Homex Development Corp. reported unaudited consolidated Earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported total revenue of MXN 6,430,171,000 against MXN 6,064,679,000 for the same period a year ago. Adjusted EBITDA was MXN 1,349,758,000 against MXN 1,202,905,000 a year ago. Net income was MXN 248,277,000 compared to MXN 411,702,000 a year ago. Operating income was MXN 654,407,000 compared to MXN 906,674,000 a year ago. Earnings per share was MXN 0.76 compared to MXN 1.23 a year ago. Net income adjusted by FX was MXN 404,141,000 against MXN 500,011,000 a year ago. Earnings per ADR were $0.72 compared to $0.53 a year ago. Earnings per share adjusted by FX were MXN 1.21 against MXN 1.49 a year ago. Earnings per ADR adjusted by FX were $0.52 against $0.64 a year ago. For the year, the company reported total revenue of MXN 21,717,304,000 against MXN 19,652,309,000 for the same period a year ago. Adjusted EBITDA was MXN 4,688,215,000 against MXN 4,207,347,000 a year ago. Net income was MXN 1,438,768,000 compared to MXN 1,579,942,000 a year ago. Operating income was MXN 2,837,063,000 compared to MXN 2,944,446,000 a year ago. Earnings per share were MXN 4.30 compared to MXN 4.72 a year ago. Net income adjusted by FX was MXN 1,765,609,000 against MXN 1,649,534,000 a year ago. Earnings per ADR were $1.84 compared to $2.03 a year ago. Earnings per share adjusted by FX were MXN 5.27 against MXN 4.93 a year ago. Earnings per ADR adjusted by FX were $2.26 against $2.12 a year ago. The company's free cash flow generation (adjusted by non cash FX effects) was negative at MXN 780 million, while the company's Mexico's Division generated a positive cash flow of MXN 103 million, primarily the result of the stability of its working capital cycle. The negative consolidated cash flow reported of approximately MXN 780 million is mainly driven by its operations in Brazil, which continue to carry the initial negative result from the first phases of its projects there. The company also provided earnings guidance for the full year of 2012. For 2012, the company feels confident that it well positioned for continued, profitable growth as it has done homework in every division. The company is reaffirming its guidance with out considering the recognition of revenues from the expected construction of the 2 federal penitentiaries of 10% to 12% and considering revenues from the expected construction of the penitentiaries, its consolidated revenue growth for 2012 is expected to be in the range of 60% to 62%. The margin for the year to be approximately 21% to 22% without considering revenues from the 2 federal penitentiaries. And the company also reaffirms its guidance for positive cash flow generation in the range of MXN 500 million to MXN 800 million without considering the contribution of revenues from the 2 federal penitentiary projects. The company expects cash tax continue to be in the range of 12% to 15% of taxable income.