Company Announces Record Six months and Quarterly Revenue
FORKED RIVER, NJ / ACCESSWIRE / August 26, 2020 / Dream Homes & Development Corporation (OTC PINK:DREM), a regional builder and developer of new single-family homes and subdivisions, as well as a market leader in coastal construction, elevation and mitigation, today announced results for the second quarter ended June 30, 2020.
Company Highlights
Company announces record six months revenue of $ 2,134,271 and quarterly revenue of $ 1,006,687.
Net income for the three months ended June 30, 2020 was $ 47,368 as compared to $ 25,308 for the same period ended 2019.
Second Quarter 2020 Financial Summary
Revenue
Second quarter 2020 revenue increased $ 252,460 to $ 1,006,687 as compared to $ 754,227 revenue in the second quarter of 2019, an increase of 33.47%. The increase in revenue was primarily the result of an increase in new contracts and contract change upgrades.
First six months revenue of $ 2,134,271 increased $ 590,624 as compared to revenue of $ 1,543,647 for the first six months of 2019, an increase of 38.26%.
Net Income
Net income in the second quarter of 2020 was $ 47,368, or $0.00 per basic and diluted share, compared to a net income of $ 25,308, or $0.00 per basic and diluted share in the second quarter of 2019.
CEO and Chairman Vince Simonelli had the following comments. "The excessive amount of new business in the New Jersey market is due both to the effects of the Covid-19 virus, as well as our increased sales and marketing efforts. An excessive number of buyers from north Jersey deciding to act immediately towards building 2nd homes, with immediate plans for retirement.
Additionally, we've experienced a very strong surge in sales since the Covid-19 restrictions have been eased. The emerging trend that I referred to earlier this year has increased in intensity and has resulted in a very significant year to year increase. This trend is expected to continue into 2021 with an extremely strong exodus from the more densely populated northern NJ areas, as well as throughout the 5 New York boroughs. In the last few months, we've tripled the number of inquiries received from new clients."
Dream Homes and Development Corporation, through its subsidiaries and affiliate companies, continues to pursue opportunities in the real estate field, specifically in new home construction, home elevations and renovations. The amount of these projects currently under contract as of June 30, 2020 is $5,490,929.
In addition to the above projects, which are in process, the Company has also estimated an additional $6,500,000 worth of residential construction projects and added over 200 active prospects to its data base. All these prospects are prime candidates for new homes and rebuilding projects.
Visit our website at www.dreamhomesltd.com and blog at http://blog.dreamhomesltd.com for more information.
Email vince@dreamhomesltd.com to be alerted in the future when Dream Homes (DREM) announces news. Twitter at https://twitter.com/foxbuilder.
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing the Company's views as of any subsequent date. Such forward-looking statements are based on information available to the Company as of the date of this release and involve a number of risks and uncertainties, some beyond the Company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including consumer, regulatory and other factors affecting demand for the Company's products, any difficulty in marketing the Company's products in global markets, competition in the market for consumer products and inability to raise capital to fund operations and service the Company's debt. Additional information that could lead to material changes in the Company's performance is contained in its filings with the SEC. The Company is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.
Company Contacts:
Dream Homes & Development Corp.
Vincent Simonelli, President & CEO
Office: (609) 693-8881
Email: vince@dreamhomesltd.com
SOURCE: Dream Homes & Development Corporation
ReleaseID: 603294
