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UNITED MOBILE HOMES REPORTS FIRST QUARTER EARNINGS AND DECLARES QUARTERLY DIVIDEND

 UNITED MOBILE HOMES REPORTS FIRST QUARTER EARNINGS
 AND DECLARES QUARTERLY DIVIDEND
 EATONTOWN, N.J., May 7 /PRNewswire/ -- United Mobile Homes, Inc. (NASDAQ: UMHI) reported net income of $284,008, or six cents a share, for the quarter ended March 31, 1992, as compared to $197,566, or four cents a share, for the quarter ended March 31, 1991.
 President Eugene W. Landy explained that lower interest rates and higher average rents on the company's 4,680 mobile home sites located in 20 parks contributed to the first quarter's record performance. "We expect the trend of steadily improving operating results to continue for the balance of 1992," he said.
 There was a 43 percent increase in net income for the first quarter while gross revenues increased 11 percent. Gross revenues and net income were at record highs.
 A summary of significant financial information for the three months ended March 31, 1992 and 1991 is as follows:
 UNITED MOBILE HOMES
 Three months ended March 31, 1992 1991
 Total revenues $2,655,338 $2,389,596
 Net income 284,008 197,566
 Weighted average shares 4,729,182 4,418,447
 Net income per share $.06 $.04
 Landy added that the board of directors has declared a quarterly dividend of five cents per share payable June 15, 1992 to shareholders of record May 15, 1992. United's current annual dividend rate is 20 cents a share. The company has in effect a dividend reinvestment and stock purchase plan for its shareholders.
 United Mobile Homes, Inc. owns and operates mobile home parks located in New York, New Jersey, Pennsylvania, Ohio and Tennessee. United Mobile Homes, Inc. is the only publicly-owned company engaged exclusively in the ownership and operation of mobile home parks.
 The company's executive offices are located at 125 Wyckoff Road, Eatontown.
 -0- 5/7/92
 /CONTACT: Rosemarie Faccone of United Mobile Homes, 908-389-3890/
 (UMHI) CO: United Mobile Homes, Inc. ST: New Jersey IN: SU: ERN


SH-SM -- NY035 -- 7522 05/07/92 10:28 EDT
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Publication:PR Newswire
Date:May 7, 1992
Words:331
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