United Mobile Homes, Inc. Reports First Quarter Earnings
11 5월 2005 - 4:49AM
PR Newswire (US)
United Mobile Homes, Inc. Reports First Quarter Earnings 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 3/31/05 3/31/04 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.
DATASOURCE: United Mobile Homes, Inc. CONTACT: Rosemarie Faccone or
Susan Jordan, United Mobile Homes, +1-732-577-9997
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