OAKWOOD HOMES CORPORATION
Consolidated Statement of Income
(Amounts in thousands, except per share data)
| Quarter ended September 30, | Year ended September 30, | |||
| 1997 | 1996 | 1997 | 1996 | |
| Revenues |
||||
| Net sales | ||||
| Retail | $294,080 | $219,127 | $858,407 | $703,237 |
| Other | $24,175 | $36,155 | $94,297 | $158,842 |
| $318,255 | $255,282 | $952,704 | $862,079 | |
| Financial services income | $30,296 | $23,766 | $102,778 | $92,346 |
| Other income | 1,584 | 5,768 | 14,569 | 19,497 |
| Total revenue | 350,135 | 284,816 | 1,070,051 | 973,922 |
| Costs and Expenses | ||||
| Cost of Sales | 217,034 | 176,483 | 651,400 | 609,303 |
| Selling, General and Administrative Expenses | 72,553 | 64,680 | 236,586 | 211,759 |
| Financial services operating expenses | 12,898 | 5,473 | 29,056 | 18,810 |
| Provision for losses on credit sales | - | 1,000 | - | 1,000 |
| Interest Expense | ||||
| Non-financial Services | 794 | 458 | 3,274 | 2,221 |
| Financial Services | 3,898 | 4,563 | 16,543 | 20,149 |
| Total Costs and Expenses | 307,177 | 252,657 | 936,859 | 863,242 |
| Income Before Income Taxes | 42,958 | 32,159 | 133,192 | 110,680 |
| Provision for Income Taxes | 16,449 | 11,802 | 51,279 | 42,425 |
| NET INCOME | $ 26,509 | $ 20,357 | $ 81,913 | $ 68,255 |
| Earnings Per Share | ||||
| Primary | $ .56 | $ .44 | $1.75 | $1.47 |
| Fully Diluted | $ .56 | $ .44 | $1.75 | $1.47 |
| Weighted Average Number of Common Shares Outstanding |
||||
| Primary | 47,139 | 46,585 | 46,791 | 46,460 |
| Fully Diluted | 47,191 | 46,725 | 46,846 | 46,521 |
OAKWOOD HOMES CORPORATION
Consolidated Balance Sheet
(Amounts in Thousands)
| September 30 | ||
| Assets | 1997 | 1996 |
| Cash and Cash Equivalents | $ 28,717 | $ 28,577 |
| Receivables and Investments | 462,080 | 508,825 |
| Inventories | 208,298 | 155,890 |
| Properties and Facilities | 139,702 | 113,764 |
| Deferred Income Taxes | 12,994 | 9,674 |
| Other Assets | 52,715 | 25,247 |
| Total | $904,506 | $841,977 |
| Liabilities and Shareholders' Equity | ||
| Short-term Borrowings | $175,800 | $145,506 |
| Notes and Bonds Payable | 78,815 | 134,379 |
| Accounts Payable and Accrued Liabilities | 122,162 | 157,929 |
| Insurance Policy Reserves | 30,535 | 5,534 |
| Other Long-term Obligations | 13,312 | 6,655 |
| Shareholder's Equity | ||
| Common Stock | 23,149 | 22,811 |
| Additional Paid-in Capital | 159,281 | 149,501 |
| Retained Earnings | 306,533 | 226,460 |
| 488,963 | 398,772 | |
| Unearned Compensation | (5,081) | (6,798) |
| 483,882 | 391,974 | |
| $904,506 | $841,977 | |
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