Tousa net loss slips to $1.342 billion in 2007; quarterly reports not ready

By Caroline Salls

Pittsburgh, Aug. 12 - Tousa, Inc. reported a $1.342 billion net loss for the year ended Dec. 31, 2007 on $2.159 billion in revenues, according to a 10-K filed Tuesday with the Securities and Exchange Commission.

The 2007 figures showed a substantial decline from a $201.2 million net loss reported for the year ended Dec. 31, 2006 on $2.441 billion in revenues.

According to the 10-K, the decrease in revenues can be attributed primarily to a 12% decrease in homebuilding revenues.

Cash and cash equivalents at Dec. 31, 2007 were $67.2 million, compared with $47.4 million at the end of 2006.

Tousa said in the 10-K that it has not been able to provide financial information updated beyond Dec. 31, 2007 because the housing market has continued to deteriorate significantly, and the company has not completed the analyses required to file its quarterly reports for the periods ended March 31 and June 30.

As a result of the continued homebuilding and overall macroeconomic market deterioration and the impact of its Chapter 11 bankruptcy filing on its operations, Tousa said it expects to have material impairments, losses and provisions upon completion of the quarterly report analyses.

Tousa, a Hollywood, Fla.-based homebuilder, filed for bankruptcy on Jan. 29, 2008 in the U.S. Bankruptcy Court for the Southern District of Florida. Its Chapter 11 case number is 08-10928.

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