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United Mobile Homes, Inc. Reports Year-End Earnings

03/28/2003

FREEHOLD, N.J., March 28 /PRNewswire-FirstCall/ -- United Mobile Homes, Inc. (Amex: UMH) reported net income of $6,512,000 or $.86 a share for the year ended December 31, 2002, as compared to net income of $5,550,000 or $0.74 a share for the year ended December 31, 2001.

    A summary of significant financial information for the years ended
December 31, 2002 and 2001, and for the quarters ended December 31, 2002 and
2001, is as follows:


                                          For the Years Ended December 31,
                                            2002                    2001

    Total Revenues                       $29,424,000            $26,882,000
    Total Expenses                       $23,576,000            $21,304,000
    Net Income                            $6,512,000             $5,550,000
    Net Income Per Share                       $0.86                  $0.74
    Weighted Average Shares Outstanding    7,600,000              7,458,000


                                      For the Three Months Ended December 31,
                                              2002                  2001

    Total Revenues                        $6,980,000             $6,482,000
    Total Expenses                        $6,007,000             $5,679,000
    Net Income                            $1,646,000               $789,000
    Net Income Per Share                       $0.22                  $0.10
    Weighted Average Shares Outstanding    7,643,000              7,516,000

United Mobile Homes, Inc., a publicly owned real estate investment trust, owns and operates twenty-five manufactured home communities located in New York, New Jersey, Pennsylvania, Ohio and Tennessee. In addition, the Company owns a portfolio of REIT securities.

SOURCE  United Mobile Homes, Inc.
    -0-                             03/28/2003
    /CONTACT:  Rosemarie Faccone, United Mobile Homes, +1-732-577-9997/
    (UMH)

CO:  United Mobile Homes, Inc.
ST:  New Jersey
IN:  RLT FIN
SU:  ERN


MZ 
-- PHF017 --
5144 03/28/2003 11:22 EST http://www.prnewswire.com

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