The management of the Group of TECHNICAL OLYMPIC, following its press release issued earlier today, further announces that Technical Olympic USA, Inc. (TOUSA), its listed in NYSE USA subsidiary, released the additional data stated below, answering institutional investors'' requests regarding the earnings contribution of the TRANSEASTERN joint venture to TOUSA and its 2006 income guidance.
The Transeastern joint venture contributed $4 million of the $65,7 million reported as income from joint ventures for the period January 1, 2006 to June 30, 2006. Additionally, 2006 guidance on income from joint ventures of $115 - $130 million reflected pretax earnings from the Transeastern joint venture in the range of $6- $9 million.