AUBURN HILLS, Mich., Aug. 13 /PRNewswire-FirstCall/ --
Champion Enterprises, Inc. (NYSE: CHB), the nation's leading housing
manufacturer, today announced that the retail goodwill impairment charges and
deferred tax asset valuation allowance that were announced on August 8, 2002
will be recorded in its second quarter ended June 29, 2002 rather than in the
third quarter ending September 28, 2002 as previously announced. This
decision was based on further review and advice from its independent
accountants. The company commented that additional time is needed to complete
its second quarter financial statements and is requesting a 5-day extension
for filing its Form 10-Q. Champion still expects to record the previously
announced costs to close and consolidate 64 retail sales centers and seven
manufacturing facilities in the third quarter.
The company expects to file its Form 10-Q no later than Monday, August
19th, and to include certifications, signed by the Chairman, President and
Chief Executive Officer, Walter R. Young, and Chief Financial Officer, Anthony
S. Cleberg, confirming the accuracy of its financial statements. The company
also expects at that time to file sworn statements, signed by Young and
Cleberg, affirming the accuracy of its recent SEC filings. Cleberg commented,
"In this day and age of heightened financial reporting scrutiny, prudence is
proper. This filing extension allows time to properly reflect these charges
in our financial statements."
Champion Enterprises, Inc., headquartered in Auburn Hills, Michigan, is
the industry's leading manufacturer and has produced nearly 1.6 million homes
since it was founded. Following closings and consolidations announced on
August 8, 2002, the company will operate 39 homebuilding facilities in 16
states and 117 retail locations in 23 states. Independent retailers,
including 618 Champion Home Center locations, and approximately 400 builders
and developers also sell Champion-built homes. The company also provides
financing for retail buyers of its homes. Further information can be found at
the company's website, http://www.championhomes.net .
SOURCE Champion Enterprises, Inc.
 back to top
Related links:
http://www.championhomes.net
Company News On-Call:
http://www.prnewswire.com/comp/110861.html
CONTACT:
Investor and Media Contacts: Anthony S.
Cleberg, Chief Financial Officer, +1-248-340-9090, or Colleen T.
Bauman, Investor Relations, +1-248-340-7731, both of Champion
Enterprises, Inc.
|
