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Skyline Champion Soared, What’s Up? Initial Look Behind the Curtain

May 24th, 2019 Comments off

SkylineChampionSoaredWhatsUpInitialLookBehindCurtainManufacturedHomeMHProNews

The Motley Fool is an investment site that has reportedly drawn the ire of industry leaders such as Joe Stegmayer, former president and chairman of Cavco Industries and still MHI Chairman, on more than one occasion. Indeed, such stock and financial news sites, including Seeking Alpha, are often a mixed bag of useful and problematic reports – in part because those writing their analysis may get financials or certain details correct, but may still lack the manufactured home industry specific insights that could make their reporting better.

 

Rephrased, as with our sources we track, MHProNews takes a ‘wheat and chaff’ approach to their narratives.

With that brief backdrop meant for our growing audience, the Daily Business News on MHProNews turns to a report Wednesday by the Fool’s Lou Whiteman, who disclosed that he “has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned.” MHProNews uses a similar disclosure.

As MHProNews has customarily done for years, we often turn quoted text bold and brown to make it pop, but the quotes are otherwise as in the original.

 Whiteman said in the report found at this link here that, “Another strong earnings report provides evidence the company’s 2018 acquisition is paying dividends.”

That should be understood in the light of the graphic below, which reflects the 1 year trend on Skyline Champion’s (SKY) stock’s value.

SkylineChampionStock5232019TickerManufacturedHousingIndustryMHProNews

 

That noted, before diving into the specifics of Whiteman’s analysis of the SKY stock’s recent moves, in the wake of an upbeat report, let’s focus on this pull quote.

Consistent with our [The Motley Fool’s] previous comments, we remain positive on the outlook for manufactured housing industry, as we see significant runway for continued growth. Industry volumes remain well below the long-term averages, and new financing options are becoming available and are slowly helping close the gap with those historic trends.”

That’s a point that most HUD Code manufactured home industry professionals can agree with, and take some heart in.

BloombergShipmentProductionDataManufacturedHousingMHProNews2019-05-16_1057

But that too must be understood in the light of significant evidence of market manipulation, which is arguably at the heart of why Skyline Champion – or most any other manufactured housing firm – are underperforming.  One of several possible examples a newcomer can begin to research is linked below.

 

 

The following graphic is a composite from the firm’s website.

 

SkylineChampionByTheNumbersSKYmanufacturedhousingDailyBusinessNewsMHproNews

 

That said, back to Whiteman’s narrative. The bullets represent quotes under the subheadings from the Motley Fool.

What happened

  • Shares of Skyline Champion (NYSE:SKY) climbed 13.9% on Wednesday, after the manufacturer of modular homes reported quarterly results that suggest the company is performing well following a major acquisition last year.

So what

 

  • On Tuesday after the markets closed, Skyline Champion reported fiscal fourth-quarter earnings of $0.26 per share on revenue of $327.7 million, beating the $0.20-per-share consensus earnings estimate despite falling short of the $344.22 million in expected sales. The company was created last June through a merger between Skyline and Champion Enterprises, which created the nation’s largest publicly traded factory-built-housing company.
  • Net sales in the quarter grew 23% year over year, and U.S. sales led the way with 35% growth. Skyline Champion reported both a 15% increase in total number of U.S. transactions and a 17% increase in average selling price, as a result of strong demand and favorable product mix. In Canada, sales fell 17% because of a decline in homes sold.
  • This is Skyline Champion’s second straight quarterly beat.

Now what

 

  • CEO Keith Anderson, on a post-earnings call with investors, said the manufactured-housing market in recent years has grown faster than the broader housing industry. He added that the company expects growth to continue into the new fiscal year:

  • Skyline Champion ended the quarter with a backlog of $143 million, down slightly from $155 million a year prior, but the company says the current total is higher quality because it doesn’t include inflated orders for lower-margin Federal Emergency Management Agency residences.
  • Based on the stock reaction, investors seem to believe Skyline Champion is building on a solid foundation.

##

To reiterate in a different way, investors in stocks like SKY ought to demand investigation followed by action about purported market manipulation.  The Fool is right in saying there is plenty of upside, but it could be achieved faster and with hefty returns, in the absence of concerns such as those linked herein and below.  That’s not only the expert view here, but by others in the industry, as the reports further below reflect.

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Special Skyline Champion Report Ahead

MHProNews plans a special report on Skyline Champion in the days ahead. Watch for it. For a prior and other related reports, see below the byline, offers, and notices.

ManufacturedHomeIndustry#1HeadlineNewsMHProNews

To see a sample of our emailed news update, click here. To sign up for the factory-built home industry’s #1 headline news, click here or the graphic above.

That’s this morning’s second look at “News through the lens of manufactured homes, and factory-built housing” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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NOTICE: You can get our ‘read-hot’ industry-leading emailed headline news updates, at this link here. You can join the scores who follow us on Twitter at this link. Connect on LinkedIn here.

NOTICE 2: Readers have periodically reported that they are getting a better experience when reading MHProNews on the Microsoft Edge, or Apple Safari browser than with Google’s Chrome browser. Chrome reportedly manipulates the content of a page more than the other two browsers do.

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SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

Related Reports:

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Skyline-Champion (SKY) Manufactured and Modular Factory Home-Builders, Real vs Faked or Misleading News, Reports

December 10th, 2018 Comments off

 

SkylineChampionLogoModularHomeExteriorPhotoRealVsFakedMisleadingNewsDailyBusinessNewsMHProNews

From time to time state association executives or their staff send hot links into their members to select members. These are often about mainstream news stories that the executive or an association staffer at times fails to carefully check. We’re human, it happens.

 

But as MHProNews reported last year, there are a growing number of often off-shore operations that claim to be doing market research on factory-built homes, including manufactured homes. They are doing what is often flawed, misleading, or outdated ‘research’ – and now that is apparent at-a-glance. Because Champion Home Builders or Skyline Corporation is now Skyline Champion (SKY).  See a recent example, below.

 

 2018-12-10_1113GlobalManufacturedHousingMarket2019TopVendorsManufacturedModularHousingIndustryDailyBusinessNewsMHProNews

 

Something similar happens in the modular housing field too, as MHBA’s Tom Hardiman has told MHProNews.  See that related report, by clicking the linked box below.

 

MHBA’s Hardiman Rips “Global Banking & Finance” Article Entitled, “Why Does Your Bank Not Finance Modular Homes?”

 ModularHomeBuildersAssociationDailyBusinessNewsMHproNews

Respectfully, it’s past time that associations do a better job of curating what they send out to their members, unless they come with commentary that explains the problems and errors, such as this “Global” report.

That clarification of faked, misleading or otherwise problematic reports about factory-built housing said, let’s dive into latest reporting on Skyline Champion (SKY), with analysis and commentary.  Prior to the opening bell, here was some data from SKY, which is one of the tracked stocks on our evening market report.  Last Friday’s manufactured housing connected stocks evening report on the Daily Business News is linked here.

 

 

The images provided are inserted by MHProNews.  None were part of the Skyline Champion Corp. press release, but often come from the firm’s most recent investor relations page, so are a useful complimentary information. 

 

 SkylineChampionLogoPressReleaseDailyBusinessNewsMHProNews

 BusinessWireBerkshireHathawayCompanyManufacturedHousingIndustryDailyBusinessNewsMHProNews

ELKHART, Ind.–(BUSINESS WIRE)– Skyline Champion Corporation (NYSE:SKY) (“Skyline Champion”), today announced financial results for its second quarter ended September 29, 2018 of the fiscal year ending March 30, 2019 (“fiscal 2019”).

On June 1, 2018, Skyline Corporation (“Skyline”) and Champion Enterprises Holdings, LLC (“Champion”), the parent company of Champion Home Builders, Inc., completed the previously announced combination of their operations (the “Combination”). The combined company operates as Skyline Champion Corporation and is traded on the New York Stock Exchange under the ticker symbol “SKY”. The second quarter of fiscal 2019 includes a full quarter of results for both the Skyline and Champion businesses while the six-month period ended September 29, 2018 includes only four months of results from the Skyline operations. Results for the three and six months ended September 30, 2017 of the fiscal year ended March 31, 2018 (“fiscal 2018”) include only the results of Champion.

 

2018-12-10_0918KiethAndersonPhotoLaurieHoughEVPChiefFinancialOfficerCFODailyBusinessNewsMHProNewsSkylineChampionLogo

PwCPriceWaterhouseCoopersServicesFirmsBigFourAudtiorsWikiDailyBusinessNewsMHProNews

 

Second Quarter Fiscal 2019 Highlights (compared to Second Quarter Fiscal 2018)

·        Net sales increased 37% to $355.4 million

·        Total homes sold increased 26% to 5,350

·        Gross profit as a percent of sales expanded by 70 basis points to 16.6%

·        Net loss of $77.0 million, compared to net income of $7.4 million, the year-over-year decline includes $85.8 million in non-cash, equity-based compensation expense

·        EPS was a net loss of $1.42; excluding non-recurring expenses, Adjusted EPS was net income of $0.23

·        Adjusted EBITDA increased 58% to $23.8 million

·        Adjusted EBITDA margin expanded by 90 basis points to 6.7%

The second quarter fiscal 2019 was another strong period for Skyline Champion as we continued to benefit from a healthy market and increased demand for our products,” said Keith Anderson, Skyline Champion’s Chief Executive Officer. “I am encouraged by the results we are seeing and the progress that we have made toward achieving synergies from the combined businesses. As we look forward, demand for manufactured homes remains healthy and Skyline Champion is strategically adding capacity to meet the needs of the market.”

2018-12-10_0933SkylineChampionLogoManufacturedModularHousingIndustryDailyBusinessNewsMHProNews

Several manufactured home producers are ‘dual members’ of MHI and MHARR. At this time, SKY is only a MHI member.

2018-12-10_0945SkylinechampionLogoIRSnapshotDailyBusinessNewsMHProNews

 

Second Quarter Fiscal 2019 Results

Net sales for the second quarter fiscal 2019 increased by 37% to $355.4 million compared to the prior-year period. The increase in net sales was driven by an increase in the number of homes sold as well as an increase in average selling price (“ASP”) per home sold. The number of U.S. factory-built homes sold by Skyline Champion in the second quarter fiscal 2019 increased by 29% to 5,038 with U.S. ASPs increasing by 16% to $60,900. Unit volume increased due to additional manufacturing capacity as well as plant operating improvements. Home sales prices increased primarily in order to offset rising material cost inflation while remaining price competitive and continuing to offer affordable housing alternatives to our customers. The number of Canadian factory-built homes sold declined to 312 homes compared to 345 homes in the prior-year period with the decrease concentrated in the Alberta and Saskatchewan provinces where housing demand remains soft. Looking forward, overall demand for manufactured housing remains strong and Skyline Champion is well positioned with $252 million in backlog as of September 2018.

 

2018-12-10_0945SkylinechampionLogoIRSnapshotDailyBusinessNewsMHProNews

2018-12-10_0949SkyChampionManufacturedHousingShipmentHistoryDailyBusinessNewsMHProNewsNov2018

MHProNews management holds no position in any stock tracked by our evening market report.

 

Gross profit increased by 43% to $59.0 million compared to the prior-year period. Gross profit was 16.6% of net sales for the second quarter fiscal 2019, a 70-basis point improvement compared to 15.9% in the second quarter fiscal 2018. Gross profit expansion was driven by an increase in the average selling price of homes sold in addition to plant operating improvements which led to increased output and an increased number of homes sold.

2018-12-10_0946SkylineChampionLogoComboTwoMarketLeadingPlatformsManufacturedModularHomeIndustryDailyBusinessNewsMHproNews

You can see a larger size of this and other images by clicking the graphic above, which allows for downloading it.

2018-12-10_0947SkylineChampionLogoIRComplementaryManufacturingFootprintUSCanadaRetailLogisticsDailyBusinessNewsMHProNews

Selling, general and administrative expenses (“SG&A”) in the second quarter fiscal 2019 increased to $128.1 million from $27.8 million in the same period last year, primarily due to non-cash, equity-based compensation expense of $85.8 million resulting from the vesting of restricted shares issued to Champion employees and directors in connection with the Combination, which was triggered by the secondary offerings which closed during the second quarter of fiscal 2019. In addition, SG&A includes the Skyline operations for the entire second quarter of fiscal 2019 as well as continued integration and restructuring costs associated with the Combination.

2018-12-10_095SkyChampionManufacturedHomesStructuralOpportunitiesoverSiteBuiltMHIUnderperforming2018-12-10_1001SkyChampionManufacturedHousingUnderpinnedbySupportiveDemographicTrendsDailyBusinessNewsMHProNews

 

The net loss for the second quarter fiscal 2019 was $77.0 million, compared to net income of $7.4 million during the same period from the prior year. The decline in net income was driven by an increase in SG&A expenses related to the Combination, equity compensation expense and higher tax expense. Skyline Champion’s effective income tax rate for the second quarter fiscal 2019 was impacted by the non-deductibility of certain transaction-related expenses and non-cash equity compensation.

 

2018-12-10_1008SkyChampionManufacturedHomeCommunitiesMHHousingIndustryDailyBusinessNewsMHProNews

2018-12-10_1036MoreFinancingOptionsDailyBusinessNewsMHProNews

 

Adjusted EBITDA for the second quarter fiscal 2019 increased by 58% to $23.8 million compared to the second quarter fiscal 2018. The increase was primarily driven by higher sales volumes, improved gross profit and leveraging of fixed costs. The Adjusted EBITDA margin expanded by 90 basis points to 6.7%.

As of September 29, 2018, Skyline Champion had $102.9 million of cash and cash equivalents and $32.1 million of unused borrowing capacity under its revolving credit facility.

 

2018-12-10_1041SkyChampion#2InManufacturedHousingLegacyHousing#4DailyBusinessNewsMHProNews

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Six Months Ended September 29, 2018 Financial Highlights

For the six months ended September 29, 2018 net sales were $677.7 million, which represents growth of 34%, or $173.6 million, compared to the six months ended September 30, 2017.

Gross profit increased $36.8 million or 48% to $114.2 million compared to $77.4 million for the prior year period. Gross profit was 16.8% of net sales for the six months ended September 29, 2018, compared to 15.3% in the six months ended September 30, 2017.

 

2018-12-10_1052SkylineChampionRecentFinancialDataDailyBusinessNewsMHProNews

 

SG&A increased to $173.2 million for the six months ended September 29, 2018, compared to $54.6 million in the prior year period, driven by $93.9 million of non-cash, equity compensation expense, as well as transaction and integration related expenses and added capacity from the Skyline operations.

The net loss for the six months ended September 29, 2018 was $77.9 million, compared to net income of $12.7 million for the prior year period.

Adjusted EBITDA for the six months ended September 29, 2018 increased by 79% to $46.5 million compared $26.0 million for the six months ended September 30, 2017. 

### End of Daily Business News on MHProNews portions of the SKY PR. Other recent headlines are as shown below. ###

2018-12-10_0903SkylineChampionLogoPressReleasesDailyBusinessNewsMHProNews

Winter 2018-2019 in Manufactured Housing Land

Facts, figures, independent analysis, and misleading ‘global’ reports questioned – as promised by the headline.  That’s this afternoon’s “Industry News, Tips, and Views Pros Can Use,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

NOTICE: Readers have periodically reported that they are getting a better experience when reading MHProNews on the Microsoft Edge, or Apple Safari browser than with Google’s Chrome browser. Chrome reportedly manipulates the content of a page more than the other two browsers.

(Related Reports are further below. Third-party images and content are provided under fair use guidelines.)

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SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

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Skyline Champion Corporation Created as Skyline and Champion Home Builders Announce Closing of Business Combination, Exclusive Details

June 4th, 2018 Comments off

SkylineChampionLogoKeithAndersonCEOPhotoTitanDriveHomeManufacturedModularPrefabHousingINdustryDailyBusinessNewsMHProNews

Skyline Corporation (“Skyline”) and Champion Enterprises Holdings, LLC (“Champion”), the parent company of Champion Home Builders, Inc., publicized the closing of the previously announced combination of their operations.

 

Exclusive details will be found near the end of this report.

Via a press statement to the Daily Business News, carried by a Berkshire Hathaway affiliate – Business Wire – the newly combined company “will now operate as Skyline Champion Corporation and its common stock will trade on the New York Stock Exchange under the ticker symbol “SKY.” Skyline had previously traded on the NYSE American exchange under the same ticker symbol,” per the release.

KeithAndersonCEOSkylineChampionManufacturedModularHousingIndustryDailyBusinessNewsMHProNewsWe are very excited to close the transaction and look forward to operating as Skyline Champion Corporation,” said Keith Anderson, Skyline Champion’s Chief Executive Officer.

Skyline Champion is now the largest independent publicly traded factory-built housing company in the United States with combined revenue of more than $1.3 billion. The increased size and scale, coupled with a strong balance sheet and significant cash flow generation capability, has us well positioned to execute our long term growth strategy.”

The statement above reflects an adjustment to a prior claim spotlighted by the Daily Business News about the size of the company with respect to the balance of the industry at large.

There is a tremendous opportunity for Skyline Champion to take advantage of the attractive market dynamics in the industry given our broader geographic footprint across North America and our enhanced product offering. We will remain committed to providing quality products and outstanding customer service as we focus on executing our strategy on our newly enhanced platform,” Anderson said.

As we integrate the businesses, we continue to expect to achieve synergies of approximately $10 to $15 million, primarily driven by direct cost savings, reduced overhead costs and operational improvement opportunities,” the newly combined companies CEO said. Additional synergies are expected through cross-selling and distribution optimization through the combined company’s owned and independent dealer network.”

The complementary cultures and shared values of our legacy businesses are evident in the deep commitment to providing solutions to customers and delivering a broad range of quality products and value-added services. I am confident that this will translate into future success of Skyline Champion,” Anderson said, with the normal disclaimers about forward looking statements required by the SEC present. He thanked the employees for their hard work during the transition.

The closing ticker for the new stock tonight is as shown below.

SkylineChampionCombinationLogoAnnouncedCloseStock642018ManufacturedHousingINdustryDailyBusinessNewsMHProNews

Skyline (SKY) is traded on the NYSE, and is part of the MHProNews evening market report summary for tracked industry stocks.  Tonight’s report, is linked here.

As the Daily Business News recently and previously reported, certain plans were executed.

In conjunction with the closing of the transaction, Skyline issued approximately 47.8 million shares to Champion, representing 84.5% of the common stock of the combined company on a fully-diluted basis. Skyline also declared a special cash dividend of $0.62381 per share of Skyline’s common stock that was paid on May 31, 2018 to Skyline’s shareholders of record at the close of business on May 25, 2018,” per their release.

Jefferies LLC served as financial advisor to Skyline and Barnes & Thornburg LLP acted as Skyline’s legal counsel. Ice Miller LLP acted as legal counsel to Skyline’s Special Committee of the Board. RBC Capital Markets, LLC served as financial advisor to Champion and Ropes & Gray LLP acted as Champion’s legal counsel. Taft Stettinius & Hollister LLP acted as Indiana legal counsel to Champion,” their statement said.

Skyline Corp, Champion Home Builder M&A Updates, Stockholder Insights

The firm is one of the industry’s vertically integrated operations.

About Skyline Champion Corporation:

Skyline Champion Corporation (NYSE: SKY) was formed in June of 2018 as the result of the combination of Skyline Corporation and the operating assets of Champion Enterprises Holdings, LLC. The combined company employs more than 6,800 people and is the largest independent factory-built housing company in North America. With more than 65 years of homebuilding experience and 36 manufacturing facilities throughout the United States and western Canada, Skyline Champion is well positioned with a leading portfolio of manufactured and modular homes, park-models and modular buildings for the multi-family, hospitality, senior and workforce housing sectors,” their statement explained.

In addition to its core home building business, Skyline Champion operates a factory-direct retail business, Titan Factory Direct, with 21 retail locations spanning the southern United States, and Star Fleet Trucking, providing transportation services to the manufactured housing and other industries from 10 dispatch locations across the United States,” according to the media release.

Skyline Champion builds homes under some of the most well know brand names in the factory-built housing industry including Skyline Homes, Champion Home Builders, Athens Park Models, Dutch Housing, Excel Homes, Homes of Merit, New Era, Redman Homes, Shore Park, Silvercrest, Titan Homes in the U.S. and Moduline and SRI Homes in western Canada,” their release concluded.

 

Pecking Order – Industry Facts

The new Skyline Champion combination represents about 17 percent of the factory built housing industry’s total shipments.

Cavco weighs in at about 13 percent, per their recent quarterly statement.  Cavco’s president, Joe Stegmayer, is a former Clayton division president.

Berkshire Hathaway owned Clayton Homes has about 50 percent of the industry’s total production, according to various industry sources, and the recent Warren Buffett, Berkshire Hathaway annual shareholder letter.

ClaytonHomesSkylineChampionCavcoIndustriesBalanceofIndustryManufacturedHousingIndustryConsolidationGraphicPieChartMHProNews

So, the three firms now represent 80 percent of the industry’s production.

For related reports, see the below. MHProNews holds no position in any of the listed firms. “We Provide, You Decide.” © (News, analysis, and commentary.)

(Third party images, and content, are provided under fair use guidelines.)

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SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

 

 

Keith Anderson, CEO Champion Homes, MHI ‘New Class’ Monopoly Concerns Memo, ‘Harms Owners, Independents’

March 3rd, 2018 Comments off

KeithAndersonCEOChampionHomesMHINewClassMonopolyConcernsMemoHarmsMHOwnersIndependnets

As the Daily Business News noted in a recent report, corporate officers have responsibilities to shareholders.

 

Association leaders have a similar responsibility to their members.

 

The question of monopoly – an anti-trust law issue – is one being raised across the political spectrum.  From voices as different as The Nation on the far left to Breitbart on the far right, concerns that a few mega-companies are harmfully dominating the marketplace are growing in number.

And those outside voices are growing in their respective sense of urgency.

 

The Nation’s recent multi-part look at issue of monopoly specifically addresses Warren Buffett, Clayton Homes and manufactured housing.  It’s not just voices inside the industry, that the Daily Business News has been reporting on for over a year.

  • Elected congressman, senators,
  • universities,
  • media,
  • think tanks,
  • business and investors,
  • media across the left-right political divide

are all studying this question.  Some have looked specifically at manufactured housing.

It is an issue that CFED – since rebranded as Prosperity Now – previously raised too, as has the Manufactured Housing Association for Regulatory Reform (MHARR), and other voices within manufactured housing.

 

Against that backdrop, MHProNews’ publisher sent an inquiry like the following to the leadership of the Manufactured Housing Institute.  Another message was posed prior to the one to MHI that follows, specifically to Champion Home Builders president, Keith Anderson.

 

—– start of emailed memo w/requests to MHI leadership —–

EmailHeadertoManufacturedHousinginstitute

MHI Leadership,

We advised Keith @ Champion in the message below that we are seeking a response to certain issues related to MHI, and the controversies over the allegedly monopolistic and potentially harmful impact of the ‘new class of manufactured homes’ they plan.

 

MHProNews is hereby asking MHI again to directly supply to us for publication, any and all information and correspondence by any means related to this ‘new class of manufactured homes,’ as it has the potential to negatively impact hundreds if not thousands of businesses, and the home values of millions of existing manufactured home owners.

 

If you see any facts or information that you deem inaccurate, please explain so in writing, and for publication. We have a deadline for this, so a prompt response is welcomed.

 

Thank you, see the forward below for added details.

 

Respectfully,

 

Tony

 

 

—– end of emailed memo w/requests to MHI leadership —–

DailyBusinessNewsLogoMHProNewsLogo

The Daily Business News notes for readers that it was about a year ago when the Manufactured Housing Institute (MHI) began to no longer directly reply to this pro-industry trade media when questions were asked about pending issues of industry interest.

That said, MHI has at times replied indirectly through their own email news, or through surrogates. More on those and other related topics, linked further below.

But as a reminder to long time and new readers, prior to avoiding questions, numerous MHI leaders had publicly praised MHProNews and made themselves available for questions on a routine and prompt basis, a key example is linked.  The point?  Why did that prompt reply policy change?

 

As another reminder, we continue to provide the balance and depth of analysis and coverage of issues not found anywhere else in manufactured housing trade publishing.

Direct questions of broad concern to the industry ought not be construed as an attack, but rather as an opportunity to for those questioned to explain, confirm, or clarify.  It’s what mainstream media does – when it is reporting fairly – too.

We cover the good news, as well as the problematic and controversial.

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Against that backdrop, the memo with question sent to Keith Anderson, President of Champion Homes yesterday is like what follows.

 

—– start of emailed memo w/questions to Keith Anderson —–

 

Keith,

Beyond our own direct communications, we are informed by reliable sources that you and several team members at Champion closely follow MHProNews.

So, you aware of the concerns we’ve raised about allegedly monopolistic practices that involve the Manufactured Housing Institute (MHI), and some larger players who are influential members there.

It is our understanding that Champion is ‘all in’ with MHI, and MHI aligned state association ‘affiliates.’  Kindly feel free to correct any mistakes in my message.

With that backdrop, we are asking you for your emailed reply comments/reaction to the following. You can note your replies as off-the-record, or from a Champion spokesperson, but we would prefer an on the record reply, directly from you.

1) As an industry expert and as trade media, there seems to be no logical predicate for the so-called ‘new class of manufactured homes’ being promoted by MHI, other than a potentially monopolistic one.

– the HUD Code already provides you with a wide latitude in design, and features, that you or other producers can market your homes however you wish, within normal legal constraints.

– there are already sales being made using existing HUD Code home designs and nomenclature under the current HUD Code to the same target markets that the ‘new class of homes’ are purportedly designed to attract.

 

2) So other than a monopolistic goal, with a supposed aim to marginalize non-participating companies, what is the rationale for this new class of homes?

 

3) Why is MHI attempting to keep the documents related to this so-called ‘new class of homes secret’ from the industry’s top trade media, and by extension, from the bulk of the industry itself?

– Why did Richard ‘Dick’ Jennison cancel his public presentation with Ducker Worldwide on this topic at Louisville, shortly before it was set to begin, other than to avoid our coverage of the topic? After all, he was photographed on the show floor at the very time the presentation was supposed to be taking place?

 

4) Isn’t it possible, or even likely, that this planned ‘new class’ of federally regulated homes is going to have the practical effect of undermining the resale values of every other HUD Code manufactured home?

– Wouldn’t that in turn cause billions of dollars in damages to the value of current manufactured home owners, as well as to the pending consumers of manufactured homes?

– Wouldn’t that also harm the sales of non-participating manufactured home producers?

– Won’t that likewise cause retailers and communities who don’t participate in this plan market harm as well?

 

5) We are told by a senior source at Skyline Corporation that they asked to ‘join the club’ involved in this proposed ‘new class of manufactured homes.’ Please confirm or clarify that statement and the implied concern, vis a viz, the above.

 

6) As your firm, Clayton Homes and Cavco Industries have said in connection with MHI, your three producing firms are about 70 percent of the production of the industry already. Isn’t this planned ‘new class of homes’ just one more example of how key MHI members are leveraging situations to further consolidate (allegedly monopolize) the industry?

 

We have reports that we plan for today and/possibly tomorrow, and you’ve been tracking the issues on MHProNews, including the ‘Trojan Horse’ article linked in our most recent emailed headline news update – which is provided below as a reminder and a courtesy – so your prompt reply is valued.

 

In terms of the total impact of the allegedly monopolistic practices, there seems to be good scholarship that suggests it could total into the hundreds of billions of dollars.  Please note the ‘YIMBY vs. NIMBY – Obama Admin Concept‘ report linked below; if you didn’t already read that last in the light of the monopolistic impact of this ‘new class of homes’ on other HUD Code manufactured homes, financing, incomplete media engagement, and other MHI related issues.  Please scroll past my by line for those or other potentially related links.

 

Finally, please Note that we are bcc’ing interested select industry parties, including legal and federal sources, to document the query, and to underscore the urgency of the issues we are asking for your comments on.

Thank you for your prompt attention to this matter.

Respectfully,

Tony 

L. A. “Tony” Kovach
Managing Member
LifeStyle Factory Homes, LLC – DBN
MHProNews.com and MHLivingNews.com, et al.”

 

—– end of emailed memo w/questions to Keith Anderson —–

Messages like those shown above drew replies on and off the record.

Among those replies were on the record ones from George F. Allen, who asserts that he has dropped his membership at MHI.  If so, Allen’s not alone.

State Associations, Companies Quit Membership in Manufactured Housing Institute, (MHI), One Explains in Writing, ‘Why?’

Note a related article, that addresses some of Allen’s concerns, linked below.

“F-Bombs” Fly – Cursing Manufactured Housing and Tornadoes – Engaging Public, Experts, Officials, and Media

Another reply came from Amy Bliss at the Wisconsin Housing Alliance (WHA).

Wisconsin Housing Alliance – an MHI ‘Affiliate’ – Amy Bliss’ Messages Raise New Anti-Trust Issue

Both of those industry’s professionals words will be shared at length, verbatim and examined in follow ups.  This article should be updated with links to that follow up.

Both the Allen and Bliss messages were packed with interesting points.

Secretive “NEW” Class of Manufactured Housing Raises Serious Concerns

 

Why This Matters to Manufactured Housing Professionals, Investors and Policy Advocates

As was noted at the top, concerns about monopoly across industries are growing, so in that sense, it isn’t unusual that manufactured housing would likewise have that kind of concern. In England, one source said that anti-trust laws are trigged at 25 percent market share.  That’s there, but what about the U.S.?

It isn’t so cut and dried.  But there are voices that say that monopolies have been reached, or exceeded.  Its an issue that arguably poses a threat to every industry independent involved in manufactured housing.  Watch for follow up reports, and for more information, follow the links below.

We Provide, You Decide.” © ## (News, analysis, and commentary.)

Notice: ‘The MHI Party line’ is said to be that there is ‘no there there,‘ or that ‘there is nothing to see, no cause for alarm, move on.’ If MHI is saying through their surrogates that there are no conspiracies (we don’t say conspiracy, we say the facts are hiding in plain sight) so, then why are a growing number of voices outside of the industry that are studying manufactured housing focusing on some of the same issues that MHProNews has been reporting on for over a year?

Common sense suggests where many see smoke, there is a need to look for the cause of the fire.

Related:

Fiduciary Responsibility to Corp Shareholders-MH Anti-Trust Concerns; Plus MH Market UPdate$

Progressive “Nation” Reports on Monopolies Cites Buffett, Clayton, Others – MH Industry Impact?

EmailedMHProNewsHeadlineNewsDailyBusinessNewsDon’t be the last to know. Over 1,000 new subscribers in the past 2 months. Thousands More “Get It.”

Sign Up Today! Click here to sign up in 5 seconds for the manufactured home industry’s leading – and still growing – emailed headline news updates. You’ll see in the first issue or two why big, medium and ‘mom-and-pop’ professionals are reading these headline news items by the thousands. These are typically delivered twice weekly to your in box.

(Third party images, and cites are provided under fair use guidelines.)

Follow us on Twitter:
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By L. A. “Tony” Kovach to the Daily Business News for MHProNews.com.

Tony is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

 

 

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To report a news tip, click the image above or send an email to iReportMHNewsTips@mhmsm.com – To help us spot your message in our volume of email, please put the words NEWS TIP in the subject line.

 

 

 

Skyline Corp, Champion Homebuilders Conference Call Presentation Facts, Figures, Forward-Looking Statements, Planned Merger Detail$

January 25th, 2018 Comments off

BusinessCombinationSkylineChampionConferenceCallPowerPointDailyBusinessNewsMHProNews1.25.2018

A few minutes after 9 AM ET, the previously announced conference call between Skyline and Champion took place.

The call lasted about 30 minutes.

There was no Q & A after their presentation.

The presenters generally followed the information provided in their power point.  The meat of the presentation, minus the typical SEC disclaimers, is below.

BusinessCombinationSkylineChampionConferenceCallPowerPointDailyBusinessNewsMHProNews1.25.2018p2

BusinessCombinationSkylineChampionConferenceCallPowerPointDailyBusinessNewsMHProNews1.25.2018p3TransactionOverviewBusinessCombinationSkylineChampionConferenceCallPowerPointDailyBusinessNewsMHProNews1.25.2018p4

ManufacturedHomeShipmentTrendsBusinessCombinationSkylineChampionConferenceCallPowerPointDailyBusinessNewsMHProNews1.25.2018p5

 

FavorableDemographicTrendsBusinessCombinationSkylineChampionConferenceCallPowerPointDailyBusinessNewsMHProNews1.25.2018p5

OverviewofChampionCombinationSkylineChampionConferenceCallPowerPointDailyBusinessNewsMHProNews1.25.2018p7

OverviewSkylineCombinationSkylineChampionConferenceCallPowerPointDailyBusinessNewsMHProNews1.25.2018p8ExpectedEnhancementShareholderValueCombinationSkylineChampionConferenceCallPowerPointDailyBusinessNewsMHProNews1.25.2018p9

 

CombinationMarketLeadingPlatformsValueCombinationSkylineChampionConferenceCallPowerPointDailyBusinessNewsMHProNews1.25.2018p10

SynergiesMightYield10-15Min24MonthsValueCombinationSkylineChampionConferenceCallPowerPointDailyBusinessNewsMHProNews1.25.2018p11

HighlyAttractiveCombinationSkylineChampionConferenceCallPowerPointDailyBusinessNewsMHProNews1.25.2018p12

AppendixCombinationSkylineChampionConferenceCallPowerPointDailyBusinessNewsMHProNews1.25.2018p13

AdjustedEBIDAChampionCombinationSkylineChampionConferenceCallPowerPointDailyBusinessNewsMHProNews1.25.2018p14

AdjustedEBIDASkylineCombinationSkylineChampionConferenceCallPowerPointDailyBusinessNewsMHProNews1.25.2018p15

Note: some of the screen captures were cropped, but the data remains their same.

A transcript of the call is expected.

Previous Daily Business News reports on this planned merger are shown below.

What’s Happened Since the Skyline (SKY) Champion Homes Deal Was Announced? Plus MH Market Update$

Among the points made verbally where their anticipation of further M&A (mergers and acquisitions) opportunities.  They also pointed to more capital coming into the industry, specifically mentioning Fannie Mae and Freddie Mac beginning their FHFA approved start of chattel lending.

Last night’s closing numbers on Skyline, along with other manufactured home industry connected stocks, can be found at this link here.

MHProNews will continue to monitor this and other such developments for the industry.  ## (News, analysis, and commentary.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

Champion Homes Purchases Former Excel Homes Facility

November 7th, 2016 Comments off
championhomespurchasesformerexcelhomesfacilitycreditchampionhomes1-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Champion Homes.

Champion Homes has announced that it will purchase and reopen a recently vacated manufacturing facility formerly operated by Excel Homes in Susquehanna Township, Penn.

With the reopening, Champion Homes plans to create 246 new jobs over the next three years.

Champion was drawn to this opportunity by the strength of the Excel Homes brand and the capability of the Excel workforce to build custom homes with unparalleled quality,” said Champion CEO/President Keith Anderson. “We look forward to building on that tradition of excellence to meet the needs and expectations of builders and developers in Pennsylvania and surrounding states.

 

championhomesopensmanufacturedhomeplantinkentuckycreditwoodworkingnetwork-postedtothedailybusinessnewsmhpronewsmhlivingnews

Ribbon cutting ceremony for Champion Homes Kentucky plant. Credit: Woodworking Network.

This move follows the recent announcement of a Champion Homes facility opening in Kentucky, which the Daily Business News covered here.

As regular readers already know, Champion Homes was founded in 1953, producing more than 1.7 million factory-built pre-HUD Code mobile homes, post-HUD Code manufactured homes and modular homes or buildings throughout the United States, in the United Kingdom and western Canada.

According to Area Development, state officials said the company is committed to investing $4,830,000 in the project, which will include the purchase and renovation of the site, procurement of new equipment, and acquisition of IBS’s intellectual property.

 

championhomespurchasesformerexcelhomesfacilitycreditchampionhomes2-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Champion Homes.

As an incentive, Champion Homes has also received a funding proposal from the Pennsylvania Department of Community and Economic Development that included a $300,000 Pennsylvania First Program grant, $492,000 in job creation tax credits to be distributed upon creation of the new jobs, and $81,000 in funding for employee training.

championhomespurchasesformerexcelhomesfacilitycredittwitter-postedtothedailybusinessnewsmhpronewsmhlivingnews

Governor Tom Wolf. Credit: Twitter.

Champion is not only reopening a site that closed in May 2016 and putting it back to good use, but it also hopes to hire many of workers who lost their jobs when the previous company filed Chapter 7 bankruptcy and ceased operations,” said Governor Tom Wolf. “On behalf of the commonwealth and the local communities affected by this project, I applaud Champion for its decision to expand operations in Juniata County and thank it for its outstanding contribution to the region’s economic well-being.

Daily Business News writer Matthew Silver covered the closing of multiple Excel Homes facilities here. ##

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Champion Homes Opens Manufactured Home Plant in Kentucky

November 2nd, 2016 Comments off
championhomesopensmanufacturedhomeplantinkentuckycreditwoodworkingnetwork-postedtothedailybusinessnewsmhpronewsmhlivingnews

Ribbon cutting ceremony for Champion Homes Kentucky plant. Credit: Woodworking Network.

Troy, Michigan-based Champion Homes has opened a 100,000-square-foot facility in Benton, Ky. The facility represents a $6.3 million investment for Champion and is expected to create 150 new jobs.

At Champion, we’re driven to produce the highest-quality affordable housing in part because we understand the special feeling our customers have when they first move into their new home,” said Keith Anderson, president of Champion Homes.

This is a day we’ll cherish for years because we’re experiencing that same feeling here today in Benton. The heart and soul of today’s celebration is really about what this new location means for our customers: better access to affordable housing, remarkable Champion value and increased convenience. We’re thrilled for them and look forward to what our collective futures hold.

Anderson added that the strong craftsmanship skills of the Benton workforce was the driving factor in the decision to select the location.

As many Daily Business News readers are aware, Champion Home Builders was founded in 1953, producing more than 1.7 million factory-built pre-HUD Code mobile homes, post-HUD Code manufactured homes and modular homes or buildings throughout the United States, in the United Kingdom and western Canada.

championhomesopensmanufacturedhomeplantinkentuckyplantfloorcreditwoodworkingnetwork-postedtothedailybusinessnewsmhpronewsmhlivingnews

The new Champion plant in Benton, KY. Credit: Woodworking Network.

According to Woodworking Network, the Kentucky Economic Development Finance Authority approved tax incentives up to $2.25 million through the Kentucky Business Investment program to encourage investment and job growth in the community.

The performance-based incentive allows Champion to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments, by meeting job and investment targets. Champion is also eligible to receive resources from the Kentucky Skills Network, which offers free job placement and recruitment services and customized training incentives at a reduced cost.

kitchenchampionhomesyork-credit-postedmanufacturedhousingindustrydailybusinesskitchenchampionhomesyork-credit-postedmanufacturedhousingindustrydailybusinessnewsmhpronews-545newsmhpronews-545

A model home from Champion’s York, Nebraska production center.

The Champion Homes facility was an existing modular home plant in which Champion made renovations and added equipment. The facility will produce manufactured and modular homes for retailers in Kentucky and other states.

The Daily Business News covered Champion Homes and their original plans for the Kentucky facility here. ##

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Champion Homes and MHVillage Link up to Market Homes

November 10th, 2015 1 comment

champion_homes__creditMHProNews has been informed that a collaboration beginning in Dec. 2015 between Champion Home Builders, Inc. and MHVillage will provide the opportunity for visitors to MHVillage to connect with Champion retailers across the country for availability of different models. Additionally, through its extensive network of manufactured home communities (MHC), MHVillage can determine vacant home sites in specific communities where the Champion home could be sited.

Our relationship with MHVillage reflects Champion’s commitment to meeting the evolving needs of today’s manufactured homebuyer,” said Keith Anderson, President and CEO of Champion Home Builders. “By leveraging the technology platform of MHVillage we have the opportunity to bring Champion models to millions of consumers as well as drive more traffic to our national network of valued retailers and communities.

Based in Troy, Michigan, Champion produces manufactured and modular homes and commercial buildings through 30 facilities in the U. S. and the United Kingdom. Champion homes are sold through a network of over 1,000 builders, retailers and developers in North America.

An online marketplace for manufactured homes, MHVillage offers listings for over 26,000 homes, 37,000 communities and almost 94,000 home sites nationwide.

Dan Rinzema, CEO of MHVillage said, “By making Champion’s models and floorplans available on MHVillage, we now have the unique ability to match Champion’s innovative home designs with their retailer and community inventory already listed on MHVillage so that the consumer can now easily locate and physically walk-thru the models that interest them.##

(Photo credit: Champion Home Builders, Inc

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Sunday Recap May 31, 2015-June 6, 2015

June 7th, 2015 Comments off

Sunday_morning_recapIn manufactured housing news, L. A. “Tony” Kovach defines path to revitalize the MH industry, while one MH supplier picks new head, another MH producer closes, HUD Code production continues rising, MHC reverting to stick-built homes, Cavco seeks tax abatement, AZ MHC closing, Sen. Donnelly and MHI’s Jennison defend H.R. 650, MHC refinances, MH industry to target Hispanics, and Sun declares dividends. Meanwhile, students are active building modular homes, homeless gain modular container homes, stick-builder shifts to modular, and container mods become hotels in Canada. Minnesota MHA sets conference, first-time home buyers increase, and interest rates drop.

Saturday, June 6, 2015

Magnolia Manufactured Homes Closing

Friday, June 5, 2015

Realtors ® and Manufactured Home Dealers should develop a Symbiotic Relationship

Skyline Regains Yesterday’s Loss while Drew Drops

Keith Anderson Appointed New CEO at Champion

Drop in Down Payment Signals Uptick in First-time Home Buyers

Sun Declares Dividends on Common and Preferred Stocks

MMHA Sets Spring Conference

Thursday, June 4, 2015

Turning Renters to Manufactured Home Buyers

Technology has Revolutionized Manufactured Homes

Dow Drops One Percent; Most Manufactured Housing Stocks Fall

Manufactured Home Tax Statements have been Mailed

Arizona Manufactured Home Community will be Repurposed under New Ownership

Rio Plaza Obtains Refi Package of $5.9M

Wednesday, June 3, 2015

The Path to the Rebirth of the Manufactured Housing Industry

HUD Code Production of Manufactured Homes Continues Climbing

Nobility Plummets -6.94%; MHCV Again Out paces Dow

Aussie Modular Home is Extremely Green

Burgeoning Hispanic Demographic presents Opportunities for Manufactured Housing

Changing Housing Market Leads Company to Modular Homes

Tuesday, June 2, 2015

Cavco Seeks Tax Abatement to Upgrade Fairmont Homes

Interest Rates, Median Home Price Falls

Cavco Seeks Tax Abatement to Upgrade Fairmont Homes

Shipping Containers will become Modular Housing for the Homeless in Hawaii

Senator Joe Donnelly Responds to Criticism of The Preserving Access to Manufactured Housing Act

Canadian Containers become Modular Motels

Monday, June 1, 2015

Numerous Students Built Cape Cod Modular Home

High School Building Modular Homes for Habitat for Humanity

MHCV Gains more Percent than Dow, Nasdaq, and S&P Combined

MHI CEO Richard Jennison Defends H. R. 650

Manufactured Home Sites Transitioning to Stick Built  ##

(Image credit: MHProNews)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Keith Anderson Appointed New CEO at Champion

June 5th, 2015 Comments off

champion_homebuilders_inc_creditChampion Home Builders, Inc. of Troy, Michigan announced today that Keith Anderson, interim CEO since Jan. 2015, has been named President and CEO of the producer of manufactured and modular homes and commercial buildings. Having joined the company’s Board of Managers in 2013, he served as president and CEO of Green Tree Servicing (formerly Conseco Finance) from 1995 through 2012.

After Walter Investment Management acquired Green Tree in 2013, Anderson continued to lead Green Tree as Walter’s Executive Vice President and Chief Operating Officer, and also was responsible for Ditech Mortgage and Green Tree Insurance, according to PRWeb.

Timothy Bernlohr, Chairman of the Board, said, “We are very pleased to have Keith assume the leadership role at Champion. With the key role that financing plays in today’s manufactured housing market, Keith’s extensive experience in commercial finance and residential mortgage makes him uniquely qualified to lead Champion’s continued growth and expansion.

In my brief time with Champion I have been impressed by the dedication of our retailers and employees to meeting the challenges of providing affordable housing to our customers,” Anderson said. “I look forward to driving the company’s continued focus on quality and customer satisfaction which will strengthen Champion’s position as a leader in the manufactured housing industry.

Champion produces off site residential and commercial buildings at 30 facilities in the U. S. and the United Kingdom. MHProNews knows its homes are sold through a network of over 1,000 builders, developers and retailers throughout North America. ##

(Photo credit: Champion Home builders, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.