Clayton Homes Earns $27 Million for the First Quarter.Business Editors KNOXVILLE Knoxville, city (1990 pop. 165,121), seat of Knox co., E Tenn., on the Tennessee River; inc. 1876. A port of entry, it is a trade and shipping center for a farm, bituminous-coal, and marble area. , Tenn.--(BUSINESS WIRE)--Oct. 11, 2001 For the first quarter ending September September: see month. 30, Clayton Clayton, city (1990 pop. 13,874), seat of St. Louis co., E central Mo., a suburb of St. Louis; inc. 1919. Developed in the 1960s, it has high-rise office buildings, hotels, and shopping centers; several major firms are headquartered there. Homes, Inc. reported revenues of $306 million, net income of $27 million, and earnings per share of 19 cents. "In a tough industry environment where more than 90 plants have closed in the last two years, all 20 Clayton manufacturing plants remain open and profitable," remarked CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Kevin KEVIN Keepers of the Eternal Vigilance of the Islamic Nation (fictional, from White Teeth by Zadie Smith) Clayton. The Company originated $199 million and acquired $56 million in mortgages, resulting in $4.4 billion in mortgages serviced at the end of the quarter. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. increased to $1.2 billion, and the Company's strong balance sheet reflects a debt to capital ratio of only 8%. Clayton Homes will host a conference call at 2:00 p.m. eastern today. A simulcast Simulcast is a portmanteau of "simultaneous broadcast", and refers to programs or events broadcast across more than one medium, or more than one service on the same medium, at the same time. and replay will be available on the Company's website at www.clayton.net in the Investors' section. Clayton Homes, Inc. is a 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 company with 20 manufacturing plants, 296 Company-owned stores, 643 independent retailers, 81 manufactured housing communities, and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. operations that provide mortgage services for 140,000 customers and insurance protection for 85,000 families.
SUMMARY RESULTS
Three months ended
(in thousands except per share data) September 30,
2001 2000 Change
-------- -------- -----
Revenues $306,070 $300,807 2%
Income before taxes 42,120 45,982 - 8%
Net Income $ 26,520 $ 28,982 - 9%
Earnings per share (diluted) $0.19 $0.21 - 10%
Average shares outstanding (diluted) 139,129 137,838 1%
Certain statements may be considered forward looking and involve certain risks and uncertainties that may cause actual results to differ materially from expectations.
EARNINGS
CLAYTON HOMES, INC. 3 Mos. Ended Sept. 30
------------------------------
2001 2000 % +/-
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(Unaudited - in $ thousands except per share data)
SALES:
Manufacturing 131,407 131,469
Less Intercompany (70,495) (69,252) 1.8%
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Net Manufacturing 60,912 62,217 -2.1%
Retail - New 147,494 145,078 1.7%
- Used 11,342 12,454 -8.9%
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Total Retail 158,836 157,532 0.8%
Communities - New 5,699 7,874 -27.6%
- Used 2,056 2,285 -10.0%
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Total Communities 7,755 10,159 -23.7%
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Sales 227,503 229,908 -1.0%
Financial Services 61,026 53,227 14.7%
Rental and Other Income 17,541 17,672 -0.7%
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OPERATING REVENUE 306,070 300,807 1.7%
Cost Of Sales 149,099 153,631 -2.9%
Selling, General & Administrative 96,162 94,361 1.9%
Financial Services Interest 127 207 -38.6%
Provision for Credit Losses 13,560 7,200 88.3%
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OPERATING EXPENSES 258,948 255,399 1.4%
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OPERATING INCOME 47,122 45,408 3.8%
Interest income (expense),
net/other (5,002) 574 -971.8%
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Income Before Income Taxes 42,120 45,982 -8.4%
Tax Rate 37.0% 37.0%
Provision for Income Taxes 15,600 17,000 -8.2%
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NET INCOME 26,520 28,982 -8.5%
==================================================================
EARNINGS PER SHARE
Basic 0.19 0.21 -9.5%
Diluted 0.19 0.21 -9.5%
AVERAGE SHARES OUTSTANDING
Basic 138,030 137,519 0.4%
Diluted 139,129 137,838 0.9%
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CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited) (audited)
(in $ thousands) Sept 30, June 30,
2001 2001
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Assets
Cash & cash equivalents 93,289 47,763
Receivables, net 782,360 842,029
Inventories 173,828 185,695
Property, plant,
& equipment, net 308,496 309,438
Other assets 250,468 269,245
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TOTAL ASSETS 1,608,441 1,654,170
==================================================================
Liabilities & Shareholders' Equity
Accounts payable & accrued
liabilities 108,333 118,057
Debt obligations 95,292 141,862
Other liabilities 237,073 246,773
Shareholders' equity 1,167,743 1,147,478
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TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY 1,608,441 1,654,170
==================================================================
OPERATING DATA
CLAYTON HOMES, INC. 3 Mos. Ended Sept. 30
------------------------------
2001 2000 % +/-
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UNIT SALES:
MANUFACTURING GROUP
Single-section 2,331 2,733 -14.7%
Multi-section 2,776 2,682 3.5%
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Total shipped 5,107 5,415 -5.7%
Less Intercompany (2,767) (2,770) -0.1%
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NET MANUFACTURING 2,340 2,645 -11.5%
RETAIL GROUP
New Single-section 1,549 1,647 -6.0%
New Multi-section 1,768 1,690 4.6%
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TOTAL NEW 3,317 3,337 -0.6%
USED 794 969 -18.1%
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TOTAL RETAIL 4,111 4,306 -4.5%
COMMUNITIES GROUP
New 152 201 -24.4%
Used 81 101 -19.8%
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TOTAL COMMUNITIES 233 302 -22.8%
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TOTAL HOMES SOLD 6,684 7,253 -7.8%
==================================================================
NUMBER (actual):
PLANTS 20 20
RETAILERS - Independent 643 696 -7.6%
RETAILERS - Company-owned 296 318 -6.9%
COMMUNITIES 81 77 5.2%
Sites owned 21,126 20,419 3.5%
Sites rented 15,689 15,325 2.4%
Percent occupied 74.3% 75.1%
==================================================================
-AVERAGES-
==================================================================
NUMBER (average):
PLANTS 20 20
RETAILERS - Independent 639 702 -9.0%
RETAILERS - Company-owned 297 318 -6.8%
COMMUNITIES 81 77 5.9%
Sites owned 21,124 20,294 4.1%
Sites rented 15,713 15,251 3.0%
Percent occupied 74.4% 75.2%
==================================================================
AVERAGE UNIT PRICE:
WHOLESALE - ALL $ 25,731 $ 24,279 6.0%
WHOLESALE - INDEPENDENT ONLY 26,031 23,522 10.7%
RETAIL - New 44,466 43,476 2.3%
RETAIL - Used 14,284 12,852 11.1%
COMMUNITIES - New 37,496 39,177 -4.3%
TOTAL RETAIL AND COMMUNITIES $ 38,350 $ 36,391 5.4%
SALES $ (thousands) PER-
PLANT $ 6,570 $ 6,573
INDEPENDENT RETAILER 95 89 7.6%
COMPANY-OWNED SALES CENTER 536 495 8.1%
COMMUNITY $ 96 $ 133 -27.9%
==================================================================
TOTAL HOMES SOLD BY COMPANY-OWNED 13.9 13.5 2.4%
==================================================================
NEW FLOORS SOLD BY COMPANY-OWNED 17.2 15.8 8.5%
==================================================================
ORDER BACKLOGS (thousands) $ 43,300 $ 18,300 136.6%
==================================================================
PAST DUE
Originated 3.71% 2.71%
All (includes purchased loans) 4.14% 3.30%
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