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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): August 21, 1996
______________________________
BELMONT HOMES, INC.
(Exact name of registrant as specified in its charter)
Mississippi 0-26142 64-0834574
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification Number)
incorporation)
Highway 25 South
Industrial Park Drive
Belmont, Mississippi 38827
(Address of principal executive offices)
601-454-9217
(Registrant's telephone number, including area code)
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Page 1 of 6 pages
Exhibit Index located on Page 4
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ITEM 5. OTHER EVENTS.
On August 21, 1996, Belmont Homes, Inc., a Mississippi corporation
(the "Company"), entered into an agreement in principle with the shareholders of
Bellcrest Homes, Inc., a Georgia corporation ("Bellcrest"), to acquire all of
the outstanding stock of Bellcrest. Bellcrest is a privately owned manufactured
housing company headquartered in Millen, Georgia. The acquisition is valued at
$9.5 million, together with contingent payments that could equal $3.5 million,
and is subject to the negotiation, execution and delivery of a definitive stock
purchase agreement, customary closing conditions and the expiration of
applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits:
See Exhibit Index attached hereto.
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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.
BELMONT HOMES, INC.
By: /s/ William M. Kunkel
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William M. Kunkel
Vice President of Finance
Date: August 29, 1996.
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EXHIBIT INDEX
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Exhibit No.
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99.1 Press Release, dated August 22, 1996
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EXHIBIT 99.1
BELMONT HOMES, INC.
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P.O. Box 280 Belmont, MS 38827
601-454-9217
Contact: William Kunkel
Vice President of Finance FOR IMMEDIATE RELEASE
(601) 454-9217
BELMONT HOMES AGREES TO ACQUIRE BELLCREST HOMES
BELMONT, Mississippi (August 22, 1996) - Belmont Homes, Inc. (Nasdaq/NM:BHIX)
today announced that it has entered into an agreement in principle to acquire
all of the outstanding stock of Bellcrest Homes, Inc., a privately owned
manufactured housing company headquartered in Millen, Georgia. The acquisition
is valued at approximately $9.5 million; in addition, the agreement calls for
potential incentive payments of $3.5 million to be earned over the next three
years based on certain performance criteria. The cash transaction, which is
expected to be completed in about 60 days, remains subject to certain
conditions, including execution of a definitive purchase agreement and other
customary conditions.
Commenting on the announcement, Jerold Kennedy, Belmont's President and
Chief Executive Officer, said, "We are very excited about the strategic
opportunities offered by this proposed acquisition. Bellcrest Homes represents
a strong follow-on to our 1995 acquisition of Spirit Homes, helping us establish
a greater presence in the eastern part of our marketing region just as Spirit
helped us expand to the west. With its higher mix of multi-section home
shipments, Bellcrest also supports our key strategy to emphasize this attractive
market niche."
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BHIX Agrees to Acquire Bellcrest Homes
Page 2
August 22, 1996
Bellcrest Homes currently operates two manufacturing plants, in
Georgia, one of which commenced operation in early 1996. It serves a network of
90 independent dealers with 100 sales locations in South Carolina, Georgia,
North Carolina and elsewhere. For the first six months of 1996 Bellcrest Homes
reported sales totaling approximately $19.2 million, representing an increase of
30% over the first half of 1995. Multi-section homes accounted for
approximately 69% of its sales for that period.
For the first half of 1996, Belmont Homes reported net sales $113.1
million, up 87% over the year-earlier period. Net income for the first six
months of 1996 increased 85% to $6.2 million versus $3.3 million in the year-
earlier period. Earnings per share for the first half of 1996 rose 14% to $1.00
on 63% more shares outstanding. Multi-section homes represented about 24% of
Belmont Homes' sales in the six months of 1996.
Belmont Homes, Inc. markets a variety of single and multi-section
manufactured homes through approximately 320 dealers and 450 sales centers,
located primarily in the southern United States.
