AMERICAN HOMESTAR CORPORATION ANNOUNCES RECORD RESULTS FOR THIRD QUARTER OF FISCAL 1997.HOUSTON--(BUSINESS WIRE)--March 17, 1997-- NET INCOME UP 53% American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Homestar Corporation (Nasdaq/NM:HSTR HSTR Harry S Truman National Historic Site (US National Park Service) HSTR High Speed Token Ring ) today announced record results for both the third fiscal quarter and the nine months ended February February: see month. 28, 1997. For the quarter, revenues increased 58% to $84.4 million from $53.4 million in the year-earlier period. Net income for the third quarter increased 53% to $3.1 million, or $0.28 per share on 11.2 million average shares outstanding compared with net income of $2.0 million, or $0.21 per share on 9.8 million shares outstanding in the prior-year period. Revenues for the first nine months of fiscal 1997 increased 47% to $240.4 million from revenues of $163.9 million in the comparable period last year. Net income for the first nine months of fiscal 1997 increased 51% to $9.7 million, or $0.87 per share on 11.2 million average shares outstanding compared with net income of $6.4 million, or $0.67 per share on 9.7 million average shares outstanding in the first nine months of last year. The 15% and 16% increases in the shares outstanding for the third quarter and nine months ended February 28, 1997, reflects the offering of 1.3 million shares in March 1996. All share and per share amounts have been adjusted to reflect a five-for-four stock split in February 1997. American Homestar is one of the leading vertically integrated 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 companies. The Company operates a total of eight manufacturing plants, 49 Company-owned retail centers, and serves over 300 independent retail locations in 24 states. The Company also provides retail financing through its finance affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. , 21st Century Mortgage, and provides insurance and transportation services to its customers. The Company recently announced the planned acquisition of Brilliant Homes in Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). which, when completed on June June: see month. 1, 1997, will add three new manufacturing plants to the Company's network. -0-
AMERICAN HOMESTAR CORPORATION
Comparative Operating Summary
Three Months Ended
February 28, February 29,
Third Quarter - Fiscal 1997 1997 1996
Average New Home Retail Selling Price $ 45,794 $ 43,698
New Homes Sold at Retail 1,012 914
Manufacturing Shipments (1) 1,699 855
Retail Internalization Rate (2) 75% 65%
Sales $78,550,867 $48,452,340
Total Revenues $84,388,573 $53,427,128
Operating Income $ 6,696,275 $ 4,193,535
Net Income $ 3,109,907 $ 2,028,322
Earnings per Common Share $ 0.28 $ 0.21 (3)
Weighted Average Number of Common
Shares Outstanding 11,226,403 9,754,251 (3)
Nine Months Ended
February 28, February 29,
First Nine Months - Fiscal 1997 1997 1996
Average New Home Retail Selling Price $ 45,509 $ 43,141
New Homes Sold at Retail 3,277 2,726
Manufacturing Shipments (1) 4,505 2,571
Retail Internalization Rate (2) 70% 59%
Sales $221,446,589 $147,700,276
Total Revenues $240,400,486 $163,890,795
Operating Income $ 19,607,939 $13,049,504
Net Income $ 9,713,129 $ 6,423,479
Earnings per Common Share $ 0.87 $ 0.67 (3)
Weighted Average Number of Common
Shares Outstanding 11,197,816 9,658,073 (3)
(1) Including shipments to Company-owned retail locations.
(2) Percentage of new homes sold at retail which were also
manufactured by the Company.
(3) Adjusted to reflect the five-for-four stock split on February 7,
1997.
CONTACT: American Homestar Corp., Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; Craig Reynolds Craig Reynolds can refer to:
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