FREEHOLD, N.J., June 11 /PRNewswire-FirstCall/ -- United Mobile Homes,
Inc. (Amex: UMH) announced a new Stock Repurchase Program. Eugene W. Landy,
Chairman of the Board, stated that the Board of Directors has authorized the
expenditure of up to $3.5 million to repurchase up to 5% of the Company's
common stock over a period of one year. The Company will repurchase the
shares in the open market or in privately negotiated transactions from time to
time in compliance with the Securities and Exchange Commission's Rule 10b-18,
subject to market conditions, applicable legal requirements and other factors.
The number of shares of common stock actually acquired by the Company will
depend on subsequent developments and corporate needs, and the Repurchase
Program may be interrupted or discontinued at any time.
"This share repurchase program clearly demonstrates the confidence of the
Board of Directors and management in the long-term prospects of the Company
and is consistent with the Company's continuing efforts to enhance shareholder
value," said Mr. Landy. "Upon completion of the Stock Repurchase Program, the
Company may authorize additional repurchases."
United Mobile Homes, Inc. also announced that 29,400 shares had been
repurchased in the year ended December 31, 2001 under the prior year's
Repurchase Program.
United Mobile Homes, Inc., a publicly owned real estate investment trust,
owns and operates twenty-five manufactured home communities located in New
Jersey, New York, Pennsylvania, Ohio and Tennessee. In addition, the Company
owns a portfolio of REIT securities.
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SOURCE United Mobile Homes, Inc.
-0- 06/11/2002
/CONTACT: Rosemarie Faccone of United Mobile Homes, +1-732-577-9997/
(UMH)
CO: United Mobile Homes, Inc.
ST: New Jersey
IN: CST RLT FIN
SU:
FB
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6679 06/11/200212:09 EDThttp://www.prnewswire.com