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Article: Oakwood Homes announces charge-offs for the year and fourth quarter.
- Article from:
- PR Newswire
- Article date:
- September 24, 1987
CopyrightCOPYRIGHT 1987 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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OAKWOOD HOMES ANNOUNCES CHARGE-OFFS
FOR THE YEAR AND FOURTH QUARTER
GREENSBORO, N.C., Sept. 24 /PRNewswire/ -- Oakwood Homes Corporation (NYSE: OH) announced today that it will take charge-offs of approximately $8 million against pre-tax earnings for the fourth quarter of its fiscal year ending Sept. 30, 1987. The charge-offs result from the expected costs of implementing the company's decision to discontinue operations in Texas and from an increase in its reserves for losses on repossession transactions. The charge-offs are expected to reduce after-tax earnings by approximately $4 million, or 75 cents per share. Earnings per share ...