SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 17, 1998
HOMEUSA, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-13477 76-0546715
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
THREE RIVERWAY, SUITE 555
HOUSTON, TEXAS 77056
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 965-0520
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HOMEUSA, INC.
TABLE OF CONTENTS
FOR
CURRENT REPORT ON FORM 8-K
PAGE
Item 5. Other Events................................................ 3
Item 7. Financial Statements and Exhibits............................3
Signature .............................................................4
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ITEM 5. OTHER EVENTS.
Attached hereto as Exhibit 99.1, and incorporated herein by reference,
is a press release issued by HomeUSA, Inc. on February 17, 1998.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits. The following materials are filed as exhibits to
this Current Report on Form 8-K:
EXHIBIT
NUMBER DESCRIPTION OF EXHIBIT
99.1 Press release issued by HomeUSA, Inc. on February 17, 1998.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HOMEUSA, INC.
By: /s/
Cary N. Vollintine
President and Chief Executive Officer
Dated: February 17, 1998
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EXHIBIT INDEX
EXHIBIT PAGE
NUMBER DESCRIPTION NUMBER
99.1 Press release issued by HomeUSA, Inc. on February
17, 1998.
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EXHIBIT 99.1
For Release: Immediately
Contact: Michael F. Loy (713-965-0520)
HOMEUSA, INC. SIGNS DEFINITIVE AGREEMENT
TO BE ACQUIRED BY FLEETWOOD ENTERPRISES, INC.
HomeUSA, Inc. (NYSE:HSH) today announced that it has entered into a
definitive agreement to be acquired by Fleetwood Enterprises, Inc. (NYSE:FLE), a
leading manufacturer of manufactured homes. Under the agreement, each share of
HomeUSA common stock will be converted into the right to receive $10.25, payable
at the election of the holder in cash or Fleetwood common stock, for an
aggregate purchase price of approximately $162 million. The Fleetwood stock will
be valued at an average price prior to the closing and the aggregate cash
payment by Fleetwood will not exceed 49% of the total purchase price. The
acquisition is expected to close in approximately four months, subject to
certain conditions including approval by HomeUSA shareholders. Fleetwood and
HomeUSA also have agreed in principle that HomeUSA will develop and construct
new retail outlets for Fleetwood in the period preceding the closing on a fee
basis.
HomeUSA is a leading national retailer distributor of manufactured
homes, which in the United States is a $14 billion industry with more than 6,000
participants. HomeUSA was founded in 1996 to pursue opportunities in the
consolidation of manufactured housing retailers. Its nine founding companies had
1996 pro forma revenues of $202.3 million and 1996 pro forma net income of $6.9
million and include Universal Housing, Jackson, Tennessee; AAA Homes,
Hattiesburg, Mississippi; Patrick Home Center, Corinth, Mississippi; McDonald
Homes, Tulsa, Oklahoma; Mobile World, San Antonio, Texas; First American Homes,
Dothan, Alabama; Cooper's Mobile Homes, Wenatchee, Washington; Home Folks
Housing Center, Owensboro, Kentucky; and WillMax Homes, Colorado Springs,
Colorado.
"Combining HomeUSA's significant retail distribution capacity and
acquisition and "greenfield" development infrastructure with Fleetwood's
tremendous manufacturing abilities will result in a strong integrated
manufacturing and retailing organization," stated Cary N. Vollintine, Chief
Executive Officer of HomeUSA. "This is a significant step in the development of
HomeUSA."
This press release contains certain forward-looking statements which
involve known and unknown risks, uncertainties or other factors not under the
company's control which may cause the actual results, performance or achievement
of the company to be materially different from the results, performance or other
expectations implied by these forward-looking statements. These factors include,
but are not limited to, those disclosed in the company's periodic filings with
the Securities and Exchange Commission.
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