Champion Enterprises, Inc. Acquires Oklahoma Lifestyle
* Retail home centers now total 205 in 23 states * 1998 retail sales expected to exceed $500 million
AUBURN HILLS, Mich., Aug. 5 /PRNewswire/ -- Champion Enterprises, Inc. (NYSE: CHB - news) today announced the acquisition of Oklahoma Lifestyle, owned by Steven Radley, II. Oklahoma Lifestyle owns two manufactured housing retail centers in Tulsa, Oklahoma and one in Wichita, Kansas, operating under the names of Oklahoma Lifestyle and Carnival Homes. Sales in 1997 were approximately $14 million. Together with several internal expansions and acquisitions in Texas, Utah, North Carolina, South Carolina and Florida since the end of the second quarter, Champion now has 205 retail centers in 23 states.
Champion's Chairman, President and Chief Executive Officer, Walter R. Young, Jr., said, ''We're excited to have Oklahoma Lifestyle join the Champion family. This acquisition is another step in the implementation of our retail expansion strategy of acquiring well-run, profitable retail organizations. Retail operations are already contributing to Champion's 1998 earnings. Along with our strong manufacturing operations, retail distribution should provide significant growth opportunities in the future.''
Steven Radley, II, owner of Oklahoma Lifestyle, added, ''I am delighted to be a part of Champion Enterprises, the nation's leader in manufactured housing. The company has differentiated itself as the most aggressive, creative and growth-oriented organization in housing. We expect to do our share to help Champion's earnings grow in the years ahead.''
Champion's President, Retail Operations and Chief Financial Officer, Joseph H. Stegmayer, commented, ''We are encouraged by the contribution to earnings of our retail operations and the speed at which the organization has implemented expansion programs. Through continued new store openings and acquisitions, by the beginning of next year we expect to be operating at least 220 company-owned retail centers. Retail sales are expected to exceed $500 million in 1998, well on our way to achieving our goal of at least $1 billion in retail revenues by the year 2000. We are committed to growing Champion's earnings per share at a minimum 15 percent compound annual growth rate.'' |
