AMERICAN HOMESTAR CORPORATION ANNOUNCES RESULTS FOR FIRST QUARTER OF FISCAL 1998.HOUSTON--(BUSINESS WIRE)--Sept. 25, 1997--American Homestar Corporation (Nasdaq/NM: HSTR HSTR Harry S Truman National Historic Site (US National Park Service) HSTR High Speed Token Ring ) today announced results for the first quarter ended August 31, 1997. Revenues for the quarter increased 51% to $124.7 million from revenues of $82.5 million in the first quarter of fiscal 1997. Net income from operations rose 43% to $4.5 million, or $0.38 per share on 12.0 million average shares outstanding, compared with $3.2 million, or $0.27 per share on 11.7 million average shares outstanding, in the first quarter of last year. Net income from operations for the current quarter excludes two non-recurring charges totaling $2.7 million (after tax), or $0.23 per share, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the acquisition of Brilliant Homes and to the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt. Including these non-recurring charges, net income for the first quarter of fiscal 1998 was $1.8 million, or $0.15 per share. All share and per share amounts have been adjusted to reflect the five-for-four stock split effected in February 1997 and the effects of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 128 governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. the calculation and reporting of earnings per share. In addition, all prior-year amounts, including operating data, have been restated to include the results of Brilliant Homes as if it had been acquired on June 1, 1996. This restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. is required under the pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. accounting method used for this acquisition. Commenting on the results, Craig Reynolds Craig Reynolds can refer to:
v. 1. To consume and incorporate nutrients into the body after digestion. 2. To transform food into living tissue by the process of anabolism. these new operations while expanding and solidifying so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our retail distribution network. The benefits of vertical integration, clearly evident in our core southwestern market today, should increasingly enhance our future results as we achieve greater balance in our new markets." 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 currently operates 11 manufacturing plants, 69 Company-owned retail sales centers, and serves over 400 independent retail locations in 28 states. The Company also provides retail financing through its finance affiliate, 21st Century Mortgage, and provides insurance and transportation services to its customers. -0-
AMERICAN HOMESTAR CORPORATION
Comparative Operating Summary
Three Months Ended August 31,
First Quarter - Fiscal 1998 1997 1996 (1)
Average New Home Retail Selling Price $ 46,576 $ 44,191
New Homes Sold at Retail 1,300 1,153
Manufacturing Shipments (2) 2,616 1,604
Retail Internalization Rate (3) 81% 67%
Sales $118,359,990 $75,781,310
Total Revenues $124,731,817 $82,494,983
Net income from operations $ 4,519,342 $ 3,153,984
Non-recurring Charges (after tax):
Brilliant pooling costs 2,064,665 --
Early extinguishment of debt 634,282 --
Net Income $ 1,820,395 $ 3,153,984
Earnings Per Common Share Data: (4)
Net income from operations
per share $ 0.38 $ 0.27
Effects of non-recurring charges:
Brilliant pooling costs (0.18) --
Early extinguishment of debt (0.05) --
Reported earnings per common share $ 0.15 $ 0.27
Weighted Average Number of Common Shares
Outstanding (4) 11,967,877 11,697,783
(1) All prior-year amounts have been restated to include Brilliant
Homes which was acquired in June 1997 and accounted for as a
pooling of interests.
(2) Including shipments to Company-owned retail locations.
(3) Percentage of new homes sold at retail which were also
manufactured by the Company.
(4) Adjusted to reflect the five-for-four stock split on February 7,
1997.
CONTACT: American Homestar, Houston Craig Reynolds, 281/334-9702 |
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