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United Mobile Homes, Inc. Reports First Quarter Earnings


FREEHOLD, N.J., May 7 /PRNewswire-FirstCall/ -- United Mobile Homes, Inc. (Amex: UMH) reported net income of $3,278,000 or $0.40 a share for the quarter ended March 31, 2004, as compared to $1,802,000 or $0.23 a share for the quarter ended March 31, 2003.

A summary of significant financial information for the three months ended March 31, 2004 and 2003 is as follows:

                                                 For the Three Months Ended

    Total Revenues                                $9,466,000     $7,751,000
    Total Expenses                                $6,183,000     $5,955,000
    Net Income                                    $3,278,000     $1,802,000
    Net Income Per Share                               $0.40          $0.23
    Weighted Avg Shs Outstanding                   8,257,000      7,693,000

Samuel A. Landy, President, stated, "The first quarter of 2004 was an excellent quarter due to the Company taking advantage of the gains in our REIT securities portfolio. We recorded gains on sale of securities available for sale of $1,820,000 for the first quarter of 2004 as compared to $195,000 for the first quarter of 2003."

United Mobile Homes, Inc., a publicly-owned REIT, owns and operates twenty-seven 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-                             05/07/2004
    /CONTACT:  Rosemarie Faccone or Susan Jordan, United Mobile Homes,

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

-- PHF032 --
9605 05/07/200415:57 EDT

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