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
FB
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0657 11/09/200511:27 ESThttp://www.prnewswire.com