JACKSONVILLE, FL –
Providence Homes announced strong third quarter sales for the period ending September 30, 2002. The company
reported revenue has increased 60% over last year. Providence Homes has had a tremendous year with 145 contracted sales to date. The builder is expecting net sales for 2002 to reach 188 homes, a 49% increase in closings. The continued strong performance by one of Jacksonville's premier custom homebuilders boosted sales over last year 48%.

"Providence Homes has continued to faithfully follow the plan we outlined at the end of last year," said Bill Cellar, President and CEO of Providence Homes. "We set specific goals for each quarter and we have achieved those milestones with confidence. Our focus on each family's needs will allow us to continue with this pattern of growth."

In addition to the increased number of homes sold, Providence Homes also experienced an increase in the average price of each home sold. Homeowners, especially those with families, are turning to Providence Homes for larger houses because the architectural styling provides the room and comfort people need to live without sacrificing price or elegance.

"We also believe our profitability is due in part to streamlined operations within the company, as well as increases in the efficiency of each floor plan," Cellar said. "The third-quarter sales results clearly show that Providence Homes is going in the right direction."

Last year, Providence Homes announced it had aligned its businesses around a more competitive strategy, which included the introduction of several new home plans. "We realized that in order to build the dream homes of our
customers we had to listen to what they wanted; to take those requests and create truly innovative floor plan designs," said Cellar.

Providence Homes is introducing an entire line of new floor plans and exterior designs utilizing these innovative concepts. "It is what buyers have been asking for," said Sean Junker, Vice President of Providence Homes.
"They want more square footage, flexible multi-use rooms and bonus rooms, a mixture of ceiling heights, more options, and a larger gathering area for families -- just to name a few."

Additionally, third quarter results have allowed the company to expand its staff by 11. This follows the company's move to new offices at 4901 Belfort Road as well as the opening of its new Design Center, also during the third quarter of this year.

"Customer response to Providence Homes this year has been tremendous," said Junker. "The company gained in profitability, and we aligned our business around competitive new home models. We of course look forward to the
challenges that lie ahead in the coming year, and are confident we will continue to make good progress."