The parent company of Discovery Homes, Palm Harbor, just released their 4th quarter and year end financial statements and it is going to be a tough 2009 by all all indications.
Here are quotes from a press release from the company:
Net sales for the fourth quarter totaled $78.9 million compared with $126.5 million in the year-earlier period. Net loss for the fourth quarter of 2009 totaled $8.6 million, or $0.37 per share, compared with a net loss of $12.7 million, or $0.55 per share, a year ago.
Larry Keener, chairman and chief executive officer of Palm Harbor Homes, Inc., said, "While Palm Harbor began fiscal 2009 on a positive note, the overall economic concerns, credit crisis and escalating unemployment have taken their toll on everyone associated with the housing industry. Our results for the fourth quarter are indicative of the challenging market conditions and decline in retail demand for factory-built housing. Total industry shipments, including both HUD-code and modular products, were down over 47 percent through March 2009. Palm Harbor retail deliveries were down 37 percent as compared with the fourth quarter of fiscal 2008 and down 22 percent for the fiscal year. However, our largest revenue drop was from the key states of Florida, Arizona and California, with sales to independent retailers, builders and developers in these markets down over $49 million for the year.
I may not be the smartest guy around but if Palm Harbor produced cars instead of houses, President Obama would be on their doorstep wanting them to get their act together, offering bailout money and pushing for bankruptcy? Just a thought!
I guess modular housing just isn’t important enough for government help.
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