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Homex Delivers Solid Q-1 2010 Revenue Growth of 12.2 Percent
Date:4/26/2010

-- Total revenue in the first quarter of 2010 increased 12.2 percent to Ps. 3.6 billion (US$289 million) from Ps. 3.2 billion (US$258 million) for the same period in 2009.

-- In the first quarter of 2010, the total number of titled homes slightly decreased compared to the first quarter of 2009 (9,777 vs 9,859), mainly driven by the Company's strategy of focusing on the most profitable segments within the Affordable Entry-Level and Low Middle Income segment.

-- Gross margin for the quarter was 21.8 percent compared to 25.7 percent during the first quarter of 2009. 1Q10 gross margin without considering the application of MFRS D-6 "Capitalization of Comprehensive Financing Cost" (pro- forma) increased 41 bps to 32.8 percent compared to 32.4 percent during the same period of last year, mainly driven by efficiencies generated from a higher percentage of homes built through aluminum moulds thus effectively reducing the number of different materials used for each home as well as other operating measures that will lead the Company to a faster delivery of homes to its clients.

-- Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) margin increased 130 basis points to 22.4 percent in the first quarter of 2010 from 21.1 percent in the first quarter of 2009, evidencing the Company's year-over-year improved operating profitability.

-- For the first quarter of 2010, net income was Ps. 188 million (US$15 million) compared to Ps. 193 million (US$16 million) for the first quarter of 2009. On a pro-forma basis, by only considering accrued interest for the quarter, net income margin for the first quarter of 2010 would have been 8.6 percent during the first quarter
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SOURCE Desarrolladora Homex, S.A.B. de C.V.
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