The company plans to break ground on three condo projects in the second and third quarters that should generate $100 million in presales by Dec. 31, Whitehall president/CEO Larry White says in a prepared statement. The projects are scheduled for completion in second half 2003.
"In 2000 and 2001, we worked extremely hard throughout the Southeast to locate land, perform property due diligence and complete engineering and permitting on these acquisitions to increase our land and lot inventory," White says. "In 2002, we will close approximately 322 homes and begin to enjoy the fruits of our labor during the last two years as these assets convert to revenue and profits."
Whitemark has $42 million in sales backlog from its 25 residential projects currently in development or buildout phase, White says. "These projects will ultimately garner $900 million in revenues for Whitemark," he says. "The short and long-term outlook for Whitemark is increasingly positive."
The firm's common was trading today on the Over-the-Counter Bulletin Board at $2.05 per share, down 20 cents from $2.25 on March 12. Volume was 28,800. The stock's high-low in the past 12 months was $2.35 and 87 cents per share. The company's market capitalization is $16.9 million.
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