MIAMI--(BUSINESS WIRE)--May 21, 1999--Weitzer Homebuilders Incorporated (OTC BB:WTZRA) announced Friday a net loss of $394,948 for the quarter ended March 31, 1999 compared to net income of $68,723 for the corresponding period ended March 31, 1998. The company delivered 98 homes in the quarter compared to 92 homes in the same quarter last year. Revenues of $12.2 million in the quarter increased approximately $858,000 over last year's revenues of $11.4 million. The net loss for the quarter compared to last year's quarter results was attributed, in part, to the negative impact caused by the global increase in cost of certain building materials. This cost increase could not be passed along to home buyers for which sales contracts were previously executed. For the six months ended March 31, 1999, the company recorded a loss of $236,455 compared to net income of $155,775 for the six months ended March 31, 1998. The company delivered 220 homes in the six month period, compared to 205 homes in the corresponding period last year. For the six months ended March 31, 1999, revenues increased approximately $2.7 million over last year's corresponding period, from $24.2 million to $26.9 million. The net loss for the six month period, compared to last year's corresponding period, was attributed to the negative impact of certain building materials, cost incurred in the settlement of litigation as well as the absorption of additional cost related to the closeout of several communities. Weitzer Homebuilders Incorporated is engaged in the design, construction and sale of single family homes and a leading builder of homes and townhomes for the entry-level and first-time move-up homeowner markets in South Florida. Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements which involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors affecting the company's operations, markets, products, services and prices and factors discussed in the company's filings with the Securities and Exchange Commission. Weitzer Homebuilders Incorporated and Subsidiaries Selected Financial Data For the Three For the Three Months Ended Months Ended Statement of Operations March 31, 1999 March 31, 1998 Revenue $ 12,211,000 $ 11,353,000 Net income (loss) $ (395,000) $ 69,000 Basic earnings (loss) per share $ (0.07) $ 0.02 Diluted earnings (loss) per share $ (0.03) $ 0.02 Weighted average number of common shares outstanding 5,645,968 3,860,254 For the Six For the Six Months Ended Months Ended Statement of Operations March 31, 1999 March 31, 1998 Revenue $ 26,879,000 $ 24,164,000 Net income (loss) $ (236,000) $ 155,775 Basic earnings (loss) per share $ (0.04) $ 0.04 Diluted earnings (loss) per share $ (0.01) $ 0.04 Weighted average number of common shares outstanding 5,645,968 3,860,254 Balance Sheet March 31, 1999 Sept. 30, 1998 Total assets $ 38,246,000 $ 43,100,000 Total liabilities $ 34,142,000 $ 38,759,000 Total shareholders' equity $ 4,104,000 $ 4,341,000  