FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark one)
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x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF |
THE SECURITIES EXCHANGE ACT OF 1934.
For Quarterly period ended April 2, 2005
OR
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o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF |
THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from ____________ to ____________
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Commission file number |
1-9751 |
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CHAMPION ENTERPRISES, INC. |
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(Exact name of registrant as specified in its charter) |
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Michigan |
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38-2743168 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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2701 Cambridge Court, Suite 300 Auburn Hills, MI 48326 |
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(Address of principal executive offices) |
Registrant’s telephone number, including area code: (248) 340-9090
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.
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Yes |
X |
No |
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). Yes X No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
75,685,743 shares of the registrant’s $1.00 par value Common Stock were outstanding as of April 22, 2005.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
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CHAMPION ENTERPRISES, INC. |
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Consolidated Statements of Operations |
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(In thousands, except per share amounts) | ||||
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Unaudited |
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Three Months Ended |
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April 2, 2005 |
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April 3, 2004 |
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Net sales |
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$ |
244,275 |
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$ |
206,734 |
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Cost of sales |
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207,011 |
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179,277 |
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Gross margin |
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37,264 |
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27,457 |
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Selling, general, and administrative expenses |
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31,669 |
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28,243 |
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Mark-to-market (credit) charge for common stock warrant |
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(3,800 |
) |
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5,100 |
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Loss on debt retirement |
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— |
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3,226 |
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Operating income (loss) |
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9,395 |
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(9,112 |
) |
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Interest income |
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773 |
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232 |
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Interest expense |
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(4,581 |
) |
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(5,062 |
) |
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Income (loss) from continuing operations before income taxes |
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5,587 |
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(13,942 |
) |
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Income tax expense |
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300 |
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300 |
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Income (loss) from continuing operations |
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5,287 |
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(14,242 |
) |
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Loss from discontinued operations, net of taxes |
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(2,558 |
) |
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(81 |
) |
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Net income (loss) |
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$ |
2,729 |
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$ |
(14,323 |
) |
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Basic income (loss) per share (Note 9): |
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Income (loss) from continuing operations |
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$ |
0.06 |
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$ |
(0.21 |
) |
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Loss from discontinued operations |
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(0.03 |
) |
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— |
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Basic income (loss) per share |
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$ |
0.03 |
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$ |
(0.21 |
) |
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Weighted shares for basic EPS |
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72,547 |
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68,103 |
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Diluted income (loss) per share (Note 9): |
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Income (loss) from continuing operations |
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$ |
0.06 |
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$ |
(0.21 |
) |
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Loss from discontinued operations |
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(0.03 |
) |
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— |
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Diluted income (loss) per share |
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$ |
0.03 |
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$ |
(0.21 |
) |
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Weighted shares for diluted EPS |
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73,345 |
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68,103 |
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See accompanying Notes to Consolidated Financial Statements. |
Page 1 of 33
CHAMPION ENTERPRISES, INC.
Consolidated Balance Sheets
(In thousands, except par value)
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Unaudited |
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April 2, 2005 |
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January 1, 2005 |
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ASSETS |
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