AUBURN HILLS, Mich., Feb. 18 /PRNewswire-FirstCall/ -- Champion
Enterprises, Inc. (NYSE: CHB), the nation's leading housing manufacturer,
today reported results for its fourth quarter and year ended January 3, 2004.
The company's continued focus on strengthening both its balance sheet and
operations resulted in debt reduction, stronger cash balances and improved
operating results despite continued difficult market conditions. During the
quarter, Champion further reduced its debt in exchange for shares of its
common stock and ended the year with $146 million of cash and cash
equivalents. The company's manufacturing and retail operations both reported
year-over-year improvements in segment income.
Chairman, President and Chief Executive Officer, Al Koch, commented, "We
believe that the steps we've taken to reduce debt while growing our cash
balances have substantially strengthened the company. During 2003 our
aggressive debt reduction strategies and focus on cash flow resulted in a
decrease in net debt (total debt less cash) of $203 million, or 64%. In
addition, despite challenging conditions in many of the markets we serve, we
generated $5.7 million of cash flow from continuing operations in the quarter
and $61.4 million for the year, which included income tax refunds totaling
$64.1 million."
For the fourth quarter of 2003, the company reported revenues of $291
million and a loss from continuing operations of $3.5 million, or $0.06 per
diluted share. Results included $1 million of pretax restructuring charges,
an $800,000 mark-to-market charge related to outstanding common stock
warrants, a $3.2 million loss in connection with debt retirement and a $3.6
million income tax benefit. In the fourth quarter of 2002, the company had
revenues of $329 million and a loss from continuing operations of $0.07 per
diluted share, or $2.9 million, which included pretax restructuring charges of
$7.5 million, a $1.5 million gain on debt retirement and tax benefits totaling
$13.8 million.
For the full year, Champion had revenues of $1.1 billion and a loss from
continuing operations of $83.3 million, or $1.52 per diluted share, in 2003.
In 2002, the company reported revenues of $1.4 billion and a loss from
continuing operations of $249.4 million, or $5.09 per diluted share. As
previously announced, the company exited its consumer finance business in the
third quarter of 2003 and related amounts are reported as discontinued
operations for all periods presented.
The following table summarizes Champion's loss from continuing operations
for the fourth quarter and year-to-date periods ended January 3, 2004 and
December 28, 2002 (dollars in millions):
Three Months Ended Twelve Months Ended
Jan. 3, Dec. 28, Jan. 3, Dec. 28,
2004 2002 2004 2002
Loss before items
listed below $(2.1) $(10.7) $(29.6) $(51.0)
Closing-related
expenses (1.0) (7.5) (27.9) (55.3)
Goodwill impairment
charges -- -- (34.2) (97.0)
Severance costs -- -- (4.4) --
Warrant and preferred
stock charges (0.8) -- (3.3) --
Debt retirement
gains (losses) (3.2) 1.5 10.6 7.4
Income tax
benefits (charges) 3.6 13.8 5.5 (53.5)
Loss-continuing
operations $(3.5) $(2.9) $(83.3) $(249.4)
Operations
Koch said, "Champion's improved operating results reflect our actions to
position the company to achieve profitability at a reduced sales level.
Excluding general corporate expenses, ongoing operations, consisting of 30
homebuilding facilities and 78 retail sales centers, had earnings before
interest and taxes (EBIT) of $12.3 million for the quarter and $41.2 million
for the full year. Looking forward, we began 2004 with operations
appropriately sized for profitability and believe that we are well positioned
to benefit as market conditions improve."
Manufacturing -- For the quarter ended December 2003, manufacturing
revenues decreased 8% to $248 million from $268 million in the year earlier
period, with the company operating an average of 19% fewer plants
year-over-year. Manufacturing segment income for the quarter increased 27% to
$11.2 million, or 4.5% of revenues. In the comparable period a year ago,
Champion's manufacturing operations had income of $8.8 million, or 3.3% of
related revenues. For the year ended January 3, 2004, the manufacturing
segment reported $1 billion in revenues and income of $7.3 million, which
included $20.7 million of closing-related expenses. Champion had unfilled
manufacturing orders totaling $44 million at the end of the year, compared to
$26 million at 37 plants at the end of 2002, an improvement of 69% overall
with seven fewer plants operating.
Retail -- Year-over-year retail revenues declined 30% to $66 million for
the quarter ended December 2003, while the retail loss was significantly
reduced to $2.1 million from $16.8 million in the comparable 2002 quarter.
The loss in the fourth quarter of 2003 included $0.9 million of restructuring
charges for the closing of under performing retail sales centers, while the
prior year fourth quarter loss included $9.7 million of restructuring charges
related to closed locations. Champion currently operates 78 retail sales
centers, which for the quarter reported a 6% net sales increase from the year
earlier period and $320,000 of EBIT. The average new home retail sales price
at these locations increased 22% year-over-year to $89,500.
Corporate -- In 2003, general corporate expenses included a mark-to-market
charge of $800,000 for the quarter and $3.3 million for the year related to
the company's outstanding common stock warrants for 2.2 million shares.
General corporate expenses in the year-to-date period of 2003 also included
severance costs totaling $4.4 million. General corporate expenses in 2002
included restructuring charges of $500,000 for the fourth quarter and $3.1
million for the year.
Financial Position
The company continues to focus on improving its financial position and
reducing debt. Cash and cash equivalents were $145.9 million at the end of
the year, a $68.5 million, or 89%, increase over $77.4 million at the end of
2002. During 2003 the company generated $61.4 million in cash flow from
continuing operations, which included income tax refunds of $64.1 million,
versus $501,000 in 2002. In addition, during 2003 the company estimates that
it generated an $80 million federal tax net operating loss carry forward that
can be used to offset future taxable income.
Long-term debt was $245.5 million at the end of 2003, down from $341.6
million at the beginning of the year. A portion of the debt reduction was
accomplished through the issuance of 6.7 million shares of common stock during
the fourth quarter in exchange for $44.7 million of Senior Notes due 2007 and
2009 plus accrued interest, resulting in a pretax loss of $3.2 million. In
addition, earlier in 2003 the company used cash of $35.8 million to purchase
and retire $50.5 million of its Senior Notes, resulting in pretax gains of
$13.8 million. In 2004, the company has issued or agreed to issue an
additional 3.9 million shares in exchange for $27.0 million of Senior Notes.
The company is in compliance with all debt agreements.
Outlook
Koch continued, "Industry HUD code wholesale shipments for 2003 were
130,937 homes, a 22% drop from 2002's level and down 65% from 1998's peak.
Recent trends, however, appear to be improving with the rate of decline
decreasing in the fourth quarter to 16% and in December to 10%. We are very
pleased with the announcement last week regarding Fannie Mae's increased
involvement and interest in financing consumer purchases of manufactured
homes. The operating environment, however, remains difficult with continued
tight consumer financing and consumer repossessions at high levels.
"As we work through the remainder of this down cycle, we are committed to
managing operations for profitability and further improving our financial
position. We believe that because of the aggressive actions we've taken,
several consecutive years of substantial losses are finally behind us. Long-
term, our actions to significantly reduce debt and improve operations better
position us for capitalizing on attractive business opportunities in the
future," concluded Koch.
Conference Call
Mr. Koch and other executive officers of the company will review results
in a conference call for investors and analysts beginning at 11:00 am eastern
time today. To participate in the conference call, please call the number
below:
Dial-in #: (888) 482-0024
Pass code #: 69978835
A replay of the conference call will be available after 1:00 pm eastern
time today through midnight on Wednesday, February 25, 2004. The recording
may be heard by dialing the number below:
Dial-in #: (888) 286-8010
Pass code #: 61260910
The live call can also be accessed on the company's website, by going to
the Investor Relations section, clicking on "Live Webcast" and following the
instructions. A replay of the call can also be heard via the Investor
Relations section of the website shortly after the call is completed. To
access the replay, go to the Investor Relations section of the website, click
on "Audio Archives" and select "Q4 2003 Champion Enterprises, Inc. Results
Conference Call." Links to this release and other statistical information
referenced on the call, if any, will be posted in the Investor Relations
section of the company's website.
Champion Enterprises, Inc., headquartered in Auburn Hills, Michigan, is
the industry's leading manufacturer and has produced over 1.6 million homes
since the company was founded. The company operates 30 homebuilding
facilities in 14 states and two Canadian provinces and 78 retail locations in
21 states. Independent retailers, including more than 600 Champion Home
Center locations, and approximately 500 builders and developers also sell
Champion-built homes. Further information can be found at the company's
website, http://www.championhomes.net.
This news release contains certain statements, including statements
regarding industry projections and trends, and statements regarding the
company's financial positioning, future profitability, plans, cash flows and
balances, expected results, and the sizing of operations that could be
construed to be forward looking statements within the meaning of the
Securities and Exchange Act of 1934. These statements reflect the company's
views with respect to future plans, events and financial performance. The
company does not undertake any obligation to update the information contained
herein, which speaks only as of the date of this press release. The company
has identified certain risk factors which could cause actual results and plans
to differ substantially from those included in the forward looking statements.
These factors are discussed in the company's most recently filed Form 10-K,
and those discussions regarding risk factors are incorporated herein by
reference.
CHAMPION ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL SUMMARY
(Dollars and weighted shares in thousands, except per share amounts)
(unaudited)
Three Months Ended (1)
January 3, December 28, %
2004 2002 Change
Net sales:
Manufacturing $247,993 $268,235 (8%)
Retail 66,037 94,544 (30%)
Less: intercompany (22,700) (33,686)
Total net sales 291,330 329,093 (11%)
Cost of sales (2) 246,251 285,151 (14%)
Gross margin 45,079 43,942 3%
Selling, general and
administrative expenses 40,964 51,330 (20%)
Goodwill impairment charges (3) - -
Restructuring charges (2) 1,000 3,500
Mark-to-market charges for
common stock warrants (4) 800 -
(Gain) loss on debt retirement (5) 3,194 (1,515)
Operating loss (6) (879) (9,373) 91%
Interest expense, net 6,203 7,289 (15%)
Pretax loss - continuing operations (7,082) (16,662) 57%
Income tax expense (benefits) (7) (3,550) (13,800)
Loss - continuing operations (3,532) (2,862) (23%)
Loss - discontinued operations (8) (58) (2,621)
Net loss $(3,590) $(5,483) 35%
Loss - continuing operations $(3,532) $(2,862)
Less: dividends on preferred stock 109 482
Less: charge to retained earnings for
induced preferred stock conversion (4) - -
Loss from continuing operations
available to common shareholders $(3,641) $(3,344)
Basic and diluted loss per share:
Loss from continuing operations $(0.06) $(0.07)
Loss from discontinued operations (8) (0.00) (0.05)
Net loss $(0.06) $(0.12)
Weighted shares for
basic and diluted EPS 61,970 50,976
CHAMPION ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL SUMMARY
(Dollars and weighted shares in thousands, except per share amounts)
Twelve Months Ended (1)
January 3, December 28, %
2004 2002 Change
Net sales:
Manufacturing $981,254 $1,150,638 (15%)
Retail 269,146 376,632 (29%)
Less: intercompany (109,686) (156,704)
Total net sales 1,140,714 1,370,566 (17%)
Cost of sales (2) 974,295 1,177,661 (17%)
Gross margin 166,419 192,905 (14%)
Selling, general and
administrative expenses 180,398 232,809 (23%)
Goodwill impairment charges (3) 34,183 97,000
Restructuring charges (2) 21,100 40,000
Mark-to-market charges for
common stock warrants (4) 3,300 -
(Gain) loss on debt retirement (5) (10,639) (7,385)
Operating loss (6) (61,923) (169,519) 63%
Interest expense, net 26,847 26,353 2%
Pretax loss - continuing operations (88,770) (195,872) 55%
Income tax expense (benefits) (7) (5,500) 53,500
Loss - continuing operations (83,270) (249,372) 67%
Loss - discontinued operations (8) (19,814) (6,183)
Net loss $(103,084) $(255,555) 60%
Loss - continuing operations $(83,270) $(249,372)
Less: dividends on preferred stock 728 1,857
Less: charge to retained earnings for
induced preferred stock conversion
(4) 3,488 -
Loss from continuing operations
available to common shareholders $(87,486) $(251,229)
Basic and diluted loss per share:
Loss from continuing operations $(1.52) $(5.09)
Loss from discontinued operations
(8) (0.34) (0.13)
Net loss $(1.86) $(5.22)
Weighted shares for
basic and diluted EPS 57,688 49,341
See accompanying Notes to Financial Information.
CHAMPION ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
Unaudited
January 3, September 27, December 28,
Assets 2004 2003 2002
Cash and cash equivalents $145,868 $144,796 $77,381
Restricted cash (9) 8,341 522 32,450
Accounts receivable, trade 13,773 41,958 28,631
Inventories 98,824 110,944 111,332
Current assets of discontinued
operations (8) - 1,650 2,015
Refundable taxes and other current
assets (9) 18,325 15,072 88,959
Total current assets 285,131 314,942 340,768
Property and equipment, net 95,821 99,164 127,129
Goodwill, net (3) 126,537 126,501 161,336
Restricted cash (9) - - 18,443
Non-current assets of discontinued
operations (8) 68 70 57,498
Other non-current assets 20,743 21,693 22,917
$528,300 $562,370 $728,091
Liabilities, Preferred Stock and
Shareholders' Equity (Deficit)
Floor plan payable $14,123 $14,842 $17,147
Accounts payable 26,724 42,902 37,053
Current liabilities of discontinued
operations (8) 3,173 4,047 36,764
Other accrued liabilities 167,624 181,794 172,180
Total current liabilities 211,644 243,585 263,144
Long-term debt (5) 245,468 290,510 341,612
Other long-term liabilities 47,510 51,416 56,754
Redeemable convertible preferred
stock (4) 8,689 8,629 29,256
Shareholders' equity (deficit) 14,989 (31,770) 37,325
$528,300 $562,370 $728,091
CHAMPION ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED CASH FLOW STATEMENTS
(In thousands)
Unaudited
Three Months Ended Twelve Months Ended
(1) (1)
January December January December
3, 28, 3, 28,
2004 2002 2004 2002
Loss from continuing operations $(3,532) $(2,862) $(83,270) $(249,372)
Adjustments:
Depreciation and amortization 2,988 4,596 15,203 21,152
(Gain) loss on debt retirement
(5) 3,194 (1,515) (10,639) (7,385)
Goodwill impairment charges (3) - - 34,183 97,000
Deferred income taxes (7) - - - 94,800
Fixed asset impairment charges,
net of gains (2,958) (50) 12,389 26,572
Changes in cash collateral
deposits (9) - - 9,600 (13,392)
Refundable income taxes (2,523) (31,771) 58,397 (41,900)
Changes in working capital 24,127 33,261 17,037 49,314
Changes in accrued liabilities (13,494) (6,798) (486) 15,853
Other (2,090) 3,825 8,998 7,859
Cash provided by (used for)
continuing operations 5,712 (1,314) 61,412 501
Loss from discontinued operations
(8) (58) (2,621) (19,814) (6,183)
(Increase) decrease in net assets
of discontinued operations (8) 778 (5,185) 25,854 (21,407)
Cash provided by (used for)
discontinued operations 720 (7,806) 6,040 (27,590)
Additions to property, plant and
equipment (1,777) (1,716) (6,145) (6,063)
Acquisition related deferred
purchase price payments - - (3,882) (3,500)
Proceeds on disposal of fixed
assets 4,999 6,403 10,192 9,994
Other (55) (1,086) (501) (3,170)
Cash provided by (used for)
investing activities 3,167 3,601 (336) (2,739)
Increase (decrease) in floor plan
payable, net (719) 7,967 (3,024) (53,772)
Changes in restricted cash (9) (7,829) (14,544) 42,542 (50,245)
Proceeds from Senior Notes - - - 145,821
Purchase of Senior Notes (5) - - (35,830) (23,750)
Preferred stock issued, net - - - 23,810
Other 21 (2,879) (2,317) (4,111)
Cash provided by (used for)
financing activities (8,527) (9,456) 1,371 37,753
Increase (decrease) in cash and
cash equivalents 1,072 (14,975) 68,487 7,925
Beginning cash and cash
equivalents 144,796 92,356 77,381 69,456
Ending cash and cash equivalents $145,868 $77,381 $145,868 $77,381
See accompanying Notes to Financial Information.
CHAMPION ENTERPRISES, INC. AND SUBSIDIARIES
NOTES TO FINANCIAL INFORMATION (UNAUDITED)
(1) The three and twelve months ended January 3, 2004 include 14 and 53
weeks, respectively, compared to 13 and 52 weeks, respectively, for
the comparable periods ended December 28, 2002.
(2) A reconciliation of closing-related expenses and the number of retail
locations and manufacturing facilities closed or consolidated follows
(dollars in thousands)
Three Months Ended Twelve Months Ended
Jan. 3, Dec. 28 Jan. 3, Dec. 28
2004 2002 2004 2002
Closing-related
expenses:
Cost of sales $ - $4,000 $6,800 $15,300
Restructuring charges 1,000 3,500 21,100 40,000
$1,000 $7,500 $27,900 $55,300
By segment:
Manufacturing $100 $- $20,700 $26,300
Retail 900 9,700 9,300 28,600
Corporate - 500 - 3,100
Intercompany - (2,700) (2,100) (2,700)
$1,000 $7,500 $27,900 $55,300
Operations closed or
consolidated:
Retail sales centers 2 26 40 126
Manufacturing
facilities - 2 7 12
(3) During the quarter ended September 27, 2003, the company recorded
retail goodwill impairment charges totaling $34 million. During the
quarter ended June 29, 2002, the company recorded retail goodwill
impairment charges totaling $97 million. As of January 3, 2004, the
company had no goodwill remaining related to retail acquisitions.
(4) In 2003 the company recorded mark-to-market charges of $800,000 for
the fourth quarter and $3.3 million for the year to adjust to
estimated fair value its warrants for 2.2 million shares of common
stock. These warrants were issued in connection with the company's
Series C redeemable convertible preferred stock. During the first
quarter of 2003, the company agreed to accelerate the reduction in
the preferred stock conversion price. This amendment to the preferred
stock terms was accounted for as an induced conversion, resulting in a
charge directly to retained earnings of $3.5 million and an increase
in the diluted loss per share of $0.06.
(5) During the fourth quarter of 2003, the company issued 6.7 million
shares of its common stock in exchange for $44.7 million of its Senior
Notes due 2007 and 2009, resulting in a pretax loss of $3.2 million.
During the fourth quarter of 2002, the company settled outstanding
debt totaling $3.0 million related to its development operations,
which resulted in a $1.5 million pretax gain. In 2003 the company
recorded pretax net gains of $10.6 million resulting from the purchase
and retirement of $95.3 million of its Senior Notes for total cash
payments of $35.8 million and the issuance of 6.7 million shares of
common stock. In addition to the settlement of development
operations' debt, in 2002 the company also purchased and retired $30.0
million of Senior Notes due 2009 for cash of $23.8 million, resulting
in pretax gains of $5.9 million. In 2004 the company issued 3.9
million shares of common stock in exchange for $27.0 million of Senior
Notes. As of the dates below, long-term debt and debt reduction
consisted of the following (in thousands):
Feb. 18, Jan. 3, Dec. 28, Debt Reduction
2004 2004 2002 2004 2003
Senior Notes due 2007 $97,510 $111,010 $150,000 $(13,500) $(38,990)
Senior Notes due 2009 100,215 113,715 170,000 (13,500) (56,285)
Industrial revenue bonds 18,145 18,145 18,145 - -
Other 2,598 2,598 3,467 - (869)
$218,468 $245,468 $341,612 $(27,000) $(96,144)
(6) The company evaluates the performance of its manufacturing and retail
segments based on earnings (loss) before interest, income taxes and
general corporate expenses (EBIT), excluding goodwill impairment
charges. A reconciliation of operating income (loss) follows
(dollars in thousands):
% of % of
Jan. 3, Related Dec. 28, Related %
Three months ended: 2004 Sales 2002 Sales Change
Manufacturing EBIT $11,207 4.5% $8,803 3.3% 27%
Retail EBIT (2,051) (3.1%) (16,753) (17.7%) 88%
General corporate expenses (7,441) (7,068)
Gain (loss) on debt retirement (3,194) 1,515
Intercompany eliminations 600 4,130
Operating loss $(879) (0.3%) $(9,373) (2.8%) 91%
% of % of
Jan. 3, Related Dec. 28, Related %
Twelve months ended: 2004 Sales 2002 Sales Change
Manufacturing EBIT $7,253 0.7% $2,743 0.2% 164%
Retail EBIT (14,831) (5.5%) (58,204) (15.5%) 75%
General corporate expenses (34,017) (30,903)
Gain on debt retirement 10,639 7,385
Goodwill impairment charges (34,183) (97,000)
Intercompany eliminations 3,216 6,460
Operating loss $(61,923) (5.4%) $(169,519) (12.4%) 63%
To help understand the company's net sales and EBIT, which were
significantly affected by costs related to 2003 closings, following is a
reconciliation of these totals presenting the amounts for the 30 ongoing
manufacturing facilities and 78 ongoing retail sales centers. The company
believes this information is meaningful to understanding the company as it
exists following these closings.
(Dollars in thousands) Manufacturing
Three months ended Jan. 3, 2004: Net sales EBIT % of sales
Ongoing locations $244,483 $11,967 4.9%
Closed/other 3,510 (660)
Restructuring charges (100)
Total $247,993 $11,207 4.5%
Twelve months ended Jan. 3, 2004:
Ongoing locations $912,402 $40,592 4.4%
Closed/other 68,852 (12,639)
Restructuring charges (20,700)
Total $981,254 $7,253 0.7%
(Dollars in thousands) Retail
Three months ended Jan. 3, 2004: Net sales EBIT % of sales
Ongoing locations $60,474 $320 0.5%
Closed/other 5,563 (1,471)
Restructuring charges (900)
Total $66,037 $(2,051) (3.1%)
Twelve months ended Jan. 3, 2004:
Ongoing locations $226,660 $596 0.3%
Closed/other 42,486 (6,127)
Restructuring charges (9,300)
Total $269,146 $(14,831) (5.5%)
(7) The company provided a 100% valuation allowance for its deferred
tax assets totaling $101.5 million in 2002. The effective tax rates
for the three and twelve months ended December 2003 and 2002 differ
from the 35% federal statutory rate because of the 100% deferred tax
asset valuation allowance. In 2003 the fourth quarter income tax
benefit primarily related to the completion of tax audits. The 2003
year-to-date income tax benefit also included $3.0 million recorded to
reduce the deferred tax asset valuation allowance following the
completion of the company's 2002 federal income tax return, which
resulted in a larger refund than previously estimated, partially
offset by provisions for foreign income taxes. During 2003 the
company generated an estimated $80 million federal tax loss carry
forward for which the benefits can only be recorded to the extent of
future taxable income.
(8) In July 2003 the company exited its consumer finance business,
HomePride Finance Corp. Related amounts are presented as discontinued
operations for all periods presented.
(9) In January 2003 the company finalized a $75 million revolving
credit facility, which was used to issue $60.4 million of letters of
credit to replace cash collateral and resulted in the release of $49.8
million of restricted cash and $9.6 million of cash deposits
classified as other current assets. At the end of 2003, the company
had $66.9 million of letters of credit outstanding and no borrowings
under this facility. As of January 3, 2004, the company had on
deposit $7.8 million of restricted cash to support letters of credits
issued under this revolving credit facility.
CHAMPION ENTERPRISES, INC. AND SUBSIDIARIES
OTHER STATISTICAL INFORMATION (UNAUDITED)
Three Months Ended Twelve Months Ended
January December January December
3, 28, % 3, 28, %
2004 2002 Chg. 2004 2002 Chg.
MANUFACTURING
Homes sold 6,100 7,180 (15%) 25,483 32,460 (21%)
Less: intercompany 464 908 (49%) 2,629 4,274 (38%)
Homes sold to
independent
retailers/builders 5,636 6,272 (10%) 22,854 28,186 (19%)
Total floors sold 11,820 13,566 (13%) 48,506 60,408 (20%)
Floors sold per
average plant 369 357 3% 1,411 1,381 2%
Multi-section mix 86% 85% 84% 82%
Average home price $39,200 $35,900 9% $37,100 $34,100 9%
Manufacturing
facilities at period
end 30 37 (19%) 30 37 (19%)
RETAIL
Retail net sales (in
thousands)
78 ongoing stores $60,474 $56,851 6% $226,660 $207,222 9%
Closed/other 5,563 37,693 42,486 169,410
Total retail net
sales $66,037 $94,544 (30%) $269,146 $376,632 (29%)
Homes sold
78 ongoing stores 627 750 (16%) 2,549 2,770 (8%)
Closed/other 193 984 883 3,236
New homes 820 1,734 (53%) 3,432 6,006 (43%)
Pre-owned homes 306 277 10% 1,233 1,410 (13%)
Total homes sold 1,126 2,011 (44%) 4,665 7,416 (37%)
% Champion-produced
new homes sold 94% 97% 95% 96%
New multi-section mix 91% 84% 87% 81%
Average number of new
homes in
inventory per sales
center at period
end 13.1 13.2 (1%) 13.1 13.2 (1%)
Sales centers at
period end 78 118 (34%) 78 118 (34%)
Total company
Average new home
retail price $89,100 $66,800 33% $78,300 $63,600 23%
Average number of new
homes retail
sold per sales
center per month 2.7 3.1 (13%) 2.5 2.3 9%
78 ongoing stores
Average new home
price $89,500 $73,100 22% $82,300 $71,200 16%
Average number of new
homes sold per
sales center per
month 2.7 3.2 (16%) 2.7 3.0 (10%)
CONSOLIDATED AT PERIOD END
(in thousands)
Contingent repurchase
obligations (est.) $245,000 $240,000 2% $245,000 $240,000 2%
Champion-produced
field inventories
(est.) $525,000 $510,000 3% $525,000 $510,000 3%
Shares issued and
outstanding 65,470 52,658 24% 65,470 52,658 24%
SOURCE Champion Enterprises, Inc.
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Related links:
http://www.championhomes.net
Company News On-Call:
http://www.prnewswire.com/comp/110861.html
CONTACT:
Phyllis A. Knight, Chief Financial Officer,
+1-248-340-9090, or Colleen T. Bauman, Investor Relations,
+1-248-340-7731, for Champion Enterprises, Inc.
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