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United Mobile Homes, Inc. Reports First Quarter Earnings


FREEHOLD, N.J., May 14 /PRNewswire-FirstCall/ -- United Mobile Homes, Inc. (Amex: UMH) reported net income of $1,802,000 or $0.23 a share for the quarter ended March 31, 2003, as compared to $1,852,000 or $0.25 a share for the quarter ended March 31, 2002.

A summary of significant financial information for the three months ended March 31, 2003 and 2002 is as follows:

                                           For the Three Months Ended

    Total Revenues                          $7,751,000$7,069,000
    Total Expenses                          $5,955,000$5,221,000
    Net Income                              $1,802,000$1,852,000
    Net Income Per Share                    $     0.23$     0.25
    Weighted Average Shares Outstanding      7,693,000      7,551,000

United Mobile Homes, Inc., a publicly-owned REIT, 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.

SOURCE  United Mobile Homes, Inc.
    -0-                             05/14/2003
    /CONTACT:  Rosemarie Faccone of United Mobile Homes, Inc.,

CO:  United Mobile Homes, Inc.
ST:  New Jersey

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7195 05/14/200315:29 EDT

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