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OAKWOOD HOMES CORPORATION REPORTS RECORD SALES, TOTAL REVENUES AND NET INCOME FOR 4TH QUARTER AND FISCAL YEAR ENDED SEPT. 30, 1993

 GREENSBORO, N.C., Nov. 1 /PRNewswire/ -- Oakwood Homes Corporation (NYSE: OH) today reported record sa,? total revenues and net income for the fourth quarter of fiscal 1993 and for the year ended Sept. 30, 1993.
 Sales for the fourth quarter were a record $90,377,000, compared with $58,984,000 for the same quarter of last year, an increase of 53 percent. Total revenues for the fourth quarter were a record $108,652,000, compared with $71,846,000 for the same quarter of last year, an increase of 51 percent. Net income for the quarter was a record $8,812,000, compared with last year's $4,645,000, an increase of 90 percent. Net income for the quarter included a one-time gain of approximately $1,000,000, net of income taxes, from the sale of manufactured housing communities. Excluding this gain, earnings for the quarter were $7,812,000, or 68 percent over the preceding year. Earnings per share were 41 cents on both a primary basis and on a fully diluted basis (including 5 cents attributable to the one-time gain) compared with last year's 33 cents on a primary basis and 29 cents on a fully diluted basis.
 Fiscal year sales were a record $260,877,000, compared with $184,648,000 for last year, an increase of 41 percent. Fiscal year total revenues were a record $322,311,000, compared with $231,592,000 for last year, an increase of 39 percent. Net income for fiscal 1993 was a record $24,502,000, compared with $14,015,000 for last year, an increase of 75 percent. Excluding the one-time gain on the sale of manufactured housing communities, fiscal 1993 earnings were $23,502,000, or 68 percent higher than fiscal 1992. Earnings per share were a record $1.26 on a primary basis and $1.22 on a fully diluted basis (including 5 cents attributable to the one-time gain) compared with $1.00 per share on a primary basis and 90 cents fully diluted, for the comparable period last year.
 In announcing the results, Nicholas J. St. George, president and chief executive officer, said: "We are very pleased to report strong gains in all aspects of our business during this past fiscal year. This reporting period marks the 10th consecutive quarter announcing net income increases exceeding 50 percent. This is further verification our strategies are on target. The advantages we have reaped from implementing these strategies form a solid foundation for Oakwood's performance in the coming year."
 Oakwood Homes Corporation and its subsidiaries primarily produce and sell manufactured housing in North Carolina, South Carolina, Virginia, West Virginia, Tennessee, Georgia, Alabama, Delaware, Kentucky, Texas, New Mexico, Oklahoma and Ohio.
 OAKWOOD HOMES CORPORATION
 Comparative Summary of Earnings
 Three Months Ended Sept. 30 Percent
 1993 1992 Change
 Sales $ 90,377,000 $ 58,984,000 53
 Total revenues $108,652,000 $ 71,846,000 51
 Net income (A) $ 8,812,000 $ 4,645,000 90
 Earnings per common share (A)
 Primary $.41 $.33 24
 Fully diluted $.41 $.29 41
 Average shares outstanding
 Primary 21,350,000 14,061,000 52
 Fully diluted 21,383,000 18,071,000 18
 Year Ended Sept. 30 Percent
 1993 1992 Change
 Sales $260,877,000 $184,648,000 41
 Total revenues $322,311,000 $231,592,000 39
 Net income (A) $ 24,502,000 $ 14,015,000 75
 Earnings per common share (A)
 Primary $1.26 $1.00 26
 Fully diluted $1.22 $.90 36
 Average shares outstanding
 Primary 19,477,000 13,946,000 40
 Fully diluted 20,338,000 18,069,000 13
 (A) -- Fiscal 1993 amounts include a one-time gain of approximately $1,000,000 ($.05 per share) from the sale of manufactured housing communities.
 -0- 11/1/93
 /CONTACT: C. Michael Kilbourne of Oakwood Homes Corporation, 919-855-2400/
 (OH)


CO: Oakwood Homes Corporation ST: North Carolina IN: CST SU: ERN

CK -- NY061 -- 9196 11/01/93 13:34 EST
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Publication:PR Newswire
Date:Nov 1, 1993
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