| BENSALEM, PA -- (PRNewswire-FirstCall) Orleans Homebuilders, one of the largest residential builders in the Delaware Valley, was named one of the country's fastest growing companies by Fortune Magazine in its September 2, 2002 issue. Orleans Homebuilders ranked 33rd on Fortune's 100 Fastest Growing Companies list. Orleans joined companies such as eBay, MGM Mirage, Kohl's, and Capital One Financial, all companies who have seen, as the publication puts it, "rapid growth in rough times."
To make the list, compiled by Zacks Investment Research, companies had to have at least $50 million in revenue over the past four quarters, a minimum market cap of $50 million, and annual sales and EPS (earnings per share) growth of at least 25% for three straight years. Total return to investors was also factored into the equation.
With a 117% increase in its stock price in the past year, Orleans Homebuilders had the best performing stock on the list. Orleans also had an EPS of 45% and a 35% revenue growth in the same time period.
"Economic factors, including the lowest interest rate in 40 years, have lead to increased home sales," stated Jeffrey P. Orleans, CEO and Chairman of the Board. "At the end of our fiscal year in June, the Company had a record backlog of 647 homes, which is a good indicator that our strong growth will continue."
The Orleans family building business was founded by A.P. Orleans in 1918. Today, 84 years and 70,000 homes later, the Company is led by Jeffrey Orleans, who is following in the tradition of his father and grandfather. Orleans is the second largest homebuilder in the Delaware Valley, offering homes in Bucks, Chester, and Delaware counties in Pennsylvania; in Camden, Gloucester, Burlington, Hunterdon and Somerset counties in New Jersey; and (through Parker & Orleans) in Richmond and Tidewater, Virginia and in the North Carolina areas of Charlotte, Greensboro, and Raleigh/Durham. More information on Orleans and its communities can be obtained through the Company's website at http://www.orleanshomes.com or by calling 215-245-7500.
This eUpdate posting by: Steve Joyce
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