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OAKWOOD HOMES CORPORATION REPORTS RECORD SALES, TOTAL REVENUES AND EARNINGS FOR FIRST QUARTER OF CURRENT FISCAL YEAR

 OAKWOOD HOMES CORPORATION REPORTS RECORD SALES, TOTAL REVENUES
 AND EARNINGS FOR FIRST QUARTER OF CURRENT FISCAL YEAR
 GREENSBORO, N.C., Jan. 21 /PRNewswire/ -- Oakwood Homes Corporation (NYSE: OH) today reported record sales, total revenues and earnings for the quarter ended Dec. 31, 1991, the first quarter of the 1992 fiscal year.
 Sales for the quarter were a record $33,360,000, an increase of 33 percent, compared with $25,061,000 in the same period last year. Total revenues for the first quarter were a record $44,041,000, compared with $33,563,000 for the same quarter of last year, an increase of 31 percent. Net income was a record $2,392,000, compared with last year's $1,435,000, an increase of 67 percent.
 Earnings per share, as adjusted to give effect retroactively to additional shares issued on March 26, 1991, as a result of the 5-for-4 split, were 27 cents on a primary basis and 25 cents on a fully diluted basis, compared with 22 cents on a primary basis and 21 cents on a fully diluted basis for the comparable period last year.
 "To say we are pleased with the first-quarter fiscal year 1992 results would be an understatement," said Nicholas J. St. George, president and chief executive officer. "We are elated particularly since they were achieved in the midst of a recession and a continued industry downturn. We feel the first-quarter results are further confirmation of our ability to perform during any type of economic environment and are a clear demonstration of the company's potential for future performances."
 Oakwood Homes Corporation and its subsidiaries are engaged primarily in the production and sale of manufactured housing in North Carolina, South Carolina, Virginia, West Virginia, Tennessee, Georgia, Delaware, Kentucky and Ohio.
 OAKWOOD HOMES CORPORATION
 Comparative Summary of Earnings
 Three months ended Dec. 31: 1991 1990
 Sales $33,360,000 $25,061,000
 Total revenues $44,041,000 $33,563,000
 Net income $ 2,392,000 $ 1,435,000
 Earnings per common share (A)
 Primary $.27 $.22
 Fully diluted .25 .21
 Average shares outstanding (A)
 Primary 9,023,000 6,538,000
 Fully diluted 11,796,000 9,495,000
 (A) -- Adjusted retroactively to give effect to the 5-for-4 stock split in the form of a 25 percent stock dividend paid March 26, 1991.
 -0- 1/21/92
 /CONTACT: C. Michael Kilbourne of Oakwood Homes, 919-855-2345/
 (OH) CO: Oakwood Homes Corporation ST: North Carolina IN: CST SU: ERN


TS -- NY080 -- 1879 01/21/92 13:07 EST
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Date:Jan 21, 1992
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