News Details

FREEHOLD, N.J., Aug. 10 /PRNewswire-FirstCall/ -- United Mobile Homes, Inc. (Amex: UMH) reported net income of $3,285,000 or $0.35 a share for the six months ended June 30, 2005, as compared to $5,287,000 or $0.63 a share for the six months ended June 30, 2004 (restated).

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

                                           Three Months Ended June 30,
                                              2005            2004
                                                           Restated (1)

     Total Income                           $9,317,000      $8,078,000
     Total Expenses                         $8,480,000      $5,940,000
     Net Income                             $  828,000      $2,132,000
     Income Per Share                       $  0.09         $  0.25
     Weighted Avg. Shares Outstanding        9,406,000       8,481,000


                                            Six Months Ended June 30,
                                              2005            2004
                                                           Restated (1)

     Total Revenues                        $17,860,000     $17,544,000
     Total Expenses                        $14,560,000     $12,245,000
     Net Income                            $ 3,285,000     $ 5,287,000
     Income Per Share                      $   0.35        $   0.63
     Weighted Avg. Shares Outstanding        9,306,000       8,368,000

     (1) Restatement relating to the treatment of various interest rate swaps.
         Restatement resulted in a decrease in interest expense of
         approximately $463,000 and $341,000 for the three and six months
         ended June 30, 2004, respectively.

Samuel A. Landy, President, stated, "In 2005, we recorded gains on sales of securities available for sale of $955,000, as compared to $2,134,000 for 2004. 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. Our sales of manufactured homes continue to increase. Given our increased sales volume, United is optimistic that the fundamental business of owning and operating our communities will improve in the second half of this year."

United Mobile Homes, Inc., a publicly owned real estate investment trust, 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-                             08/10/2005
    /CONTACT:  Rosemarie Faccone or Susan Jordan of United Mobile Homes, Inc.,
+1-732-577-9997/
    (UMH)

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

PD
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0087 08/10/200515:31 EDThttp://www.prnewswire.com