EXHIBIT 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

June 27, 2003                                        Contact: Investor Relations
                                                     Phone:         865-380-3206
                                                     Fax:           865-380-3784

             CLAYTON HOMES, INC. COMMENTS ON DELAWARE COURT DECISION
                     ANNOUNCES 4TH QUARTER EARNINGS DECLINE

KNOXVILLE, TENN. - Clayton Homes, Inc. (NYSE:CMH) announced that the Delaware
Chancery Court entered an order rejecting the request by Orbis Investment
Management Limited that the Company hold an annual meeting of stockholders in
advance of the July 16 special meeting of the Company's stockholders to vote on
a proposal to adopt the Agreement and Plan of Merger, dated as of April 1, 2003,
among the Company, Berkshire Hathaway Inc. and a subsidiary of Berkshire
Hathaway. The Company issued the following statement in response to today's
decision by the Delaware Chancery Court:

"We are pleased with the Court's decision. We will proceed with the July 16
special meeting of the Company's stockholders to vote on the proposed merger. In
the event that the merger is not completed, we will, consistent with the Court's
order, hold an annual meeting of stockholders as soon as reasonably practicable
after the July 16 special meeting."

The Company also today announced that its fourth quarter earnings per share will
likely be 5 to 7 cents below last year's 25 cents per share for the same period.
A combination of industry shipments decreasing 26% year to date, the continuing
unfavorable interest rate differential between site built housing rates and
manufactured housing rates, the double digit declines reported in manufacturing
and retail business quarter to date, and a challenging asset backed
securitization market that led to no securitizations during the fourth quarter
have contributed to the decline.

Clayton Homes, Inc. is a vertically integrated manufactured housing company with
20 manufacturing plants, 296 Company owned stores, 611 independent retailers, 86
manufactured housing communities, and financial services operations that provide
mortgage services for 168,000 customers and insurance protection for 100,000
families.

This press release contains forward-looking statements with respect to
management's beliefs about the financial condition, results of operations and
business of Clayton Homes in the future. These statements involve risks and
uncertainties. The actual outcome could differ materially from that contemplated
by such statements. Factors that could cause or contribute to such differences
could include, but are not limited to: market conditions in the manufactured
housing market, the degree of continued market acceptance of Clayton Homes's
products, competition, failure of the requisite stockholders to approve the
merger, litigation related to the merger, and merger-related costs and expenses.
The non-merger related factors mentioned above, as well as other factors that
could affect Clayton Homes's business, are discussed in Clayton Homes's Annual
Report on Form 10-K for the fiscal year ended June 30, 2002, on file with the
Securities


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and Exchange Commission. Clayton Homes does not undertake any obligation to
publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.


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