Palm Harbor Homes Expects Fourth Quarter Earnings of Approximately $0.08 Per Share.Business Editors DALLAS--(BUSINESS WIRE)--April 9, 2002 Palm Harbor Homes, Inc. (Nasdaq/NM:PHHM) today indicated that earnings for its fourth quarter ended March 29, 2002, will be lower than current analysts' estimates. Lee Posey A posey can be a flower bouquet. As a surname it is of French and English origins, originating and or derived from the greek word Desposyni. People whose surname is or was Posey include:
A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in business is having a greater impact on earnings than originally anticipated. New legislation in Texas and recent decisions by several key national lenders to withdraw from the market have clearly made it more difficult for buyers of manufactured homes to qualify for financing. Although our projected profitability for the fourth fiscal quarter compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. with the recent results of some competitors, our earnings of approximately $0.08 per share will be below the year-earlier level of $3.4 million, or $0.15 per share, and lower than recently revised analysts' estimates. "The current state of the credit markets poses a significant challenge for the entire 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 industry, and we expect more competitors to either exit the business or sharply curtail cur·tail tr.v. cur·tailed, cur·tail·ing, cur·tails To cut short or reduce. See Synonyms at shorten. [Middle English curtailen, to restrict their operations at the retail and manufacturing levels. Long term, this continued credit squeeze credit squeeze Restricted bank lending that is accompanied by rising short-term interest rates and a decline in economic growth. Credit squeezes are generally attributed to policy actions of the Federal Reserve. will aid the competitive positions of those companies with sound business models and debt-free balance sheets. We consider Palm Harbor to be in this group and intend to make this environment work in our favor. Our financial position will enable us to take advantage of opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. acquisitions that are compatible with our cultural emphasis on customer satisfaction. Our focus is on segments of the industry where the fundamental outlook for demand is strong and which offer attractive margins. We have experienced other credit-related slowdowns in demand in the past and expect to emerge from this period in an even stronger position to achieve future growth." Palm Harbor Homes is one of the nation's leading manufacturers and marketers of multi-section manufactured homes. The Company markets nationwide through vertically integrated operations, encompassing manufacturing, marketing, financing and insurance. This press release contains projections and other 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. within the meaning of Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company's current views with respect to future events and financial performance. No assurance can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company's periodic reports filed with the Securities and Exchange Commission. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion