Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ______ No ___X___

Indicate by check mark whether by furnishing the information contained in this Form,
the Registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes ______ No ___X___

If “Yes” is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b): N/A

Full-year launches of R$2.9 billion within annual guidance range

Fourth quarter launches increased 9% y-o-y to R$1.6 billion, while net sales rose 45% y-o-y to R$1.3 billion

FOR IMMEDIATE RELEASE - São Paulo, January 17^th 2014 – Gafisa S.A. (Bovespa: GFSA3; NYSE: GFA), one of Brazil’s leading national homebuilders with a focus on the Brazilian residential market, today announced operational results for the fourth quarter ending December 31, 2013.

Fourth-quarter launches totaled R$1.6 billion, an increase of 224.9% compared to 3Q13, and 8.7% versus 4Q12. For the full year 2013, launches totaled R$2.9 billion, a decrease of 2.2% compared to 2012. The volume launched is within the annual guidance range of R$2.7 to R$3.3 billion.

In 2013, 37 projects/phases were launched across 11 states. Gafisa accounted for 38% of the PSV of annual launches, Tenda 12% and Alphaville the remaining 50%.

Table 1. Gafisa Group Launches (R$ thousand)

Fourth-quarter 2013 consolidated pre-sales totaled R$1.3 billion, an increase of 206.0% compared to 3Q13, and 45.0% versus 4Q12. In 2013, sales from launches represented 60% of the total, while sales from inventory comprised the remaining 40%.

* For comparison purposes, 100% of Alphaville's operating results are included in the periods presented in this preview.

Table 2. Gafisa Group Pre-Sales (R$ thousand)

Consolidated sales over supply expanded to 24.8% in the 4Q13, compared to 10.6% in the prior quarter. The consolidated sales speed of full-year 2013 launches was 38.6%.

Table 3. Gafisa Group Sales over Supply (SoS)

Gafisa delivered 26 projects encompassing 6,063 units during the fourth quarter, comprising 1,110 Gafisa units, 3,487 from the Tenda segment and 1,466 from Alphaville. Note that the delivery date is based on the “Delivery Meeting” that takes place with customers, and not physical completion, which is prior to the delivery meeting. In 2013, projects delivered by the Gafisa Group comprised 13,842 units, equating to 89% of the mid-range of full-year delivery guidance (13,500 to 17,500).

In the fourth quarter, consolidated inventory at market value increased 9.6% to R$3.9 billion, with increased launches. The market value of Gafisa inventory, which represents 52% of total inventory, reached R$2.1 billion at the end of 4Q13 compared to R$1.9 billion at the end of 3Q13. The market value of Alphaville inventory was R$1.3 billion at the end of 4Q13, a 19.6% increase compared to 3Q13. Tenda inventory was valued at R$618.4 million at the end of 2013, compared to R$714.8 million at the end of 3Q13. Consolidated dissolutions decreased 33.5% compared to 3Q13.

Table 4. Inventory at Market Value 4Q13 x 3Q13 (R$)

GAFISA  SEGMENT 

Fourth-quarter launches reached R$679.1 million and comprised 7 projects/phases located in the city of São Paulo, Campinas, Osasco and Rio de Janeiro. The result represented a significant increase when compared to launches totaling R$107.2 million in 3Q13, but was down 16.5% y-o-y. Full-year launches reached R$1.1 billion, a 32.5% decrease versus the 2012 full-year.

Fourth-quarter gross pre-sales totaled R$507.9 million, a 93.6% increase when compared to 3Q13. Net pre-sales reached R$454.4 million in 4Q13, a 140.8% increase when compared to 3Q13 and 8.8% decline y-o-y. Units launched during the year represented 45% of total sales, while sales from inventory accounted for the remaining 55%. In 4Q13, sales velocity (sales over supply) was 17.8%, compared to 9.2% in 3Q13, and 20.1% in 4Q12. The sales velocity of Gafisa launches was 39.5% for the year. The segment accounted for 38% of consolidated launches during the year.

The volume of dissolutions in 4Q13 was R$53.4 million, a 26.8% decrease relative to 3Q13. Of the 1,263 Gafisa segment units cancelled and returned to inventory, 50.8% were resold in 2013. In the core markets of São Paulo and Rio de Janeiro, 620 units were cancelled, of which 63.4% were resold in the same period.

In 2013, Gafisa delivered 22 projects/phases and 4,315 units, equating to 102% of the mid-range of full-year delivery guidance (3,500 to 5,000).

TENDA  SEGMENT 

Having achieved control of the operational and financial cycle, the Tenda brand resumed launches in 2013 under a new model focused on operating efficiency, risk management and capital discipline.

Fourth-quarter launches totaled R$88.4 million and included 2 projects/phases in the cities of São Paulo and Rio de Janeiro. In 2013, Tenda launched R$338.8 million. The brand accounted for 12% of 2013 consolidated launches.

During the 4Q13, net pre-sales totaled R$163.6 million. Sales from units launched during 2013 represented 44% of the total sales, while sales from inventory accounted for the remaining 56%.

New projects under the Tenda brand are being developed in phases, in which all pre-sales are contingent upon the ability to pass mortgages onto financial institutions. Accordingly, of 2013 launches totaling R$338.8 million, all were launched within the confines of the new Tenda business model. Sales of R$217.4 million were registered, of which R$122.0 million have already been transferred and the remaining R$95.4 million are currently in the process of being transferred. That accounts for 379 units transferred to financial institutions in the 4Q13 and 1,096 mortgage transfers in 2013.

In 4Q13, sales velocity (sales over supply) rose to 20.9%, compared to 17.4% in 3Q13.

Tenda is focused on the completion and delivery of its legacy projects, and is dissolving contracts with ineligible clients, so as to sell the units to qualified customers. The brand’s new business model resulted in a consistent reduction in quarterly dissolutions throughout 2013. Cancellations totaled R$75.0 million in 4Q13, a 60.0% reduction versus third quarter cancellations. Of the 3,799 Tenda units cancelled and returned to inventory, 88.5% were resold to qualified customers in 2013.

During 2013, Tenda delivered 41 projects/phases and 7,027 units, equating to 101% of the mid-range of full-year delivery guidance of 6,500 to 7,500 units for the brand.

ALPHAVILLE  SEGMENT 

For comparison purposes, 100% of Alphaville's operating results are incorporated in the periods presented in this preview.

Fourth-quarter launches totaled R$851.7 million, an increase of 196.3% when compared to 3Q13 and a 26.0% rise versus the year-ago period. Quarterly launches comprised 10 projects/phases across 8 states. The segment accounted for 50% of 2013 consolidated launches.

Fourth-quarter net pre-sales reached R$694.9 million. The result was up versus the 3Q13, in which net pre-sales totaled R$90.1 million, and was 59.2% higher y-o-y. In 4Q13, sales velocity was 35.5%, compared to 7.9% in 3Q13. In 2013, sales velocity from launches was 45.6%. Sales from launches represented 91% of total sales in the quarter.

During 2013, Alphaville delivered 5 projects/phases and 2,500 units, equating to 59% of the mid-range of full-year delivery guidance of 3,500 to 5,000 units for the brand. The difference from our guidance is a result of delays in receiving final licenses for effective delivery of the units. 

About Gafisa

Gafisa is a leading diversified national homebuilder serving all demographic segments of the Brazilian market. Established over 59 years ago, we have completed and sold more than 1,000 developments and built more than 12 million square meters of housing, more than any other residential development company in Brazil. Recognized as one of the foremost professionally managed homebuilders, "Gafisa" is also one of the most respected and best-known brands in the real estate market, recognized among potential homebuyers, brokers, lenders, landowners, competitors, and investors for its quality, consistency, and professionalism. Our pre-eminent brands include Tenda, serving the affordable/entry-level housing segment, Gafisa and a stake in Alphaville, which offer a variety of residential options to the mid- to higher-income segments. Gafisa S.A. is traded on the Novo Mercado of the BM&FBOVESPA (BOVESPA:GFSA3) and on the New York Stock Exchange (NYSE:GFA).

Investor Relations

Media Relations (Brazil)

Fernando Kadaoka

Maquina da Notícia Comunicação Integrada

Phone: +55 11 3147-7498

Fax: +55 11 3147-7900

Email: Fernando.kadaoka@maquina.inf.br

This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Gafisa. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors; therefore, they are subject to change without prior notice.

Appendix– 2013 Launches per Segment