility,
by approximately October 31, 2009 or thereabouts. In light of these
ongoing negotiations, the Company also announced today that it did
not make the quarterly payment of $639,000 due on September 30,
2009 with respect to the $30 million issue of 8.52% trust preferred
securities. If the $639,000 quarterly payment is not made within
the applicable 30-day cure period under the indenture, an event of
default will occur under the $30 million issue of 8.52% trust
preferred securities which would entitle the holders of such trust
preferred securities to accelerate payment under the related junior
subordinated notes after October 30, 2009. The holders, may,
however, choose not to exercise such right. Expiration of this
30-day cure period under the junior subordinated notes would also
constitute an event of default under the Credit Facility. The
Company currently intends to make the $639,000 quarterly payment on
its $30 million of trust preferred securities in conjunction with
the effectiveness of any amendment and maturity date extension of
its Credit Facility that it may obtain. This anticipated payment
timing should approximate the end of the cure period under the
junior subordinated notes indenture. In addition, the Company
currently intends to pay the regularly scheduled quarterly 1% per
annum interest coupon of approximately $235,000 due on October 30,
2009 on the new subordinated notes issued under the Junior Debt
Exchange Agreement which was completed on August 3, 2009. While the
Company currently believes that a Credit Facility maturity
extension and other necessary modifications to borrowing base
availability and other covenants may be obtained, the Company can
offer no assurance as to the terms of any extension or
modifications or that it will be able to obtain such a Credit
Facility maturity extension or other modifications at all or on
acceptable terms, or obtain alternative financing in the event it
does not obtain such a Credit Facility maturity extension and other
necessary modifications. Accordingly, there is no assurance that
the Company will actually make either the September 30th quarterly
payment of $639,000 on the 8.52% trust preferred securities, or the
quarterly payment of $235,000 due on October 30, 2009 on the new
subordinated notes issued under the Junior Debt Exchange Agreement,
in the future. The Company anticipates that the one-month liquidity
enhancement of the Second Amendment continued under the Third
Amendment should meet the Company's liquidity needs only up to
approximately October 31, 2009. The Company anticipates that
without either a Credit Facility maturity extension and other
modifications, or an additional amendment to the Credit Facility to
increase borrowing base availability on or before November 2, 2009:
(i) the net borrowing base availability at that time will be
significantly less than the borrowings under the revolving Credit
Facility at that time; (ii) the Company will be unable to pay an
existing loan fee now due on October 31, 2009 without an additional
deferral amendment; (iii) the Company will likely violate the
minimum liquidity covenant at some time in early November 2009;
(iv) the Company will violate certain other covenants under the
Credit Facility at that time (or shortly thereafter); and (v) the
Company will likely not have sufficient liquidity to continue its
normal operations at that time (or shortly thereafter). In
addition, the Company may need additional amendments to its Credit
Facility for a variety of reasons on or prior to October 31, 2009.
For additional discussion of the Company's liquidity, including a
discussion of the scheduled December 20, 2009 maturity date of the
Company's Credit Facility, please refer to the Liquidity and
Capital Resources section of the Company's Quarterly Report on Form
10-Q for the quarter ended March 31, 2009 filed with the Securities
and Exchange Commission on May 15, 2009, as well as the Current
Report on Form 8-K and press release filed with the Securities and
Exchange Commission on August 14, 2009. Garry P. Herdler, Executive
Vice President and Chief Financial Officer, stated, "Since January
1, 2007, we have met our stated objectives, including reducing net
debt by approximately 28%, or approximately $165 million. We have
been cash flow positive or neutral in 8 of the past 10 quarters
despite very difficult industry conditions. As compared to June 30,
2006, we have reduced total lots, spec homes and headcount, each by
over 65%, and we have refocused the land portfolio. On August 3,
2009, we completed an important $75 million private debt exchange
agreement to significantly reduce the interest coupon for the next
five years, eliminate certain covenants and create a new
significantly discounted below par redemption option. We are
working constructively with our lenders to obtain a bank maturity
extension and other necessary longer-term facility modifications.
We cannot offer any assurance as to the terms of any extension or
modification or that such a maturity extension and other
modifications will be obtained at all or on acceptable terms in the
short time remaining, or that other satisfactory alternatives will
be available." Summary of Regional Closings, Net New Orders and
Backlog The tables below show the Company's closings, net new
orders for the Company's fiscal quarter and fiscal year ended June
30, 2009 as compared to the comparable prior year periods ended
June 30, 2008 as well as the Company's backlog as of June 30, 2009
as compared to June 30, 2008. Orleans Homebuilders, Inc Summary of
Deliveries by Region (Dollars in thousands) (Unaudited) Three
Months Ended Year Ended June 30, June 30, 2009 2008 2009 2008 ----
---- ---- ---- DELIVERIES Northern Region Homes 81 161 325 486
Dollars $34,536 $73,223 $144,746 $231,034 Average Sales Price $426
$455 $445 $475 Southern region Homes 104 183 340 514 Dollars
$38,628 $85,799 $137,604 $243,714 Average Sales Price $371 $469
$405 $474 Midwestern region Homes 20 63 81 142 Dollars $7,545
$23,943 $33,959 $59,005 Average Sales Price $377 $380 $419 $416
Florida region Homes 3 26 24 120 Dollars $831 $6,353 $5,933 $28,430
Average Sales Price $277 $244 $247 $237 Total Homes 208 433 770
1,262 Dollars $81,540 $189,318 $322,242 $562,183 Average Sales
Price $392 $437 $418 $445 Orleans Homebuilders, Inc Summary of New
Orders by Region (Dollars in thousands) (Unaudited) Three Months
Ended Year Ended June 30, June 30, 2009 2008 2009 2008 ---- ----
---- ---- NEW ORDERS Northern Region Homes 105 119 291 441 Dollars
$36,772 $48,267 $114,273 $196,217 Average Sales Price $350 $406
$393 $445 Southern region Homes 81 120 246 487 Dollars $27,142
$49,056 $85,643 $216,945 Average Sales Price $335 $409 $348 $445
Midwestern region Homes 20 28 72 135 Dollars $7,849 $12,485 $28,211
$52,157 Average Sales Price $392 $446 $392 $386 Florida region
Homes 2 19 15 76 Dollars $185 $4,338 $2,887 $17,260 Average Sales
Price $93 $228 $192 $227 Total Homes 208 286 624 1,139 Dollars
$71,948 $114,146 $231,014 $482,579 Average Sales Price $346 $399
$370 $424 Orleans Homebuilders, Inc Summary of Backlog by Region
(Dollars in thousands) (Unaudited) At June 30, BACKLOG 2009 2008
---- ---- Northern Region Homes 176 210 Dollars $79,345 $109,818
Average Sales Price $451 $523 Southern region Homes 122 216 Dollars
$51,798 $103,759 Average Sales Price $425 $480 Midwestern region
Homes 39 48 Dollars $15,336 $21,084 Average Sales Price $393 $439
Florida region Homes 3 12 Dollars $602 $3,648 Average Sales Price
$201 $304 Total Homes 340 486 Dollars $147,081 $238,309 Average
Sales Price $433 $490 About Orleans Homebuilders, Inc. Orleans
Homebuilders, Inc. develops, builds and markets high-quality
single-family homes, townhouses and condominiums. The Company
serves a broad customer base including first-time, move-up, luxury,
empty nester and active adult homebuyers. The Company currently
operates in the following eleven distinct markets: Southeastern
Pennsylvania; Central and Southern New Jersey; Orange County, New
York; Charlotte, Raleigh and Greensboro, North Carolina; Richmond
and Tidewater, Virginia; Chicago, Illinois; and Orlando, Florida.
The Company's Charlotte, North Carolina operations also include
adjacent counties in South Carolina. To learn more about Orleans
Homebuilders, please visit http://www.orleanshomes.com/.
Forward-Looking Statements Certain information included herein and
in other Company statements, reports and SEC filings is
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995, including, but not limited to,
statements concerning anticipated or expected financing
arrangements, anticipated amendments to its Credit Facility,
payments on its 8.52% Trust Preferred Securities and the new
subordinated notes issued under the Junior Debt Exchange Agreement,
anticipated increase in net new orders, anticipated interest
payments relating to the Company's trust preferred securities
facilities, conditions in or recovery of the housing market, and
economic conditions; the Company's long-term opportunities;
continuing overall economic conditions and conditions in the
housing and mortgage markets and industry outlook; anticipated or
expected operating results, revenues, sales, net new orders,
backlog, pace of sales, spec unit levels, and traffic; future or
expected liquidity, financial resources, debt or equity financings,
amendments to or extensions of our existing revolving Credit
Facility, strategic transactions and alternatives; other
alternative recapitalization or exchange offer transactions; the
anticipated impact of bank reappraisals; future impairment charges;
future tax valuation allowance and its value; anticipated or
possible federal and state stimulus plans or other possible future
government support for the housing and financial services
industries; anticipated cash flow from operations; reductions in
land expenditures; the Company's ability to meet its internal
financial objectives or projections, and debt covenants; potential
future land sales; the Company's future liquidity, capital
structure and finances; and the Company's response to market
conditions. Such forward-looking information involves important
risks and uncertainties that could significantly affect actual
results and cause them to differ materially from expectations
expressed herein and in other Company statements, reports and SEC
filings. These risks and uncertainties include local, regional and
national economic conditions, the effects of governmental
regulation, the competitive environment in which the Company
operates, fluctuations in interest rates, changes in home prices,
the availability and cost of land for future growth, the
availability of capital, our ability to modify or extend our
existing Credit Facility or otherwise engage in a financing or
strategic transaction; the availability and cost of labor and
materials, our dependence on certain key employees and weather
conditions. In addition, there can be no assurance that the Company
will be able to obtain any amendment to or extension of its
existing revolving Credit Facility or other alternative financing
or adjust successfully to current market conditions. Additional
information concerning factors the Company believes could cause its
actual results to differ materially from expected results is
contained in Item 1A of the Company's Annual Report on Form 10-K/A
for the fiscal year ended June 30, 2008 filed with the SEC and
subsequently filed Quarterly Reports on Form 10-Q. DATASOURCE:
Orleans Homebuilders, Inc. CONTACT: Garry P. Herdler - Executive
Vice President & Chief Financial Officer of Orleans
Homebuilders, Inc., +1-215-245-7500 Web Site:
http://www.orleanshomes.com/
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