Date: Fri, 21 Nov 1997 01:37:29 GMT Server: Apache/1.2.4 Last-Modified: Tue, 28 Oct 1997 16:27:00 GMT ETag: "d2844-16f3-34561254" Content-Length: 5875 Accept-Ranges: bytes Connection: close Content-Type: text/html 1998 1st Quarter Earnings

NEWS RELEASE

FOR IMMEDIATE RELEASE
October 16, 1997

Contact: Investor Relations
Phone: 423-595-4727
Fax: 423-595-4703

CLAYTON HOMES (CMH, NYSE) REPORTS RECORD QUARTER

KNOXVILLE, Tenn. – For the first quarter ended September 30, Clayton Homes, Inc. revenues of $263 million and net income of $30 million, were up 11% and 16% respectively from the prior year. Earnings per share increased 14% to 25 cents from 22 cents a year earlier. With this 45th consecutive record quarter, the Company has reported increases in revenue and net income in 57 of the 58 quarters since becoming a public company in 1983.

The number of homes sold increased to 7,858 from 7,741 in the comparable period last year.

Clayton Homes, Inc. is a vertically integrated manufactured housing company engaged in manufacturing, retailing, financing and insuring homes, and operating manufactured housing communities.

SUMMARY RESULTS

    Three Months Ended    
 

September 30
(in thousands except per share data)

 

1997

1996

Change

Revenues

$262,695

$236,204

+11%

Earnings before taxes

$ 47,879

41,303

+16%

Net Income

$ 29,679

$ 25,603

+16%

Earnings per share

$0.25

$0.22

+14%

Average shares outstanding

119,347

119,903

-0.5%

 

1996 earnings per share and shares outstanding data have been adjusted for a 5-for-4 stock split paid on December 11, 1996.

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