Stronger profits from improved operating margins, higher factory
backlogs and continued modular growth among third quarter highlights
AUBURN HILLS, Mich., Oct. 21 /PRNewswire-FirstCall/ -- Champion
Enterprises, Inc. (NYSE: CHB), a leader in the factory-built housing industry,
today reported results for its third quarter and nine months ended October 2,
2004. For the quarter, net income was $10 million, or $0.12 per diluted
share, compared to a loss of $81 million, or $1.41 per diluted share, in the
comparable quarter of 2003. Revenues for the quarter were $316 million, up
from $311 million in the third quarter of 2003.
Champion's improved results reflect the company's continuing progress in
improving operations, which reported stronger margins on a modest 2% increase
in net sales. Comparisons of year-over-year net sales, income (loss) from
continuing operations and net income (loss) are shown below:
Three months ended Nine months ended
(In millions, Oct. 2, Sept. 27, Oct. 2, Sept. 27,
except per share) 2004 2003 2004 2003
Net sales $315.7 $310.9 $858.9 $849.4
Income (loss)-
cont. operations $10.0 ($71.6)* $18.0 ($79.7)*
Per diluted share $0.12 ($1.25) $0.23 ($1.49)
Net income (loss) $10.0 ($81.1)* $19.1 ($99.5)*
Per diluted share $0.12 ($1.41) $0.24 ($1.84)
*Included $34 million of goodwill impairment charges and $29 million of
expenses for the closure of retail sales centers and homebuilding facilities.
2004 Third Quarter Highlights
* Pretax internal operating results (per the table below) improved year-
over-year by $17.6 million for the quarter and $42.8 million year-to-date;
* In the third quarter, an 8.2% margin, or $22.1 million of segment
income, was reported by manufacturing operations on net sales of $269 million;
* Manufacturing backlogs at quarter end totaled $116 million, an 81%
improvement from a year earlier and a 29% improvement from this year's second
quarter end level;
* Year-over-year modular homes sold increased 24% for the quarter and 34%
for the year, representing 14% of total manufacturing home shipments and 18%
of manufacturing revenues in the nine-month period;
* Retail operations reported segment income of $1.6 million, or 2.2% of
net sales;
* During the quarter, $17 million in cash flow was generated from
continuing operations even with a working capital increase of $12 million; and
* Cash and cash equivalents increased to $133 million.
Management Comments and Outlook
William Griffiths, President and Chief Executive Officer, commented, "We
are pleased with the results reported today, particularly with the progress
our core manufacturing operations continue to make. Despite business
interruption in the southeast due to the recent hurricanes and continued
escalation in commodity costs, margins for this segment improved to 8.2%.
This manufacturing profitability is the highest level reported since the third
quarter of 1998, prior to the start of the industry downturn. These results
are a reflection of the company's focus on productivity enhancements and set
the stage for future margin improvement.
"We are encouraged that our modular business continued to build momentum,
helping to offset continued weak HUD Code shipments. Further development of
our modular platform will continue to be an important part of our strategy.
We also remain committed to achieving continued productivity gains at our
manufacturing and retail locations, while strengthening our regional
operations and focus. Our strong cash balances and lower debt levels position
us well for growth opportunities," Griffiths 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 factory-built housing because restructuring charges,
non-cash capital structure related items, goodwill impairment charges and
income taxes are excluded:
Three months ended Nine months ended
(In millions) Oct. 2, Sept. 27, Better/ Oct. 2, Sept. 27, Better/
2004 2003 (worse) 2004 2003 (worse)
Manufacturing
segment inc. $21.1 $12.6** $8.5 $43.3 $18.8** $24.5
Retail segment
inc. (loss) 1.6 (0.9)** 2.5 3.4 (4.4)** 7.8
General corporate
expenses (6.5) (10.4) 3.9 (19.4) (24.1) 4.7
Intercompany
eliminations 0.2 (0.1)** 0.3 (0.5) 0.5** (1.0)
Interest expense,
net (4.3) (6.7) 2.4 (13.8) (20.6) 6.8
Pretax internal
operating
results 12.1 (5.5)** 17.6 13.0 (29.8)** 42.8
Restructuring
reversal
(charges) 1.0 (29.0) 30.0 1.0 (29.0) 30.0
Mark-to-market
charge for
stock warrants (2.3) (2.5) 0.2 (3.5) (2.5) (1.0)
Debt retirement
(loss) gain - - - (2.8) 13.8 (16.6)
Goodwill impairment
charges - (34.2) 34.2 - (34.2) 34.2
Income tax (expense)
benefits (0.8) (0.4) (0.4) 10.3 2.0 8.3
Income (loss)-
cont. operations 10.0 (71.6) 81.6 18.0 (79.7) 97.7
Income (loss)-
discont.
operations - (9.5) 9.5 1.1 (19.8) 20.9
Net income (loss) $10.0 ($81.1) $91.1 $19.1 ($99.5) $118.6
** Before restructuring charges and closing related expenses of $22.7
million for manufacturing and $8.4 million for retail, while intercompany
eliminations is before $2.1 million of related income.
Manufacturing - In the third quarter of 2004, manufacturing net sales
increased to $269 million from $261 million in the year earlier period and
segment income rose to $22.1 million, or 8.2% of revenues, from a loss a year
ago. In the third quarter of 2003, the manufacturing segment reported a loss
of $10.1 million, which included $20.6 million of restructuring charges and a
$2.1 million warranty provision for previously closed facilities. On a per
plant basis, the company's incoming order rate increased 8% for the quarter
compared to a year earlier. Based on the most recently available MHI data,
Champion's HUD Code wholesale market share rose to 15.2% for the July and
August period from 15.0% year-to-date June and 14.3% year-to-date March.
Retail - For the quarter ended October 2, 2004, Champion's retail
operations reported segment income of $1.6 million, consisting of $1.9 million
of income at ongoing locations and $0.3 million of costs for closed lots. The
quarter's results improved from a loss of $9.4 million in the third quarter of
2003, which included $8.4 million of restructuring charges. Year-over-year
same store quarterly net sales increased 9%, while total net sales were down
3% due to the company operating an average of 18% fewer locations offset by a
34% increase in the average new home selling price.
Other - Results in the third quarter and year-to-date periods of 2004
included mark-to-market charges of $2.3 million and $3.5 million,
respectively, related to the company's outstanding common stock warrants for
2.2 million shares as a result of the increase in Champion's common stock
price during the periods. Net interest expense decreased 36% versus the year
earlier quarter as a result of debt reduction completed in 2003 and 2004. In
the 2004 year-to-date period, a net loss of $2.8 million was recorded related
to debt retirement and a $12 million income tax benefit was recorded as a
result of decreasing the allowance for tax adjustments. In addition, $1.1
million of income from discontinued operations resulted from the settlement of
contractual obligations in the year-to-date period of 2004. Prior year
general corporate expenses for the quarter included $4.4 million of severance
costs related to the termination of certain executive officers.
Financial Position
At the end of September 2004, cash and cash equivalents totaled $133
million, increasing from $116 million a quarter earlier, and long-term debt
was $201 million. Net debt (total debt less cash and cash equivalents)
decreased at quarter end to 46% of total net capital, or to $83 million from
$114 million at the start of the year and $161 million a year ago. During the
quarter, the company generated $16.8 million in cash flow from continuing
operations despite a $12 million increase in working capital. This increase
in working capital was driven primarily by a temporary increase in accounts
receivable and higher raw material costs in inventory.
Conference Call
Mr. Griffiths and Mrs. Knight will review results in a conference call for
investors and analysts beginning at 11:00 a.m. eastern time tomorrow. To
participate in the conference call, please call the number below:
Dial-in #: (866) 800-8648
Pass code #: 58638714
A replay of the conference call will be available after 1:00 p.m. eastern
time tomorrow through midnight on Friday, October 29, 2004. The recording may
be heard by dialing the number below:
Dial-in #: (888) 286-8010
Pass code #: 61880346
The live call and the replay can also be accessed using the company's
website.
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 77 retail locations in
17 states. Independent retailers, including 825 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 the company's financial position, growth opportunities, improved
operations, balance sheet strength and manufacturing backlog levels, 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 Nine Months Ended
Oct. 2, Sept. 27, % Oct. 2, Sept. 27, %
2004 2003 Change 2004 2003 Change
Net sales:
Manufacturing $269,498 $260,997 3% $748,437 $733,261 2%
Retail 72,976 74,948 (3%) 186,728 203,109 (8%)
Less: intercompany (26,800) (25,011) (76,300) (86,986)
Total net sales 315,674 310,934 2% 858,865 849,384 1%
Cost of sales (1) 257,406 271,117 (5%) 712,385 728,044 (2%)
Gross margin 58,268 39,817 46% 146,480 121,340 21%
Selling, general and
administrative
expenses 40,890 47,552 (14%) 118,670 139,434 (15%)
Mark-to-market charge
for common stock
warrants (2) 2,300 2,500 3,500 2,500
Loss (gain) on debt
retirement (3) - - 2,776 (13,833)
Goodwill impairment
charges (1) - 34,183 - 34,183
Restructuring charges (1) - 20,100 - 20,100
Operating income
(loss) 15,078 (64,518) 123% 21,534 (61,044) 135%
Interest expense, net 4,271 6,667 (36%) 13,854 20,644 (33%)
Income (loss) from
continuing operations
before income taxes (4) 10,807 (71,185) 115% 7,680 (81,688) 109%
Income tax expense
(benefits) (5) 800 450 (10,300) (1,950)
Income (loss) from
continuing operations 10,007 (71,635) 114% 17,980 (79,738) 123%
Income (loss) from
discontinued
operations
net of taxes (6) (18) (9,461) 1,118 (19,756)
Net income (loss) $9,989 $(81,096) 112% $19,098 $(99,494) 119%
Income (loss) from
continuing operations $10,007 $(71,635) $17,980 $(79,738)
Less: preferred stock
dividends (259) (164) (678) (619)
Less: amount allocated
to participating
securities (7) (674) - (1,146) -
Less: charge to
retained earnings for
induced preferred
stock conversion (2) - - - (3,488)
Income (loss) from
continuing operations
available to common
shareholders $9,074 $(71,799) 113% $16,156 $(83,845) 119%
Basic income (loss)
per share (7):
Income (loss) from
continuing
operations $0.13 $(1.25) 110% 0.23 $(1.49) 115%
Income (loss) from
discontinued
operations - (0.16) 0.02 (0.35)
Net income (loss) $0.13 $(1.41) 109% $0.25 $(1.84) 114%
Weighted shares for
basic EPS 71,300 57,498 70,020 56,260
Diluted income (loss)
per share (7):
Income (loss) from
continuing
operations $0.12 $(1.25) 110% $0.23 $(1.49) 115%
Income (loss) from
discontinued
operations - (0.16) 0.01 (0.35)
Net income (loss) $0.12 $(1.41) 109% $0.24 $(1.84) 113%
Weighted shares for
diluted EPS 72,522 57,498 71,610 56,260
See accompanying Notes to Financial Information.
CHAMPION ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
Unaudited Unaudited Unaudited
Oct. 2, July 3, January 3, Sept. 27,
Assets 2004 2004 2004 2003
Cash and cash equivalents $132,707 $115,868 $145,868 $144,796
Restricted cash 529 631 8,341 522
Accounts receivable, trade 40,173 30,673 13,773 41,958
Inventories 124,012 119,104 98,824 110,944
Current assets of discontinued
operations (6) - - - 1,650
Other current assets 13,484 19,381 18,325 15,072
Total current assets 310,905 285,657 285,131 314,942
Property, plant and equipment, net 90,874 93,524 95,821 99,164
Goodwill 126,553 126,516 126,537 126,501
Non-current assets of discontinued
operations (6) 9 15 68 70
Other non-current assets 18,817 19,274 20,743 21,693
$547,158 $524,986 $528,300 $562,370
Liabilities, Redeemable
Convertible Preferred Stock
and Shareholders' Equity (Deficit)
Floor plan payable $13,861 $14,058 $14,123 $14,842
Accounts payable 36,200 33,806 26,724 42,902
Current liabilities of
discontinued operations (6) 108 190 3,173 4,047
Other accrued liabilities 160,842 155,506 167,624 181,794
Total current liabilities 211,011 203,560 211,644 243,585
Long-term debt (3) 201,323 201,627 245,468 290,510
Other long-term liabilities 39,117 36,816 47,510 51,416
Redeemable convertible preferred
stock (2) 20,750 20,750 8,689 8,629
Shareholders' equity (deficit) 74,957 62,233 14,989 (31,770)
$547,158 $524,986 $528,300 $562,370
See accompanying Notes to Financial Information.
CHAMPION ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED CASH FLOW STATEMENTS (UNAUDITED)
(In thousands)
Three Months Ended Nine Months Ended
Oct. 2, Sept. 27, Oct. 2, Sept. 27,
2004 2003 2004 2003
Income (loss) from continuing
operations $10,007 $(71,635) $17,980 $(79,738)
Adjustments:
Depreciation 2,713 3,839 8,666 12,215
Mark-to-market charge for
common stock warrants (2) 2,300 2,500 3,500 2,500
Loss (gain) on debt retirement (3) - - 2,776 (13,833)
Goodwill impairment charges (1) - 34,183 - 34,183
Fixed asset impairment charges,
net (1) (127) 17,181 (840) 15,347
Changes in cash collateral
deposits (8) - - - 9,600
Refundable income taxes 2,747 171 3,123 60,920
Decrease in allow. for tax
adjustments (5) - - (12,000) -
Changes in working capital (12,014) 11,181 (42,112) (7,090)
Changes in accrued liabilities 10,360 21,605 (125) 13,008
Other 825 3,370 3,116 8,588
Cash provided by (used for)
continuing operations 16,811 22,395 (15,916) 55,700
Income (loss) from discontinued
operations (18) (9,461) 1,118 (19,756)
(Increase) decrease in net assets
of discontinued operations (23) 14,796 (3,006) 25,076
Cash (used for) provided by
discontinued operations (6) (41) 5,335 (1,888) 5,320
Additions to property, plant and
equipment (2,335) (1,313) (6,465) (4,368)
Acquisition related deferred
purchase price payments - - - (3,882)
Proceeds on disposal of fixed
assets 2,405 117 3,645 5,193
Other (54) (103) (163) (446)
Cash provided by (used for)
investing activities 16 (1,299) (2,983) (3,503)
Decrease in floor plan payable, net (197) (4,611) (262) (2,305)
Repayment of industrial revenue
bond and other debt (311) (154) (6,340) (480)
Purchase of Senior Notes (3) - - (10,395) (35,830)
Decrease in restricted cash (8) 178 142 7,888 50,371
Preferred stock issued, net - - 12,000 -
Decrease in short-term borrowings - (7,000) - -
Common stock issued, net 642 764 5,154 1,064
Dividends paid on preferred stock (259) (169) (419) (937)
Deferred financing costs - (43) - (1,985)
Cash provided by (used for)
financing activities 53 (11,071) 7,626 9,898
Increase (decrease) in cash and
cash equivalents 16,839 15,360 (13,161) 67,415
Cash and cash equivalents
at beginning of period 115,868 129,436 145,868 77,381
Cash and cash equivalents
at end of period $132,707 $144,796 $132,707 $144,796
See accompanying Notes to Financial Information.
CHAMPION ENTERPRISES, INC. AND SUBSIDIARIES
NOTES TO FINANCIAL INFORMATION (UNAUDITED)
(1) During the quarter ended September 27, 2003, the company recorded
$29.0 million in pretax restructuring charges and other costs related to the
closing of manufacturing facilities and retail sales centers, which included
$8.9 million recorded in cost of sales. By segment, these charges were as
follows: $22.7 million for manufacturing, $8.4 million for retail and $2.1
million of income for intercompany eliminations. In addition, retail goodwill
impairment charges for the period totaled $34 million.
(2) As a result of increases in the company's common stock price, during
the three and nine months ended October 2, 2004 Champion recorded charges of
$2.3 million and $3.5 million, 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. A charge of $2.5 million
related to these warrants was recorded during the quarter ended September 27,
2003. 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.
(3) In the year-to-date period of 2004, the company recorded a net pretax
loss of $2.8 million from the purchase and retirement of $37.9 million of
Senior Notes due 2007 and 2009 for $10.4 million of cash and 3.9 million
shares of common stock. 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 cash payments totaling $35.8
million. As of the dates below, long-term debt consisted of the following (in
thousands):
Oct. 2, July 3, Jan. 3, Sept. 27,
2004 2004 2004 2003
Senior Notes due 2007 $97,510 $97,510 $111,010 $135,010
Senior Notes due 2009 89,273 89,273 113,715 134,450
Industrial revenue bonds 12,430 12,430 18,145 18,145
Other 2,110 2,414 2,598 2,905
$201,323 $201,627 $245,468 $290,510
Reduction
3 Months 9 Months 12 Months
Senior Notes due 2007 $- $(13,500) $(37,500)
Senior Notes due 2009 - (24,442) (45,177)
Industrial revenue bonds - (5,715) (5,715)
Other (304) (488) (795)
$(304) $(44,145) $(89,187)
(4) 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: Oct. 2, Related Sept. 27, Related %
2004 Sales 2003 Sales Change
Manufacturing segment inc. (loss) 22,092 8.2% $(10,111) (3.9%) 318%
Retail segment income (loss) 1,591 2.2% (9,360) (12.5%) 117%
General corporate expenses (6,505) (10,355) 37%
Mark-to-market charge for stock
warrants (2,300) (2,500)
Intercompany eliminations 200 1,991
Goodwill impairment charges - (34,183)
Interest expense, net (4,271) (6,667) 36%
Income (loss) from continuing
operations before income taxes $10,807 3.4% $(71,185) (22.9%) 115%
Nine months ended: Oct. 2, Related Sept. 27, Related %
2004 Sales 2003 Sales Change
Manufacturing segment inc.
(loss) $44,313 5.9% $(3,954) (0.5%) 1221%
Retail segment income (loss) 3,371 1.8% (12,780) (6.3%) 126%
General corporate expenses (19,374) (24,076) 20%
Mark-to-market charge for stock
warrants (3,500) (2,500)
(Loss) gain on debt retirement (2,776) 13,833
Intercompany eliminations (500) 2,616
Goodwill impairment charges - (34,183)
Interest expense, net (13,854) (20,644) 33%
Income (loss) from continuing
operations before income taxes $7,680 0.9% $(81,688) (9.6%) 109%
For the quarter ended October 2, 2004, manufacturing results included
income of $0.3 million and retail results included costs of $0.3 million
related to closed locations. For the nine months then ended, manufacturing
and retail segment income included net costs of $1.1 million and $0.4 million,
respectively, related to closed locations.
(5) 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.
(6) 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.
(7) EPS for periods reported reflect the adoption of EITF 03-6, 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.
(8) 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 October
2004, the company had $60.8 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
Oct. 2, Sept. 27, %
2004 2003 Change
MANUFACTURING
Homes sold
HUD Code
Multi-section 4,131 4,896 (16%)
Single-section 760 934 (19%)
Total HUD Code 4,891 5,830 (16%)
Modular 893 723 24%
Canadian 255 234 9%
Total homes sold 6,039 6,787 (11%)
Less: intercompany 493 597 (17%)
Homes sold to
independent retailers/builders 5,546 6,190 (10%)
Total floors sold 11,582 12,837 (10%)
Floors sold per average plant 399 378 6%
Multi-section mix 84% 83%
Average home prices
Total $43,000 $37,000 16%
HUD Code $40,000
Modular $54,800
Manufacturing facilities at period end 29 34 (15%)
RETAIL
Homes sold
New homes 639 1,014 (37%)
Pre-owned homes 309 327 (6%)
Total homes sold 948 1,341 (29%)
% Champion-produced new homes sold 89% 96%
New multi-section mix 93% 88%
Average number of new homes
in inventory per sales center
at period end 12.2 16.3 (25%)
Average new home retail price $106,100 $79,100 34%
Average number of new homes retail
sold per sales center per month 2.7 2.8 (4%)
Average number of total homes retail
sold per sales center per month 4.0 3.9 3%
Sales centers at period end 81 80 1%
CONSOLIDATED AT PERIOD END (in thousands)
Contingent repurchase obligations (est.) $250,000 $250,000
Shares issued and outstanding 71,422 58,400 22%
Nine Months Ended
Oct. 2, Sept. 27, %
2004 2003 Change
MANUFACTURING
Homes sold
HUD Code
Multi-section 12,126 14,371 (16%)
Single-section 2,151 2,511 (14%)
Total HUD Code 14,277 16,882 (15%)
Modular 2,425 1,808 34%
Canadian 696 693 0%
Total homes sold 17,398 19,383 (10%)
Less: intercompany 1,495 2,165 (31%)
Homes sold to
independent retailers/builders 15,903 17,218 (8%)
Total floors sold 33,343 36,686 (9%)
Floors sold per average plant 1,130 1,043 8%
Multi-section mix 85% 84%
Average home prices
Total $41,500 $36,400 14%
HUD Code $38,900
Modular $52,600
Manufacturing facilities at period end 29 34 (15%)
RETAIL
Homes sold
New homes 1,744 2,612 (33%)
Pre-owned homes 900 927 (3%)
Total homes sold 2,644 3,539 (25%)
% Champion-produced new homes sold 90% 95%
New multi-section mix 92% 86%
Average number of new homes
in inventory per sales center
at period end 12.2 16.3 (25%)
Average new home retail price $98,800 $75,700 31%
Average number of new homes retail
sold per sales center per month 2.5 2.4 4%
Average number of total homes retail
sold per sales center per month 3.7 3.4 9%
Sales centers at period end 81 80 1%
CONSOLIDATED AT PERIOD END (in thousands)
Contingent repurchase obligations (est.) $250,000 $250,000
Shares issued and outstanding 71,422 58,400 22%
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: 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.
|
