SAO PAULO, Nov. 6, 2015 /PRNewswire/ -- Gafisa S.A. (Bovespa: GFSA3; NYSE: GFA), one of Brazil's leading homebuilders, today reported financial results for the third quarter ended September 30, 2015.

FINANCIAL RESULTS


    --  Net revenue recognized by the "PoC" method was R$402.5 million in the
        Gafisa segment and R$221.5 million in the Tenda segment. This resulted
        in consolidated revenue of R$624.0 million in the third quarter, a 26.3%
        increase year on year, and a 5.5% increase from the previous quarter. In
        9M15, consolidated net revenue reached R$1.7 billion, an increase of
        15.5% compared to 9M14.


    --  Adjusted gross profit for 3Q15 was R$223.8 million, up from R$200.4
        million in 3Q15 and from R$179.9 million in the same period of last
        year. Adjusted gross margin reached 35.9%, compared to 36.4% in the
        prior-year period and 33.9% in the 2Q15. Gafisa accounted for an
        adjusted gross profit of R$152.6 million, with an adjusted gross margin
        of 37.9%, while Tenda accounted for an adjusted gross profit of R$71.2
        million, with a margin of 32.1% in 3Q15. In the 9M15, adjusted gross
        profit totaled R$603.5 million with an adjusted gross margin of 34.8%,
        versus R$517.3 million in the previous year.


    --  Adjusted EBITDA was R$92.4 million in 3Q15, with a margin of 14.8%. The
        Gafisa segment reported adjusted EBITDA of R$66.8 million, while the
        Tenda segment's adjusted EBITDA was R$24.4 million. In 9M15 consolidated
        adjusted EBITDA was R$261.6 million, an increase of 37.8% from R$189.8
        million in 9M14, with a 15.1% margin. Please note that consolidated
        adjusted EBITDA includes Alphaville equity income, while the Gafisa
        segment's adjusted EBITDA is net of this effect.


    --  The Company reported positive net income of R$13.5 million in the third
        quarter. Gafisa reported a net profit of R$1.7 million, while Tenda
        reported a profit of R$11.8 million. In the first nine months, net
        income totaled R$73.6 million.



    --  Operating cash generation totaled R$78.5 million in the 3Q15, closing
        the nine month period at R$95.3 million. Net cash consumption of R$6.5
        million was recorded in 3Q15, with accumulated consumption of R$104.3
        million during 9M15.

OPERATING RESULTS


    --  Launches totaled R$606.8 million in the 3Q15, comprising 13 projects in
        the states of Sao Paulo, Rio de Janeiro, Minas Gerais, Rio Grande do
        Sul, Bahia and Pernambuco. The result was an increase over the R$482.0
        million launched in 2Q15. The Gafisa segment accounted for 47% of the
        quarter's launches, while the Tenda segment accounted for the remaining
        53%. The volume launched in the 9M15 totaled R$1.4 billion.



    --  Net pre-sales totaled R$492.8 million in 3Q15, of which R$247.6 million
        related to Gafisa and R$245.2 million related to Tenda. The consolidated
        result was a significant increase from the 3Q14 net pre-sales result of
        R$230.8 million. Consolidated sales from launches in the quarter
        represented 16.8% of the total, while sales from inventory comprised the
        remaining 83.2%. During the 9M15, the two segments combined reported
        R$1.4 billion in net pre- sales.



    --  Consolidated sales over supply (SoS) reached 14.8% in 3Q15, compared to
        15.9% in 2Q15 and 6.7% in 3Q14. On a trailing 12-month basis, Gafisa's
        SoS was 29.6%, while Tenda's SoS was 52.4%.


    --  Consolidated inventory at market value remained stable q-o-q at R$2.8
        billion. Gafisa's inventory totaled R$2.0 billion, while Tenda's
        inventory totaled R$820.7 million.


    --  Throughout the third quarter, the Company delivered 5 projects/phases,
        totaling 1,304 units, accounting for R$197.5 million in PSV. The 3Q15
        launches were exclusively from the Tenda segment. Over the past nine
        months, 30 projects / phases and 7,576 units were delivered, accounting
        for 1.9 billion in PSV.

For additional information: www.gafisa.com.br/ri - ri@gafisa.com.br

GAFISA - 20-F 2014

GAFISA S.A. (Bovespa, GFSA3; NYSE, GFA) ("Gafisa" or, including all its subsidiaries, the "Company") hereby informs its shareholders and the market in general that its Form 20-F for the year 2014, which was filed on April 27th with the U.S. Securities Exchange Comission (SEC), is available at the Gafisa's Investor Relations website at the address: www.gafisa.com.br/ir. The Company's shareholders may receive a hard copy of the Audited Financial Statements, free of charge, upon request. For additional information: www.gafisa.com.br/ri - ri@gafisa.com.br

Contact:
Gafisa S.A.
 Av. Nacoes Unidas, 8501 - 18th floor - CEP 05425-070
Alto de Pinheiros - Sao Paulo - SP
Telephone: +55 11 3025-9242
E-mail: ri@gafisa.com.br

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SOURCE Gafisa S.A.