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Non-Tech : Champion Enterprises - CHB - Manufactured Housing Leader -- Ignore unavailable to you. Want to Upgrade?

To: andrew peterson who wrote (111)	6/22/1998 12:55:00 PM
From: andrew peterson	Read Replies (1) \| Respond to of 147

Champion Enterprises, Inc. Expects to Exceed Second Quarter Analysts Estimates AUBURN HILLS, Mich., June 22 /PRNewswire/ -- Champion Enterprises, Inc. (NYSE: CHB - news) announced today that the manufactured housing company should report second quarter earnings of at least $0.49 per diluted share, an increase of 32 percent compared to $0.37 per share reported last year. The First Call consensus estimate for the second quarter is $0.45 per share. Chairman, President and Chief Executive Officer, Walter R. Young, Jr., commented, ''Champion continued to benefit from strong wholesale sales and improved profit margins during April and May. Second quarter results are better than anticipated based upon higher manufacturing demand and improved productivity. The newly acquired retail home centers are also reporting excellent results, and are already contributing to earnings. ''Our retail acquisition growth strategy is being successfully implemented. The opportunities for Champion to continue to improve profits are significant, particularly considering the higher margins enjoyed by many of our vertically-integrated peers. With the recently announced acquisitions, to date this year we have acquired retailers with 1997 sales of $490 million. Upon completion of the announced acquisitions, we will have 176 retail home centers and expect that number to be 200 by the beginning of next year. Combined with the capacity of 57 manufacturing plants in 33 locations, Champion has a great base on which to continue to build long-term earnings,'' Young added. ''Current indications are that 1998 will be a record year for Champion. Earnings per share should exceed our minimum 15 percent compound annual growth rate goal,'' Young concluded.