Apple Homes Reports Revenues and Income Up Sharply for Fiscal 1998.AUGUSTA, Ga.--(BUSINESS WIRE)--June 19, 1998--Apple Homes Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:APHC APHC All Parties Hurriyat Conference (Kashmir) ApHC Appaloosa Horse Club (Moscow, Idaho) APHC Association des Pharmaciens du Canada (Canadian Pharmacists Association) ), a leading retailer in 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 , today announced its fiscal 1998 revenues rose 67% with a significant increase in net income over last year. For fiscal 1998, the year ended March 31, sales and other revenues reached $26,066,063 versus $15,549,376 for the previous fiscal year. Net income after taxes amounted to $202,983 versus a loss for fiscal 1997 of $439,526. The company said the rise in sales revenues is continuing with April and May 1998 sales up 32% over last year, totaling $5,547,930. Apple Homes Corporation chairman of the board Robert S.Wilson, in commenting on the year's results, said, "We are seeing the fruition of our planned growth from initially being a local dealership to ranking as a major player in the manufacturing housing retailing business in the Southeast United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Having established our franchise name, Apple Homes, and created 12 dealerships, we have a corporate structure that can now support double the amount of sales which should result in significantly improved margins. In addition, we have just signed a joint agreement to build a second subdivision. Apple Homes represents eight manufacturers and is the largest retailer in the United States for General Housing Corporation of Waycross, Georgia Waycross is a city in Ware County, Georgia, United States. The population was 15,333 at the 2000 census, and a micropolitan area of 51,611. The city is the largest city and county seat of Ware CountyGR6. . -0-
Apple Homes Corporation
Financial Summary
Year Ended March 31
1998 1997
Sales from Retail Lots $ 25,522,385 $ 15,549,376
Other Revenue $ 543,678
Sales & Revenues $ 26,066,063 $ 15,549,376
Profit (Loss) Before Taxes
& Minority Interest $ 463,540 $ (401,808)
Provisions for Taxes $ 20,165 -0-
Minority Interest $ 240,392 $ (71,051)
Net Profit after taxes & Minority $ 202,983 $ (439,526)
"Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement Except for the historical information contained herein, certain of the matters discussed in this press release are "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. " as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, which involve certain risks and uncertainties, including but not limited to, changes in general economic conditions, material prices , labor costs, interest rates, consumer confidence, competition, environmental factors, and governmental regulations affecting the company's operations.
CONTACT: Apple Homes Corporation, Augusta
Robert Wilson, Chairman, 706/650-2015
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