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Press Release - Deer Valley Corporation (DVLY.OB-OTC: BB) |
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“Deer Valley is a money making company that was created and has thrived in the midst of the worst housing market in forty years. Our operations have been consistently profitable through the worst of this market. In contrast to many higher profile home builders, we have no speculative real estate that may have to be written down. By entering he modular market, we have found ways to achieve profitable sales when our normal sales channels have suffered setbacks...” - Charles G. Masters (DVLY) (Interview published May 30, 2008) |
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In the Face of Difficult Market Conditions, Deer Valley Corporation Reports Record Sales for the Second Quarter and First Six Months of 2008 DEER VALLEY CORP Deer Valley Corporation ("Deer Valley" or the "Company") (OTCBB: DVLY) today advised shareholders that the Company has achieved a new sales record for the quarter and the six months ending June 30th 2008. Steve Lawler, the CFO of the Company's operating subsidiary, Deer Valley Homebuilders, Inc., stated, "We are pleased to report total shipments valued at over $18.97 million in the second quarter. This revenue was 19.3% above the same quarter 2007 and slightly above the second quarter 2006, our previous record quarter. The second quarter 2008 revenue includes $4.3 million in sales attributable to the final deliveries of emergency relief cottages to the State of Mississippi. The $18.97 million second quarter revenue brought our total sales for the year-to-date to $35.6 million, a record level for the first six months of any calendar year in our history and an increase of 28.8% over our revenue for the same six month period in 2007. It is also notable that the Company's revenue for the twelve month period ending June 30, 2008 exceeded $71 million, a record for any twelve month period in the Company's history." Mr. Lawler cautioned, however, "Even with the addition to our backlog of the recently announced contract for modular twin townhomes, the Company expects the well publicized weakness in the housing market to present a challenge to our HUD Code dealer sales throughout the fall and winter months ahead." Additional performance details for the period ending June 30, 2008 will be reported in the Company's Form 10-Q to be filed with the SEC prior to August 14, 2008. About Deer Valley Deer Valley is a growth-oriented manufactured home builder with headquarters in Tampa, Florida and operations in Guin and Sulligent, Alabama. The Company is dedicated to offering high quality homes that are delivered with a sense of warmth, friendliness, and personal pride. Having begun operations in March 2004, Company is relatively young, but the management team has over 250 years of combined industry experience from various backgrounds including general management, production, sales, customer service, and finance. All of the Company's plants are operating on a five days per week, single shift schedule. The Company has no idle facilities. Forward-Looking-Statement: Except for factual statements made herein, the information contained in this press release consists of forward-looking statements that involve risks and uncertainties, including the effect of changing economic conditions, competition within the manufactured home industry, customer acceptance of products, fulfillment of contracts with key customers, and other risks and uncertainties. Such forward-looking statements are not guarantees of performance, and Deer Valley's results could differ materially from those contained in such statements. You can generally identify forward-looking statements through words and phrases such as "forecast," "seek," "anticipate," "believe," "estimate," "expect," "intend," "plan," "budget," "project," "may be," "may continue," "may likely result," and similar expressions. Such forward-looking statements speak only as of the date of this release, and Deer Valley undertake no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release. The corporate offices of Deer Valley are located at 4218 West Linebaugh Avenue, Tampa, FL 33624. Additional information can be found at: http://www.deervalleycorp.com. Contact Information: Deer Valley Corporation, Tampa, Florida Charles G. Masters (813) 885-5998 cmasters@deervalleycorp.com www.deervalleycorp.com Reference Information: State of Mississippi Web Site: www.mscottage.org SOURCE: Deer Valley Corp. mailto:cmasters@deervalleycorp.com http://www.deervalleycorp.com http://www.mscottage.org Copyright 2008 Market Wire, All rights reserved.
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