Net income of $0.30 per diluted share reported
AUBURN HILLS, Mich., July 23 /PRNewswire-FirstCall/ -- Champion
Enterprises, Inc. (NYSE: CHB), one of the nation's leading housing
manufacturers, today reported results for its second quarter and six months
ended July 3, 2004. For the quarter, net income was $23.4 million, or $0.30
per diluted share, compared to $3.0 million, or $0.04 per diluted share, in
the second quarter of 2003. Revenues for the quarter were $306 million, up
from $296 million in the comparable 2003 period. Champion's improved results
reflect the company's focus on strengthening operations in both its
manufacturing and retail segments despite difficult market conditions in
certain geographic regions. The current quarter's results were helped by a
$12 million income tax benefit and a $3.9 million credit for valuation of
common stock warrants. Comparisons of year-over-year net sales, income from
continuing operations and net income are shown below:
Three months ended Six months ended
(In millions, except EPS) July 3, June 28, July 3, June 28,
2004 2003 2004 2003
Net sales $306.1 $295.7 $543.2 $538.5
Income (loss)-cont. operations $23.5 $6.0 $8.0 ($8.1)
Per diluted share $0.30 $0.09 $0.10 ($0.22)
Net income (loss) $23.4 $3.0 $9.1 ($18.4)
Per diluted share $0.30 $0.04 $0.11 ($0.40)
2004 Second Quarter Highlights
* Pretax internal operating results improved year-over-year by $8.5
million for the quarter and $25.2 million year-to-date;
* For the second quarter, a 6.5% margin was reported by the manufacturing
segment on net sales of $269 million, representing the highest profitability
level since the third quarter of 2001;
* Retail operations earned segment income of $2.0 million -- the first
profitable quarter in four years and enough to bring year-to-date segment
income to $1.8 million;
* Modular homes sold increased 32% and now represent more than 13% of
Champion's total manufacturing home shipments;
* Based on the most recently available MHI data, Champion's HUD Code
wholesale market share expanded for the April through May period to 16.2%,
bringing year-to-date market share to 15.1% from 14.3% at the end of March;
and
* During the quarter, operations generated $2.3 million in cash flow and
debt was further reduced through the repurchase of $10.9 million of Senior
Notes due 2009 for $10.4 million of cash.
Management Comments and Outlook
Al Koch, Chairman, President and Chief Executive Officer, commented,
"Champion's manufacturing and retail operations continued to make meaningful
progress to drive better results. We are encouraged by improving conditions
in many of our key markets. Champion's broad geographic footprint and range
of product offerings are real strengths when our industry recovery begins to
take hold. We again saw significant sales growth in our modular business,
which is a positive trend for our company.
"Based on shipments reported to date, we expect HUD Code industry
wholesale shipments in 2004 will most likely trend toward the low end of our
original forecast, which was 135,000 homes. We remain optimistic, however,
that a stronger consumer financing environment will begin to emerge later this
year and that repossessions will continue to trend downward. Based on
Champion's results in the first half of this year, our goal of achieving
profitability for 2004, excluding possible capital structure related items,
appears likely to be reached despite relatively flat HUD Code industry
shipments. Champion's improved operations and balance sheet position us well
for when the industry rebounds," Koch concluded.
Operating Results
Below is a summary of Champion's pretax internal operating results, which
management regards as a useful measure in evaluating its core operations of
producing and selling manufactured housing because non-cash capital structure
related items and income taxes are excluded:
Three months ended Six months ended
(In millions) July 3, June 28, Better/ July 3, June 28, Better/
2004 2003 (worse) 2004 2003 (worse)
Manufacturing
segment income $17.6 $13.0 $4.6 $22.2 $6.2 $16.0
Retail segment
income (loss) 2.0 (0.7) 2.7 1.8 (3.4) 5.2
General corporate
expenses (6.8) (6.4) (0.4) (12.8) (13.7) 0.9
Intercompany
eliminations (0.5) 0.1 (0.6) (0.7) 0.6 (1.3)
Interest expense,
net (4.6) (6.8) 2.2 (9.6) (14.0) 4.4
Pretax internal
operating results 7.7 (0.8) 8.5 0.9 (24.3) 25.2
Mark-to-market
credit (charge)
for stock warrants 3.9 - 3.9 (1.2) - (1.2)
Debt retirement
gain (loss) 0.5 7.1 (6.6) (2.8) 13.8 (16.6)
Income tax (expense)
benefits 11.4 (0.3) 11.7 11.1 2.4 8.7
Income (loss)-cont.
operations 23.5 6.0 17.5 8.0 (8.1) 16.1
Income (loss)-
discont.
operations (0.1) (3.0) 2.9 1.1 (10.3) 11.4
Net income $23.4 $3.0 $20.4 $9.1 ($18.4) $27.5
Manufacturing - In the second quarter of 2004, manufacturing net sales
increased slightly to $269 million from $263 million in the year earlier
period and segment income rose to 6.5% of revenues from 4.9% a year ago. The
manufacturing segment had earnings before interest, income taxes and general
corporate expenses of $17.6 million for the second quarter of the year, which
included $0.8 million of costs related to closed manufacturing facilities.
During the quarter a homebuilding facility in Alabama was consolidated at
minimal closing costs. At the end of the second quarter of 2004, the company
had unfilled manufacturing orders totaling $90 million, an 88% improvement
from $48 million a year earlier when five additional manufacturing facilities
were operating.
Retail - For the quarter ended July 3, 2004, Champion's retail operations
reported $2.0 million of segment income, consisting of $1.6 million at ongoing
locations and $0.4 million at closed locations, which included a $0.6 million
gain on the sale of a sales center. The quarter's results were significantly
improved from the loss of $0.7 million in the second quarter of 2003.
Revenues for the quarter were off 5% year-over-year although the company was
operating an average of 33% fewer locations. The average new home retail
sales price increased 27% to $95,500 and the average number of homes sold per
store per month rose 13% for new homes and 22% for total homes.
Other - Results in the second quarter of 2004 included a mark-to-market
credit of $3.9 million related to the company's outstanding common stock
warrants for 2.2 million shares as a result of the decrease in Champion's
common stock price during the quarter. Year-to-date, the company recorded a
net charge of $1.2 million to value these warrants. A gain on debt retirement
of $0.5 million was recorded in this year's second quarter and a net loss of
$2.8 million was recorded in the year-to-date period. Net interest expense
decreased 33% versus the year earlier quarter as a result of debt reduction
completed in 2003 and 2004. A $12 million income tax benefit was recorded in
this year's second quarter as a result of decreasing the allowance for tax
adjustments. Income from discontinued operations of $1.1 million for the
year-to-date period ended July 3, 2004 resulted from the settlement of
contractual obligations.
Financial Position
At the end of June 2004, cash and cash equivalents totaled $116 million
and long-term debt was $202 million. Net debt (total debt less cash and cash
equivalents) was $100 million at quarter end, an improvement from $114 million
at the start of the year and from $198 million a year ago. During the
quarter, the company generated $2.3 million in cash flow from continuing
operations and used $10.4 million to repurchase $10.9 million of Senior Notes.
Cash flow from operations in the second quarter of 2003 totaled $61.9 million,
which included a $60.7 million income tax refund.
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 a.m.
eastern time today. To participate in the conference call, please call the
number below:
Dial-in #: (866) 800-8648
Pass code #: 97792623
A replay of the conference call will be available after 1:00 p.m. eastern
time today through midnight on Friday, July 30, 2004. The recording may be
heard by dialing the number below:
Dial-in #: (888) 286-8010
Pass code #: 61880346
About Champion
Champion Enterprises, Inc., headquartered in Auburn Hills, Michigan, is
one of the industry's leading manufacturers and has produced over 1.6 million
homes since the company was founded. The company operates 29 homebuilding
facilities in 14 states and two Canadian provinces and 79 retail locations in
21 states. Independent retailers, including more than 800 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 .
Forward Looking Statements
This news release contains certain statements, including statements
regarding industry shipments, consumer financing, and repossessions, and
statements regarding the company's financial position, expected results,
improved operations, balance sheet strength and unfilled manufacturing orders,
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 other SEC filings, in each case under the section
entitled "Forward Looking Statements," and those discussions regarding risk
factors are incorporated herein by reference.
CHAMPION ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(Dollars and weighted shares in thousands, except per share amounts)
Three Months Ended Six Months Ended
July 3, June 28, % July 3, June 28, %
2004 2003 Change 2004 2003 Change
Net sales:
Manufacturing $269,083 $263,067 2% $478,939 $472,264 1%
Retail 63,923 67,040 (5%) 113,752 128,161 (11%)
Less: intercompany (26,900) (34,454) (49,500) (61,975)
Total net sales 306,106 295,653 4% 543,191 538,450 1%
Cost of sales 252,495 246,471 2% 454,979 456,927 0%
Gross margin 53,611 49,182 9% 88,212 81,523 8%
Selling, general and
administrative
expenses 41,357 43,219 (4%) 77,780 91,882 (15%)
Mark-to-market
(credit) charge for
common stock
warrants (1) (3,900) - 1,200 -
(Gain) loss on debt
retirement (2) (450) (7,130) 2,776 (13,833)
Operating income 16,604 13,093 27% 6,456 3,474 86%
Interest expense, net 4,552 6,840 (33%) 9,583 13,977 (31%)
Income (loss) from
continuing operations
before income taxes (3) 12,052 6,253 93% (3,127) (10,503) 70%
Income tax expense
(benefits) (4) (11,400) 300 (11,100) (2,400)
Income (loss) from
continuing operations 23,452 5,953 294% 7,973 (8,103) 198%
Income (loss) from
discontinued
operations
net of taxes (5) (20) (2,926) 1,136 (10,295)
Net income (loss) $23,432 $3,027 674% $9,109 $(18,398) 150%
Income (loss) from
continuing operations $23,452 $5,953 $7,973 $(8,103)
Less: preferred stock
dividends (259) (169) (419) (455)
Less: amount allocated
to participating
securities (6) (1,618) (217) (489) -
Less: charge to
retained earnings for
induced preferred
stock conversion (1) - - - (3,488)
Income (loss) from
continuing operations
available to common
shareholders $21,575 $5,567 288% $7,065 $(12,046) 159%
Basic income (loss)
per share (6):
Income (loss) from
continuing
operations $0.31 $0.10 210% $0.10 $(0.22) 145%
Income (loss) from
discontinued
operations - (0.05) 0.02 (0.18)
Net income (loss) $0.31 $0.05 520% $0.12 $(0.40) 130%
Weighted shares for
basic EPS 70,657 56,757 69,380 55,641
Diluted income (loss)
per share (6):
Income (loss) from
continuing
operations $0.30 $0.09 233% $0.10 $(0.22) 145%
Income (loss) from
discontinued
operations - (0.05) 0.01 (0.18)
Net income (loss) $0.30 $0.04 650% $0.11 $(0.40) 128%
Weighted shares for
diluted EPS 72,253 61,624 71,152 55,641
See accompanying Notes to Financial Information.
CHAMPION ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
Unaudited Unaudited Unaudited
July 3, April 3, January 3, June 28,
Assets 2004 2004 2004 2003
Cash and cash equivalents $115,868 $117,580 $145,868 $129,436
Restricted cash 631 6,631 8,341 664
Accounts receivable, trade 30,673 32,153 13,773 46,090
Inventories 119,104 112,467 98,824 120,424
Current assets of discontinued
operations (5) - - - 19,196
Other current assets 19,381 18,047 18,325 16,149
Total current assets 285,657 286,878 285,131 331,959
Property, plant and equipment, net 93,524 94,564 95,821 119,120
Goodwill 126,516 126,522 126,537 160,944
Non-current assets of discontinued
operations (5) 15 22 68 4,836
Other non-current assets 19,274 19,949 20,743 23,103
$524,986 $527,935 $528,300 $639,962
Liabilities, Redeemable
Convertible Preferred
Stock and Shareholders' Equity
Floor plan payable $14,058 $13,597 $14,123 $19,453
Accounts payable 33,806 33,278 26,724 45,333
Current liabilities of
discontinued operations (5) 190 1,652 3,173 11,563
Other accrued liabilities 155,506 159,508 167,624 167,640
Total current liabilities 203,560 208,035 211,644 243,989
Long-term debt (2) 201,627 212,631 245,468 290,652
Other long-term liabilities 36,816 52,777 47,510 53,140
Redeemable convertible preferred
stock (1) 20,750 20,750 8,689 13,568
Shareholders' equity 62,233 33,742 14,989 38,613
$524,986 $527,935 $528,300 $639,962
See accompanying Notes to Financial Information.
CHAMPION ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED CASH FLOW STATEMENTS (UNAUDITED)
(In thousands)
Three Months Ended Six Months Ended
July 3, June 28, July 3, June 28,
2004 2003 2004 2003
Income (loss) from continuing
operations $23,452 $5,953 $7,973 $(8,103)
Adjustments:
Depreciation and amortization 2,968 4,103 5,953 8,376
Mark-to-market (credit) charge
for common stock warrants (1) (3,900) - 1,200 -
(Gain) loss on debt retirement (2) (450) (7,130) 2,776 (13,833)
Gains on fixed asset sales (688) (844) (713) (1,834)
Changes in cash collateral
deposits (7) - - - 9,600
Refundable income taxes 99 60,749 376 60,749
Changes in working capital (4,629) (1,179) (30,098) (18,271)
Changes in accrued liabilities (3,072) (3,507) (10,485) (8,597)
Decrease in allow. for tax
adjustments (4) (12,000) - (12,000) -
Other 496 3,723 2,291 5,218
Cash provided by (used for)
continuing operations 2,276 61,868 (32,727) 33,305
Income (loss) from discontinued
operations (5) (20) (2,926) 1,136 (10,295)
(Increase) decrease in net assets
of discontinued operations (5) (1,462) 8,824 (2,983) 10,280
Cash provided by (used for)
discontinued operations (1,482) 5,898 (1,847) (15)
Additions to property, plant and
equipment (2,250) (1,855) (4,130) (3,055)
Acquisition related deferred
purchase price payments - (1,382) - (3,882)
Proceeds on disposal of fixed
assets 1,017 1,234 1,240 5,076
Other (51) (141) (109) (343)
Cash used for investing activities (1,284) (2,144) (2,999) (2,204)
Increase (decrease) in floor plan
payable, net 461 2,276 (65) 2,306
Repayment of industrial revenue
bond and other debt (141) (180) (6,029) (326)
Purchase of Senior Notes (2) (10,395) (15,276) (10,395) (35,830)
Decrease in restricted cash (7) 6,000 - 7,710 50,229
Preferred stock issued, net - - 12,000 -
Increase in short-term borrowings - 7,000 - 7,000
Common stock issued, net 2,901 - 4,512 300
Dividends paid on preferred stock (48) (286) (160) (768)
Deferred financing costs - (159) - (1,942)
Cash provided by (used for)
financing activities (1,222) (6,625) 7,573 20,969
Increase (decrease) in cash and
cash equivalents (1,712) 58,997 (30,000) 52,055
Cash and cash equivalents
at beginning of period 117,580 70,439 145,868 77,381
Cash and cash equivalents
at end of period $115,868 $129,436 $115,868 $129,436
See accompanying Notes to Financial Information.
CHAMPION ENTERPRISES, INC. AND SUBSIDIARIES
NOTES TO FINANCIAL INFORMATION (UNAUDITED)
(1) As a result of fluctuations in the company's common stock price,
during the three and six months ended July 3, 2004 Champion recorded a $3.9
million credit and a $1.2 million net charge, respectively, for the change in
estimated fair value of outstanding common stock warrants for 2.2 million
shares issued in connection with the Series C preferred stock. During the
first quarter of 2004, the preferred shareholder exercised its right to
purchase $12 million of Series B-2 preferred stock. During the first quarter
of 2003, the company agreed to accelerate the reduction in the conversion
price for its Series C preferred stock. 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 loss per
share of $0.06 per diluted share.
(2) In the quarter ended July 3, 2004, the company recorded a gain of $0.5
million and used $10.4 million of cash to repurchase $10.9 million of Senior
Notes due 2009. In the year-to-date period of 2004, the company also issued
3.9 million shares of its common stock in exchange for $27 million of its
Senior Notes due 2007 and 2009, resulting in a pretax loss of $3.2 million.
In the second quarter of 2003, the company recorded pretax gains of $7.1
million resulting from the purchase and retirement of $22.7 million of its
Senior Notes for total cash payments of $15.3 million. In the year-to-date
period of 2003, the company recorded pretax gains of $13.8 million resulting
from the purchase and retirement of $50.5 million of Senior Notes for total
payments of $35.8 million. As of the dates below, long-term debt consisted of
the following (in thousands):
July 3, April 3, Jan. 3, June 28,
2004 2004 2004 2003
Senior Notes due 2007 $97,510 $97,510 $111,010 $135,010
Senior Notes due 2009 89,273 100,215 113,715 134,450
Industrial revenue bonds 12,430 12,430 18,145 18,145
Other 2,414 2,476 2,598 3,047
$201,627 $212,631 $245,468 $290,652
Reduction
3 Months 6 Months 12 Months
Senior Notes due 2007 $- $(13,500) $(37,500)
Senior Notes due 2009 (10,942) (24,442) (45,177)
Industrial revenue bonds - (5,715) (5,715)
Other (62) (184) (633)
$(11,004) $(43,841) $(89,025)
(3) The company evaluates the performance of its manufacturing and retail
segments based on earnings (loss) before interest, income taxes and general
corporate expenses. A reconciliation of income (loss) from continuing
operations before income taxes for the periods presented follows (dollars in
thousands):
Three months ended: July 3, Related June 28, Related %
2004 Sales 2003 Sales Change
Manufacturing segment income $17,567 6.5% $13,003 4.9% 35%
Retail segment income (loss) 2,033 3.2% (737) (1.1%) 376%
General corporate expenses (6,846) (6,449) (6%)
Mark-to-market credit for
stock warrants 3,900 -
Gain on debt retirement 450 7,130
Intercompany eliminations (500) 146
Interest expense, net (4,552) (6,840) 33%
Income from continuing
operations before income
taxes $12,052 3.9% $6,253 2.1% 93%
Six months ended: July 3, Related June 28, Related %
2004 Sales 2003 Sales Change
Manufacturing segment
income $22,221 4.6% $6,157 1.3% 261%
Retail segment income (loss) 1,780 1.6% (3,420) (2.7%) 152%
General corporate expenses (12,869) (13,721) 6%
Mark-to-market charge for
stock warrants (1,200) -
(Loss) gain on debt retirement (2,776) 13,833
Intercompany eliminations (700) 625
Interest expense, net (9,583) (13,977) 31%
Loss from continuing
operations before income
taxes $(3,127) (0.6%) $(10,503) (2.0%) 70%
For the quarter ended July 3, 2004, manufacturing segment results included
costs of $0.8 million and retail segment results included income of $0.4
million related to closed locations. Retail segment income at closed
locations included a $0.6 million gain from the sale of an idle sales center.
For the six months ended July 3, 2004, manufacturing and retail segment income
(loss) included net costs of $1.9 million and $0.1 million, respectively,
related to closed locations.
(4) The effective tax rates for the periods presented differ from the 35%
federal statutory rate because the company has a 100% deferred tax asset
valuation allowance. In addition, the company is in a federal tax loss
carryforward position and tax benefits can only be recorded to the extent of
current taxable income. The income tax benefit in 2004 included a $12 million
decrease in the allowance for tax adjustments, partially offset by state and
foreign income taxes. The income tax benefit for 2003 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 state and
foreign income taxes.
(5) In 2003 the company exited its consumer finance business, HomePride
Finance Corp. Related amounts are presented as discontinued operations. In
the year-to-date period of 2004, the company recorded income from discontinued
operations due to the settlement of contractual obligations.
(6) EPS for periods reported reflect the adoption of EITF 03-06, which
requires the use of the two-class method for enterprises with participating
securities. The company's participating securities consist of its convertible
preferred stock and common stock warrants, which may participate in dividends
paid on common stock pursuant to the terms of the securities. The company has
no plans to pay dividends on its common stock in the near term.
(7) During the first quarter of 2003, the company finalized a $75 million
revolving credit facility, which was used to issue 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. At the end of June 2004,
the company had $59.8 million of letters of credit issued and no borrowings
outstanding under this facility.
CHAMPION ENTERPRISES, INC. AND SUBSIDIARIES
OTHER STATISTICAL INFORMATION (UNAUDITED)
Three Months Ended
July 3, June 28, %
2004 2003 Change
MANUFACTURING
Homes sold
HUD Code
Multi-section 4,384 5,165 (15%)
Single-section 880 874 1%
Total HUD Code 5,264 6,039 (13%)
Modular 838 636 32%
Canadian 252 250 1%
Total homes sold 6,354 6,925 (8%)
Less: intercompany 556 838 (34%)
Homes sold to
independent retailers/builders 5,798 6,087 (5%)
Total floors sold 12,037 13,131 (8%)
Floors sold per average plant 408 375 9%
Multi-section mix 83% 85%
Average home prices
Total $40,800 $36,500 12%
HUD Code $38,400
Modular $53,300
Manufacturing facilities at period end 29 34 (15%)
RETAIL
Homes sold
New homes 623 821 (24%)
Pre-owned homes 287 292 (2%)
Total homes sold 910 1,113 (18%)
% Champion-produced new
homes sold 89% 93%
New multi-section mix 90% 85%
Average number of new homes
in inventory per sales center
at period end 13.3 14.7 (10%)
Average new home retail price $95,500 $75,400 27%
Average number of new homes
sold per sales center per month 2.6 2.3 13%
Average number of total homes
sold per sales center per month 3.9 3.2 22%
Sales centers at period end 79 115 (31%)
CONSOLIDATED AT PERIOD END (in
thousands)
Contingent repurchase obligations (est.) $260,000 $260,000
Champion-produced field inventories
(est.) $510,000 $580,000 (12%)
Shares issued and outstanding 71,059 56,777 25%
Six Months Ended
July 3, June 28, %
2004 2003 Change
MANUFACTURING
Homes sold
HUD Code
Multi-section 7,995 9,475 (16%)
Single-section 1,391 1,577 (12%)
Total HUD Code 9,386 11,052 (15%)
Modular 1,532 1,085 41%
Canadian 441 459 (4%)
Total homes sold 11,359 12,596 (10%)
Less: intercompany 1,002 1,568 (36%)
Homes sold to
independent retailers/builders 10,357 11,028 (6%)
Total floors sold 21,761 23,849 (9%)
Floors sold per average plant 732 667 10%
Multi-section mix 85% 84%
Average home prices
Total $40,700 $36,100 13%
HUD Code $38,400
Modular $52,500
Manufacturing facilities at period end 29 34 (15%)
RETAIL
Homes sold
New homes 1,105 1,598 (31%)
Pre-owned homes 591 600 (2%)
Total homes sold 1,696 2,198 (23%)
% Champion-produced new
homes sold 90% 95%
New multi-section mix 91% 84%
Average number of new homes
in inventory per sales center
at period end 13.3 14.7 (10%)
Average new home retail price $94,600 $73,900 28%
Average number of new homes
sold per sales center per month 2.3 2.3 0%
Average number of total homes
sold per sales center per month 3.6 3.1 16%
Sales centers at period end 79 115 (31%)
CONSOLIDATED AT PERIOD END (in
thousands)
Contingent repurchase obligations
(est.) $260,000 $260,000
Champion-produced field inventories
(est.) $510,000 $580,000 (12%)
Shares issued and outstanding 71,059 56,777 25%
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:
Investor and Media Contacts: Phyllis A.
Knight, Chief Financial Officer, +1-248-340-9090, or Colleen T.
Bauman, Investor Relations, +1-248-340-7731, both of Champion
Enterprises, Inc.
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