EZTEC - Net Income Grows 97% to R$128.3 Million, With Net Margin of 33.5%

SAO PAULO, Nov. 3 EZTEC-3Q09-earnings
SAO PAULO, Nov. 3 /PRNewswire-FirstCall/ -- EZTEC S.A., one of the most profitable publicly held companies within the Brazilian real estate industry, announces its results for the 3Q09 and 9M09:
Highlights
-- Net revenue in the quarter was R$146.0 million, 42.7% higher year-on-year. In 9M09, net revenue came to R$382.6 million, up 54.5% year-on-year.
-- Gross Income in 3Q09 was R$61.4 million, up 17.8% in relation to 3Q08, for gross margin of 42.0%. In 9M09, gross income was R$158.5 million, growing by 35.1% year-on-year, representing gross margin of 41.4%.
-- EBITDA in 3Q09 was R$51.0 million, an increase of 583.4% in relation to 3Q08, for EBITDA margin of 34.9%. In 9M09, EBITDA was R$125.8 million, a 169.3% increase year-on-year, representing EBITDA margin of 32.9%.
-- Net Income in 3Q09 was R$50.6 million, 283.6% higher than in 3Q08, for net margin of 34.6%. In 9M09, net income was R$128.3 million, up 97% over 9M08 and representing earnings per share of R$0.896.
-- EZTEC ended 3Q09 with Cash of R$166.7 million, Net Cash of R$116.8 million and performing receivables from real estate projects of R$76.6 million.
-- Two projects were launched in 3Q09: the commercial project Superia Paraiso located near Avenida Paulista in Sao Paulo, with R$48.0 million in own PSV; and the second phase of the super-economic project Vidabella located in Mogi das Cruzes in the Sao Paulo Metropolitan Area, with R$4.3 million in own PSV. As a result, launches totaled R$52.3 million in 3Q09, 41.7% higher year-on-year.
-- In view of the strong sales of units in inventory, EZTEC's share of Contracted Sales totaled R$148.1 million, up 84.5% versus 3Q08. EZTEC always discloses its sales net of brokerage and rescissions.
-- On September 30, 2009, EZTEC's land bank was worth R$3.4 billion in own PSV. The average land bank acquisition cost was equivalent to 8.8% of PSV.

    Conference Call
    Wednesday, November 4, 2009 - 11:30 a.m. (US ET)
    Webcast: www.eztec.com.br/ir
    Phone: (1 412) 858-4600
    Code: EZTEC

    For further information contact:
    EZTEC S.A. - Investor Relations
    Phone: +55 (11) 5056-8313
    E-mail: ri@eztec.com.br
    www.eztec.com.br/ir

SOURCE EZTEC S.A.