5/14/2008 - Deer Valley Corporation Reports Increased Revenue and Earnings for the First Quarter of 2008
TAMPA, FL--(Marketwire - May 14, 2008) - Deer Valley Corporation ("Deer Valley" or the "Company") (OTCBB: DVLY) today filed its Form 10-Q reporting financial results for the quarter ended March 31, 2008. The Company reported revenue for the 2008 first quarter of $16.7 million, an increase of 41.5% compared to revenue of $11.8 million reported for the first quarter of 2007. Net income available to common shareholders for the quarter was reported at $675 thousand, or earnings of $0.03 per share (fully diluted), compared to a loss of $226 thousand, or ($0.03) per share (fully diluted) for the first quarter of 2007.
Commenting on the results for the quarter, Charles G. Masters, the Company's CEO, said, "We are very pleased to report the dramatic increase in revenue and earnings for the first quarter of 2008, compared to the same period last year. The Company's increased revenues for the quarter were largely attributable to our ongoing contracts to supply 'MEMA Cottages' to the State of Mississippi. A total of 188 two-bedroom cottages were delivered during the first quarter." In a further comment, Mr. Masters said, "As the proof-of-concept phase of the Mississippi contracts nears completion, the Company expects to shift its production to accommodate the delivery of 'twin-townhomes' for the recently announced 'Orleans Place' contract with M & C Development, LLC. We expect the construction and delivery of two-story homes for Orleans Place to clearly demonstrate another major element of the Company's capability. Our staff is really excited to be partnered with M & C in the development of the Orleans Place section of Savanna Trails, a master-planned residential community being built in Ocean Springs, Mississippi."
About Deer Valley
Deer Valley is a growth-oriented manufactured home builder with corporate headquarters in Tampa, Florida and operations in Guin and Sulligent, Alabama. The Company is dedicated to offering high quality homes that are delivered with a sense of warmth, friendliness, and personal pride. The Company is relatively young, but the management team has over 250 years of combined industry experience from various backgrounds including general management, production, sales, customer service, and finance. All of the Company's plants are operating on a five days per week, single shift schedule. The Company has no idle facilities.
Forward-Looking Statement: Except for factual statements made herein, the information contained in this press release consists of forward-looking statements that involve risks and uncertainties, including the effect of changing economic conditions, competition within the manufactured home industry, customer acceptance of products, fulfillment of contracts with key customers, and other risks and uncertainties. Such forward-looking statements are not guarantees of performance, and Deer Valley's results could differ materially from those contained in such statements. You can generally identify forward-looking statements through words and phrases such as "forecast," "seek," "anticipate," "believe," "estimate," "expect," "intend," "plan," "budget," "project," "may be," "may continue," "may likely result," and similar expressions. Such forward-looking statements speak only as of the date of this release, and Deer Valley undertake no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.
The corporate offices of Deer Valley are located at 4218 West Linebaugh Avenue, Tampa, FL 33624.
Additional information can be found at: http://www.deervalleycorp.com.
Deer Valley Corporation, Tampa, Florida
Charles G. Masters
SOURCE: Deer Valley Corporation