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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(x) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2004
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period ended _________________________
For Quarter Ended Commission File Number
March 31, 2004 0-13130
UNITED MOBILE HOMES, INC.
(Exact name of registrant as specified in its charter)
Maryland 22-1890929
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) identification number)
Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold,
NJ 07728
Registrant's telephone number, including area code (732) 577-9997
(Former name, former address and former fiscal year, if changed
since last report.)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
Indicate by check mark whether the registrant is an accelerated
filer (as defined in Rule 125-2 of the Exchange Act).
Yes X No
The number of shares outstanding of issuer's common stock as of May 1,
2004 was 8,432,023 shares.
UNITED MOBILE HOMES, INC.
for the QUARTER ENDED
MARCH 31, 2004
PART I - FINANCIAL INFORMATION Page No.
Item 1 - Financial Statements (Unaudited)
Consolidated Balance Sheets 3
Consolidated Statements of Income 4
Consolidated Statements of Cash Flows 5
Notes to Consolidated Financial Statements 6-9
Item 2 - Management's Discussion and Analysis of
Financial Conditions and Results of
Operations 10-13
Item 3 - Quantitative and Qualitative Disclosures
About Market Risk
There have been no material changes to
information required regarding quantitative
and qualitative disclosures about market
risk from the end of the preceding year to
the date of this Form 10-Q.
Item 4 - Controls and Procedures 12
PART II - OTHER INFORMATION 14
SIGNATURES 15
Page 2
UNITED MOBILE HOMES, INC
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2004 AND DECEMBER 31, 2003
March 31, December 31,
-ASSETS- 2004 2003
__________ __________
(Unaudited)
INVESTMENT PROPERTY AND EQUIPMENT
Land $8,412,970 $ 6,927,971
Site and Land Improvements 61,158,495 59,202,516
Buildings and Improvements 3,026,780 2,790,612
Rental Homes and Accessories 9,762,380 9,581,123
__________ __________
Total Investment Property 82,360,625 78,502,222
Equipment and Vehicles 4,973,302 4,664,006
__________ __________
Total Investment Property and
Equipment 87,333,927 83,166,228
Accumulated Depreciation (38,408,349) (37,660,693)
__________ __________
Net Investment Property and
Equipment 48,925,578 45,505,535
__________ __________
OTHER ASSETS
Cash and Cash Equivalents 2,419,748 3,244,871
Securities Available for Sale 26,954,225 31,096,211
Inventory of Manufactured Homes 3,463,671 3,635,954
Notes and Other Receivables 7,522,843 7,338,580
Unamortized Financing Costs 490,362 407,401
Prepaid Expenses 524,998 559,594
Land Development Costs 2,762,855 2,522,066
__________ __________
Total Other Assets 44,138,702 48,804,677
__________ __________
TOTAL ASSETS $93,064,280 $94,310,212
========== ==========
- LIABILITIES AND SHAREHOLDERS' EQUITY -
LIABILITIES:
MORTGAGES PAYABLE $44,745,190 $ 44,222,675
__________ __________
OTHER LIABILITIES
Accounts Payable 291,539 655,648
Loans Payable 3,140,914 7,840,962
Accrued Liabilities and Deposits 2,016,373 1,988,525
Tenant Security Deposits 497,381 502,626
__________ __________
Total Other Liabilities 5,946,207 10,987,761
__________ __________
Total Liabilities 50,691,397 55,210,436
__________ __________
SHAREHOLDERS' EQUITY:
Common Stock - $.10 par value per
share, 20,000,000 shares
authorized,8,763,741 and
8,557,130 shares issued and 8,371,441 and
8,164,830 shares outstanding as
of March 31, 2004 and December 31,
2003, respectively 876,374 855,713
Excess Stock - $.10 par value per
share, 3,000,000 shares
authorized,
no shares issued or outstanding -0- -0-
Additional Paid-In Capital 39,546,442 36,304,626
Accumulated Other Comprehensive
Income 3,964,664 5,308,195
Undistributed Income 1,695,325 341,164
Treasury Stock, at Cost (392,300
shares) (3,709,922) (3,709,922)
__________ __________
Total Shareholders' Equity 42,372,883 39,099,776
__________ __________
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $93,064,280 $94,310,212
========== ==========
-UNAUDITED-
See Accompanying Notes to Consolidated Financial Statements
Page 3
UNITED MOBILE HOMES, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED
MARCH 31, 2004 AND 2003
2004 2003
____ ____
REVENUES:
Rental and Related
Income $5,344,750 $5,149,611
Sales of Manufactured
Homes 1,542,342 1,496,093
Interest and Dividend
Income 739,827 885,361
Gain on Securities
Available for Sales
Transactions, net 1,820,354 194,516
Other Income 18,336 25,591
__________ __________
Total Revenues 9,465,609 7,751,172
__________ __________
EXPENSES:
Community Operating
Expenses 2,459,665 2,346,651
Cost of Sales of
Manufactured Homes 1,217,212 1,193,019
Selling Expenses 345,295 275,238
General and
Administrative Expenses 625,289 565,096
Interest Expense 739,712 828,035
Depreciation Expense 770,700 716,659
Amortization of
Financing Costs 24,810 30,300
__________ __________
Total Expenses 6,182,683 5,954,998
__________ __________
Income before Gain on
Sales of Investment
Property and Equipment 3,282,926 1,796,174
(Loss) Gain on Sales of
Investment Property and
Equipment (5,259) 6,302
__________ __________
Net Income $3,277,667 $1,802,476
========== ==========
Net Income per Share -
Basic $ 0.40 $ 0.23
========== ==========
Diluted $ 0.39 $ 0.23
========== ==========
Weighted Average Shares
Outstanding -
Basic 8,256,598 7,692,519
========== ==========
Diluted 8,355,420 7,785,396
========== ==========
-UNAUDITED-
See Accompanying Notes to Consolidated Financial Statements
Page 4
UNITED MOBILE HOMES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED
MARCH 31, 2004 AND 2003
2004 2003
____ ____
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $3,277,667 $1,802,476
Non-Cash Adjustments:
Depreciation 770,700 716,659
Amortization 24,810 30,300
Stock Compensation Expense 28,427 -0-
Gain on Securities Available for Sale
Transactions (1,820,354) (194,516)
Loss (Gain) on Sales of Investment
Property and Equipment 5,259 (6,302)
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes 172,283 (36,460)
Notes and Other Receivables (184,263) (40,057)
Prepaid Expenses 34,596 (66,989)
Accounts Payable (364,109) (594,520)
Accrued Liabilities and Deposits 27,848 (11,866)
Tenant Security Deposits (5,245) (1,834)
__________ __________
Net Cash Provided by Operating
Activities 1,967,619 1,596,891
__________ __________
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home
Community (3,535,400) -0-
Purchase of Investment Property and
Equipment (670,952) (377,527)
Proceeds from Sales of Assets 10,350 81,683
Additions to Land Development (240,789) (189,175)
Purchase of Securities Available
for Sale (2,039,284) (188,786)
Proceeds from Sales of
Securities Available for Sale 6,658,093 665,566
__________ __________
Net Cash Provided (Used) by
Investing Activities 182,018 (8,239)
__________ __________
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Mortgages and Loans 2,000,000 -0-
Principal Payments of Mortgages
and Loans (6,177,533) (1,371,753)
Financing Costs on Debt (107,771) (16,148)
Proceeds from Issuance of Common
Stock 2,809,342 -0-
Proceeds from Exercise of Stock
Options -0- 201,950
Dividends Paid, net of
amount reinvested (1,498,798) (1,258,575)
__________ __________
Net Cash Used by Financing
Activities (2,974,760) (2,444,526)
__________ __________
NET DECREASE IN CASH
AND CASH EQUIVALENTS (825,123) (855,874)
CASH & CASH EQUIVALENTS - BEGINNING 3,244,871 2,338,979
__________ __________
CASH & CASH EQUIVALENTS - ENDING $2,419,748 $1,483,105
========== ==========
-UNAUDITED-
See Accompanying Notes to Consolidated Financial Statements
Page 5
UNITED MOBILE HOMES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2004 (UNAUDITED)
NOTE 1 - ORGANIZATION AND ACCOUNTING POLICY
The interim consolidated financial statements furnished herein
reflect all adjustments which were, in the opinion of management,
necessary to present fairly the financial position, results of
operations, and cash flows at March 31, 2004 and for all periods
presented. All adjustments made in the interim period were of a
normal recurring nature. Certain footnote disclosures which
would substantially duplicate the disclosures contained in the
audited consolidated financial statements and notes thereto
included in the annual report of the Company for the year ended
December 31, 2003 have been omitted.
United Mobile Homes, Inc. (the Company), through its wholly-owned
taxable subsidiary, UMH Sales and Finance, Inc. (S&F), conducts
manufactured home sales in its communities. This company was
established to enhance the occupancy of the communities. The
consolidated financial statements of the Company include S&F and
all of its other wholly-owned subsidiaries. All intercompany
transactions and balances have been eliminated in consolidation.
Certain reclassifications have been made to the consolidated
financial statements for prior periods to conform to the current
period presentation.
Employee Stock Options
Prior to January 1, 2003, the Company accounted for its stock
option plan under the recognition and measurement provision of
APB Opinion No. 25, "Accounting for Stock Issued to Employees",
and the related interpretations. No stock-based employee
compensation was reflected in net income prior to January 1,
2003. Effective January 1, 2003, the Company adopted the fair
value recognition provisions of SFAS No. 123, "Accounting for
Stock Based Compensation". The Company has selected the
prospective method of adoption under the provisions of SFAS No.
148, "Accounting for Stock-Based Compensation Transition and
Disclosure". SFAS 123 requires that compensation cost for all
stock awards be calculated and recognized over the service period
(generally equal to the vesting period). This compensation cost
is determined using option pricing models, intended to estimate
the fair value of the awards at the grant date.
Had compensation cost been determined consistent with SFAS No.
123, the Company's net income and earnings per share for the
three months ended March 31, 2004 and 2003 would have been
reduced to the pro forma amounts as follows:
Page 6
NOTE 1 - ORGANIZATION AND ACCOUNTING POLICY, (CONT'D.)
2004 2003
____ ____
Net Income prior to
Compensation expense $3,306,094 $1,802,476
Compensation expense 28,427 -0-
__________ __________
Net Income as Reported 3,277,667 1,802,476
Compensation expenses
if the fair value method
had been applied -0- 4,407
__________ __________
Net Income Pro forma $3,277,667 $1,798,069
========== ==========
Net Income per share -
as reported
Basic $ .40 $ .23
Diluted $ .39 $ .23
Net Income per share -
pro forma
Basic $ .40 $ .23
Diluted $ .39 $ .23
The fair value of each option grant is estimated on the date of
grant using the Black-Scholes option pricing model with the
following weighed-average assumptions used for grants in the
following years:
2004 2003 2002
Dividend yield 6.06% 6.14% 6.75%
Expected volatility 19% 19% 13%
Risk-free interest rate 3.54% 3.91% 3.40%
Expected lives 8 8 8
The weighted-average fair value of options granted during the
three months ended March 31, 2004 was $1.23. There were no
options granted during the three months ended March 31, 2003.
During the three months ended March 31, 2004, the following stock
options were granted:
Date of Number of Number Option Expiration
Grant Employees of Price Date
Shares
1/16/04 1 25,000 $18.62 1/16/12
During the three months ended March 31, 2004, no employees
exercised their stock options and no options expired without
being exercised. As of March 31, 2004, there were options
outstanding to purchase 331,000 shares and 1,411,000 shares were
available for grant under the Company's 2003 Stock Option Plan.
Page 7
NOTE 2 - NET INCOME PER SHARE AND COMPREHENSIVE INCOME
Basic net income per share is calculated by dividing net income
by the weighted average shares outstanding for the period.
Diluted net income per share is calculated by dividing net income
by the weighted average number of common shares outstanding plus
the weighted average number of net shares that would be issued
upon exercise of stock options pursuant to the treasury stock
method. Options in the amount of 98,822 and 92,877 shares for
the three months ended March 31, 2004 and 2003, respectively, are
included in the diluted weighted average shares outstanding.
The following table sets forth the components of the Company's
comprehensive income for the three months ended March 31, 2004
and 2003:
2004 2003
____ ____
Net Income $3,277,667 $1,802,476
Decrease in unrealized
gain on securities
available for sale (1,343,531) (386,182)
__________ __________
Comprehensive Income $1,934,136 $1,416,294
========== ==========
NOTE 3 - INVESTMENT PROPERTY AND EQUIPMENT
On March 1, 2004, the Company acquired Bishop's Mobile Home Court
and Whispering Pines Community, in Somerset Township,
Pennsylvania. Bishop's Mobile Home Court is an existing family
community consisting of 124 sites, located next to Whispering
Pines Community, a 55-and-older community consisting of 15
existing home sites and an additional 60 acres for expansion.
The Company will rename Bishop's Mobile Home Court as Somerset
Estates. The total purchase price was approximately $3,500,000.
The Company obtained a $2,000,000 mortgage with Somerset Trust
Company which matures on February 26, 2019. The interest rate is
fixed at 5.25% for three years and is adjusted every three years
based upon the three-year Treasury rate plus 3.25%.
NOTE 4 - SECURITIES AVAILABLE FOR SALE AND DERIVATIVE INSTRUMENTS
During the three months ended March 31, 2004, the Company sold or
redeemed $4,837,739 in securities available for sale, recognizing
a gain of $1,820,354. Included in these sales are sales of
550,000 shares of Monmouth Real Estate Investment Corporation (an
affiliated company) common stock for a gain of $1,413,571.
During the three months ended March 31, 2004, the Company
invested in futures contracts on ten-year Treasury notes with a
notional amount of $3,400,000, with the objective of reducing the
exposure of the debt securities portfolio to market rate
fluctuations. Changes in the market value of these derivatives
have been recorded in interest and dividend income with
corresponding amounts recorded in accrued liabilities and
deposits on the balance sheet. The fair value of the derivatives
at March 31, 2004 was a liability of $33,312.
Page 8
NOTE 5 - MORTGAGES PAYABLE
Effective March 1, 2004, the Company extended the Sandy Valley
mortgage for an additional five years. This mortgage payable is
due on March 1, 2009 with the interest rate reset at 4.75%.
NOTE 6 - DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN
On March 15, 2004, the Company paid $1,923,506 of which $424,708
was reinvested, as a dividend of $.2325 per share to shareholders
of record as of February 17, 2004. On April 1, 2004, the Company
declared a dividend of $.235 per share to be paid on June 15,
2004 to shareholders of record May 17, 2004.
During the three months ended March 31, 2004, the Company
received, including dividends reinvested, a total of $3,234,050
from the Dividend Reinvestment and Stock Purchase Plan. There
were 206,611 new shares issued under the Plan.
NOTE 7 - EMPLOYMENT AGREEMENTS
The Company has an employment agreement with Mr. Eugene W. Landy,
Chairman of the Board. Under this agreement his base
compensation was $150,000 per year. This contract expired in
1998 and had been renewed for one-year periods. Effective
January 1, 2004, this agreement was amended to increase Mr.
Landy's annual base compensation to $175,000. Additionally, Mr.
Landy's pension has been extended for an additional three years.
This amendment did not have a material impact on the Company's
financial statements.
NOTE 8 - CONTINGENCIES
The Company is subject to claims and litigation in the ordinary
course of business. Management does not believe that any such
claim or litigation will have a material adverse effect on the
consolidated balance sheet or results of operations.
NOTE 9 - SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the three months ended March 31, 2004 and 2003
for interest was $780,212 and $860,635, respectively. Interest
cost capitalized to Land Development was $40,500 and $32,600 for
the three months ended March 31, 2004 and 2003, respectively.
During the three months ended March 31, 2004 and 2003, the
Company had dividend reinvestments of $424,708 and $451,661,
respectively, which required no cash transfers.
Page 9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
RESULTS OF OPERATIONS
OVERVIEW
The following discussion and analysis of the consolidated
financial condition and results of operations should be read in
conjunction with the Consolidated Financial Statements and notes
thereto included elsewhere herein and in our annual report on
Form 10-K for the year ended December 31, 2003.
The Company is a real estate investment trust (REIT). The
Company's primary business is the ownership and operation of
manufactured home communities - leasing manufactured home spaces
on a month-to-month basis to private manufactured home owners.
The Company also leases homes to residents and, through its
taxable REIT subsidiary, UMH Sales and Finance, Inc. (S&F), sells
homes to residents and prospective residents of our communities.
Total revenue increased from $7,751,172 for the quarter ended
March 31, 2003 to $9,465,609 for the quarter ended March 31, 2004
primarily due to the increase in gain on securities available for
sale and acquisitions of new communities. Total expenses
increased from $5,954,998 for the quarter ended March 31, 2003 to
$6,182,683 for the period ended March 31, 2004 primarily due to
acquisitions of new communities. On March 1, 2004, the Company
acquired a manufactured home community in Somerset Township,
Pennsylvania. The Company now owns twenty-seven communities
containing 6,268 sites. The communities are located in New
Jersey, New York, Ohio, Pennsylvania and Tennessee.
CHANGES IN RESULTS OF OPERATIONS
Rental and related income increased from $5,149,611 for the
quarter ended March 31, 2003 to $5,344,750 for the quarter ended
March 31, 2004. This was primarily due to the acquisitions of
the new communities during 2003 and 2004 and rental increases to
residents. The Company has been raising rental rates by
approximately 3% to 4% annually. Interest and dividend income
decreased from $885,361 for the quarter ended March 31, 2003 to
$739,827 for the quarter ended March 31, 2004. This was due
primarily to sales of Securities available for sale during 2003
and 2004. Gain on securities available for sale transactions
amounted to $1,820,354 and $194,516 for the quarters ended March
31, 2004 and 2003, respectively. This increase was primarily the
result of the Company's decision to take advantage of the rise in
price of the securities portfolio in the fourth quarter of 2003
and the first quarter of 2004. Management does not expect to
recognize the same level of realized gains on sale of securities
in future quarters due to a decline in market values of REIT
securities occurring after the first quarter of 2004.
Community operating expenses increased from $2,346,651 for the
quarter ended March 31, 2003 to $2,459,665 for the quarter ended
March 31, 2004. This was primarily due to the acquisitions of
the new communities in 2003 and 2004 and increased real estate
taxes and legal fees. General and administrative expenses
increased from $565,096 for the quarter ended March 31, 2003 to
$625,289 for the quarter ended March 31, 2004. This was
primarily due to an increase in personnel costs and professional
fees. Interest expense decreased from $828,035 for the quarter
ended March 31, 2003 to $739,712 for the quarter ended March 31,
2004. This was primarily due
Page 10
CHANGES IN RESULTS OF OPERATIONS, (CONT'D.)
to a decrease in loans payable and the refinancing of existing
mortgages at lower interest rates. Depreciation expense
increased from $716,659 for the quarter ended March 31, 2003 to
$770,700 for the quarter ended March 31, 2004. This was
primarily due to the acquisitions of the new communities.
Amortization of financing costs remained relatively stable for
the quarter ended March 31, 2004 as compared to the quarter ended
March 31, 2003.
Sales of manufactured homes amounted to $1,542,342 and $1,496,093
for the quarters ended March 31, 2004 and 2003, respectively.
Cost of sales of manufactured homes amounted to $1,217,212 and
$1,193,019 for the quarters ended March 31, 2004 and 2003,
respectively. Selling expenses amounted to $345,295 and $275,238
for the quarters ended March 31, 2004 and 2003, respectively.
These fluctuations are directly attributable to the fluctuations
in sales. Income from the sales operations (defined as sales of
manufactured homes less cost of sales of manufactured homes less
selling expenses) amounted to a loss of $20,165 for the quarter
ended March 31, 2004 as compared to income of $27,836 for the
quarter ended March 31, 2003, respectively. This decrease was
primarily due to an increase in personnel costs. The Company
believes that sales of new homes produces new rental revenue and
is an investment in the upgrading of the communities.
LIQUIDITY AND CAPITAL RESOURCES
Net cash provided by operating activities increased from
$1,596,891 for the quarter ended March 31, 2003 to $1,967,619 for
the quarter ended March 31, 2004 primarily due to a decrease in
inventory of manufactured homes. The Company received, including
dividends reinvested of $424,708, new capital of $3,234,050
through its Dividend Reinvestment and Stock Purchase Plan (DRIP).
The Company sold $4,837,739, at cost, and purchased $2,039,284 of
securities of other real estate investment trusts. Mortgages
Payable increased by $522,515 as a result of a new mortgage of
$2,000,000 partially offset by principal repayments of
$1,477,485. Loans payable decreased by $4,700,048 due primarily
to principal repayments. The Company believes that funds
generated from operations together with the financing and
refinancing of its properties will be sufficient to meet its
needs over the next several years.
FUNDS FROM OPERATIONS
Funds from Operations (FFO) is defined as net income excluding
gains (or losses) from sales of depreciable assets, plus
depreciation. FFO should be considered as a supplemental measure
of operating performance used by real estate investment trust
(REITs). FFO excludes historical cost depreciation as an expense
and may facilitate the comparison of REITs which have different
cost bases. The items excluded from FFO are significant
components in understanding and assessing the Company's financial
performance. FFO (1) does not represent cash flow from
operations as defined by generally accepted accounting
principles; (2) should not be considered as an alternative to net
income as a measure of operating performance or to cash flows
from operating, investing and financing activities; and (3) is
not an alternative to cash flow as a measure of liquidity. FFO,
as calculated by the Company, may not be comparable to similarly
entitled measures reported by other REITs.
Page 11
FUNDS FROM OPERATIONS, (CONT'D.)
The Company's FFO for the quarter ended March 31, 2004 and 2003
is calculated as follows:
2004 2003
____ ____
Net Income $3,277,667 $1,802,476
Loss (Gain) on Sales
of Depreciable
Assets 5,259 (6,302)
Depreciation Expense 770,700 716,659
__________ __________
FFO $4,053,626 $2,512,833
========== ==========
The following are the cash flows provided (used) by operating,
investing and financing activities for the three months ended
March 31, 2004 and 2003:
2004 2003
____ ____
Operating Activities $1,967,619 $1,596,891
Investing Activities 182,018 (8,239)
Financing Activities (2,974,760) (2,444,526)
CONTROLS AND PROCEDURES
The Company's Chief Executive Officer and Chief Financial
Officer, with the assistance of other members of the Company's
management, have evaluated the effectiveness of the Company's
disclosure controls and procedures as of the end of the period
covered by this Quarterly Report on Form 10-Q. Based on such
evaluation, the Company's Chief Executive Officer and Chief
Financial Officer have concluded that the Company's disclosure
controls and procedures are effective.
The Company's Chief Executive Officer and Chief Financial Officer
have also concluded that there have not been any changes in the
Company's internal control over financial reporting that has
materially affected, or is reasonably likely to materially
affect, the Company's internal control over financial reporting.
SAFE HARBOR STATEMENT
This Form 10-Q contains various "forward-looking statements"
within the meaning of the Securities Act of 1933 and the
Securities Exchange Act of 1934, and the Company intends that
such forward-looking statements be subject to the safe harbors
created thereby. The words "may", "will", "expect", "believe",
"anticipate", "should", "estimate", and similar expressions
identify forward-looking statements. These forward-looking
statements reflect the Company's
Page 12
SAFE HARBOR STATEMENT, (CONT'D.)
current views with respect to future events and finance
performance, but are based upon current assumptions regarding the
Company's operations, future results and prospects, and are
subject to many uncertainties and factors relating to the
Company's operations and business environment which may cause the
actual results of the Company to be materially different from any
future results expressed or implied by such forward-looking
statements.
Such factors include, but are not limited to, the following: (i)
changes in the general economic climate; (ii) increased
competition in the geographic areas in which the Company owns and
operates manufactured housing communities; (iii) changes in
government laws and regulations affecting manufactured housing
communities; and (iv) the ability of the Company to continue to
identify, negotiate and acquire manufactured housing communities
and/or vacant land which may be developed into manufactured
housing communities on terms favorable to the Company. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements whether as a result of new
information, future events, or otherwise.
Page 13
PART II
OTHER INFORMATION
Item 1 - Legal Proceedings - none
Item 2 - Changes in Securities - none
Item 3 - Defaults Upon Senior Securities - none
Item 4 - Submission of Matters to a Vote of Security Holders -
none
Item 5 - Other Information - none
Item 6 - Exhibits and Reports on Form 8-K -
(a) Exhibits -
31.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
31.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
32
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
(b) Reports on Form 8-K - none
Page 14
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
UNITED MOBILE HOMES, INC.
DATE: May 3, 2004 By /s/ Samuel A. Landy
Samuel A. Landy
President
DATE: May 3, 2004 By /s/ Anna T. Chew
Anna T. Chew
Vice President and
Chief Financial Officer