Even announces its 1Q07 Earnings Release

EVEN´S NET REVENUE ENDS FIRST QUARTER OF 2007 WITH AN 88.6% INCREASE IN NET INCOME IN RELATION TO THE SAME PERIOD A YEAR AGO

Gross Margin reaches 37.9%, 9.9 p.p. higher than in 1Q06

São Paulo, May 14, 2007 – Even Construtora e Incorporadora S.A. – EVEN (Bovespa: EVEN3), one of the largest developers and constructors in Brazil, focused on commercial and residential projects for the upper middle- and middle-income segments, announces its results for the first quarter of 2007 (1Q07). The financial and operating information herein, except where otherwise stated, is in Brazilian Reais (R$) and in accordance with the Brazilian Accounting Practices.
Highlights

• Even concluded its IPO, issuing 40,000,000 common shares till May 2007 and converting debentures to 8,276,150 shares, adding cash totaling R$507.6 million to its capital.
• The Company´s Net revenue stood at R$ 69.5 million: 88.6% higher than the same period in 2006.
• Gross Margin reached 37.9%, 9.9 p.p. over the amount registered in the 1Q06.
• Contracted sales reached R$ 212.4 million (up by 58% on the 1Q06).
• The Company´s Land Bank reached a PSV of R$ 3,276.9 million in launches.
• Even continued its strategy of geographical expansion by:
  • Entering into a partnership with Capuche, in Natal , RN for its operations in the north east region.
  • Jointly starting business with Brisa in the metropolitan region of Belo Horizonte .
  • Acquiring land in São José dos Campos , SP, to develop its own project.
• Increase in selling expenses as a percentage of Net Revenue to 13.1% in 1Q07, due to the recognition of expenses with launches prior to their revenues
• Increase in general and administrative expenses to R$ 7.6 million in 1Q07, anticipating the structure required by the Company for expected growth
• Non-recurring taxes affected the results by R$ 3.1 million in 1Q07

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