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Deer Valley Corp.: Deer Valley Corporation Files Second Quarter Form 10-Q Reporting Rising Sales and Earnings vs First Quarter

^{Published on 2009-08-04 13:02:36, Last Modified on 2009-08-04 13:02:43 - Market Wire}
 

TAMPA, FL--(Marketwire - August 4, 2009) - Deer Valley Corporation, ("Deer Valley" or the "Company") (OTCBB: [ DVLY ]), today filed its Form 10-Q for the second quarter of 2009. The Company reported revenue for the 2nd quarter of $6,704,907, a 12.3% increase over the revenue reported in 1st quarter of 2009. Net Earnings for the second quarter increased to $198,136 ($0.01 per fully diluted share) from a loss of $291,492 ($0.02/fully diluted share) reported in the 1st quarter of 2009. On a year over year comparison to 2008, the Company mirrored the general economy, by continuing to report lower sales and earnings for the 2nd vs the same quarter in 2008. Results for the first half of 2009 continued to be negatively affected by an interruption of deliveries of the twin-town homes to the Orleans Place development in Ocean Springs, Mississippi. Subsequent to the end of the 2nd quarter, delivery of the twin-town homes resumed but at a reduced rate compared to the last two quarters of 2008.

As noted in other press releases, in order to effectively combat the challenging market conditions, Deer Valley is aggressively seeking to capitalize on the Company's strong balance sheet and broad range of affordable housing products by opening entirely new sales channels for its modular homes. Deer Valley's CEO Charles G. Masters commented, "One promising sales channel was related to the Company's series of homes that were designed to be sold exclusively through existing retail home supply outlets. Regretfully, significant sales through this channel have not materialized and the project has been terminated to allow the Company to focus on more promising opportunities."

Mr. Masters further commented, "The Company continues to be intensely engaged in developing new sources of funding for the Company's retail dealers to help them meet their operating capital and retail mortgage financing needs. Recent discussions with funding sources that are interested in developing a solution to this widespread industry problem have been quite encouraging."

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 likelihood that discussions with third parties referred to in this press release will not progress beyond preliminary negotiations. 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," "seeking," "pursuing," "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.

About Deer Valley

Deer Valley is a growth-oriented manufactured home builder with headquarters in Tampa, Florida and operations in Guin, Alabama. The Company is dedicated to offering high quality homes that are delivered with a sense of warmth, friendliness, and personal pride. The Company also owns one idle plant in Sulligent, Alabama.

The corporate offices of Deer Valley Corporation are located at 3111 W. Dr. MLK Blvd., Tampa, Florida 33607

Additional information can be found at: [ http://www.deervalleycorp.com ].