PERRIS, Calif.–(BUSINESS WIRE)–Jan. 3, 2008–Modtech Holdings, Inc. (
Modtech President and Chief Executive Officer Dennis Shogren commented: “We are excited to partner with LivingHomes and to build on the success of our first project together, which was completed last November. We are already under way on the next project, with several more in the early stages of design and approval. In addition to the substantial business opportunity this product line represents over the next several years, it’s just plain fun to look at a completed Ray Kappe-designed home and say ‘Modtech built that!’”
“We look forward to working with Modtech on our Ray Kappe-designed homes,” said LivingHomes Founder and CEO Steve Glenn. “By partnering exclusively with a manufacturer of Modtech’s caliber, we will be able to reduce our costs and delivery schedules and increase our national reach.”
Shogren continued, “The agreement with LivingHomes capped a very good fourth-quarter bookings effort. At over $50 million in bookings, this was the highest level of quarterly bookings in the last two years. Even more gratifying than the turnaround in our bookings trend is the fact that more than half of the bookings came from new products introduced over the past 15 months. Bookings for the quarter included new products for the military, our recently introduced Blockhead and GLO product lines, and our niche residential products, which demonstrate that our strategy of diversifying our product offerings is beginning to take hold and will serve us well in the future.
“Our excitement over the increased bookings is tempered by the realization that a turnaround in financial results can be expected to lag the turnaround in bookings by one to two quarters. We continue to carefully manage our costs and look forward to a return to profitability as we begin construction supported by the growing backlog.”
