Date: Fri, 21 Nov 1997 01:37:29 GMT Server: Apache/1.2.4 Last-Modified: Tue, 28 Oct 1997 16:27:00 GMT ETag: "d2844-16f3-34561254" Content-Length: 5875 Accept-Ranges: bytes Connection: close Content-Type: text/html
NEWS RELEASE
FOR IMMEDIATE RELEASE
October 16, 1997
Contact: Investor Relations |
Phone: 423-595-4727 |
Fax: 423-595-4703 |
CLAYTON HOMES (CMH, NYSE) REPORTS RECORD QUARTER
KNOXVILLE, Tenn. For the first quarter ended September 30, Clayton Homes, Inc. revenues of $263 million and net income of $30 million, were up 11% and 16% respectively from the prior year. Earnings per share increased 14% to 25 cents from 22 cents a year earlier. With this 45th consecutive record quarter, the Company has reported increases in revenue and net income in 57 of the 58 quarters since becoming a public company in 1983.
The number of homes sold increased to 7,858 from 7,741 in the comparable period last year.
Clayton Homes, Inc. is a vertically integrated manufactured housing company engaged in manufacturing, retailing, financing and insuring homes, and operating manufactured housing communities.
SUMMARY RESULTS
Three Months Ended | ||||||
September 30 |
||||||
1997 |
1996 |
Change |
||||
Revenues | $262,695 |
$236,204 |
+11% |
|||
Earnings before taxes | $ 47,879 |
41,303 |
+16% |
|||
Net Income | $ 29,679 |
$ 25,603 |
+16% |
|||
Earnings per share | $0.25 |
$0.22 |
+14% |
|||
Average shares outstanding | 119,347 |
119,903 |
-0.5% |
1996 earnings per share and shares outstanding data have been adjusted for a 5-for-4 stock split paid on December 11, 1996.
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