Business
Acquisition of Premier Modular Homes Positions Dream Homes to Serve Significant Portion of New Jersey Coastal Region; Company Reports Profitable Q3 2018 Financials and Amended Filings
Acquisition of Premier Modular Homes Positions Dream Homes to Serve Significant Portion of New Jersey Coastal Region; Company Reports Profitable Q3 2018 Financials and Amended Filings.
About this update from Dream Homes & Development Corporation
[{"type":"text","content":"FORKED RIVER, NJ / ACCESSWIRE / November 29, 2018 / Dream Homes & Development Corporation (OTCQB: DREM), a licensed new home builder and general contractor in New Jersey, filed its third quarter ended September 30, 2018 financials, which included notes regarding restatement of its Form 2017 10-K. The entire filing can be viewed at the following link: DREM Form 10-Q for 2018 Q3. Of particular note, Dream Homes completed the acquisition Premier Modular Homes, a company with a 23-year track record serving southern Ocean County with a concentration on Long Beach Island.Dream Homes is pleased to highlight the following numbers from its Q3 filing: Revenue increased 37.8% to $900,121 from $559,429 Gross profit increased 62.27% to $425,425 from $160,510 Operating Expenses decreased 18.88% to $210,277 from $259,244 Net income was a positive $215,215 vs. a loss of $71,170 resulting in earnings per share of nearly one pennyThe Company also restated the consolidated financial statements at December 31, 2017 and for the year then ended (which were previously included in the Company's Form 10-K filed with the SEC on April 17, 2018) in order to correct errors principally relating to the accounting for construction contracts under the "percentage of completion method." These errors resulted primarily from misinterpretation of facts and circumstances concerning 6 contracts at the date of issuance of the consolidated financial statements by the Company. The result was a reduction in revenue of $93,573 reported for 2017.On October 20, 2018, the Company acquired a significant portion of the assets of Premier Modular Homes, located in Little Egg Harbor, NJ. These acquired assets include physical as well as intellectual property, such as phone numbers, web site, use of the Premier Modular Home name, equipment, vehicles and trailers. The Company also leased the physical premises, including office, showroom, garage, and yard space.With this latest acquisition of Premier Modular, the continued operation of the Jersey Dream Design Center in Point Pleasant and the Company's main office location in Forked River, the Company has positioned itself to well serve a significant portion of the entire coastal region, from southern Ocean County north to Middlesex County.Dream Homes CEO Mr. Vincent Simonelli stated, " With the addition of the Pre...