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American Homestar Incurs $16.4 Million Annual Loss

HOUSTON-Despite a surge in residential sales in the region, American Homestar Corp. has incurred a $16.4 million annual loss in its manufactured housing business. Shareholders are losing 89 cents per share in the business drop.

By Connie Gore | Updated on August 17, 2000

American Homestar Corp., a Houston-based manufactured housing business, is reporting an annual loss of $16.4 million, or 89 cents per share, for the fiscal year ending June 30 in comparison to net income of $17.9 million or 96 cents per share in the comparable period of the previous year.

This year’s revenues have totaled $574 million, down from $654 million in 1999′s comparable period last year. Final quarter revenues tallied $139 million while it was $186 million previous year. Quarterly net loss, before special charges for the fourth quarter, was $3.2 million, or 17 cents per diluted share, compared with net income of $4.6 million, or 25 cents per diluted share, in the prior-year period. The firm has incurred special charges associated with closings of some of its factories. American Homestar currently operates 11 manufacturing plants and 109 company-owned retail sales centers in Texas and other states.

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