View all news

United Mobile Homes, Inc. Reports First Quarter Earnings

05/10/2005

FREEHOLD, N.J., May 10 /PRNewswire-FirstCall/ -- United Mobile Homes, Inc. (Amex: UMH) reported net income of $2,456,000 or $0.27 a share for the quarter ended March 31, 2005, as compared to $3,155,000 or $0.38 a share for the quarter ended March 31, 2004 (restated).

A summary of significant financial information for the three months ended March 31, 2005 and 2004 (restated) is as follows:

                                    For the Three Months Ended
                                      3/31/053/31/04
                                                  Restated (1)

    Total Revenues                  $8,543,000    $9,466,000
    Total Expenses                  $6,080,000    $6,306,000
    Net Income                      $2,456,000    $3,155,000
    Net Income Per Share                 $0.27         $0.38
    Weighted Avg. Shs. Outstanding   9,213,000     8,257,000

    (1) Restatement relating to treatment of various interest rate swaps.
        Restatement resulted in an increase to interest expense of
        approximately $123,000.

Samuel A. Landy, President, stated, "The business of United Mobile Homes, Inc. is the ownership and operation of land leased manufactured housing communities and the sale of manufactured homes into these communities. Manufactured home community occupancy for United is stable. Our sales of manufactured homes into our communities are increasing. United also maintains a portfolio of REIT securities, engages in hedging transactions involving the sale of ten-year treasury notes, and maintains interest rate swaps."

Mr. Landy further stated, "In the first quarter of 2005, we recorded gains on sales of securities available for sale of $633,000, as compared to $1,820,000 for the first quarter of 2004. Accounting for our interest rate swaps required us to reduce interest rate costs for the quarter by $500,000. Income and expense from our securities portfolio, our derivative position and our interest rate swaps are volatile, and quarterly numbers may not be an indication of a full year's results. United has substantial cash and borrowing power available should investment opportunities arise."

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-                             05/10/2005
    /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

FB
-- PHTU051 --
8733 05/10/200514:49 EDThttp://www.prnewswire.com

Multimedia Files:

View all news