SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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): July 15, 1999
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OAKWOOD HOMES CORPORATION
(Exact name of registrant as specified in charter)
North Carolina 1-7444 56-0985879
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) file number) Identification Number)
7800 McCloud Road, Greensboro, North Carolina 27409-9634
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (336) 664-2400
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ITEM 5. OTHER EVENTS.
On July 15, 1999, the Registrant issued a press release, a copy of
which is attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS. The following exhibit is filed herewith:
99.1 Press release issued on July 15, 1999.
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SIGNATURES
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.
OAKWOOD HOMES CORPORATION
Date: July 15, 1999 By: /s/ Robert A. Smith
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Name: Robert A. Smith
Title: Executive Vice President and
Chief Financial Officer
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SECURITIES AND EXCHANGE COMMISSION
Washington, DC
EXHIBITS
CURRENT REPORT
ON
FORM 8-K
Date of Event Reported: Commission File No:
July 15, 1999 1-7444
OAKWOOD HOMES CORPORATION
EXHIBIT INDEX
Exhibit No. Exhibit Description
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99.1 Press release issued on July 15, 1999.
EXHIBIT 99.1
Contact: Suzanne H. Wood
(336) 664-2400
OAKWOOD HOMES CORPORATION ANNOUNCES
RETAIL SALES AND LOWERS EXPECTATIONS
FOR THE THIRD QUARTER
GREENSBORO, N.C., July 15, 1999 --- Oakwood Homes Corporation (NYSE - OH) today
announced that retail sales for the third quarter ended June 30, 1999 were
$289.0 million as compared to $327.1 million in the third quarter of the prior
fiscal year. Retail sales in the month of June continued to be negatively
impacted by the competitive market conditions and softness previously described
in the Company's press release dated June 18, 1999. At that time, the Company
stated that earnings for the third quarter could be as much as 50% lower than
analysts' consensus estimates of $.55 with the extent of the shortfall being
significantly dependent on retail sales for June. As a result of lower than
anticipated retail sales in June, the Company now expects that earnings for the
quarter will be as much as 65% to 75% lower than the initial $.55 per share
estimate.
Oakwood Homes Corporation and its subsidiaries are engaged in the production,
sale, financing and insuring of manufactured housing throughout the United
States. With 394 Company-owned stores and an extensive network of independent
dealers served by 32 manufacturing facilities, Oakwood Homes is the nation's
largest retailer of manufactured housing.
This press release contains certain forward-looking statements and information
based on the beliefs of the Company's management as well as assumptions made by,
and information currently available to, the Company's management. Words like
"believe," "expect," "should," and similar expressions used in this press
release are intended to identify forward-looking statements. Such statements
reflect the current views of the Company with respect to future events and are
subject to certain risks, uncertainties, and assumptions, including risk factors
in the Company's Registration Statement on Form S-3 filed February 22, 1999.
Should underlying assumptions prove incorrect or should one or more of the risks
or uncertainties materialize, actual events or results may vary from those
described herein as anticipated, expected, believed or estimated.
