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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=4>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>WASHINGTON, D.C. 20549</font></B></p>


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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font SIZE=4>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font SIZE=2><b>CURRENT
  REPORT</b></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2><b>PURSUANT
  TO SECTION 13 OR 15(d) OF THE</b></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2><b>SECURITIES
  EXCHANGE ACT OF 1934</b></font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2><b>Date
  of report (Date of earliest event reported): August 16, 2006</b></font></p>


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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font size=5>Orleans Homebuilders, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact Name of Registrant as Specified in Charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

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    <td align=center valign=top  width="280"><font size=2><b>Delaware</b>
      </font><br>
<font size=2> (State or Other Jurisdiction </font><br>
<font size=2>of Incorporation)</font><br></td>

    <td align=center valign=top  width="280"><font size=2><b>1-6830
      </b></font><br>
            <font size=2>(Commission </font><br>
<font size=2> File Number)</font><br></td>

    <td align=center valign=top  width="280"><font size=2><b>59-0874323</b></font><br>
            <font size=2>(IRS Employer</font><br>
<font size=2>Identification No.)</font><br></td>
        <td width="50">&nbsp;</td></tr></table>

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    <td align=center valign=top width="280">&nbsp;</td>
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    <td align=center valign=top width="280"><font size=2><b>One
      Greenwood Square, Suite 101</b></font><br>
      <font size=2><b>3333 Street Road, Bensalem, PA </b></font><br>
      <font size=2> (Address of Principal Executive Offices) </font><br>
    </td>
    <td align=center width="280">&nbsp;</td>
    <td align=center valign=top width="280"><font size=2>&nbsp;</font><br>
      <font size=2><b>19020</b></font><br>
      <font size=2>(Zip Code)</font></td>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2><b>Registrant&#146;s
  telephone number, including area code: (215) 245-7500</b></font></p>


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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2><b>Not
  Applicable</b></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Former Name or Former Address, if Changed Since Last Report)</font></p>


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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></p>



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        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=2>Written
          communications pursuant to Rule 425 under the Securities Act (17 CFR
          230.425)</font></p>
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        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=2>Soliciting
          material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> </td> </tr></table>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font SIZE=2>ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font size=2>On August 16, 2006, Orleans Homebuilders, Inc. issued a press release announcing its financial results for the three and twelve months ended June 30, 2006. A copy of the press release is attached hereto as Exhibit 99.1. </font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><u><font size=2>Use of Non-GAAP Financial Information</font></u></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font size=2>To supplement the Company&#146;s consolidated financial statements presented in accordance with generally accepted accounting principles (&#147;GAAP&#148;), the Company uses the non-GAAP measure of EBIDTA for the three and twelve months ended June 30, 2006 and June 30, 2005. EBITDA represents net earnings before interest expense, previously capitalized interest amortized to residential properties cost of sales, income taxes, depreciation, amortization, and extraordinary items. </font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font size=2>The Company&#146;s management reviews this non-GAAP measure internally to evaluate the Company&#146;s performance and manage its operations. In addition, since the Company has historically provided non-GAAP results and guidance to the investment community, the Company believes that the inclusion of EBITDA provides consistent and comparable measures to help investors understand the Company&#146;s current and future operating results. The non-GAAP measure included in the press release attached hereto as Exhibit&nbsp;99.1 has been reconciled to the comparable GAAP measure as required under SEC rules regarding the use of non-GAAP financial measures. The Company urges investors to carefully review the GAAP financial information included as part of the Company&#146;s Annual Report on Form&nbsp;10-K, Quarterly Reports on Form&nbsp;10-Q, and quarterly earnings releases.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font SIZE=2>ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font size=2>(c) Exhibits</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font size=2>The following exhibit is furnished with this Current Report on Form 8-K:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font size=1><b>No.</b></font></p>
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        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1><b>Description</b></font></p>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>99.1 </font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=2>Press release of Orleans Homebuilders, Inc. dated August 16, 2006.</font></p> </td> </tr>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Signatures</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
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        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font SIZE=2>ORLEANS
          HOMEBUILDERS, INC.</font></p>
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        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><br>
          <font size=2>Dated: August 17, 2006</font></p>
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        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>By:&nbsp;</font></p>
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        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><br>
          <font size=2>Joseph A. Santangelo</font></p>
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        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
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        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
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        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
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        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
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        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=2>Joseph
          A. Santangelo</font><br>
          <font size=2>Chief Financial Officer</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>EXHIBIT INDEX</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>The following exhibit is filed as part of this Current Report on Form 8-K:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;'><font size=1><b>No.</b></font></p> </td>


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=2>99.1* </font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=2>Press release of Orleans Homebuilders, Inc. dated August 16, 2006.</font></p> </td> </tr>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr></table>
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{"company-data": {"conformed-name": "ORLEANS HOMEBUILDERS INC", "cik": "0000038570", "assigned-sic": "1531", "irs-number": "590874323", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-06830", "film-number": "061039551"}, "business-address": {"street1": "ONE GREENWOOD SQUARE", "street2": "3333 STREET ROAD SUITE 101", "city": "BENSALEM", "state": "PA", "zip": "19020", "phone": "2152457500"}, "mail-address": {"street1": "ONE GREENWOOD SQUARE", "street2": "3333 STREET RD STE 101", "city": "BENSALEM", "state": "PA", "zip": "19020"}, "former-company": [{"former-conformed-name": "FPA CORP /DE/", "date-changed": "19920703"}, {"former-conformed-name": "FLORIDA PALM AIRE CORP", "date-changed": "19720106"}, {"former-conformed-name": "FLORIDA PLAN AIRE CORP", "date-changed": "19700217"}]}
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT
  REPORT
PURSUANT
  TO SECTION 13 OR 15(d) OF THE
SECURITIES
  EXCHANGE ACT OF 1934
Date
  of report (Date of earliest event reported): August 16, 2006
Orleans Homebuilders, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or Other Jurisdiction
of Incorporation)
1-6830
(Commission
File Number)
59-0874323
(IRS Employer
Identification No.)
One
      Greenwood Square, Suite 101
3333 Street Road, Bensalem, PA
(Address of Principal Executive Offices)
19020
(Zip Code)
Registrant's
  telephone number, including area code: (215) 245-7500
Not
  Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written
          communications pursuant to Rule 425 under the Securities Act (17 CFR
          230.425)
Soliciting
          material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On August 16, 2006, Orleans Homebuilders, Inc. issued a press release announcing its financial results for the three and twelve months ended June 30, 2006. A copy of the press release is attached hereto as Exhibit 99.1.
Use of Non-GAAP Financial Information
To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), the Company uses the non-GAAP measure of EBIDTA for the three and twelve months ended June 30, 2006 and June 30, 2005. EBITDA represents net earnings before interest expense, previously capitalized interest amortized to residential properties cost of sales, income taxes, depreciation, amortization, and extraordinary items.
The Company's management reviews this non-GAAP measure internally to evaluate the Company's performance and manage its operations. In addition, since the Company has historically provided non-GAAP results and guidance to the investment community, the Company believes that the inclusion of EBITDA provides consistent and comparable measures to help investors understand the Company's current and future operating results. The non-GAAP measure included in the press release attached hereto as Exhibit 99.1 has been reconciled to the comparable GAAP measure as required under SEC rules regarding the use of non-GAAP financial measures. The Company urges investors to carefully review the GAAP financial information included as part of the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and quarterly earnings releases.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
The following exhibit is furnished with this Current Report on Form 8-K:
Exhibit
No.
Description
99.1
Press release of Orleans Homebuilders, Inc. dated August 16, 2006.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ORLEANS
          HOMEBUILDERS, INC.
Dated: August 17, 2006
By:
Joseph A. Santangelo
Joseph
          A. Santangelo
Chief Financial Officer
EXHIBIT INDEX
The following exhibit is filed as part of this Current Report on Form 8-K:
Exhibit
No.
Item
99.1*
Press release of Orleans Homebuilders, Inc. dated August 16, 2006.
*
Filed electronically
        herewith.