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
3/31/043/31/03
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,
+1-732-577-9997/
(UMH)
CO: United Mobile Homes, Inc.
ST: New Jersey
IN: RLT FIN
SU: ERN
MR
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9605 05/07/200415:57 EDThttp://www.prnewswire.com