-----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, SpnCoJrHqdEx1PGMO0+Q4CQRQLwAxXv/jlFnjMESet31Mzyax1QnpwNlOsp039BL /r4Ar5rh5tLxHFsTueWbVg== 0000752642-03-000010.txt : 20030514 0000752642-03-000010.hdr.sgml : 20030514 20030514105057 ACCESSION NUMBER: 0000752642-03-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20030331 FILED AS OF DATE: 20030514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED MOBILE HOMES INC CENTRAL INDEX KEY: 0000752642 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 221890929 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12690 FILM NUMBER: 03697270 BUSINESS ADDRESS: STREET 1: 3499 ROUTE 9 N, SUITE 3-C STREET 2: JUNIPER BUSINESS PLAZA CITY: FREEHOLD STATE: NJ ZIP: 07728 BUSINESS PHONE: 7325779997 MAIL ADDRESS: STREET 1: 3499 ROUTE 9 N, SUITE 3-C STREET 2: JUNIPER BUSINESS PLAZA CITY: FREEHOLD STATE: NJ ZIP: 07728 10-Q 1 umh10q033103.txt FORM 10Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ( x ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2003 ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ended _________________________ For Quarter Ended Commission File Number March 31, 2003 0-13130 UNITED MOBILE HOMES, INC. (Exact name of registrant as specified in its charter) New Jersey 22-1890929 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) identification number) Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ 07728 Registrant's telephone number, including area code (732) 577-9997 (Former name, former address and former fiscal year, if changed since last report.) 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 ____ The number of shares outstanding of issuer's common stock as of May 1, 2003 was 7,725,727 shares. UNITED MOBILE HOMES, INC. for the QUARTER ENDED MARCH 31, 2003 PART I - FINANCIAL INFORMATION Page No. Item 1 - Financial Statements (Unaudited) Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Cash Flows 5 Notes to Consolidated Financial Statements 6-8 Item 2 - Management Discussion and Analysis of Financial Conditions and Results of Operations 9-11 Item 3 - Quantitative and Qualitative Disclosures About Market Risk There have been no material changes to information required regarding quantitative and qualitative disclosures about market risk from the end of the preceding year to the date of this Form 10-Q. Item 4 - Controls and Procedures 11 PARTII - OTHER INFORMATION 12 SIGNATURES 13 Page 2 UNITED MOBILE HOMES, INC CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2003 AND DECEMBER 31, 2002
March 31, December 31, -ASSETS- 2003 2002 INVESTMENT PROPERTY AND EQUIPMENT Land $ 6,850,970 $ 6,850,970 Site and Land Improvements 56,550,192 56,437,044 Buildings and Improvements 2,750,014 2,748,600 Rental Homes and Accessories 8,834,022 8,798,433 __________ __________ Total Investment Property 74,985,198 74,835,047 Equipment and Vehicles 3,991,852 3,919,983 __________ __________ Total Investment Property and Equipment 78,977,050 78,755,030 Accumulated Depreciation (35,605,986) (34,969,453) __________ __________ Net Investment Property and Equipment 43,371,064 43,785,577 __________ __________ OTHER ASSETS Cash and Cash Equivalents 1,483,105 2,338,979 Securities Available for Sale 32,116,522 32,784,968 Inventory of Manufactured Homes 2,811,919 2,775,459 Notes and Other Receivables 4,841,026 4,800,969 Unamortized Financing Costs 389,511 403,663 Prepaid Expenses 489,312 422,323 Land Development Costs 1,903,743 1,714,568 __________ __________ Total Other Assets 44,035,138 45,240,929 __________ __________ TOTAL ASSETS $87,406,202 $89,026,506 ========== ========== - LIABILITIES AND SHAREHOLDERS' EQUITY - LIABILITIES: MORTGAGES PAYABLE $42,952,934 $43,321,884 __________ __________ OTHER LIABILITIES Accounts Payable 362,143 956,663 Loans Payable 11,356,162 12,358,965 Accrued Liabilities and Deposits 2,129,770 2,141,636 Tenant Security Deposits 509,107 510,941 __________ __________ Total Other Liabilities 14,357,182 15,968,205 __________ __________ Total Liabilities 57,310,116 59,290,089 __________ __________ SHAREHOLDERS' EQUITY: Common Stock - $.10 par value per share, 10,000,000 shares authorized, 8,118,027 and 8,063,750 shares issued and 7,725,727 and 7,671,450 shares outstanding as of March 31, 2003 and December 31, 2002,respectively 811,803 806,375 Additional Paid-In Capital 30,059,511 29,411,328 Accumulated Other Comprehensive Income 3,602,247 3,988,429 Accumulated Deficit (575,553) (667,793) Treasury Stock at Cost (392,300 shares at March 31, 2003 and December 31, 2002, respectively (3,709,922) (3,709,922) Notes Receivable from Officers (13,000 shares) (92,000) (92,000) __________ __________ Total Shareholders' Equity 30,096,086 29,736,417 __________ __________ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $87,406,202 89,026,506 ========== ==========
-UNAUDITED- See Accompanying Notes to Consolidated Financial Statements Page 3 UNITED MOBILE HOMES, INC. CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
2003 2002 ____ ____ REVENUES: Rental and Related Income $5,149,611 $4,986,988 Sales of Manufactured Homes 1,496,093 913,518 Interest and Dividend Income 885,361 618,115 Gain on Securities Available for Sales Transactions, net 194,516 532,819 Other Income 25,591 17,917 __________ __________ Total Revenues 7,751,172 7,069,357 __________ __________ EXPENSES: Community Operating Expenses 2,346,651 2,194,242 Cost of Sales of Manufactured Homes 1,193,019 810,750 Selling Expenses 275,238 176,942 General and Administrative Expenses 565,096 536,398 Interest Expense 828,035 773,903 Depreciation Expense 716,659 702,005 Amortization of Financing Costs 30,300 26,700 __________ __________ Total Expenses 5,954,998 5,220,940 __________ __________ Income before Gain on Sales of Investment Property and Equipment 1,796,174 1,848,417 Gain on Sales of Investment Property and Equipment 6,302 3,327 __________ __________ Net Income $1,802,476 $1,851,744 ========== ========== Net Income per Share - Basic $ 0.23 $ 0.25 ========== ========== Diluted $ 0.23 $ 0.24 ========== ========== Weighted Average Shares Outstanding - Basic 7,692,519 7,551,161 ========== ========== Diluted 7,785,396 7,620,477 ========== ==========
-UNAUDITED- See Accompanying Notes to Consolidated Financial Statements Page 4 UNITED MOBILE HOMES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
2003 2002 ____ ____ CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $1,802,476 $1,851,744 Non-Cash Adjustments: Depreciation 716,659 702,005 Amortization 30,300 26,700 Gain on Securities Available for Sale Transactions (194,516) (532,819) Gain on Sales of Investment Property and Equipment (6,302) (3,327) Changes in Operating Assets and Liabilities: Inventory of Manufactured Homes (36,460) 189,590 Notes and Other Receivables (40,057) (247,526) Prepaid Expenses (66,989) (567,063) Accounts Payable (594,520) (319,534) Accrued Liabilities and Deposits (11,866) 272,481 Tenant Security Deposits (1,834) 15,600 __________ __________ Net Cash Provided by Operating Activities 1,596,891 1,387,851 __________ __________ CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of Investment Property and Equipment (377,527) (427,021) Proceeds from Sales of Assets 81,683 86,014 Additions to Land Development (189,175) (157,336) Purchase of Securities Available for Sale (188,786) (3,031,002) Proceeds from Sales of Securities Available for Sale 665,566 2,052,260 __________ __________ Net Cash Used by Investing Activities (8,239) (1,477,085) __________ __________ CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Mortgages and Loans -0- 5,574,723 Principal Payments of Mortgages and Loans (1,371,753) (266,316) Financing Costs on Debt (16,148) (36,306) Proceeds from Exercise of Stock Options 201,950 -0- Dividends Paid (1,258,575) (1,192,194) __________ __________ Net Cash (Used) Provided by Financing Activities (2,444,526) 4,079,907 __________ __________ NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (855,874) 3,990,673 CASH & CASH EQUIVALENTS - BEGINNING 2,338,979 1,567,831 __________ __________ CASH & CASH EQUIVALENTS - ENDING $1,483,105 $5,558,504 ========== ==========
-UNAUDITED- See Accompanying Notes to Consolidated Financial Statements Page 5 UNITED MOBILE HOMES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2003 (UNAUDITED) NOTE 1 - ACCOUNTING POLICY The interim consolidated financial statements furnished herein reflect all adjustments which were, in the opinion of management, necessary to present fairly the financial position, results of operations, and cash flows at March 31, 2003 and for all periods presented. All adjustments made in the interim period were of a normal recurring nature. Certain footnote disclosures which would substantially duplicate the disclosures contained in the audited consolidated financial statements and notes thereto included in the annual report of United Mobile Homes, Inc. (the Company) for the year ended December 31, 2002 have been omitted. The Company, through its wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (S&F), conducts manufactured home sales in its communities. This company was established to enhance the occupancy of the communities. The consolidated financial statements of the Company include S&F and all of its other wholly- owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to the financial statements for prior periods to conform to the current period presentation. NOTE 2 - NET INCOME PER SHARE AND COMPREHENSIVE INCOME Basic net income per share is calculated by dividing net income by the weighted average shares outstanding for the period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares outstanding plus the weighted average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. Options in the amount of 92,877 and 69,316 shares for the quarters ended March 31, 2003 and 2002, respectively, are included in the diluted weighted average shares outstanding. Total comprehensive income, including unrealized gains (losses) on securities available for sale, amounted to $1,416,294 and $2,333,205 for the quarters ended March 31, 2003 and 2002, respectively. NOTE 3 - DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN On March 17, 2003, the Company paid $1,710,236 as a dividend of $.2225 per share to shareholders of record as of February 18, 2003. The Company received $451,661 from the Dividend Reinvestment and Stock Purchase Plan. There were 33,277 new shares issued under the Plan. Page 6 NOTE 4 - EMPLOYEE STOCK OPTIONS The Company has one stock-based employee compensation plan. Prior to 2003, the Company accounted for this plan under the recognition and measurement provision of APB Opinion No. 25, "Accounting for Stock Issued to Employees", and the related interpretations. No stock-based employee compensation was reflected in net income prior to 2003. Effective January 1, 2003, the Company adopted the fair value recognition provisions of SFAS No. 123, "Accounting for Stock Based Compensation". The Company has selected the prospective method of adoption under the provisions of SFAS No. 148. No compensation costs have been recognized in 2003 as the Company has not issued any stock options during the quarter ended March 31, 2003. Had compensation cost been determined consistent with SFAS No. 123, the Company's net income and earnings per share for the quarters ended March 31, 2003 and 2002 would have been reduced to the pro forma amounts as follows:
2003 2002 ____ ____ Net Income as Reported $1,802,476 $1,851,744 Compensation expenses if the fair value method had been applied 4,407 9,991 __________ __________ Net Income Pro forma $1,798,069 $1,841,753 ========== ========== Net Income per share - as reported Basic $ .23 $ .25 Diluted $ .23 $ .24 Net Income per share - pro forma Basic $ .23 $ .24 Diluted $ .23 $ .24
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighed-average assumptions used for grants in the following years: 2002 2001 ____ ____ Dividend yield 6.75% 8% Expected volatility 13% 25% Risk-free interest rate 3.40% 4.29% Expected lives 8 5 During the quarter ended March 31, 2003, five employees exercised their stock options and purchased 21,000 shares for a total of $201,950. Page 7 NOTE 5 - CONTINGENCIES The Company is under an investigation by the Environmental Protection Agency regarding its operation of its wastewater treatment facility at one community. The Company's wastewater treatment facilities are operated by licensed operators and supervised by a professional engineer. Management does not believe that this matter will have a material adverse effect on its business, assets, or results of operations. The Company is subject to claims and litigation in the ordinary course of business. Management does not believe that any such claim or litigation will have a material adverse effect on the Company. NOTE 6 - SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the quarter ended March 31, 2003 and 2002 for interest was $860,635 and $805,603, respectively. During the quarter ended March 31, 2003 and 2002, the Company had dividend reinvestments of $451,661 and $410,552, respectively, which required no cash transfers. Page 8 MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS MATERIAL CHANGES IN FINANCIAL CONDITION United Mobile Homes, Inc. (the Company) owns and operates twenty- five manufactured home communities. These manufactured home communities have been generating increased gross revenues and increased operating income. The Company also purchases and holds securities of other real estate investment trusts. The Company generated $1,596,891 net cash provided by operating activities. The Company received new capital of $451,661 through its Dividend Reinvestment and Stock Purchase Plan (DRIP). The Company purchased $188,786 of securities of other real estate investment trusts. The Company had an increase in inventory of manufactured homes of $40,057. Effective April 1, 2001, the Company through its wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (S&F) began to conduct manufactured home sales in its communities. Mortgages Payable decreased by $368,950 as a result of principal repayments. MATERIAL CHANGES IN RESULTS OF OPERATIONS Rental and related income increased from $4,986,988 for the quarter ended March 31, 2002 to $5,149,611 for the quarter ended March 31, 2003. This was primarily due to rental increases to residents. The Company has been raising rental rates by approximately 3% to 4% annually. Interest and dividend income rose from $618,115 for the quarter ended March 31, 2002 to $885,361 for the quarter ended March 31, 2003. This was due primarily to purchases of Securities available for sale during 2002. Gain on securities available for sale transactions amounted to $194,516 and $532,819 for the quarters ended March 31, 2003 and 2002, respectively. Community operating expenses increased from $2,194,242 for the quarter ended March 31, 2002 to $2,346,651 for the quarter ended March 31, 2003. This was primarily due to increased insurance expense and personnel costs. General and administrative expenses remained relatively stable for the quarter ended March 31, 2003 as compared to the quarter ended March 31, 2002. Interest expense increased from $773,903 for the quarter ended March 31, 2002 to $828,035 for the quarter ended March 31, 2003. This was primarily due to increased borrowings. Depreciation expense increased from $702,005 for the quarter ended March 31, 2002 to $716,659 for the quarter ended March 31, 2003. Depreciation expense and amortization of financing costs remained relatively stable for the quarter ended March 31, 2003 as compared to the quarter ended March 31, 2002. Page 9 MATERIAL CHANGES IN RESULTS OF OPERATIONS, (CONT'D.) Sales of manufactured homes amounted to $1,496,093 and $913,518 for the quarters ended March 31, 2003 and 2002, respectively. Cost of sales of manufactured homes increased from $810,750 for the quarter ended March 31, 2002 to $1,193,019 for the quarter ended March 31, 2003. Selling expenses increased from $176,942 for the quarter ended March 31, 2002 to $275,238 for the quarter ended March 31, 2003. These increases are directly attributable to the increase in sales. Income from the sales operations (defined as sales of manufactured homes less cost of sales of manufactured homes less selling expenses) amounted to $27,836 for the quarter ended March 31, 2003, as compared to a loss of $74,174 for the quarter ended March 31, 2002. The Company believes that sales of new homes produces new rental revenue and is an investment in the upgrading of the communities. LIQUIDITY AND CAPITAL RESOURCES Net cash provided by operating activities increased from $1,387,851 for the quarter ended March 31, 2002 to $1,596,891 for the quarter ended March 31, 2003. The Company believes that funds generated from operations together with the financing and refinancing of its properties will be sufficient to meet its needs over the next several years. FUNDS FROM OPERATIONS Funds from Operations (FFO) is defined as net income excluding gains (or losses) from sales of depreciable assets, plus depreciation. FFO should be considered as a supplemental measure of operating performance used by real estate investment trust (REITs). FFO excludes historical cost depreciation as an expense and may facilitate the comparison of REITs which have different cost bases. The items excluded from FFO are significant components in understanding and assessing the Company's financial performance. FFO (1) does not represent cash flow from operations as defined by generally accepted accounting principles; (2) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (3) is not an alternative to cash flow as a measure of liquidity. FFO, as calculated by the Company, may not be comparable to similarly entitled measures reported by other REITs. The Company's FFO for the quarters ended March 31, 2003 and 2002 is calculated as follows: 2003 2002 ____ ____ Net Income $1,802,476 $1,851,744 Gain on Sales of (6,302) (3,327) Depreciable Assets Depreciation Expense 716,659 702,005 __________ __________ FFO $2,512,833 $2,550,422 ========== ========== Page 10 FUNDS FROM OPERATIONS, (CONT'D.) The following are the cash flows provided (used) by operating, investing and financing activities for the quarters ended March 31, 2003 and 2002: 2003 2002 ____ ____ Operating Activities $1,596,891 $1,387,851 Investing Activities (8,239) (1,477,085) Financing Activities (2,444,526) 4,079,907 CONTROLS AND PROCEDURES Within the 90 days prior to the date of this report, the Company carried out an evaluation, under the supervision of the Company's Chief Executive Officer and Chief Financial Officer and with the participation of the Company's management, including the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to the Securities Exchange Act Rule 13a-14. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective in timely alerting them to material information relating to the Company required to be included in the Company's periodic Securities and Exchange Commission filings. No significant changes were made in the Company's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation. Safe Harbor Statement This Form 10-Q contains various "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and the Company intends that such forward-looking statements be subject to the safe harbors created thereby. The words "may", "will", "expect", "believe", "anticipate", "should", "estimate", and similar expressions identify forward-looking statements. These forward-looking statements reflect the Company's current views with respect to future events and finance performance, but are based upon current assumptions regarding the Company's operations, future results and prospects, and are subject to many uncertainties and factors relating to the Company's operations and business environment which may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the following: (i) changes in the general economic climate; (ii) increased competition in the geographic areas in which the Company owns and operates manufactured housing communities; (iii) changes in government laws and regulations affecting manufactured housing communities; and (iv) the ability of the Company to continue to identify, negotiate and acquire manufactured housing communities and/or vacant land which may be developed into manufactured housing communities on terms favorable to the Company. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise. Page 11 PART II OTHER INFORMATION Item 1 - Legal Proceedings - none Item 2 - Changes in Securities - none Item 3 - Defaults Upon Senior Securities - none Item 4 - Submission of Matters to a Vote of Security Holders - None Item 5 - Other Information - none Item 6 - Exhibits and Reports on Form 8-K - (a) Exhibits - 99.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 99.2 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 99.3 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 99.4 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (b) Reports on Form 8-K - none Page 12 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. UNITED MOBILE HOMES, INC. DATE: May 12, 2003 By /s/ Samuel A.Landy Samuel A. Landy President DATE: May 12, 2003 By /s/ Anna T. Chew Anna T. Chew Vice President and Chief Financial Officer Page 13 EX-99.1 3 umh991.txt CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, 302 EXHIBIT 99.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Eugene W. Landy, Chief Executive Officer, certify that: 1. I have reviewed this quarterly report on Form 10-Q of United Mobile Homes, Inc.; 2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; 3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. /s/ Eugene W. Landy Eugene W. Landy Chief Executive Officer May 12,2003 EX-99.2 4 umh992.txt CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, 302 EXHIBIT 99.2 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Anna T. Chew, Chief Financial Officer, certify that: 1. I have reviewed this quarterly report on Form 10-Q of United Mobile Homes, Inc.; 2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; 3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. /s/ Anna T. Chew Anna T. Chew Chief Financial Officer May 12,2003 EX-99.3 5 umh993.txt CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, 906 EXHIBIT 99.3 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of United Mobile Homes, Inc. (the "Company") on Form 10-Q for the period ending March 31, 2003 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Eugene W. Landy, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. S 1350, as adopted pursuant to S 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. /s/ Eugene W. Landy Eugene W. Landy Chief Executive Officer May 12,2003 EX-99.4 6 umh994.txt CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, 906 EXHIBIT 99.4 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of United Mobile Homes, Inc. (the "Company") on Form 10-Q for the period ending March 31, 2003 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Anna T. Chew, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. S 1350, as adopted pursuant to S906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. /s/ Anna T. Chew Anna T. Chew Chief Financial Officer May 12,2003 -----END PRIVACY-ENHANCED MESSAGE-----