[2] Palm Harbor Reports Third Quarter Gains.Business Editors DALLAS--(BUSINESS WIRE)--Jan. 19, 2000 Palm Harbor Homes, Inc. (Nasdaq/NM:PHHM) -- Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased to $187.6 million versus $186.1 million. -- Net income rose to $9.5 million versus $9.4 million. -- Earnings per share increased to $0.41 versus $0.40. Palm Harbor Homes, Inc. (Nasdaq/NM:PHHM) today reported gains in net sales and net income for the third quarter and first nine months of the Company's 2000 fiscal year. Net sales for the quarter totaled $187.6 million compared with $186.1 million in the year-earlier period. Net income for the period rose to $9.5 million compared with $9.4 million, and earnings per share rose to $0.41 versus $0.40 per share a year ago. This represents the 31st consecutive quarter of record earnings. The results for the quarter brought net sales for the first nine months to $599.9 million compared with $581.0 million in the year-earlier period. Net income for the first nine months rose to $31.6 million compared with $30.0 million, and earnings per share increased to $1.35 versus $1.26 per share a year ago. "Our performance during the third fiscal quarter highlights the unique benefits of our business model," remarked Lee Posey A posey can be a flower bouquet. As a surname it is of French and English origins, originating and or derived from the greek word Desposyni. People whose surname is or was Posey include:
tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future. "Our focus is to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. current conditions as an opportunity to build Palm Harbor's market share. Our reputation for value, quality and reliable follow-on fol·low-on adj. Following as a related or consequent aspect or development: "Such contracts involve follow-on sales of maintenance services" Christian Science Monitor. service are core assets that we have established by following a sound strategic plan, including building a fully integrated organization. Inventories at our company-owned superstores This is a list of superstores by country. Multi-national
Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. , shareholders' equity of $212.0 million and annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on beginning equity of 22%. We are being aided by the generally positive factors of relatively high employment levels, credit availability and consumer confidence. While we are confident that the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. fundamentals of our industry are sound, current demand is being impacted by the tightening of credit standards Credit Standards The guidelines a company follows to determine whether a credit applicant is creditworthy. for the marginal credit risk. We are convinced that the fundamental role of the manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use. In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected industry will continue to strengthen and that our emphasis on customer satisfaction will provide a sound platform for Palm Harbor's future progress. Customer satisfaction is our greatest ally in a hostile marketplace." Palm Harbor Homes is one of the nation's leading manufacturers and marketers of multi-section manufactured homes. The Company markets nationwide through vertically integrated operations, encompassing manufacturing, marketing, financing and insurance.
PALM HARBOR HOMES, INC.
Condensed Consolidated Financial Results
(Unaudited)
Third Quarter Ended
-----------------------------
December 31, December 25,
1999 1998
----------- -----------
Net sales $187,617,000 $186,054,000
Net income 9,474,000 9,440,000
Net income per share -
basic and diluted $ 0.41 $ 0.40
Nine Months Ended
----------------------------
December 31, December 25,
1999 1998
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Net sales $599,870,000 $581,037,000
Net income 31,596,000 29,990,000
Net income per share -
basic and diluted $ 1.35 $ 1.26
This press release contains projections and other forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company's current views with respect to future events and financial performance. No assurance can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company's periodic reports filed with the Securities and Exchange Commission. |
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