Palm Harbor Homes Files Q-10, Bankruptcy an Option

Palm Harbor Homes Inc. filed a form Q-10 quarterly report Monday for the period ended September 24, 2010. The company has a market cap of $11.72 million; its shares were traded at around $0.51. Net sales decreased 11.4 percent to $66.3 million. Factory-built housing net sales decreased $7.9 million while financial services net revenues decreased $0.6 million. The company says the decrease in factory-built housing net sales is primarily due to a 6.3 percent decrease in the total number of factory-built homes sold coupled with decreases in the average selling prices of new manufactured and modular homes. Average selling prices declined as a result of depressed appraisal values, consumer demand for smaller, less expensive homes, and a 13.5 percent increase in the number of single wide manufactured homes sold. The decrease in financial services net revenues reflects a decline in the average consumer loans balance. The report also states on October 15, Palm Harbor retained Alvarez & Marsal to provide consulting services in connection with their restructuring efforts and as of November 15, the company remains in default under a Textron floor plan facility and has 30 days to cure the default. The company reports it is “actively engaged in discussions with third parties that have expressed interest in refinancing our debt, making an investment in or acquiring our company both pursuant to a bankruptcy court proceeding and outside the bankruptcy process. As of November 15, 2010, our efforts are primarily centered around obtaining debtor-in-possession financing and a sale of the Company’s assets facilitated through the filing of a chapter 11 petition under U.S. bankruptcy laws. Any investment in, or sale of, our company through the bankruptcy process would extinguish our equity and the holders of our common stock would likely lose their entire investment in our company.” The full filing is available at: http://www.sec.gov/Archives/edgar/data/923473/000114420410060978/v202120_10q.htm

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