FREEHOLD, N.J., March 31 /PRNewswire-FirstCall/ -- United Mobile Homes,
Inc. (Amex: UMH) reported net income of $8,202,000 or $0.95 a share for the
year ended December 31, 2004, as compared to net income of $8,518,000 or $1.08
a share for the year ended December 31, 2003 (restated).
A summary of significant financial information for the years ended
December 31, 2004 and 2003 (restated), and for the quarters ended December 31,
2004 and 2003, is as follows:
For the Years Ended December 31,
(restated)
2004 2003
Total Revenues $34,358,000 $33,791,000
Total Expenses $26,177,000 $23,329,000
Net Income $8,202,000 $8,518,000
Net Income Per Share $0.95 $1.08
Weighted Average Shares Outstanding 8,599,000 7,859,000
For the Three Months Ended December 31,
2004 2003
Total Revenues $8,683,000 $8,916,000
Total Expenses $6,878,000 $6,682,000
Net Income $1,817,000 $2,239,000
Net Income Per Share $0.20 $0.28
Weighted Average Shares Outstanding 9,085,000 7,996,000
Samuel A. Landy, President, stated, "United had an excellent year in 2004.
It marked United's 13th consecutive year of dividend growth. United is very
proud of its long-term track record of dividend payments. Management hopes to
continue our positive trend in 2005 barring any unforeseen developments.
Although net income was higher in the previous year, this was due to greater
realized gains on securities transactions as well as greater interest and
dividend income. Our securities available for sale were substantially less
this year and therefore generated less income. United has substantial funds to
invest and will continue to do so in a conservative manner."
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- 03/31/2005
/CONTACT: Rosemarie Faccone or Susan Jordan, both of United Mobile Homes,
Inc., +1-732-577-9997/
(UMH)
CO: United Mobile Homes, Inc.
ST: New Jersey
IN: RLT FIN
SU: ERN
MR
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9943 03/31/200515:00 ESThttp://www.prnewswire.com