Clayton Homes Reports FY 2001 Earnings.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)--Aug. 7, 2001 For the fourth quarter ended June June: 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.(NYSE NYSE See: New York Stock Exchange :CMH CMH Center of Military History CMH Commission on Macroeconomics and Health CMH Chief of Military History CMH Children's Memorial Hospital CMH Ceramic Metal Halide (General Electric light source) CMH Congressional Medal of Honor ) reported net income of $26 million, earnings per share of 19 cents, and revenues of $293 million. For fiscal year 2001, total revenues were $1.151 billion, and 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 sales were $849 million. Net income was $107 million, and earnings per share were $.77. Commenting on the results, 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 remarked, "We are pleased to report the Company's 27th consecutive year of profitability. This was accomplished in a severe industry downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. and places Clayton in a very favorable position Noun 1. favorable position - the quality of being at a competitive advantage favourable position, superiority advantage, vantage - the quality of having a superior or more favorable position; "the experience gave him the advantage over me" as the industry rebounds." 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 a replay will be available on the Company's website at www.clayton.net in the Investor's section. Clayton Homes is a vertically integrated manufactured housing company operating in 33 states and supplying 1000 industry stores, 297 of which are Company-owned. It also operates 81 manufactured-home communities, services $4.3 billion in mortgage receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed , and provides a variety of insurance products to homebuyers.
SUMMARY RESULTS
(in thousands Three Months Ended Twelve Months Ended
except per June 30, June 30,
share data) 2001 2000 Change 2001 2000 Change
-------- -------- ------ ---------- ---------- ------
Revenues $293,226 $339,908 -14% $1,150,956 $1,293,345 -11%
Earnings before
taxes 42,052 59,377 -29% 169,351 228,625 -26%
Net Income $26,452 $37,377 -29% $ 106,651 $ 144,025 -26%
Average shares
outstanding
(diluted) 138,918 138,356 -- 138,340 139,815 -1%
Earnings per
share (diluted) $ 0.19 $ 0.27 -30% $ 0.77 $ 1.03 -25%
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. 9 Mos. ENDED Mar. 31
-----------------------------
2001 2000 % +/-
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(in $ thousands except per share data)
--
SALES:
Manufacturing 359,363 455,206 -21.1%
Less Intercompany (197,566) (247,765) -20.3%
-----------------------------
Net Manufacturing 161,797 207,441 -22.0%
Retail - New 402,938 448,626 -10.2%
- Used 34,467 42,227 -18.4%
-----------------------------
Total Retail 437,405 490,853 -10.9%
Communities - New 20,382 22,176 -8.1%
- Used 5,633 9,114 -38.2%
-----------------------------
Total Communities 26,015 31,290 -16.9%
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Sales 625,217 729,584 -14.3%
Financial Services 177,824 171,506 3.7%
Rental and Other Income 54,689 52,347 4.5%
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OPERATING REVENUE 857,730 953,437 -10.0%
Cost Of Sales 417,035 485,689 -14.1%
Selling, General & Administrative 280,639 284,790 -1.5%
Financial Services Interest 560 805 -30.4%
Provision for Credit Losses 30,000 13,600 120.6%
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OPERATING EXPENSES 728,234 784,884 -7.2%
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OPERATING INCOME 129,496 168,553 -23.2%
Interest Income (expense), net / other (2,197) 695 -415.9%
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Income Before Income Taxes 127,299 169,248 -24.8%
Tax Rate 37.0% 37.0%
Provision for Income Taxes 47,100 62,600 -24.8%
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NET INCOME 80,199 106,648 -24.8%
====================================================================
EARNINGS PER SHARE
Basic $0.58 $0.76 -23.7%
Diluted $0.58 $0.76 -23.7%
AVERAGE SHARES OUTSTANDING
Basic 137,638 139,966 -1.7%
Diluted 138,179 140,395 -1.6%
3 Mos. ENDED June 30
-----------------------------
2001 2000 % +/-
--------------------------------------------------------------------
(in $ thousands except per share data)
--
SALES:
Manufacturing 136,247 168,731 -19.3%
Less Intercompany (74,568) (97,229) -23.3%
-----------------------------
Net Manufacturing 61,679 71,502 -13.7%
Retail - New 135,874 166,834 -18.6%
- Used 12,982 12,351 5.1%
-----------------------------
Total Retail 148,856 179,185 -16.9%
Communities - New 8,307 10,778 -22.9%
- Used 5,098 2,867 77.8%
-----------------------------
Total Communities 13,405 13,645 -1.8%
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Sales 223,940 264,332 -15.3%
Financial Services 50,092 57,136 -12.3%
Rental and Other Income 19,194 18,440 4.1%
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OPERATING REVENUE 293,226 339,908 -13.7%
Cost Of Sales 145,232 174,740 -16.9%
Selling, General & Administrative 93,989 99,277 -5.3%
Financial Services Interest 146 227 -35.7%
Provision for Credit Losses 12,500 7,200 73.6%
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OPERATING EXPENSES 251,867 281,444 -10.5%
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OPERATING INCOME 41,359 58,464 -29.3%
Interest Income (expense), net / other 693 913 -24.1%
--------------------------------------------------------------------
Income Before Income Taxes 42,052 59,377 -29.2%
Tax Rate 37.1% 37.1%
Provision for Income Taxes 15,600 22,000 -29.1%
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NET INCOME 26,452 37,377 -29.2%
====================================================================
EARNINGS PER SHARE
Basic $0.19 $0.27 -29.6%
Diluted $0.19 $0.27 -29.6%
AVERAGE SHARES OUTSTANDING
Basic 137,896 137,987 -0.1%
Diluted 138,918 138,356 0.4%
12 Mos. ENDED June 30
-----------------------------
2001 2000 % +/-
--------------------------------------------------------------------
(in $ thousands except per share data)
--
SALES:
Manufacturing 495,610 623,937 -20.6%
Less Intercompany (272,134) (344,994) -21.1%
-----------------------------
Net Manufacturing 223,476 278,943 -19.9%
Retail - New 538,812 615,460 -12.5%
- Used 47,449 54,578 -13.1%
-----------------------------
Total Retail 586,261 670,038 -12.5%
Communities - New 28,689 32,954 -12.9%
- Used 10,731 11,981 -10.4%
-----------------------------
Total Communities 39,420 44,935 -12.3%
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Sales 849,157 993,916 -14.6%
Financial Services 227,916 228,642 -0.3%
Rental and Other Income 73,883 70,787 4.4%
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OPERATING REVENUE 1,150,956 1,293,345 -11.0%
Cost Of Sales 562,267 660,429 -14.9%
Selling, General & Administrative 374,628 384,067 -2.5%
Financial Services Interest 706 1,032 -31.6%
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Provision for Credit Losses 42,500 20,800 104.3%
OPERATING EXPENSES 980,101 1,066,328 -8.1%
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OPERATING INCOME 170,855 227,017 -24.7%
Interest Income (expense), net / other (1,504) 1,608 -193.5%
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Income Before Income Taxes 169,351 228,625 -25.9%
Tax Rate 37.0% 37.0%
Provision for Income Taxes 62,700 84,600 -25.9%
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NET INCOME 106,651 144,025 -25.9%
=====================================================================
EARNINGS PER SHARE
Basic $0.77 $1.03 -25.2%
Diluted $0.77 $1.03 -25.2%
AVERAGE SHARES OUTSTANDING
Basic 137,702 139,474 -1.3%
Diluted 138,340 139,815 -1.1%
--
CONDENSED CONSOLIDATED BALANCE SHEETS
(in $ thousands)
--
June 30, June 30,
2001 2000
---------- ---------
Assets
Cash & cash equivalents 47,763 43,912
Receivables, net 858,111 673,067
Inventories 185,695 222,431
Property, plant, & equipment, net 309,438 305,479
Other assets 269,244 261,489
---------- ---------
TOTAL ASSETS 1,670,251 1,506,378
========== =========
Liabilities & Shareholders' Equity
Accounts payable & accrued liabilities 118,057 122,760
Debt obligations 141,862 99,216
Other liabilities 262,854 248,027
Shareholders' equity 1,147,478 1,036,375
---------- ---------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 1,670,251 1,506,378
========== =========
--
OPERATING DATA
CLAYTON HOMES, INC. 9 Mos. ENDED Mar. 31
2001 2000 % +/-
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UNIT SALES:
MANUFACTURING GROUP
Single-section 7,032 9,839 -28.5%
Multi-section 7,496 9,450 -20.7%
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Total shipped 14,528 19,289 -24.7%
Less Intercompany (7,845) (10,163) -22.8%
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NET MANUFACTURING 6,683 9,126 -26.8%
RETAIL GROUP
New Single-section 4,583 5,018 -8.7%
New Multi-section 4,646 5,214 -10.9%
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TOTAL NEW 9,229 10,232 -9.8%
USED 2,651 2,976 -10.9%
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TOTAL RETAIL 11,880 13,208 -10.1%
COMMUNITIES GROUP
New 528 585 -9.7%
Used 250 350 -28.6%
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TOTAL COMMUNITIES 778 935 -16.8%
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TOTAL HOMES SOLD 19,341 23,269 -16.9%
====================================================================
NUMBER (actual):
PLANTS 20 19 5.3%
RETAILERS - Independent 690 674 2.4%
RETAILERS - Company-owned 307 312 -1.6%
COMMUNITIES 77 76 1.3%
Sites owned 20,437 19,970 2.3%
Sites rented 15,553 14,989 3.8%
Percent occupied 76.1% 75.1%
====================================================================
-AVERAGES-
====================================================================
NUMBER (average):
PLANTS 20 19 5.3%
RETAILERS - Independent 699 673 3.9%
RETAILERS - Company-owned 313 309 1.1%
COMMUNITIES 77 76 1.3%
Sites owned 20,303 19,839 2.3%
Sites rented 15,365 14,715 4.4%
Percent occupied 75.7% 74.2%
====================================================================
AVERAGE UNIT PRICE:
WHOLESALE - ALL $ 24,736 $ 23,599 4.8%
WHOLESALE - INDEPENDENT ONLY 24,210 22,731 6.5%
RETAIL - New 43,660 43,845 -0.4%
RETAIL - Used 13,001 14,189 -8.4%
COMMUNITIES - New 38,602 37,907 1.8%
TOTAL RETAIL AND COMMUNITIES $ 36,611 $ 36,919 -0.8%
SALES $ (thousands) PER-
PLANT $ 17,968 $ 23,958 -25.0%
INDEPENDENT RETAILER 232 308 -24.9%
COMPANY-OWNED SALES CENTER 1,400 1,589 -11.9%
COMMUNITY $ 340 $ 414 -17.9%
====================================================================
TOTAL HOMES SOLD BY COMPANY-OWNED 38.0 42.7 -11.1%
====================================================================
====================================================================
NEW FLOORS SOLD BY COMPANY-OWNED 44.4 50.0 -11.2%
====================================================================
====================================================================
ORDER BACKLOGS (thousands) $ 21,300 $ 12,400 71.8%
====================================================================
PAST DUE
Originated 2.10% 1.65%
All (includes purchased loans) 2.53% 2.36%
====================================================================
3 Mos. ENDED June 30
2001 2000 % +/-
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UNIT SALES:
MANUFACTURING GROUP
Single-section 2,539 3,534 -28.2%
Multi-section 2,856 3,525 -19.0%
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Total shipped 5,395 7,059 -23.6%
Less Intercompany (2,959) (3,938) -24.9%
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NET MANUFACTURING 2,436 3,121 -21.9%
RETAIL GROUP
New Single-section 1,549 1,853 -16.4%
New Multi-section 1,568 1,937 -19.1%
--------------------------------------------------------------------
TOTAL NEW 3,117 3,790 -17.8%
USED 905 934 -3.1%
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TOTAL RETAIL 4,022 4,724 -14.9%
COMMUNITIES GROUP
New 227 277 -18.1%
Used 189 129 46.5%
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TOTAL COMMUNITIES 416 406 2.5%
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TOTAL HOMES SOLD 6,874 8,251 -16.7%
====================================================================
NUMBER (actual):
PLANTS 20 20
RETAILERS - Independent 634 707 -10.3%
RETAILERS - Company-owned 297 318 -6.6%
COMMUNITIES 81 76 6.6%
Sites owned 21,121 20,168 4.7%
Sites rented 15,737 15,177 3.7%
Percent occupied 74.5% 75.3%
====================================================================
-AVERAGES-
====================================================================
NUMBER (average):
PLANTS 20 20 2.6%
RETAILERS - Independent 662 691 -4.1%
RETAILERS - Company-owned 302 315 -4.1%
COMMUNITIES 79 76 3.9%
Sites owned 20,779 20,069 3.5%
Sites rented 15,645 15,083 3.7%
Percent occupied 75.3% 75.2%
====================================================================
AVERAGE UNIT PRICE:
WHOLESALE - ALL $ 25,254 $ 23,903 5.7%
WHOLESALE - INDEPENDENT ONLY 25,320 22,910 10.5%
RETAIL - New 43,591 44,020 -1.0%
RETAIL - Used 14,345 13,224 8.5%
COMMUNITIES - New 36,594 38,910 -6.0%
TOTAL RETAIL AND COMMUNITIES $ 36,562 $ 37,589 -2.7%
SALES $ (thousands) PER-
PLANT $ 6,812 $ 8,653 -21.3%
INDEPENDENT RETAILER 93 104 -10.0%
COMPANY-OWNED SALES CENTER 493 569 -13.4%
COMMUNITY $ 170 $ 180 -5.5%
====================================================================
TOTAL HOMES SOLD BY COMPANY-OWNED 13.3 15.0 -11.2%
====================================================================
====================================================================
NEW FLOORS SOLD BY COMPANY-OWNED 15.5 18.2 -14.7%
====================================================================
====================================================================
ORDER BACKLOGS (thousands) $ 34,800 $ 16,000 117.5%
====================================================================
PAST DUE
Originated 2.12% 1.67%
All (includes purchased loans) 2.59% 2.19%
====================================================================
12 Mos. ENDED June 30
2001 2000 % +/-
--------------------------------------------------------------------
UNIT SALES:
MANUFACTURING GROUP
Single-section 9,571 13,373 -28.4%
Multi-section 10,352 12,975 -20.2%
--------------------------------------------------------------------
Total shipped 19,923 26,348 -24.4%
Less Intercompany (10,804) (14,101) -23.4%
--------------------------------------------------------------------
NET MANUFACTURING 9,119 12,247 -25.5%
RETAIL GROUP
New Single-section 6,132 6,871 -10.8%
New Multi-section 6,214 7,151 -13.1%
--------------------------------------------------------------------
TOTAL NEW 12,346 14,022 -12.0%
USED 3,556 3,910 -9.1%
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TOTAL RETAIL 15,902 17,932 -11.3%
COMMUNITIES GROUP
New 755 862 -12.4%
Used 439 479 -8.4%
--------------------------------------------------------------------
TOTAL COMMUNITIES 1,194 1,341 -11.0%
--------------------------------------------------------------------
TOTAL HOMES SOLD 26,215 31,520 -16.8%
=====================================================================
NUMBER (actual):
PLANTS
RETAILERS - Independent
RETAILERS - Company-owned
COMMUNITIES
Sites owned
Sites rented
Percent occupied
=====================================================================
-AVERAGES-
=====================================================================
NUMBER (average):
PLANTS 20 20 2.6%
RETAILERS - Independent 671 689 -2.7%
RETAILERS - Company-owned 308 312 -1.4%
COMMUNITIES 79 76 4.0%
Sites owned 20,645 19,938 3.5%
Sites rented 15,457 14,809 4.4%
Percent occupied 74.9% 74.3%
=====================================================================
AVERAGE UNIT PRICE:
WHOLESALE - ALL $ 24,876 $ 23,681 5.0%
WHOLESALE - INDEPENDENT ONLY 24,507 22,776 7.6%
RETAIL - New 43,643 43,892 -0.6%
RETAIL - Used 13,343 13,959 -4.4%
COMMUNITIES - New 37,998 38,229 -0.6%
TOTAL RETAIL AND COMMUNITIES $ 36,598 $ 37,097 -1.3%
SALES $ (thousands) PER-
PLANT $ 24,780 $ 31,997 -22.6%
INDEPENDENT RETAILER 333 405 -17.7%
COMPANY-OWNED SALES CENTER 1,907 2,148 -11.2%
COMMUNITY $ 502 $ 595 -15.6%
=====================================================================
TOTAL HOMES SOLD BY COMPANY-OWNED 51.7 57.5 -10.0%
=====================================================================
=====================================================================
NEW FLOORS SOLD BY COMPANY-OWNED 60.4 67.9 -11.1%
=====================================================================
=====================================================================
ORDER BACKLOGS (thousands)
=====================================================================
PAST DUE
Originated
All (includes purchased loans)
=====================================================================
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