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NEW YORK CITY-"Since 2002, we've had the wind at our backs in almost everything we did," said Tarragon Corp. chairman and CEO William S. Friedman during the firm's year-end results conference call. The firm saw its net income increase 231% last year to $146 million and had consolidated revenue rise up 102%.

Tarragon will have an annual dividend of 10 cents per share payable on May 1 to shareholders of record as of the close of business on April 10 as well as a one million share increase in share repurchase authorization. "As long as the stock is severely undervalued--as we see it today--we will continue to buy," Friedman said

Consolidated revenue for the full year 2005 was $571.9 million, up 102% from $282.9 million in 2004. Substantially all of the revenue increase was due to very strong homebuilding sales, which for the year totaled $504.7 million, up 129% from $220.5 million in 2004. The company expects that trend to continue. "We'll mine the rental portfolio for condo conversions," Friedman said. The company anticipates completing its capital redeployment program this year.