-----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, K0ej16AAfGWRTKJGrYC8nvbYvmO7oKlC2EvMrOILkguEdkFqzWcCQWh5yiMSEh5a szKZp8ebmZ/yn1dYZfPMnw== 0000814068-05-000004.txt : 20050406 0000814068-05-000004.hdr.sgml : 20050406 20050406095359 ACCESSION NUMBER: 0000814068-05-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050405 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050406 DATE AS OF CHANGE: 20050406 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHAMPION ENTERPRISES INC CENTRAL INDEX KEY: 0000814068 STANDARD INDUSTRIAL CLASSIFICATION: MOBILE HOMES [2451] IRS NUMBER: 382743168 STATE OF INCORPORATION: MI FISCAL YEAR END: 1225 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09751 FILM NUMBER: 05735872 BUSINESS ADDRESS: STREET 1: 2701 CAMBRIDGE COURT STREET 2: STE 300 CITY: AUBURN HILLS STATE: MI ZIP: 48326 BUSINESS PHONE: 2483409090 MAIL ADDRESS: STREET 1: 2701 UNIVERSITY DRIVE STREET 2: STE 300 CITY: AUBURN HILLS STATE: MI ZIP: 48326 8-K 1 form8-k_050405.htm CURRENT REPORT DATED APRIL 5, 2005

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): April 5, 2005

 

CHAMPION ENTERPRISES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Michigan

 

1-9751

 

38-2743168

(State or other jurisdiction of incorporation)

 

(Commission File Number)

 

(IRS Employer Identification No.)

 

2701 Cambridge Court, Suite 300

Auburn Hills, Michigan 48326

(Address of principal executive offices)

 

Registrant’s telephone number, including area code: (248) 340-9090

 

N/A

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

o 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

o 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 140.14a-12)

 

 

o 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

o 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

 

Item 1.01. Entry Into Material Agreements.

 

On April 5, 2005, Champion Enterprises, Inc. announced that it has completed six separate transactions resulting in the divestiture of 22 retail sales centers in the Carolinas, Virginia, Texas, and Louisiana for cash of approximately $20 million. An estimated $10 million of these proceeds were used to pay down related floor plan obligations. Remaining floor plan debt now totals less than $2 million. The company will record no significant gain or loss from these transactions. In all but six locations, which were home centers located in communities, long-term distribution agreements were entered into with the buyers.

 

Item 9.01.

Financial Statements and Exhibits.

 

Exhibits.

 

Exhibit

 

Number

 

99.1

Press Release dated April 5, 2005

 

 

 



 

 

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 hereunto duly authorized.

 

 

 

CHAMPION ENTERPRISES, INC.

 

 

/s/ Phyllis A. Knight

 

Phyllis A. Knight,

 

Executive Vice President and

 

Chief Financial Officer

 

 

Date:       April 5, 2005

 



 

 

INDEX TO EXHIBITS

 

 

Exhibit No.

Description

 

99.1

Press Release dated April 5, 2005

 

 

 

 

 

EX-99.1 2 exhibit991_pressrelease.htm PRESS RELEASE DATED APRIL 5, 2005

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

Investor and Media Contacts:

 

Phyllis A. Knight

Colleen T. Bauman

Chief Financial Officer

Investor Relations

 

(248) 340-9090

(248) 340-7731

 

 

CHAMPION ENTERPRISES, INC. ANNOUNCES

THE SALE OF 22 RETAIL LOCATIONS FOR APPROXIMATELY $20 MILLION

 

Auburn Hills, Mich., April 5, 2005--Champion Enterprises, Inc. (NYSE: CHB), a leader in the factory-built housing industry, today announced that it has completed six separate transactions resulting in the divestiture of 22 sales centers in the Carolinas, Virginia, Texas and Louisiana for cash of approximately $20 million. An estimated $10 million of these proceeds were used to pay down related floor plan obligations. Remaining floor plan debt now totals less than $2 million. The company will record no significant gain or loss from these transactions. In all but six locations, which were home centers located in communities, long-term distribution agreements were entered into with the buyers. Additional details were not disclosed.

 

Champion’s President and Chief Executive Officer, William C. Griffiths, commented, “These sales are another milestone in our previously announced plan to completely exit our traditional retail operations, now consisting of 20 sales centers in ten states. Within the next six months we expect to divest these remaining locations with no material impact on results and while generating an estimated $17 million in cash.”

 

About Champion

 

Champion Enterprises, Inc., headquartered in Auburn Hills, Michigan, is one of the industry’s leading manufacturers and has produced over 1.6 million homes since the company was founded. Champion operates 29 homebuilding facilities in 14 states and two Canadian provinces and 18 non-traditional retail locations in California. Independent retailers, including approximately 850 Champion Home Center locations, and an estimated 500 builders and developers also sell Champion-built homes. Further information can be found at the company’s website, www.championhomes.net.

 

(more)

 

 



 

 

CHB/ 2

 

Forward looking statements

 

This news release contains certain statements, including statements regarding the company’s plans and expectations for the divestiture of its traditional retail operations, the impact on results of such divestitures and the generation of cash, each of which could be construed to be forward-looking statements within the meaning of the Securities and Exchange Act of 1934. These statements reflect the company’s views with respect to future plans, events and financial performance. The company does not undertake any obligation to update the information contained herein, which speaks only as of the date of this press release. The company has identified certain risk factors which could cause actual results and plans to differ substantially from those included in the forward looking statements. These factors are discussed in the company’s most recently filed Form 10-K and other SEC filings, in each case under the section titled “Forward Looking Statements,” and those discussions regarding risk factors are incorporated herein by reference.

 

 

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