-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BDiUhoYKgW38GI8qdgGBO0YEhvfPNCn9rVkq+l3haos9lysiwhw4unoHr22fC3RX 43h8GUVOFdnJoykrtY60bg== 0000719547-00-000003.txt : 20000214 0000719547-00-000003.hdr.sgml : 20000214 ACCESSION NUMBER: 0000719547-00-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLAYTON HOMES INC CENTRAL INDEX KEY: 0000719547 STANDARD INDUSTRIAL CLASSIFICATION: MOBILE HOMES [2451] IRS NUMBER: 621671360 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-08824 FILM NUMBER: 534341 BUSINESS ADDRESS: STREET 1: 500 CLAYTON ROAD CITY: MARYVILLE STATE: TN ZIP: 37804 BUSINESS PHONE: 4233803000 MAIL ADDRESS: STREET 1: PO BOX 15169 CITY: KNOXVILLE STATE: TN ZIP: 37912 10-Q 1 CLAYTON HOMES, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED December 31, 1999 ------------------- COMMISSION FILE NUMBER 1-8824 ------- CLAYTON HOMES, INC. -------------------------- (Exact name of registrant as specified in its charter) Delaware 62-1671360 - -------- ---------- (State or other jurisdiction of (I.R.S. Employer Identification incorporation or organization) Number) 5000 Clayton Road Maryville, Tennessee 37804 - --------------------- ----------------- (Address of principal executive offices) (zip code) 865-380-3000 ---------------- (Registrant's telephone number, including area code) 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. 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. Shares of common stock $.10 par value, outstanding on December 31, 1999 - -139,653,613. 1 CLAYTON HOMES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited - in thousands except per share data)
Three Months Ended Six Months Ended December 31, December 31, 1999 1998 1999 1998 -------- --------- -------- --------- REVENUES Net sales $234,466 $247,407 $500,206 $494,599 Financial services 57,570 54,851 111,918 105,850 Rental and other income 17,123 16,862 34,332 33,357 -------- --------- -------- --------- Total revenues 309,159 319,120 646,456 633,806 -------- --------- -------- --------- COSTS AND EXPENSES Cost of sales 154,559 168,413 333,042 340,075 Selling, general and administrative 94,378 88,357 192,626 172,682 Financial services interest 271 2,809 560 5,259 Provision for credit losses 4,400 2,700 8,400 5,259 -------- --------- -------- --------- Total expenses 253,608 262,279 534,628 523,275 -------- --------- -------- --------- OPERATING INCOME 55,551 56,841 111,828 110,531 Interest income (expense), net/other 280 (1,228) 427 (2,221) -------- --------- -------- --------- Income before income taxes 55,831 55,613 112,255 108,310 Provision for income taxes 20,600 20,600 41,500 40,100 -------- --------- -------- --------- Net income $ 35,231 $ 35,013 $ 70,755 $ 68,210 ======== ========= ======== ========= NET INCOME PER COMMON SHARE (1) Basic $ 0.25 $ 0.24 $ 0.50 $ 0.47 Diluted 0.25 0.24 0.50 0.46 DIVIDENDS PAID PER SHARE (1) $ 0.016 $ 0.016 $ 0.032 $ 0.032 AVERAGE SHARES OUTSTANDING (1) Basic 140,005 144,658 140,523 146,118 Diluted 140,342 145,364 140,886 146,932
(1) Adjusted for the December 9, 1998, 5-for-4 stock split. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
(unaudited) (audited) December 31, June 30, 1999 1999 ----------- ----------- ASSETS Cash and cash equivalents $ 32,581 $ 2,680 Receivables, net 583,953 707,888 Inventories 202,360 184,444 Property, plant and equipment, net 300,427 291,503 Other assets 255,112 230,730 ----------- ----------- Total assets $1,374,433 $1,417,245 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable and accrued liabilities $ 72,281 $ 130,579 Debt obligations 94,834 96,477 Other liabilities 224,199 242,421 ----------- ----------- Total liabilities $ 391,314 $ 469,477 SHAREHOLDERS' EQUITY Accumulated other comprehensive income (3,122) (821) Other shareholders' equity 986,241 948,589 ----------- ----------- Total shareholders' equity 983,119 947,768 ----------- ----------- Total liabilities and shareholders' equity $1,374,433 $1,417,245 =========== ===========
(See accompanying notes to the condensed consolidated financial statements) 2 CLAYTON HOMES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - in thousands)
Six Months Ended December 31, 1999 1998 ---------- ---------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 70,755 $ 68,210 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 9,993 8,585 Gain on sale of installment contract receivables, net of amortization (2,386) (3,243) Provision for credit losses 8,400 5,259 Deferred income taxes (3,707) (2,565) Decrease (increase) in other receivables, net 44,362 (22,647) Decrease (increase) in inventories (17,916) 3,180 Decrease in accounts payable, accrued liabilities, and other (122,708) (60,962) ---------- ---------- Cash used in operations (13,207) (4,183) Origination of installment contract receivables (503,747) (520,140) Proceeds from sales of originated installment contract receivables 556,424 410,215 Principal collected on originated installment contract receivables 19,603 27,068 ---------- ---------- Net cash provided by (used in) operating activities 59,073 (87,040) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of installment contract receivables (158,028) (98,045) Proceeds from sales of acquired installment contract receivables 149,676 130,764 Principal collected on acquired installment contract receivables 9,631 8,397 Proceeds from sales of securities available-for-sale 10,121 - Acquisition of property, plant and equipment (18,917) (25,391) Decrease in restricted cash 13,091 4,915 ---------- ---------- Net cash provided by investing activities 5,574 20,640 CASH FLOWS FROM FINANCING ACTIVITIES Dividends (4,753) (4,785) Net borrowings on credit facilities - 54,767 Proceeds from (repayment of) long-term debt (1,643) 78,117 Issuance of stock for incentive plans and other 1,883 1,993 Repurchase of common stock (30,233) (56,428) ---------- ---------- Net cash provided by (used in) financing activities (34,746) 73,664 ---------- ---------- Net increase in cash and cash equivalents 29,901 7,264 Cash and cash equivalents at beginning of period 2,680 1,731 ---------- ---------- Cash and cash equivalents at end of period $ 32,581 $ 8,995 ========== ==========
(See accompanying notes to the condensed consolidated financial statements) 3 CLAYTON HOMES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. The condensed consolidated financial statements of Clayton Homes, Inc. and its wholly and majority owned subsidiaries (the Company) have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted. The condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report to Shareholders for the year ended June 30, 1999. The information furnished reflects all adjustments which are necessary for a fair presentation of the Company's financial position as of December 31, 1999, the results of its operations and its cash flows for the six month periods ended December 31, 1999, and 1998. All such adjustments are of a normal recurring nature. 2. The results of operations for the six months ended December 31, 1999, and 1998 are not necessarily indicative of the results to be expected for the respective full years. 3. Certain reclassifications have been made to the 1998 financial statements to conform to the 1999 presentation. 4. The Company has $75 million of 6.25% Senior Notes due December 30, 2003, which are primarily to facilitate the purchase, origination and warehousing of loan portfolios. The Senior Notes are guaranteed by all significant subsidiaries of the Company and are governed by various financial covenants which require maintenance of certain financial ratios. Subsequent to December 31, 1999, the Company renewed its committed one year $300 million commercial paper conduit facility used to facilitate interim sale of manufactured housing contracts. 5. Reconciling items in excess of bank balances have been reclassified to accounts payable and accrued liabilities. 6. The following reconciliation details the numerators and denominators used to calculate basic and diluted earnings per share for the respective periods:
Three Months Ended Six Months Ended December 31, December 31, (in thousands except per share data) 1999 1998 1999 1998 -------- -------- -------- -------- Net income $ 35,231 $ 35,013 $ 70,755 $ 68,210 Average shares outstanding Basic 140,005 144,658 140,523 146,118 Add: common stock equivalents (1) 337 706 363 814 -------- -------- -------- -------- Diluted 140,342 145,364 140,886 146,932 Earnings per share Basic $ .25 $ .24 $ .50 $ .47 Diluted $ .25 $ .24 $ .50 $ .46
(1) Common stock equivalents are principally stock options. 4 CLAYTON HOMES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 7. The Company operates primarily in four business segments: Retail, Manufacturing, Financial Services and Communities. The following table summarizes information with respect to the Company's business segments for the three month and six month periods ended December 31, 1999 and 1998:
Three Months Ended Six Months Ended December 31, December 31, (in thousands) 1999 1998 1999 1998 -------------- -------------- ---------- ---------- REVENUES Retail $ 175,272 $ 173,770 $ 368,266 $ 347,984 Manufacturing 153,205 165,436 312,455 316,979 Financial Services 47,714 46,319 92,657 91,281 Communities 20,458 16,429 41,969 32,955 Intersegment sales (87,490) (82,834) (168,891) (155,393) -------------- -------------- ---------- ---------- Total revenues $ 309,159 $ 319,120 $ 646,456 $ 633,806 INCOME FROM OPERATIONS Retail $ 12,498 $ 16,765 $ 27,907 $ 31,965 Manufacturing 17,062 17,742 32,433 35,470 Financial Services 28,072 25,072 53,266 50,562 Communities 3,711 3,138 6,979 5,798 Eliminations/Other (5,792) (5,876) (8,757) (13,264) -------------- -------------- ---------- ---------- Total income from operations $ 55,551 $ 56,841 $ 111,828 $ 110,531 CAPITAL EXPENDITURES Retail $ 3,304 $ 4,469 $ 6,313 $ 7,203 Manufacturing 4,274 3,802 7,592 7,902 Financial Services 277 85 382 379 Communities 1,256 2,740 4,199 9,204 Eliminations/Other 380 364 431 703 -------------- -------------- ---------- ---------- Total capital expenditures $ 9,491 $ 11,460 $ 18,917 $ 25,391 As of December 31, 1999 1998 -------------- -------------- IDENTIFIABLE ASSETS Retail $ 275,492 $ 224,417 Manufacturing 90,859 74,498 Financial Services 790,443 1,049,889 Communities 179,283 175,493 Eliminations/Other 38,356 27,902 -------------- -------------- Total identifiable assets $ 1,374,433 $ 1,552,199
5 PART I -- FINANCIAL INFORMATION ITEM 1. Financial Statements. ---------------------- See pages 2 through 5. ITEM 2. Management's Discussion and Analysis of Financial Condition and ------------------------------------------------------------------- Results of Operations. ----------------------- SIX MONTHS ENDED DECEMBER 31, 1999: The following table reflects the percentage changes in retail sales for the Company's retail and community sales centers and wholesale sales to independent retailers. It also reflects percentage changes in the average number of Company-owned retail centers, communities and independent retailers, the average sales per location, and the average price per home sold in each category.
First Six Months Fiscal Year 2000 vs 1999 ------------------------- Retail Dollar sales + 6.4% Number of retail centers + 10.0% Dollar sales per retail center - 3.3% Price of home + 10.0% Wholesale Dollar sales - 13.1% Number of independent retailers - 3.9% Dollar sales per independent retailer - 9.6% Price of home + 4.2% Communities Dollar sales + 60.1% Number of communities + 4.1% Dollar sales per community + 53.7% Price of home + 5.6%
Total revenues for the six months ended December 31, 1999, increased 2% to $646 million, as manufactured housing sales rose 1% to $500 million, financial services income grew 6% to $112 million and rental and other income increased 3% to $34 million. Net sales of the Retail group rose 6% to $337 million as the average home price and the number of Company-owned sales centers rose 10%. Offsetting this increase was a 12% decline in the average number of homes sold per sales center. Net sales of the Manufacturing group decreased 13% to $144 million while the number of homes sold decreased 17% to 6,297. The average wholesale price to independent retailers increased 4% as a result of a shift in product mix towards multi-section homes. 6 Net sales of the Communities group increased 60% to $19 million as 52% more homes were sold, while the average home selling price increased 6%. Within the revenues for the Financial Services segment, interest and loan servicing revenues decreased $2 million, and insurance related revenues rose $3 million. Rental and other income increased 3% as Communities rental income rose 8%. Loans sold through asset-backed securities totaled $623 million, compared to $532 million during the same period last year. Financial services interest expense decreased to $0.6 million. Average debt collateralized by installment contract receivables dropped 26% to $11 million, while the weighted average interest rate moved from 10.62% to 10.50%. The terms of the debt preclude prepayment by the Company. Gross profit margins increased to 33.4% from 31.2%. The increase is attributable to a higher percentage of retail sales in the total sales mix as well as a shift in mix to multi-section units. Selling, general and administrative expenses, as a percent of revenues, increased to 29.8% from 27.2% in the prior year period partially due to increased set up costs associated with the shift in mix toward multi-section units and sales of larger homes. Also contributing was an increase in the number of Company-owned sales centers without a corresponding increase in sales. The provision for credit losses increased to 1.7% from 1.1% of sales. The following table represents delinquent installment sales contracts as a percentage of the total number of installment sales contracts which the Company services and either owns or for which it is contingently liable. A contract is considered delinquent if any payment is more than one month past due.
December 31, 1999 1998 ----- ----- Total delinquency as a percentage of contracts outstanding: All contracts 3.42% 3.43% Contracts originated by VMF 2.47% 2.76% Contracts acquired from other institutions 7.76% 6.40%
7 The following table sets forth information related to loan loss/repossession experience for all installment contract receivables which the Company either owns or for which it is contingently liable.
Six Months Ended December 31, 1999 1998 ------ ------ Net losses as a percentage of average loans outstanding (annualized): All contracts 1.5% 1.3% Contracts originated by VMF 1.3% 0.9% Contracts acquired from other institutions 3.2% 3.4% Number of contracts in repossession: All contracts 2,208 2,014 Contracts originated by VMF 1,772 1,459 Contracts acquired from other institutions 436 555 Total number of contracts in repossession as a percentage of total contracts 1.7% 1.8%
The overall increase in inventories as of December 31, 1999, from June 30, 1999, is explained as follows:
($in millions) Manufacturing Increase (decrease) - -------------- -------------------- Finished goods $ 4.5 Raw materials (5.1) Retail - ------- Increase in inventory levels at 306 Company-owned retail centers at June 30, 1999 12.7 Inventory to stock four new Company-owned retail centers 5.3 Communities - ------------ Increase in inventory levels at 75 Communities at June 30, 1999 .2 Inventory to stock one new Community .3 -------------------- $ 17.9 ====================
On December 31, 1999, the order backlog for the Manufacturing group (consisting of Company-owned and independent retailer orders) decreased to $14 million, as compared to $35 million for the same period last year. 8 SECOND QUARTER ENDED DECEMBER 31, 1999: The following table reflects the percentage changes in retail sales for the Company's retail and community sales centers and wholesale sales to independent retailers. It also reflects percentage changes in the average number of Company-owned retail centers, communities and independent retailers, the average sales per location, and the average price per home sold in each category.
Second Three Months Fiscal Year 2000 vs 1999 -------------------------- Retail Dollar sales + 1.1% Number of retail centers + 9.0% Dollar sales per retail center - 7.2% Price of home + 8.6% Wholesale Dollar sales - 21.2% Number of independent retailers - 3.0% Dollar sales per independent retailer - 18.8% Price of home + 2.7% Communities Dollar sales +51.5% Number of communities + 3.4% Dollar sales per community +46.5% Price of home + 3.1%
Total revenues for the three months ended December 31, 1999, decreased 3% to $309 million, as manufactured housing sales decreased 5% to $234 million, financial services income grew 5% to $58 million and rental and other income increased 2% to $17 million. Net sales of the Retail group rose 1% to $160 million as the average home price and the number of Company-owned sales centers increased 9%. Offsetting this increase was a 15% decline in the average number of homes sold per sales center. Net sales of the Manufacturing group decreased 21% to $66 million while the number of homes sold decreased 23% to 2,878. The average wholesale price to independent retailers increased 3% as a result of a shift in product mix towards multi-section homes. Net sales of the Communities group increased 51% to $9 million as 47% more homes were sold and the average home selling price increased 3%. Within the revenues for the Financial Services segment, interest and loan servicing revenues decreased $2 million, and insurance related revenues rose $2 million. Rental and other income increased 2% on an 8% rise in Communities rental income. 9 Loans sold through asset-backed securities totaled $267 million, compared to $288 million during the same period last year. Financial services interest expense decreased to $0.3 million. Average debt collateralized by installment contract receivables dropped 26% to $10 million, while the weighted average interest rate moved from 10.88% to 10.57%. The terms of the debt preclude prepayment by the Company. Gross profit margins increased to 34.1% from 31.9%. The increase is attributable to a higher percentage of retail sales in the total sales mix as well as a shift in mix to multi-section units. Selling, general and administrative expenses, as a percent of revenues, increased to 30.5% from 27.7% in the prior year period partially attributable to a 9% increase in the average number of Company-owned sales centers without a corresponding increase in sales. The provision for credit losses increased to 1.9% from 1.1% of sales. The following table sets forth write-off experience for the quarters ended December 31, 1999 and 1998:
Second Quarter Ended December 31, 1999 1998 ----- ----- Net losses as a percentage of average loans outstanding (annualized): All contracts 1.6% 1.4% Contracts originated by VMF 1.4% 1.0% Contracts acquired from other institutions 3.2% 3.8%
Liquidity and Capital Resources - ---------------------------------- Cash at December 31, 1999, was $32.6 million as compared to $2.7 million at June 30, 1999. The Company anticipates meeting cash requirements with cash flow from operations, revolving credit lines, a commercial paper conduit facility, senior notes, and sales of installment contract and mortgage loan receivables and GNMA certificates. At December 31, 1999 and June 30, 1999, the Company had short-and long-term debt outstanding of $0 and $94.8 million, and $0 and $96.5 million, respectively. Short-term debt available consists of $150 million committed and $62.5 million uncommitted lines of credit. These lines of credit do not require collateral and are priced on LIBOR plus rates ranging from 0.10% to 0.50%. The committed credit lines are guaranteed by all significant subsidiaries of the Company and are governed by various financial covenants which require maintenance of certain financial ratios. The Company has $75 million of 6.25% Senior Notes due December 30, 2003, which are primarily to facilitate the purchase, origination and warehousing of loan portfolios. The Senior Notes are guaranteed by all significant subsidiaries of the Company and are governed by various financial covenants which require maintenance of certain financial ratios. Subsequent to December 31, 1999, the Company renewed its committed one year $300 million commercial paper conduit facility used to facilitate interim sale of manufactured housing contracts. At December 31, 1999, $187 million was utilized. 10 Year 2000 - ---------- The Company has not experienced any significant business disruptions as a result of Year 2000 issues with our systems or those of our business partners. While there are no guarantees that problems will not arise, we expect that any problems that materialize at this point will be minor, easily resolved, and not significant to normal operation of the Company or its financial status. All business units will maintain a high level of vigilance with special attention to processes that affect our external customers. The Company remains committed to monitor, measure, and correct problems that may occur as a result of Year 2000 issues. The Company did not incur significant costs related to Year 2000 issues and does not expect to incur material Year 2000 transition costs in the future. New Accounting Pronouncements - ------------------------------- In March 1998, the AICPA issued Statement of Position 98-1 (SOP 98-1), Accounting for the Cost of Computer Software Developed or Obtained for Internal Use. SOP 98-1 is effective for financial statements for the fiscal years beginning after December 15, 1998. SOP 98-1 provides guidance on accounting for computer software developed or obtained for internal use including the requirement to capitalize specified costs and amortization of such costs. The Company will adopt the provisions of SOP 98-1 in its fiscal year ending June 30, 2000, and does not expect such adoption to have a material effect on the Company's reported results of operations, financial position, or cash flows. In April 1998, the AICPA issued SOP 98-5, Reporting on the Costs of Start-Up Activities, which is effective for fiscal years beginning after December 15, 1998. SOP 98-5 provides guidance on the financial reporting of start-up and organization costs. It requires start-up activities and organization costs to be expensed as incurred. The adoption of this standard is not expected to have a material impact on the Company's reported results of operations, financial position or cash flows. In June 1998, the FASB issued SFAS No. 133, Accounting for Derivatives and Financial Instruments and Hedging Activities. SFAS 133 establishes accounting and reporting standards of derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. In July 1999, the FASB issued SFAS No. 137, Deferral of the Effective Date of SFAS 133, which amends SFAS 133 by deferring the effective date to fiscal years beginning after June 15, 2000. The adoption of SFAS 133 is not expected to have a material impact on the Company's reported results of operations, financial position or cash flows. Forward Looking Statements - ---------------------------- Certain statements in this quarterly report are forward looking as defined in the Private Securities Litigation Reform Law. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this report. These risks fall generally within three broad categories consisting of industry factors, management expertise, and government policy and economic conditions. Industry factors include such matters as potential periodic inventory adjustments by both captive and independent retailers, general or seasonal weather conditions affecting sales and revenues, catastrophic events impacting insurance reserves, cost of labor and/or raw materials and industry consolidation trends creating fewer, but stronger competitors capable of sustaining competitive pricing pressures. 11 Management expertise is affected by management's overall ability to anticipate and meet consumer preferences, maintain successful marketing programs, continue quality manufacturing output, keep a strong cost management oversight, meet the Year 2000 compliance plan, and project stable gain on sale accounting assumptions. Lastly, management has the least control over government policy and economic conditions such as prevailing interest rates, capital market liquidity, government monetary policy, stable regulation of manufacturing standards, consumer confidence, favorable trade policies, and general prevailing economic and employment conditions. 12 PART II -- OTHER INFORMATION ITEM 1 There were no reportable events for Item 1 through Item 5. ITEM 6 Exhibits and Reports for Form 8-K. --------------------------------------- (a) 27. Financial Data Schedule (SEC use only) (b) Reports on Form 8-K. Clayton Homes, Inc./Vanderbilt Mortgage & Finance, Inc. Senior Subordinate Pass-Through Certificates Series 1999D. Filed November 17, 1999. Clayton Homes, Inc./Vanderbilt Mortgage & Finance, Inc. incorporation of financial statements of Clayton Homes, Inc. into registration statement file no. 333-75405 pertaining to Senior Subordinate Pass-Through Certificates. Filed November 24, 1999. Filed December 27, 1999. 13 CLAYTON HOMES, INC. ------------------- SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CLAYTON HOMES, INC. --------------------- (Registrant) Date: February 11, 2000 /s/ Kevin T. Clayton ------------------- ----------------------- Kevin T. Clayton Chief Executive Officer and President Date: February 11, 2000 /s/ Amber W. Krupacs ------------------- ----------------------- Amber W. Krupacs Vice President Finance Date: February 11, 2000 /s/ Greg A. Hamilton ------------------- ----------------------- Greg A. Hamilton Vice President and Controller 14 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF CLAYTON HOMES, INC. FOR THE SIX MONTHS ENDED DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1000 U.S. Dollars 6-MOS JUN-30-2000 OCT-01-1999 DEC-31-1999 1 32581 51385 591607 7654 202360 0 390619 90192 1374433 72281 94834 0 0 13965 969154 1374433 500206 646456 333042 525668 0 8400 133 112255 41500 70755 0 0 0 70755 .50 .50
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