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United Mobile Homes, Inc. Reports Year-End Earnings

03/12/2004

FREEHOLD, N.J., March 12 /PRNewswire-FirstCall/ -- United Mobile Homes, Inc. (Amex: UMH) reported net income of $8,127,000 or $1.03 a share for the year ended December 31, 2003, as compared to net income of $6,512,000 or $.86 a share for the year ended December 31, 2002.

    A summary of significant financial information for the years ended
December 31, 2003 and 2002, and for the quarters ended December 31, 2003 and
2002, is as follows:

                                      For the Years Ended December 31,
                                          2003                2002

    Total Revenues                    $33,791,000         $29,424,000
    Total Expenses                    $25,719,000         $23,576,000
    Net Income                        $ 8,127,000         $ 6,512,000
    Net Income Per Share              $      1.03         $      0.86
    Weighted Average Shares
     Outstanding                        7,859,000           7,600,000

                                   For the Three Months Ended December 31,
                                         2003                 2002

    Total Revenues                     $8,916,000          $6,980,000
    Total Expenses                     $6,878,000          $6,007,000
    Net Income                         $2,043,000          $1,646,000
    Net Income Per Share               $     0.25          $     0.22
    Weighted Average Shares
     Outstanding                        8,167,000           7,643,000

Samuel A. Landy, President, stated, "United had an excellent year. Earnings have continued to rise. Over the past three years, we have raised the dividend every quarter. We anticipate continued dividend growth in 2004. We have also gained inclusion in the Morgan Stanley REIT Index. Management hopes to continue our positive trend in 2004 barring any unforeseen developments."

United Mobile Homes, Inc., a publicly-owned real estate investment trust, owns and operates twenty-seven 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-                             03/12/2004
    /CONTACT:  Rosemarie Faccone or Susan Jordan of United Mobile Homes,
+1-732-577-9997/
    (UMH)

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



DP 
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6301 03/12/200411:44 ESThttp://www.prnewswire.com

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