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Southern Energy Homes, Inc. Announces Lower Expectations for the Second Quarter.

ADDISON, Ala.--(BUSINESS WIRE)--July 2, 1999--

Southern Energy Homes, Inc. (Nasdaq: SEHI) today announced that earnings per share for the second quarter ending July 2, 1999 could be as much as 50% lower than analysts' estimates of $.28 per share.

Wendell Batchelor, Chairman, and Chief Executive Officer, and Keith Holdbrooks, President and Chief Operating Officer, jointly said: "We expect the quarter to be adversely impacted by unanticipated softness in retail and wholesale sales. Profit margins at our retail operations and manufacturing facilities have been adversely affected by competitive pressures due to extraordinarily high retail inventory levels across the industry. Due to the high retail inventory levels, the company will take steps to balance manufactured housing production with demand and institute extensive, company-wide cost-cutting measures."

Southern Energy Homes also announced the selling of three unprofitable retail centers, one in South Carolina and two in West Virginia, to a competitor.

Southern Energy Homes, Inc. is a producer of high-quality manufactured homes sold primarily in the southeastern and south-central United States. Southern Energy Homes, Inc. operates nine home manufacturing facilities in Alabama, North Carolina and Texas and 29 retail sales centers in seven states. Currently marketed under five brand names by 399 independent dealers at 565 independent retail locations and by the Company at 29 of its own retail sales centers, the Company's homes are sold in twenty-five states. In addition to its manufacturing and retail sales operations, the Company's operations also include component supply, manufactured home transportation, consumer finance and homeowners insurance.
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Publication:Business Wire
Geographic Code:1USA
Date:Jul 2, 1999
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