TAMPA, FL -- (Marketwire) -- 08/07/08 -- Deer Valley Corporation ("Deer Valley" or the
"Company") (OTCBB: DVLY), today announced record earnings for the 2nd
quarter and first six months of 2008. In a Form 10-Q filed today, the
Company reported net earnings of $1,003,882 for the 2nd quarter of 2008 and
$1,679,017 for the six month period ending June 30, 2008. These net
earnings equate to $0.09/common share outstanding or $0.04/fully diluted
common share for the 2nd quarter. For the six month period ending June 30,
2008, the Company's reported earnings equate to $0.15/common share
outstanding and $0.07/fully diluted common share. Stated in relative
terms, the earnings per fully diluted common share increased 100% for the
2nd quarter and 250% for the first six months of 2008 as compared to the
same periods in the prior year.
Deer Valley's CEO, Mr. Charles G. Masters, added the following caution:
"For the next several months, the well-publicized turmoil in the credit
markets is expected to have a negative effect on the home sales that are
channeled through our established retail network. Although we have been
very successful in developing alternative channels of distribution for our
modular products, the Company's revenue and earnings in the second half of
2008 will undoubtedly be negatively affected by the unusually slow sales
rate at the retail sales centers. On the other hand, the reduction of
capacity by competitors in our market area and the passage of the new
federal Housing Relief Bill may result in an offsetting positive effect.
With its strong modular backlog, the Company anticipates continued
profitable operations throughout the last six months of 2008; however,
continuation of the record pace set in the first half of the year is
certainly not assured."
Additional financial details for the period ending June 30, 2008 can be
found in the Company's Form 10-Q filed with the SEC this date.
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 operate on a
four day, forty hour 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 undertakes 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.
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