SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 19, 1997
UNITED MOBILE HOMES, INC.
(Exact name of registrant as specified in its charter)
New Jersey 0-13130 22-1890929
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
125 Wyckoff Road, Eatontown, NJ 07724
(Address of principal executive offices)
Registrant's telephone number, including area code (732) 389-3890
(Former name or former address, if changed since last report.)
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This Form 8K/A is filed to include the audited Statement of
Revenue and Certain Expenses for the property acquired for
the year ended December 31, 1997.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired.
Pursuant to Regulation S-X, Rule 3-14, Registrant is
required to present, for the most recent fiscal year, an
audited income statement for the property acquired. The
property was acquired from an unrelated party. The
following is the audited Statement of Revenue and Certain
Expenses for the property known as Waterfalls Village for
the year ended December 31, 1997:
WATERFALLS VILLAGE
STATEMENT OF REVENUE AND CERTAIN EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 1997
Revenue
Rental and related income $739,000
_______
Certain expenses
Real estate taxes 175,000
Utilities 34,000
Trash collection 21,000
Other operating expenses 46,000
_______
276,000
_______
Revenue in excess of certain expenses $463,000
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The accompanying notes are an integral part of this
Statement of Revenue and Certain Expenses
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WATERFALLS VILLAGE
NOTES TO STATEMENT OF REVENUE AND CERTAIN EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 1997
1. ORGANIZATION AND OPERATION OF PROPERTY
Waterfalls Village, (the Property) is a 202 space
manufactured home community located in Hamburg, NY. The
Property was acquired by United Mobile Homes, Inc. (the
Company) on December 19, 1997.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. BASIS OF PRESENTATION
The accompanying statement of revenue and certain
expenses has been prepared on the accrual basis of
accounting.
The accompanying financial statement is not
representative of the actual operations for the period
presented, as certain expenses, which may not be comparable
to the expenses to be incurred by the Company in the future
operations of the Property, have been excluded. Expenses
excluded consist of depreciation, interest, amortization and
other expenses not directly related to the future operations
of the Property.
B. USE OF ESTIMATES
The preparation of financial statements requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of
revenues and expenses during the period. Actual results
could differ from those estimates.
C. REVENUE RECOGNITION
Sites are rented on a month to month basis. Rents are
recognized as earned.
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INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders
United Mobile Homes, Inc.
We have audited the accompanying Statement of Revenue
and Certain Expenses for the property known as Waterfalls
Village for the year ended December 31, 1997. This
financial statement is the responsibility of management.
Our responsibility is to express an opinion on this
financial statement based on our audit.
We conducted our audit in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statement is free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statement. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation
of the financial statement. We believe that our audit
provides a reasonable basis for our opinion.
The accompanying statement of revenue and certain
expenses was prepared as described in Note 2, for the
purpose of complying with the rules and regulations of the
Securities and Exchange Commission (for inclusion in the
Form 8-K of United Mobile Homes, Inc.) and is not intended
to be a complete presentation of Waterfalls Village's
revenues and expenses.
In our opinion, the financial statement referred to
above presents fairly, in all material respects, the revenue
and certain expenses for Waterfalls Village, on the basis
described in Note 2, for the year ended December 31, 1997,
in conformity with generally accepted accounting principles.
/s/ KPMG Peat Marwick
Short Hills, New Jersey
January 19, 1998
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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.
UNITED MOBILE HOMES, INC.
/s/ Anna T. Chew
ANNA T. CHEW
Vice President
Date February 11, 1998
