EZTEC Reports Net Revenue of R$102.7 Million with Adjusted Net Margin of 36%

SAO PAULO, Brazil, Nov. 14 /PRNewswire-FirstCall/ -- EZTEC S.A. announces today its results for the 3Q08.

Highlights

-- On September 30, 2008, EZTEC's land bank represented own potential sales value (PSV) of R$3.5 billion. The average land bank acquisition cost was 8.0% of PSV.

-- In 3Q08 the Splendor Klabin project was launched, located in the city of Sao Paulo, with R$ 36.9 million in own PSV 44% of the units had been sold by the end of the quarter.

-- EZTEC's share of contracted sales in the quarter was R$83.9 million, 16% higher YoY. In 9M08, contracted sales totaled R$330.4 million, up 23% versus 9M07.

-- Net Revenue rose to R$102.7 million in the quarter, up 97% YoY. In 9M08, net revenue was R$254.6 million, up a strong 101% year on year.

-- EBITDA totaled R$5.4 million in the quarter, with EBITDA margin of 5.2%. Adjusted EBITDA, which excludes the nonrecurring R$24.8 million sale of CEPACs, was R$30.2 million. Net Income was R$11.8 million with net margin 11.4%, while Adjusted Net Income was R$36.6 million and net margin was 35.6%.

-- EZTEC closed 9M08 with Net Cash of R$199.8 million and receivables from performed developments of R$62.3 million.

    Conference Call
    Tuesday, November 18, 2008 - 11:00 a.m. (EST)
    Webcast: http://www.eztec.com.br/ir
    Phone USA: (1-800) 860-2442
    Other Countries: +1 (412) 858-4600
    Code: EZTEC

    Contact
    Marcio El Tayar
    (55 11) 5056-8313

About EZTEC

With a 29-year history, EZTEC is one of the most profitable publicly held companies within the Brazilian real estate industry. Through its entirely integrated business model, the Company has already launched 48 projects, totaling 1.1 million square meters including built area and area under construction, and 8,220 units. EZTEC S.A. is listed on the Bovespa's Novo Mercado segment under the ticker EZTC3.