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): April 9, 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 April 9 1999, the Registrant issued a press release concerning its
anticipated results of operations for the quarter ended March 31, 1999. A copy
of this press release 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 April 9, 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: April 9, 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:
April 9, 1999 1-7444
OAKWOOD HOMES CORPORATION
EXHIBIT INDEX
Exhibit No. Exhibit Description
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99.1 Press release issued on April 9, 1999.
EXHIBIT 99.1
Contact: Suzanne H. Wood
(336) 664-2400
OAKWOOD HOMES CORPORATION ANNOUNCES LOWER
EXPECTATIONS FOR THE SECOND QUARTER
GREENSBORO, N.C., April 9, 1999 --- Oakwood Homes Corporation (NYSE - OH) today
announced that it expects results for the second quarter ended March 31, 1999 to
be $.05 to $.10 below analysts' consensus estimates of $.27 per share as report
by First Call.
Nicholas J. St. George, Chairman and Chief Executive Officer, and Williams G.
Edwards, President and Chief Operating Officer, jointly said: "The quarter was
adversely impacted by a small loss on our sale of asset-backed securities in
January versus an originally budgeted gain. In addition, although our business
improved steadily with March revenues above plan, we were unable to completely
make up for the shortfall from expected sales in January and early February.
While we are disappointed with these results, we are nonetheless pleased with
our progress during the quarter on several initiatives."
Mr. Edwards continued: "During the quarter, we opened 27 new sales centers, the
most ever in a quarter. We also neared completion of our House Smart(TM) stores,
a new distribution channel selling higher priced homes with significant use of
computer-based technology in the selling process to demonstrate home features
and options. The House Smart(TM) concept has been over eighteen months in
development, and we plan to open several House Smart(TM) stores in our third
quarter. These initiatives are expected to create incremental future revenues,
but added to our expenses in the second quarter. Finally, we were able to reduce
our inventory of repossessed homes by approximately 450 units during the quarter
and reduce delinquency from 4.2% at December 31 to 3.0% at March 31. With these
efforts and investments, we believe Oakwood is well positioned to take advantage
of improving demand as we move into the seasonally strongest part of our fiscal
year."
Oakwood Homes Corporation and its subsidiaries are engaged in the production,
sale, financing and insuring of manufactured housing throughout the United
States. With 387 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.
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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.
