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OAKWOOD HOMES REPORTS RECORD SALES, TOTAL REVENUES AND EARNINGS FOR SECOND QUARTER; DECLARES REGULAR CASH DIVIDEND AND 3-FOR-2 STOCK SPLIT

OAKWOOD HOMES REPORTS RECORD SALES, TOTAL REVENUES AND EARNINGS FOR SECOND QUARTER; DECLARES REGULAR CASH DIVIDEND AND 3-FOR-2 STOCK SPLIT
 GREENSBORO, N.C., April 22 /PRNewswire/ -- Oakwood Homes Corporation (NYSE: OH) today reported record sales, total revenues and earnings for the quarter ended March 31, 1992, the second quarter of the 1992 fiscal year.
 Sales for the quarter were a record $40,170,000, an increase of 56 percent, compared with $25,821,000 in the same period last year. Total revenues for the second quarter were a record $51,397,000, compared with $34,817,000 for the same quarter of last year, an increase of 48 percent. Net income was a record $2,881,000, compared with last year's $1,691,000, an increase of 70 percent.
 Earnings per share were 31 cents on a primary basis and 28 cents on a fully-diluted basis, compared with 24 cents on a primary basis and 22 cents on a fully-diluted basis for the comparable period last year.
 For the first six months of fiscal 1992, sales were $73,530,000, compared with $50,882,000 for the like period a year ago, an increase of 45 percent. Total revenues for the current period were a record $95,438,000, compared with $68,380,000 for the comparable period last year, an increase of 40 percent. Net income in the current period was $5,273,000, compared with $3,126,000 last year, an increase of 69 percent. Earnings per share were 58 cents on a primary basis and 53 cents on a fully-diluted basis, compared with last year's net earnings of 46 cents on a primary basis and 43 cents on a fully-diluted basis.
 The board of directors declared the regularly dividend of 2 cents per share on its common stock payable May 18, 1992 to shareholders of record on May 4, 1992.
 The board of directors also declared a 3-for-2 stock split payable on May 19, 1992 to shareholders of record on May 5, 1992.
 In connection with the 3-for-2 stock split, the conversion prices of the company's outstanding convertible subordinated debentures will be adjusted. The conversion prices of 7 1/2 percent debentures due 2001 will be adjusted from $18.56 to $12.37. The conversion price of the 6-1/2 percent debentures due 2012 will be adjusted from $17.00 to $11.33.
 The board of directors also expressed its current intentions to maintain the quarterly cash dividend, after the stock split, at 2 cents per share.
 Earnings per share, as adjusted to give effect retroactively to the 3-for-2 stock split, for the quarter were 21 cents on a primary basis and 19 cents on a fully-diluted basis, compared with 16 cents on a primary basis and 15 cents on a fully-diluted basis for the comparable period last year. Earnings per share, as adjusted for the first six months, were 38 cents on a primary basis and 35 cents on a fully-diluted basis, compared with last year's 30 cents on a primary basis and 29 cents on a fully-diluted basis.
 "We are extremely pleased with these record operating results," said Nicholas J. St. George, president and chief executive officer. "Oakwood defies the norm by continuing to set records in the midst of a national recession. Our second quarter performance is further verification that our business strategies are sound and on track. We feel our results during these difficult operating conditions are a clear indication 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 and South Carolina, Virginia, West Virginia, Tennessee, Georgia, Delaware, Kentucky and Ohio.
 OAKWOOD HOMES CORPORATION
 Comparative Summary of Earnings
 Three Months Ended March 31
 1992 1991
 Sales $40,170,000 $25,821,000
 Total Revenues $51,397,000 $34,817,000
 Net income $ 2,881,000 $ 1,691,000
 Earnings per common share
 Primary 31 cents 24 cents
 Fully diluted 28 cents 22 cents
 Average shares outstanding
 Primary 9,286,000 6,968,000
 Fully diluted 12,020,000 9,778,000
 Earnings per common share (A)
 Primary 21 cents 16 cents
 Fully diluted 19 cents 15 cents
 Average shares outstanding (A)
 Primary 13,929,000 10,452,000
 Fully diluted 18,030,000 14,667,000
 Six Months Ended March 31
 1992 1991
 Sales $73,530,000 $50,882,000
 Total Revenues $95,438,000 $68,380,000
 Net income $ 5,273,000 $ 3,126,000
 Earnings per common share
 Primary 58 cents 46 cents
 Fully diluted 53 cents 43 cents
 Average shares outstanding
 Primary 9,155,000 6,851,000
 Fully diluted 12,020,000 9,772,000
 Earnings per common share (A)
 Primary 38 cents 30 cents
 Fully diluted 35 cents 29 cents
 Average shares outstanding (A)
 Primary 13,733,000 10,277,000
 Fully diluted 18,030,000 14,658,000
 (A) -- Adjusted retroactively to give effect to the 3-for-2 stock split in the form of a 50 percent stock dividend payable May 19, 1992.
 -0- 4/22/92
 /CONTACT: C. Michael Kilbourne of Oakwood Homes, 919-855-2345/
 (OH) CO: Oakwood Homes Corporation ST: North Carolina IN: CST SU: ERN


KD -- NY088 -- 1391 04/22/92 15:11 EDT
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Date:Apr 22, 1992
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