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): June 18, 1999
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OAKWOOD HOMES CORPORATION
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(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 June 18, 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 June 18, 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: June 18, 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:
June 18, 1999 1-7444
OAKWOOD HOMES CORPORATION
EXHIBIT INDEX
Exhibit No. Exhibit Description
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99.1 Press release issued on June 18, 1999.
EXHIBIT 99.1
Contact: Suzanne H. Wood
(336) 664-2400
OAKWOOD HOMES CORPORATION ANNOUNCES LOWER
EXPECTATIONS FOR THE THIRD QUARTER AND
THAT IT WILL BE EXPLORING STRATEGIC ALTERNATIVES
GREENSBORO, N.C., June 18, 1999 --- Oakwood Homes Corporation (NYSE - OH) today
announced that results for the third quarter ending June 30, 1999 could be as
much as 50% lower than analysts' consensus estimates of $.55 per share as
reported by First Call with the extent of the shortfall being significantly
dependent on retail sales for June.
Nicholas J. St. George, Chairman and Chief Executive Officer, and William G.
Edwards, President and Chief Operating Officer, jointly said: "We expect the
quarter to be adversely affected by unanticipated softness in retail and
wholesale sales. Although business in March showed signs of improvement over the
prior year, sales during the current quarter have exhibited unexpected weakness.
Same store retail sales in units and dollars through May, as compared to the
prior year, were down by approximately 16% and 10%, respectively."
Oakwood Homes also announced that its Board of Directors will be exploring
strategic alternatives to enhance shareholder value including a merger or sale
of the Company. The Board of Directors also stated that Oakwood's management was
pursuing the possibility of a management led buyout. Discussion of these matters
is preliminary, and there can be no assurances that a transaction will result.
The Board will be engaging Merrill Lynch & Co. as its financial advisor to
advise it in its consideration of strategic alternatives.
Oakwood Homes Corporation and its subsidiaries are engaged in the production,
sale, financing and insuring of manufactured housing throughout the United
States. With 388 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
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more of the risks or uncertainties materialize, actual events or results may
vary from those described herein as anticipated, expected, believed or
estimated.
