TAMPA, Fla., Oct. 23, 2007 (PRIME NEWSWIRE) -- Deer Valley Corporation ("Deer Valley" or the "Company") (OTCBB:DVLY) announced today that the Company's revenues for the third quarter of 2007 totaled $18.1 million, a 14.5% increase over the second quarter of this year. Consistent with the increased revenue, the Company also expects to report an increase in earnings when it files complete third quarter financial results prior to November 14, 2007. The reported revenue for the quarter was the second highest in the history of the Company.
The Company's CEO, Mr. Charles G. Masters, commented, "In spite of the depressed conditions in the housing market, the Company's recent success in winning multi-unit contracts with state sponsored entities has permitted the Company to sustain a healthy production backlog while continuing to run its production plants at near maximum capacity. This year, we have shared in the market challenge being felt the housing industry, but we have been fortunate in that, much like a champion sports team, our team always seems to find a way to meet the challenge! We are extremely pleased that we have been able to achieve our financial goals by delivering homes through a new distribution channel without significantly disrupting scheduled deliveries to our highly valued independent dealers!"
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. The 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. 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.