Dream Homes & Development Corporation Reports Record Breaking Quarterly Revenue of Approximately $2,984,000 and 144% 9-month Year over Year Revenue Increase

Rhea-AI Summary

Dream Homes & Development Corporation (DREM) announced record-breaking sales growth for 2020, achieving a quarterly revenue of approximately $2,984,000, marking a 341% increase year-over-year, and a 144% increase for the first nine months with total revenue of $5,118,000. Factors driving this growth included new contracts and increased office traffic. CEO Vince Simonelli anticipates full-year sales could reach $6,000,000. The company is actively pursuing new opportunities in residential construction with over 1200 active prospects.

Positive

• Quarterly sales increased by 341% year-over-year, reaching approximately $2,984,000.
• Nine-month revenue of $5,118,000 increased by 144% compared to the same period in 2019.
• CEO projects full-year revenue could reach $6,000,000, significantly higher than 2019.

Negative

• None.

Company Announces a Significant Increase in Sales Growth in 2020

FORKED RIVER, NJ / ACCESSWIRE / September 28, 2020 / Dream Homes & Development Corporation (OTC PINK:DREM), a regional builder and developer of new single-family homes and subdivisions, as well as a market leader in coastal construction, elevation and mitigation, today announced record breaking quarterly and 9-month revenue for the company.

Company Highlights

• The Company enjoyed the single largest increase in quarterly sales volume since inception. From June 30, 2020 through September 26, 2020, the Company had revenue totaling approximately $2,984,000, which is a 341% increase year over year.

Third Quarter 2020 Financial Summary - Projected

Sales Revenue

• Third quarter 2020 revenue increased $2,432,230 to $2,984,000 as compared to $ 551,770 in the third quarter of 2019, an increase of 341%. The increase in revenue was due to a number of factors, including an increase in new contracts and contract change upgrades, as well as increased traffic from new offices.
• First nine months 2020 revenue of $5,118,000 increased $3,023,000 as compared to revenue of $2,095,417 for the first nine months of 2019, an increase of 144%.

CEO and Chairman Vince Simonelli had the following comments, "Once the effects of COVID-19 and the desire of numerous buyers to move south immediately started to filter into the market, I knew this year would be a record year. I didn't realize how greatly it would positively affect us. I'm extremely pleased with our results for the first nine months of this year."

Simonelli continued, "In 2019, our full year sales were $3,103,031, while we had sales of $3,023,000 in this quarter alone. Without any additional sales in the 4^th quarter, which is highly unlikely, our 2020 full year sales would be $5,118,000, which is a 65% increase. I anticipate l that we will reach the $6,000,000 mark this year. Though we've worked very hard over the last few years to reach these milestones, it's still very gratifying and rewarding when efforts culminate in results."

Simonelli had additional comments, as follows, "The migratory and demographic trend that I've been referring to throughout the year has increased in intensity and has resulted in a very significant year over year increase. I expect this trend to continue into 2021 with a strong exodus from the more densely populated northern NJ areas, as well as throughout the 5 New York boroughs. We continue to receive numerous inquiries from both potential and repeat clients."

Dream Homes and Development Corporation, through its subsidiaries and affiliate companies, continues to pursue opportunities in the real estate field, specifically in new home construction, home elevations and renovations.

In addition to the above projects, which are in process, the Company has also estimated numerous additional residential construction projects and currently has over 1200 active prospects to its data base. All these prospects are prime candidates for new homes and rebuilding projects.

Visit our website at www.dreamhomesltd.com and blog at http://blog.dreamhomesltd.com for more information.

Email vince@dreamhomesltd.com to be alerted in the future when Dream Homes (DREM) announces news. Twitter at https://twitter.com/foxbuilder.

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing the Company's views as of any subsequent date. Such forward-looking statements are based on information available to the Company as of the date of this release and involve a number of risks and uncertainties, some beyond the Company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including consumer, regulatory and other factors affecting demand for the Company's products, any difficulty in marketing the Company's products in global markets, competition in the market for consumer products and inability to raise capital to fund operations and service the Company's debt. Additional information that could lead to material changes in the Company's performance is contained in its filings with the SEC. The Company is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.

Company Contacts:

Dream Homes & Development Corp.
Vincent Simonelli, President & CEO
Office: (609) 693-8881
Email: vince@dreamhomesltd.com

SOURCE: Dream Homes & Development Corporation

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https://www.accesswire.com/607977/Dream-Homes-Development-Corporation-Reports-Record-Breaking-Quarterly-Revenue-of-Approximately-2984000-and-144-9-month-Year-over-Year-Revenue-Increase

FAQ

What is the latest revenue report for Dream Homes & Development Corporation (DREM)?

Dream Homes reported approximately $2,984,000 in quarterly revenue, a 341% increase year-over-year.

How much has the revenue increased for the first nine months of 2020 for DREM?

The first nine months of 2020 showed a revenue increase of 144%, totaling $5,118,000.

What does CEO Vince Simonelli predict for Dream Homes' full-year sales?

Vince Simonelli anticipates that full-year sales could reach $6,000,000.

What factors contributed to the sales growth for DREM in 2020?

Sales growth was driven by an increase in new contracts, contract change upgrades, and increased traffic from new offices.