FORKED RIVER, NJ / ACCESSWIRE / November 29, 2018 / Dream Homes & Development Corporation (OTCQB: DREM), a licensed new home builder and general contractor in New Jersey, filed its third quarter ended September 30, 2018 financials, which included notes regarding restatement of its Form 2017 10-K. The entire filing can be viewed at the following link: DREM Form 10-Q for 2018 Q3. Of particular note, Dream Homes completed the acquisition Premier Modular Homes, a company with a 23-year track record serving southern Ocean County with a concentration on Long Beach Island.
Dream Homes is pleased to highlight the following numbers from its Q3 filing:
- Revenue increased 37.8% to $900,121 from $559,429
- Gross profit increased 62.27% to $425,425 from $160,510
- Operating Expenses decreased 18.88% to $210,277 from $259,244
- Net income was a positive $215,215 vs. a loss of $71,170 resulting in earnings per share of nearly one penny
The Company also restated the consolidated financial statements at December 31, 2017 and for the year then ended (which were previously included in the Company's Form 10-K filed with the SEC on April 17, 2018) in order to correct errors principally relating to the accounting for construction contracts under the "percentage of completion method." These errors resulted primarily from misinterpretation of facts and circumstances concerning 6 contracts at the date of issuance of the consolidated financial statements by the Company. The result was a reduction in revenue of $93,573 reported for 2017.
On October 20, 2018, the Company acquired a significant portion of the assets of Premier Modular Homes, located in Little Egg Harbor, NJ. These acquired assets include physical as well as intellectual property, such as phone numbers, web site, use of the Premier Modular Home name, equipment, vehicles and trailers. The Company also leased the physical premises, including office, showroom, garage, and yard space.
With this latest acquisition of Premier Modular, the continued operation of the Jersey Dream Design Center in Point Pleasant and the Company's main office location in Forked River, the Company has positioned itself to well serve a significant portion of the entire coastal region, from southern Ocean County north to Middlesex County.
Dream Homes CEO Mr. Vincent Simonelli stated, " With the addition of the Premier Modular operations to the Dream Homes family of companies, we've elevated our modular service and selection to a higher level. Premier's existing prospect base has already yielded a number of excellent prospects for which we've estimated demolition and new homes in our market area. Having another complete showroom at the southern end of Ocean County is enormously helpful in attracting clients in Little Egg Harbor, West Creek and Long Beach Island. We're very excited about this addition to the Company."
Overview:
Dream Building LLC. operates as a wholly owned subsidiary of Dream Homes and Development Corporation and continues to pursue opportunities in the real estate field, specifically in new home construction, home elevations and renovations. The dollar value of these 21 projects currently under contract as of September 30, 2018 is $3,681,805.
In addition to the above projects, which are in process, Dream Building LLC has also estimated an additional $5,300,000 worth of residential construction projects and currently has over 500 active prospects to its data base. All of these prospects are prime candidates for new homes and rebuilding projects to be built under the Dream Building LLC division.
In addition to the projects which the Company currently has under contract for elevation, renovation, new construction and development, there are a number of parcels of land which the Company has the ability to secure, whether through land contract or other types of options. These parcels represent additional opportunities for development and construction potential on the order of an additional 400 - 800 lots and/or residential units to be developed and built within an approximate time horizon of 5 years. Conceivably, this volume of production could yield $120,000,000 - $240,000,000 in gross revenue and $25,000,000 - $50,000,000 in earnings to the Company.
Please see filing for a full list of "Properties currently under contract to purchase and in the development stage" and "Properties in discussion with signed letters of intent, not in contract".
About Dream Homes & Development Corp.
Dream Homes & Development Corp. (OTCQB: DREM) is a full-service construction company based in Forked River, New Jersey equipped to complete all aspects of a building project including design, architectural, engineering, and construction. As licensed new home builders and general contractors, Dream Homes is actively building, raising, renovating and reconstructing homes up and down the New Jersey shore area. Please visit our website at www.dreamhomesltd.com and blog at http://blog.dreamhomesltd.com for more information.
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Forward-Looking Statements
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks are detailed in the Company's respective filings at www.otcmarkets.com.
Company Contacts:
Dream Homes & Development Corp.
Vincent Simonelli, President & CEO
Office: (609) 693-8881
Email: [email protected]
SOURCE: Dream Homes & Development Corporation