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OAKWOOD HOMES CORPORATION REPORTS RECORD SALES, TOTAL REVENUES AND NET INCOME FOR THE FOURTH QUARTER AND FISCAL YEAR ENDED SEPT. 30, 1992

OAKWOOD HOMES CORPORATION REPORTS RECORD SALES, TOTAL REVENUES AND NET
   INCOME FOR THE FOURTH QUARTER AND FISCAL YEAR ENDED SEPT. 30, 1992
    GREENSBORO, N.C., Nov. 2 /PRNewswire/ -- Oakwood Homes Corporation (NYSE: OH) today reported record sales, total revenues and net income for the fourth quarter of fiscal 1992 and for the year ended Sept. 30, 1992.
    Sales for the fourth quarter were a record $58,984,000, compared with $40,143,000 for the same quarter of last year, an increase of 47 percent.  Total revenues for the fourth quarter were a record $71,846,000, compared with $50,102,000 for the same quarter of last year, an increase of 43 percent.  Net income for the quarter was a record $4,645,000, compared with last year's $3,070,000, an increase of 51 percent.  Earnings per share, as adjusted to give effect retroactively to additional shares issued on May 19, 1992, as a result of the 3-for-2 split, were 33 cents on a primary basis and 29 cents on a fully diluted basis, compared with last year's 23 cents on a primary basis and 21 cents on a fully diluted basis.
    Fiscal year sales were a record $184,648,000, compared with $125,507,000 for the comparable period last year, an increase of 47 percent.  Fiscal year total revenues were a record $231,592,000, compared with $162,634,000 for the comparable period last year, an increase of 42 percent.  Net income for fiscal 1992 was a record $14,015,000, compared with $8,871,000 for the same period last year, an increase of 58 percent.  Earnings per share, as adjusted to give effect retroactively to additional shares issued on May 19, 1992, as a result of the 3-for-2 split, were a record $1.00 on a primary basis and 90 cents on a fully diluted basis, compared with 77 cents per share on a primary basis and 71 cents on a fully diluted basis for the comparable period last year.
    "Despite a sluggish national economic climate," Nicholas J. St. George, Oakwood's president and chief executive officer, said: "Oakwood's strong performance is particularly encouraging.  The Oakwood effort for utmost quality continues to prevail and propel our company to the front of the industry.  Another outstanding year is a clear demonstration of the company's potential for future performance."
    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, Texas and Ohio.
                        OAKWOOD HOMES CORPORATION
                      Comparative Summary of Earnings
    Three months ended Sept. 30             1992           1991
    Sales                                $ 58,984,000   $ 40,143,000
    Total revenues                       $ 71,846,000   $ 50,102,000
    Net income                           $  4,645,000   $  3,070,000
    Earnings per common share (A)
      Primary                                33 cents       23 cents
      Fully diluted                          29 cents       21 cents
    Average shares outstanding (A)
      Primary                              14,061,000     13,422,000
      Fully diluted                        18,071,000     17,475,000
    Year ended Sept. 30                       1992          1991
    Sales                                $184,648,000   $125,507,000
    Total revenues                       $231,592,000   $162,634,000
    Net income                           $ 14,015,000   $  8,871,000
    Earnings per common share (A)
      Primary                                   $1.00       77 cents
      Fully diluted                          90 cents       71 cents
    Average shares outstanding (A)
      Primary                              13,946,000     11,484,000
      Fully diluted                        18,069,000     15,636,000
    (A) Adjusted retroactively to give effect to the 3-for-2 stock split in the form of a 50 percent stock dividend paid May 19, 1992.
    -0-                   11/2/92
    /CONTACT:  C. Michael Kilbourne of Oakwood Homes Corporation, 919-855-2400/
     (OH) CO:  Oakwood Homes Corporation ST:  North Carolina IN:  CST SU:  ERN SM -- NY074 -- 1715 11/02/92 15:16 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 2, 1992
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