United Mobile Homes, Inc. Reports Nine-Month Earnings

11/09/2005

FREEHOLD, N.J., Nov. 9 /PRNewswire-FirstCall/ -- United Mobile Homes, Inc. (Amex: UMH) reported net income of $5,544,000 or $0.59 a share for the nine months ended September 30, 2005, as compared to net income of $6,385,000 or $0.75 a share for the nine months ended September 30, 2004 (restated).

A summary of significant financial information for the three months and nine months ended September 30, 2005 and 2004 (restated) is as follows:

                                            For the Three Months Ended
                                             9/30/059/30/04
                                                           (Restated) (1)

    Total Revenues                         $11,248,000       $8,131,000
    Net Income                              $2,260,000       $1,098,000
    Net Income Per Share                         $0.24            $0.13
    Weighted Average Shares Outstanding      9,567,000        8,723,000


                                             For the Nine Months Ended
                                             9/30/059/30/04
                                                            (Restated) (1)

    Total Revenues                         $29,108,000      $25,675,000
    Net Income                              $5,544,000       $6,385,000
    Net Income Per Share                         $0.59            $0.75
    Weighted Average Shares Outstanding      9,392,000        8,486,000

     (1) Restatement relating to the treatment of various interest rate
         swaps.  Restatement resulted in an increase in interest expense of
         approximately $92,000 and a decrease in interest expense of
         approximately $249,000, for the three and nine months ended
         September 30, 2004, respectively.

The increase in net income for the three months ended September 30, 2005 as compared to the three months ended September 30, 2004 is due mainly to the Company recognizing a $141,000 gain on settled futures contracts for the third quarter of 2005 as compared to a $454,000 loss for the third quarter of 2004, and a reduction in interest expense of approximately $400,000 in 2005 due to the change in fair value of the Company's interest rate swaps.

Samuel A. Landy, President, stated, "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. In 2005, we experienced a net decrease in our gain on securities available for sales transactions of approximately $730,000. This includes the change in the fair market of our futures contracts. Our sales of manufactured homes continue to increase. Given our increased sales volume, we are optimistic that the fundamental business of owning and operating our communities will improve."

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-                             11/09/2005
    /CONTACT:  Rosemarie Faccone or Susan Jordan, +1-732-577-9997, both of
United Mobile Homes, Inc./
    (UMH)

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

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