82 per diluted share) compared to $8,230,000 ($.streetevents.orleanshomes."

About Orleans Homebuilders, Inc.
Orleans Homebuilders, Inc.orleanshomes.44 $1.

This category is intended for sites on the indigenous populations of the region, the Mapuche being the largest group but also including the Tehuelches, Ona, Pehuenche, Querands and Araucanians, among others.

desertification tip

A replay of the conference call will be available later that day on the
Company's website at http: //www.23 $0.

Package Includes:
-----------------

Roundtrip air
Roundtrip transfers
3-Night hotel accommodations in Buenos Aires
Half-day city tour in Buenos Aires
Roundtrip flights from Buenos Aires to Ushuaia
Roundtrip transfers from airport to hotel in Ushuaia
3-Night hotel accommodations in Ushuaia
Half-day city and museum tour in Ushuaia
Hotel taxes and service charges
Breakfast daily

Travel Dates:
-------------
1/10/2005 - 4/30/2005

Purchase Deadline:
------ ------------
April 14, 2005

Package Pricing:

JFK BOS ATL ORD DEN PDX
EWR IAD MIA LAX SFO SEA
--- --- --- -------- ---
$1599 $1624 $1699 $1724 $1874

Airport taxes and fees are in addition to price. For a complete listing of South + Central America vacation
packages, and to view restrictions, please visit
www.

patagonian encompasses

-- Fiscal year 2006 second quarter EBITDA (1) increased 76% to
$29,002,000 compared with $16,504,000 for the prior year period.88
per diluted share) for the prior year period. Given our backlog at December 31, 2005
and anticipated sales in the third quarter of fiscal year 2006, we believe we
will achieve our revenue and earnings guidance for fiscal 2006. Institutional
investors can access the call via CCBN's password-protected event management
site, StreetEvents (http://www. develops, builds and markets high-quality
single -family homes, townhouses and condominiums.com. EBITDA represents net
earnings before interest expense, previously capitalized interest
amortized to residential properties cost of sales , income taxes,
depreciation, amortization, and extraordinary items. It is the gateway to the
"Tierra del Fuego," the "Land of Fire," at the very tip of the great
Patagonia, the most famous national park in the Americas.

encompasses peoples

Financial Highlights for the Six Months Ended December 31 , 2005:
-- Fiscal year 2006 year-to-date residential property revenue increased
20% to $378,875,000 (964 homes) compared with $316,590,000 (927
homes) for the prior year period.
-- Fiscal year 2006 year-to-date net income increased 41% to
$23 ,194,000 ($1.25 $0.

At December 31, At December 31,
BACKLOG 2005 2004
Northern Region (NJ, PA) (1)
Homes 466 625
Dollars $240,565 $287,664
Average Sales Price $516 $460

Southern region (NC, SC, VA) (2)
Homes 448 410
Dollars $208,375 $161,035
Average Sales Price $465 $393

Florida region (FL)
Homes 360 292
Dollars $99,538 $56,744
Average Sales Price $276 $194

Midwestern region (IL ) (3)
Homes 118 253
Dollars $50,649 $95,573
Average Sales Price $429 $378

Total
Homes 1 ,392 1,580
Dollars $599,127 $601,016
Average Sales Price $430 $380

(1) The backlog at December 31, 2004, includes the acquired backlog of
Realen Homes' Southeastern Pennsylvania region not delivered as of
December 31, 2004.flysouthvacations.

extends fuego

BENSALEM, Pa.
-- The Company reaffirms its fiscal year ending June 30, 2006 guidance
with respect to revenue of $990 million to $1.02 billion.
-- The Company repurchased 90,900 shares of its common stock during the
2nd quarter of fiscal year 2006 at an aggregate purchase price of
$1,744,000.

Orleans Homebuilders, Inc.
Prices are per person based on double occupancy and advance
purchase.

The region of Patagonia extends from the foothills of the Andes to Tiera del Fuego at the southern tip of South America and encompasses much of Chile and Argentina.

patagonian querand

94

Diluted $0.

wich foothills

(Amex: OHB) is a residential homebuilder with operations in Southeastern
Pennsylvania; Central and Southern New Jersey; Orange County, New York;
Charlotte, Greensboro and Raleigh, North Carolina; Richmond and Tidewater
Virginia; Orlando , Palm Coast and Palm Bay, Florida; Chicago, Illinois; and
Phoenix, Arizona. During the second quarter , all of our regions except for
the Northern Region reported an increase in new orders.orleanshomes .com.com, under the
heading "Investor Relations. The Company serves a broad
customer base including luxury, move-up, empty nester, active adult, and
first-time homebuyers. For example, there can be no assurance that the current sales pace
can continue in the absence of an improvement in the current general economic
environment.

(3) Information on residential revenue earned and new orders includes the
acquired operations of Realen Homes' Midwestern region from July 28,
2004, the acquisition date, through December 31, 2005. to 5 p.

chaco tip

-- The Company currently controls approximately 18,000 building lots, a
13% increase compared to the approximately 16,000 lots controlled at
December 31, 2004. In the Northern Region
we are cautiously optimistic that sales will improve as model homes in our
newer replacement communities are completed and communities experiencing
approval delays begin to come on line. In addition,
given our geographic locations, controlled lot positions and entry into
Phoenix, we believe we are well positioned for continued new order, revenue
and earnings growth," commented Jeffery Orleans, Chairman and CEO. The Company currently operates in the following
fourteen distinct markets: Southeastern Pennsylvania; Central and Southern New
Jersey; Charlotte, Raleigh and Greensboro, North Carolina; Richmond and
Tidewater Virginia; Orlando, Palm Coast and Palm Bay, Florida; Orange County,
New York; Chicago , Illinois; and Phoenix, Arizona. So, if you
love the outdoors, this destination will be one of the most
splendorous you will ever experience.

To book this vacation package online, please visit
www.

mapuche desertification

, Orleans Homebuilders, Inc.
-- Fiscal year 2006 second quarter net income increased 87% to
$15,416,000 ($.
-- In November 2005, the Company issued $75,000,000 of trust preferred
securities which mature on January 30, 2036 and have a fixed
interest rate of 8.m.47 $1.

extends mapuche

Financial Highlights for the Second Quarter Ended December 31, 2005:
-- Fiscal year 2006 second quarter residential property revenue
increased 24% to $220,912,000 (540 homes) compared with $178,278,000
(522 homes) for the prior year period.
This call is being web cast by CCBN and can be accessed at Orleans
Homebuilders' web site at http://www. It is South America's most
elegant and sophisticated city, known for its vibrant nightlife ,
wonderful shopping and excellent restaurants. Ushuaia is the most
southern city in the world .

peoples fuego

" The webcast is also being distributed over
CCBN's Investor Distribution Network to both institutional and individual
investors. In this regard,
GAAP refers to generally accepted accounting principles in the
United States of America.com offers an exquisite vacation adventure to
Buenos Aires and the intriguing Tierra del Fuego starting from only
$1599.

indigenous rehue

43.44
per diluted share) for the prior year period.

fuego extends

To learn more about Orleans Homebuilders, please visit
http://www.
Additional information concerning factors the Company believes could cause its
actual results to differ materially from expected results is contained in Item
7 of the Company's Annual Report of Form 10-K for the fiscal year ended
June 30, 2005 filed with the SEC.

enlace patagonia

The Company believes EBITDA provides a
meaningful measure of operating performance.

enlace threatened

Orleans Homebuilders Reports Results For Second Quarter 2006 and Reaffirms Guidance for Fiscal Year 2006

-- Fiscal year 2006 second quarter new orders increased 4% to
$163,416,000 (361 homes) compared with $157,321,000 (384 homes) for
the prior year period.

Orleans Homebuilders, Inc
Selected Balance Sheet Data
(in thousands)
(Unaudited)

December 31, June 30,
2005 2005

Cash and cash equivalents $42 ,699 $62,576
Restricted cash - due from title
company 9,007 28,785
Residential properties 257,297 190,855
Land and improvements 490,018 398,290
Inventory not owned 121,120 88,252
Land deposits and costs of future
developments 29,390 27,408
Total assets 1,025,749 861,540
Obligations related to inventory
not owned 108,970 79,585
Mortgage obligations secured by
real estate 431,652 399,030
Subordinated notes 105,000 -
Other notes payable 5,894 9,400
Shareholders' equity 253,867 231,956

FlySouthVacations.com Buenos Aires + Tierra del Fuego Special

----FlySouthVacations.m .

desertification querand

earnings.83 $0.88

Weighted average number of
shares:
Basic 18,549 17,544 18,548 17,534

Diluted 18,888 18,773 18,890 18,767

Orleans Homebuilders, Inc
Summary of Deliveries, New Orders and Backlog by Region
(Dollars in thousands)
(Unaudited)

Three Months Ended Six Months Ended
December 31, December 31,
2005 2004 2005 2004
DELIVERIES
Northern Region (NJ, PA) (1)
Homes 189 154 326 309
Dollars $90,145 $68,418 $149,198 $135,701
Average Sales Price $477 $444 $458 $439

Southern region (NC, SC, VA) (2)
Homes 199 163 355 279
Dollars $79,083 $58,265 $138 ,883 $98,713
Average Sales Price $397 $357 $391 $354

Florida region (FL)
Homes 72 117 151 206
Dollars $17,848 $19,428 $35,727 $33,831
Average Sales Price $248 $166 $237 $164

Midwestern region (IL) (3)
Homes 80 88 132 133
Dollars $33,836 $32,167 $55,067 $48,345
Average Sales Price $423 $366 $417 $363

Total
Homes 540 522 964 927
Dollars $220,912 $178 ,278 $378,875 $316,590
Average Sales Price $409 $342 $393 $342

NEW ORDERS
Northern Region (NJ, PA) (1)
Homes 81 110 257 274
Dollars $47,078 $63,109 $139,242 $140,546
Average Sales Price $581 $574 $542 $513

Southern region (NC, SC, VA) (2)
Homes 172 147 430 277
Dollars $75,307 $56,177 $188 ,967 $103,605
Average Sales Price $438 $382 $439 $374

Florida region (FL)
Homes 52 73 152 179
Dollars $17,024 $15,998 $49,063 $37,727
Average Sales Price $327 $219 $323 $211

Midwestern region (IL) (3)
Homes 56 54 111 120
Dollars $24,007 $22,037 $47,493 $46,240
Average Sales Price $429 $408 $428 $385

Total
Homes 361 384 950 850
Dollars $163,416 $157 ,321 $424,765 $328,118
Average Sales Price $453 $410 $447 $386

(1) Information on residential revenue earned and new orders includes the
acquired operations of Realen Homes' Southeastern Pennsylvania
region from July 28, 2004, the acquisition date, through December 31,
2005.m.

determination encompasses

-- Fiscal year 2006 year -to-date EBITDA(1) increased 38% to $44,949,000
compared with $32,548,000 for the prior year period.

Certain information included herein and in other Company statements,
reports and SEC filings is forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not limited to,
statements concerning anticipated earnings per share , operating results,
financial resources, pace of sales, growth and expansion. Such forward-looking
information involves important risks and uncertainties that could
significantly affect actual results and cause them to differ materially from
expectations expressed herein and in other Company statements, reports and SEC
filings. These risks and uncertainties include local, regional and
national economic conditions, the effects of governmental regulation, the
competitive environment in which the Company operates, fluctuations in
interest rates, changes in home prices, the availability and cost of land for
future growth, the availability of capital, the availability and cost of labor
and materials, our dependence on certain key employees and weather conditions.

(2) Information on residential revenue earned and new orders includes the
acquired activity from Peachtree Residential Properties for the period
beginning December 23, 2004, the date the company acquired the assets,
through December 31, 2005.

tehuelches determination

-- The backlog at December 31, 2005 remained relatively flat year-over-
year at approximately $600,000,000.61% for the first ten years .

Business Editors/Travel Editors

BOTHELL, Wash. Its privileged location allows visitors to
enjoy mountains, seas, forests and glaciers. Additional
gateways available.com

patagonian enlace

-- Fiscal year 2006 year-to-date new orders increased 29% to
$424,765,000 (950 homes) compared with $328,118,000 (850 homes) for
the prior year period.orleanshomes. A copy of this press
release, including the Company's results of operations for the three and six
months ended December 31, 2005 to be discussed during the conference call, is
available at the Company's website, http://www.

populations ona

To speak with a Destination Specialist,
please call 800-234-5245 (8:30 a.

enlace foothills

While new orders
increased by 4% for the second quarter, year-to-date new orders are up 29%
over the prior year.
Orleans Homebuilders will hold its quarterly conference call to discuss
fiscal year results on Thursday, February 9, 2006, at 10:00 a.com by clicking on the
heading "Investor Relations. Individual investors can listen to the call through CCBN's
individual investor center at http://www. The Company's Charlotte,
North Carolina operations also include adjacent counties in South Carolina.82 $0. Located within the last spurs of
the mountain range of the Andes, Ushuaia is surrounded by mountainous
tips and lands perfect for all types of winter sports .

tehuelches wich

23 per diluted share) compared to $16,432,000 ($. This vacation is filled with value-packed sightseeing
opportunities and grandiose hotels.

foothills extends

-- In December 2005, the Company entered the Phoenix , Arizona market as
a start-up operation via the purchase of an undeveloped parcel of
land.

"We are extremely pleased with our second quarter and year-to-date
increase in net income of 76% and 38%, respectively. For purposes
of Regulation G, a non-GAAP financial measure is a numerical measure
of a registrant's historical or future financial performance ,
financial position or cash flows that excluded amounts, or is
subject to adjustments that have the effect of excluding amounts,
that are included in the most directly comparable measure calculated
and presented in accordance with GAAP in the statement of
operations, balance sheet, or statement of cash flows of the issuer;
or includes amounts , that are excluded from the most directly
comparable measure so calculated and presented . and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)

Three Months Ended Six Months Ended
December 31, December 31,
2005 2004 2005 2004
Earned revenues
Residential properties $220,912 $178,278 $378,875 $316,590
Land sales and other income 3,739 1,730 5,417 3,580
224,651 180,008 384,292 320,170
Costs and expenses
Residential properties 169,302 141,954 292,587 251,545
Land sales and other expense 2,765 1,424 4,374 2,409
Selling, general and
administrative 27,228 23,160 48,575 39,255
Interest, net - 15 - 29
199,295 166,553 345,536 293,238

Income from operations before
income taxes 25,356 13,455 38,756 26,932
Income tax expense 9,940 5,225 15,562 10,500

Net income available for
common shareholders $15,416 $8,230 $23,194 $16,432

Earnings per share:
Basic $0.

chaco patagonian

Fiscal Year 2006 Guidance:
-- The Company reaffirms its fiscal year ending June 30, 2006 guidance
for Diluted Earnings per Share of $3. The Company anticipates further acquisitions of undeveloped
parcels of land in this region and expects revenue during the second
half of fiscal year 2007. Eastern Time.com).

(1)Reconciliation of EBITDA to net income

Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
12/31 /05 12/31/04 12/31/05 12/31/04

EBITDA $29,002,000 $16,504,000 $44 ,949,000 $32,548,000
Income tax expense 9,940,000 5,225,000 15,562,000 10,500,000
Interest 3,211,000 2,633,000 5,430,000 4,850,000
Depreciation 435,000 416,000 763,000 766,000
Net income $15,416,000 $8,230,000 $23,194,000 $16,432,000

(1) Pursuant to the requirements of Regulation G, we have provided a
reconciliation of EBITDA, a non-GAAP financial measure, to the most
directly comparable GAAP financial measure. Buenos Aires is a beautiful city
that offers plenty to keep you busy.com. PT, Monday through
Friday).

wich enlace

38 to $3.
-- In January, 2006, the Company entered into a three year Amended and
Restated Revolving Credit Loan Agreement increasing its Senior
Secured Revolving Credit and Letter of Credit Facility from $500
million to $650 million, expandable to $750 million under certain
circumstances.com or by visiting any of
the investor sites in CCBN's Individual Investor Network.

(2) The backlog at December 31, 2004, includes the backlog acquired in
the Peachtree Residential Properties acquisition not delivered as of
December 31, 2004.

(3) The backlog at December 31, 2004 includes the acquired backlog of
Realen Homes' Midwestern region not delivered as of December 31, 2004.flysouthvacations.