American Homestar Corporation Announces Record Results for First Quarter of Fiscal 1999; Comparable Net Income Up 28%; Also Announces Expansion of First Value Homes.HOUSTON--(BUSINESS WIRE)--Sept. 24, 1998--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, 1998. Net income rose 28% to $5.8 million, and earnings per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share increased 24% to $0.31 on 18.5 million average shares outstanding, compared with income before non-recurring charges of $4.5 million, or $0.25 per diluted share on 18.0 million average shares outstanding, in the first quarter of last year. Revenues for the quarter increased 18% to $147.5 million from revenues of $124.7 million in the first quarter of fiscal 1998. Net income in the first quarter last year was $1.8 million, or $0.10 per diluted share, and included $2.7 million, or $0.15 per share (after tax), in charges related to the acquisition of Brilliant Homes and 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. All prior-year share and per share amounts have been restated to reflect the three-for-two stock split effected on October October: see month. 31, 1997, and the effects of adopting 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 No. 128, "Earnings per Share." Commenting on the results, Craig Reynolds Craig Reynolds can refer to:
The Company also announced today that recently acquired First Value Hoany currently operates 11 manufacturing plants,ce 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 provide Three Months Ended August 31, ----------------------------- First Quarter - Fiscal 1999 1998 1997 ------------ ------------ Average New Home Retail Selling Price $ 52,245 $ 46,576 New Homes Sold at Retail 1,459 1,300 Manufacturing Shipments (a) 2,966 2,616 Retail Internalization Internalization A decision by a brokerage to fill an order with the firm's own inventory of stock. Notes: When a brokerage receives an order they have numerous choices as to how it should be filled. Rate (b) 86% 81% Sales $137,879,973 $118,359,990 Total Revenues 147,531,143 124,731,817 Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. 11,459,573 7,053,815(c) Net Income $ 5,783,734 $ 1,820,395(d) ============ ============ Diluted Earnings Per Common Share (e) $ 0.31 $ 0.10(d) ============ ============ Weighted Average Number of Common Shares Outstanding (e) 18,483,732 17,951,815 (a) Including shipments to Company-owned retail locations. (b) Percentage of new homes sold at retail which were also manufactured by the Company. (c) Includes non-recurring pooling costs of $2.4 million. (d) Includes non-recurring charges of $2.7 million, or $0.15 per share (after tax) related to the acquisition of Brilliant Homes and early extinguishment of debt. (e) Prior-year amounts have been adjusted to reflect the three-for-two stock split on October 31, 1997, and the effects of SFAS No. 128 (Earnings Per Share).
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This press release may contain certain forward-looking statements
and information based on the beliefs of the Company's management as
well as assumptions made by, and information currently available to,
the Company's management. Words like "anticipate," believe,"
"estimate," "should," "expect," and similar expressions used in this
press release are intended to identify forward-looking statements.
Such statements reflect the current views of the Company with respect
to future events and are subject to certain risks, uncertainties, and
assumptions, including the risk factors described in the Company's
most recently filed registration statement and Form 10-K. Should one
or more of these risks or uncertainties materialize or should
underlying assumptions prove incorrect, actual events or results may
vary from those described herein as anticipated, expected, believed,
or estimated.
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