ITEM 1. BUSINESS
GENERAL
Palm Harbor Homes, Inc. (the "Company") is one of the largest producers of multi-section manufactured homes in the United States. The Company's operations are vertically integrated and encompass manufacturing, marketing, financing and insurance. At March 28, 1997, the Company operated 15 manufacturing facilities that sell homes through retailers in 34 states including approximately 600 independent retail sales centers and 54 Company- owned superstores.
At March 28, 1997, the Company owned and operated 54 superstores in Florida, Indiana, Louisiana, New Mexico, North Carolina, Ohio, Oregon, South Carolina, Texas and Washington, and had options to acquire five additional superstores. The Company took significant steps in fiscal year 1997 toward its plan to increase sales through Company-owned superstores. Effective April 1, 1996, the Company exercised an option to acquire the retail operations of Energy Efficient Housing, Inc. ("EEH"), which added eight superstores in North Carolina to the Company's portfolio. Additionally, on August 1, 1996, Newco Homes, Inc. ("Newco"), a Texas-based retailer, of which the Company was a co- founder and a 41.6% stockholder, was acquired by the Company. Newco's operations consisted of 21 retail superstores principally located in Texas and New Mexico, many of which had operated under the name "Palm Harbor Village." In connection with the acquisition, Newco's shareholders received $17.3 million in cash and 1,444,445 shares of the Company's common stock. The Company's retail operations are modeled after those of Newco, and management believes it now owns the leading retail sales centers for multi-section manufactured homes in Texas, based upon 1996 sales and unit volume.
Through its subsidiary, CountryPlace Mortgage, Ltd. ("CountryPlace"), the Company offers installment financing to purchasers of manufactured homes sold by Company-owned superstores. The Company believes that the ability to finance its home sales will potentially provide it with an advantage over certain of its competitors and create a source of additional earnings.
Through its subsidiary, Standard Casualty Company, which was acquired by the Company in May 1996, the Company writes property and casualty insurance for owners of manufactured homes. Management of the Company believes that having the internal capability to provide this type of insurance complements the services of CountryPlace and will be additive to earnings.
PRODUCTS
The Company manufactures a variety of single and multi-section homes under various brand names including Palm Harbor(R), Masterpiece, Keystone, River Bend and Windsor Homes(TM). Palm Harbor offers over 150 floor plans and approximately 67% of the homes produced by the Company are structurally or decoratively customized to the home buyer's specifications. Although the Company produces a wide retail price range of homes, the average retail price (excluding land) of the Company's homes is approximately $56,000 and approximately 81% of the Company's homes are multi-section.
A typical home built by the Company contains two to five bedrooms, a living room, family room, dining room, kitchen, two or three bathrooms and features central heating, a range, refrigerator, carpeting and drapes. In addition, the Company offers optional amenities, including dishwashers, washers, dryers, furniture packages and cabinets, as well as a wide range of colors,
moldings and finishes. The Company has also attempted to broaden its base of potential customers by offering optional features associated with site-built homes such as stone fireplaces, sky lights, vaulted ceilings and whirlpool baths. The Company also offers a unique package of energy saving construction features referred to as "EnerGmiser" which includes, among other things, additional insulation to reduce heating and cooling costs, and which exceeds statutorily-mandated energy efficiency levels.
The Company's homes are designed and copyrighted after extensive field research and consumer feedback. The Company has developed engineering systems which, through the use of computer - aided technology, permit customization of homes and assist with product development and enhancement.
MANUFACTURING OPERATIONS
The Company's homes are currently manufactured at 15 facilities located in Alabama, Arizona, Florida, Georgia, North Carolina, Ohio, Oregon and Texas. A typical Company manufacturing facility has approximately 100,000 square feet of floor space, and employs approximately 225 associates.
The Company's facilities generally operate on a one shift per day, five days per week basis, and the Company currently manufactures a typical home in approximately three to five days. The Company's facilities have the capacity to produce an aggregate of approximately 143 sections per day. The current rate of production is 105 sections per day. The Company believes that its overall production will continue to increase as the new manufacturing facilities opened in Georgia and Oregon during the past 24 months mature and the associates employed at these facilities gain experience in the Company's operating procedures.
The following table sets forth the total sections produced and homes sold, as well as the number of manufacturing facilities operated by the Company, for the fiscal years indicated:
The Company's homes are constructed at the Company's manufacturing facilities. Typically, independent trucking companies transport finished homes to retailers at the retailer's expense. Retailers or other independent installers are responsible for placing the home on site, making utility hook- ups and, in certain instances, providing installation and finish-out services. The industry practice is to have third parties hired by the retailer provide the installation and finish-out services. The Company believes that its factory finish-out program ensures that Palm Harbor quality is applied to the entire process, lessens customer concerns, strengthens the Company's relationship with its retailers and provides the Company an advantage over many of its competitors.
The Company's backlog of orders as of May 30, 1997 was approximately $13 million, as compared to approximately $47 million as of May 31, 1996. Since retailers may cancel orders prior to production without penalty, the Company does not consider its order backlog to be firm orders; however, such cancellations rarely occur. Because of the seasonality of the housing market, the level of backlog generally declines during the winter months.
The principal materials used in the production of the Company's homes include wood, wood products, gypsum wallboard, steel, fiberglass insulation, carpet, vinyl, fasteners, appliances, electrical items, windows and doors. The Company believes that the materials used in the production of its homes are readily available at competitive prices from a wide variety of suppliers. Two suppliers, which accounted for more than 5% of the Company's total purchases during the Company's fiscal year ended March 28, 1997, represented approximately 10.4% and 6.7%, respectively, of total purchases during such fiscal year. Accordingly, the Company does not believe that the loss of any single supplier would have a material adverse effect on its business.
RETAIL OPERATIONS
The Company's homes are sold through a distribution network consisting of (i) superstores owned by the Company; and (ii) independent retailers. The following table sets forth the number of homes sold by the Company through each of these distribution channels, as well as the number of superstores and retail sales centers in each channel, during the past three fiscal years:
Based in part on the experience gained in the development of Newco, the Company originally established wholly-owned superstores in 1992, and, following the acquisitions of EEH and Newco, currently has 54 superstores in Florida, Indiana, Louisiana, New Mexico, North Carolina, Ohio, Oregon, South Carolina , Texas and Washington. The Company plans to add 10 to 15 retail superstores in fiscal 1998.
The Company's independent retailer network principally consists of local retailers, developers that market land/home packages and developers of retirement lifestyle communities. No single independent retailer accounted for 5% or more of the Company's net sales during fiscal 1997. The Company provides comprehensive sales training to its retail sales associates and brings them to the manufacturing facilities for product training and to view new product designs as they are developed. These training seminars, known as "Palm Harbor University," facilitate the sale of the Company's homes by increasing the skill and knowledge of the retail sales consultants. In addition, the Company displays its products in trade shows and supports its retailers through the distribution of floor plan literature, brochures, decor boards, banners and videos.
The Company's five largest retailers (including Company-owned or affiliated superstores) accounted for approximately 33% of net sales in fiscal 1997. The Company's retailer arrangements are terminable at will by either party without penalty.
MARKETS SERVED
Management believes that the Company's broad geographic presence lessens the impact of adverse economic trends specific to any one region, while at the same time enabling the Company to capitalize on favorable regional economic trends. During the fiscal year ended March 28, 1997, the percentage of the Company's revenues by region was as follows:
Manufactured housing is a regional business and the primary geographic market for a typical manufacturing facility is within a 250-mile radius. Each of the Company's manufacturing facilities typically serves 20 to 65 retailers, and the facility sales staff maintains personal contact with each retailer, whether Company owned or independent. The Company's decentralized
operations allow it to be more responsive to retailers' concerns with respect to leadership in product innovation, local home design and customer satisfaction.
CONSUMER FINANCING
Historically, the Company has facilitated retail sales of its homes by maintaining relationships with conventional lenders. While the Company intends to maintain its relationships with conventional lenders, it believes that the ability to provide financing to its customers on competitive terms will not only improve its responsiveness to the financing needs of prospective purchasers, but will also provide an additional source of earnings for the Company. The Company offers through CountryPlace a variety of financing options, including customary retail installment sales contracts, land in lieu of down payment and land/home financing to best suit the needs of its retail customers. Financing services by CountryPlace are currently being offered through Company-owned or affiliated superstores.
Loan applications originate at the superstore and are forwarded to CountryPlace for final credit approval. CountryPlace then assigns the approved loan contracts to one of two national consumer finance companies. CountryPlace and the national consumer finance companies share on a predetermined basis the interest income and losses resulting from the majority of the loans unless the loan is also secured by the related land, whereby the national consumer finance companies assume all losses.
Retail installment loans assigned by CountryPlace are serviced and administered by the national consumer finance companies. CountryPlace's share of the interest income is, in part, in consideration for the following services provided by CountryPlace: (i) contract origination services, including the training of retailers with respect to the loan evaluation process; (ii) receipt and processing of the retail installment sale contracts; (iii) collection assistance with delinquent accounts, upon the request of the finance company; and (iv) repossession assistance.
RETAILER INVENTORY FINANCING
In accordance with manufactured housing industry practice, substantially all retailers finance all or a portion of their purchases of manufactured homes through wholesale "floor plan" financing arrangements. Under a typical floor plan financing arrangement, a financial institution provides the retailer with a loan for the purchase price of the home and maintains a security interest in the home as collateral. The financial institution which provides financing to the retailer customarily requires the Company to enter into a separate repurchase agreement with the financial institution under which the Company is obligated, upon default by the retailer and under certain other circumstances, to repurchase the financed home at declining prices over the term of the repurchase agreement (which generally ranges from 12 to 18 months). The price at which the Company may be obligated to repurchase a home under these agreements is based upon the Company's original invoice price plus certain administrative and shipping expenses. The Company's obligation under these repurchase agreements ceases upon the purchase of the home by the retail customer.
The risk of loss under such repurchase agreements is mitigated by the fact that (i) a majority of the homes sold by the Company to independent retailers are pre-sold to specific retail customers; (ii) the Company monitors each retailer's inventory position on a regular basis; (iii) sales of the Company's manufactured homes are spread over a large number of retailers, (iv) none of the Company's independent retailers accounted for more than 5% of the Company's net sales in fiscal 1997; (v) the price the Company is obligated to pay declines over time; and (vi) the Company is, in most cases, able to resell homes repurchased from credit sources in the ordinary course of business without incurring significant losses. The Company estimates that its potential obligations under such repurchase agreements was approximately $121 million as of March 28, 1997. During the fiscal years ended March 31, 1995, March 29, 1996, and March 28, 1997, net expenses (income) incurred by the Company under these repurchase agreements totaled $22,000, ($3,000), and $55,000, respectively.
COMPETITION
The manufactured housing industry is highly competitive at both the manufacturing and retail levels, with competition based upon several factors, including price, product features, reputation for service and quality, depth of field inventory, promotion, merchandising and the terms of retail customer financing. In addition, manufactured homes compete with new and existing site- built homes, as well as apartments, town houses and condominiums. The Company does not view any of its competitors as being dominant in the industry, although some of the Company's competitors possess substantially greater financial (including captive retail financing), manufacturing, distribution and marketing resources than the Company. While the Company believes mortgage and personal property financing have generally become more available to the manufactured housing industry
in recent years, a contraction in consumer credit could provide an advantage to those competitors with substantial capital resources.
GOVERNMENT REGULATION
The Company's manufactured homes are subject to a number of federal, state and local laws, codes and regulations. Construction of manufactured housing is governed by the National Manufactured Housing Construction and Safety Standards Act of 1974, as amended (the "Home Construction Act"). In 1976, HUD issued regulations under the Home Construction Act establishing comprehensive national construction standards. The HUD regulations, known collectively as the Federal Manufactured Home Construction and Safety Standards, cover all aspects of manufactured home construction, including structural integrity, fire safety, wind loads, thermal protection and ventilation. Such regulations preempt conflicting state and local regulations on such matters, and are subject to continual change. The Company's manufacturing facilities and the plans and specifications of its manufactured homes have been approved by a HUD-certified inspection agency. Further, an independent HUD-certified third-party inspector regularly reviews the Company's manufactured homes for compliance with the HUD regulations during construction. Failure to comply with applicable HUD regulations could expose the Company to a wide variety of sanctions, including mandated closings of Company manufacturing facilities. The Company believes its manufactured homes meet or surpass all present HUD requirements.
Manufactured and site-built homes are all typically built with paneling and other products that contain formaldehyde resins. Since February 1985, HUD has regulated the allowable concentrations of formaldehyde in certain products used in manufactured homes and requires manufacturers to warn purchasers as to formaldehyde-associated risks. The Environmental Protection Agency (the "EPA") and other governmental agencies have in the past evaluated the effects of formaldehyde. The Company uses materials in its manufactured homes that meet HUD standards for formaldehyde emissions and believes it otherwise complies with HUD and other applicable government regulations in this regard.
The transportation of manufactured homes on highways is subject to regulation by various federal, state and local authorities. Such regulations may prescribe size and road use limitations and impose lower than normal speed limits and various other requirements.
The Company's manufactured homes are subject to local zoning and housing regulations. In certain cities and counties in areas where the Company's homes are sold, local governmental ordinances and regulations have been enacted which restrict the placement of manufactured homes on privately-owned land or which require the placement of manufactured homes in manufactured home communities. Such ordinances and regulations may adversely affect the Company's ability to sell homes for installation in communities where they are in effect. A number of states have adopted procedures governing the installation of manufactured homes. Utility connections are subject to state and local regulation, and must be complied with by the retailer or other person installing the home.
The Company is subject to the Magnuson-Moss Warranty Federal Trade Commission Improvement Act, which regulates the descriptions of warranties on products. The description and substance of the Company's warranties are also subject to a variety of state laws and regulations. A number of states require manufactured home producers to post bonds to ensure the satisfaction of consumer warranty claims.
A variety of laws affect the financing of manufactured homes by the Company. The Federal Consumer Credit Protection Act (Truth-in-Lending) and Regulation Z promulgated thereunder require written disclosure of information relating to such financing, including the amount of the annual percentage rate and the finance charge. The Federal Fair Credit Reporting Act also requires certain disclosures to potential customers concerning credit information used as a basis to deny credit. The Federal Equal Credit Opportunity Act and Regulation B promulgated thereunder prohibit discrimination against any credit applicant based on certain specified grounds. The Real Estate Settlement Procedures Act and Regulation X promulgated thereunder require certain disclosures regarding the nature and costs of real estate settlements. The Federal Trade Commission has adopted or proposed various Trade Regulation Rules dealing with unfair credit and collection practices and the preservation of consumers' claims and defenses. Installment sales contracts eligible for inclusion in a Government National Mortgage Association program are subject to the credit underwriting requirements of the Federal Housing Association. A variety of state laws also regulate the form of the installment sale contracts or financing documents and the allowable deposits, finance charge and fees chargeable pursuant to installment sale contracts or financing documents. The sale of insurance products by the Company is subject to various state insurance laws and regulations which govern allowable charges and other insurance practices.
The Company's operations are also subject to federal, state and local laws and regulations relating to the generation, storage, handling, emission, transportation and discharge of materials into the environment. Governmental authorities have the power to enforce compliance with their regulations, and violations may result in the payment of fines, the entry of injunctions or both. The requirements of such laws and enforcement policies have generally become more strict in recent years. Accordingly, the Company is unable to predict the ultimate cost of compliance with environmental laws and enforcement policies. See "Item 3. Legal Proceedings."
ASSOCIATES
As of March 28, 1997, the Company had approximately 4,010 associates. All of the Company's associates are non-union. The Company has not experienced any labor-related work stoppages, and believes that its relationship with its associates is good.
ITEM 2.
ITEM 2. PROPERTIES
The Company's homes are currently manufactured at 15 facilities in eight states. The Company owns substantially all of its machinery and equipment. The Company believes its facilities are adequately maintained and suitable for the purposes for which they are used. The following table sets forth certain information with respect to the Company's manufacturing facilities:
- ------------------ (1) Production is expected to commence in July 1997.
In addition to its production facilities, the Company owns certain properties upon which 18 of its retail superstores are located. The Company also leases approximately 24,000 square feet of office space in Dallas, Texas as its corporate headquarters. The Company's corporate headquarters lease expires in 2003.
ITEM 3.
ITEM 3. LEGAL PROCEEDINGS
The Company is currently not subject to any pending or threatened litigation, other than routine litigation arising in the ordinary course of business, none of which is expected to have a material adverse effect on the business, financial condition or results of operations of the Company.
In late 1992, the Company removed an underground storage tank formerly used to store gasoline from the site of its Tempe, Arizona manufacturing facility. The Company is currently working in cooperation with the Arizona Department of Environmental Quality to assess and respond to gasoline related hydrocarbons detected in soil and groundwater at this site. Under certain circumstances, a state fund may be available to compensate responsible parties for petroleum releases from underground storage tanks. The Company is evaluating the extent of the corrective action that may be necessary. Site characterization is complicated by virtue of the presence of contaminants associated with the Indian Bend Wash Area Superfund Site described below. At this time, the Company does not expect that the costs of any corrective action or assessments related to the tank will have a material adverse effect on its results of operations or financial condition.
The Company's Tempe facility is partially located within a large area that has been identified by the Environmental Protection Agency ("EPA") as the Indian Bend Wash Area Superfund Site (the "Indian Bend Superfund Site"). Under federal law, certain persons known as potentially responsible parties ("PRPs") may be held strictly liable on a joint and several basis for all cleanup costs and natural resource damages associated with the release of hazardous substances from a facility. The average cost to clean up a site listed on the National Priorities List is over $30 million. The Indian Bend Superfund Site is listed on the National Priorities List. Groups of PRPs may include current owners and operators of a facility, owners and operators of a facility at the time of disposal of hazardous substances, transporters of hazardous substance and those who arrange for the treatment or disposal of hazardous substances at a site. No government agency, including the EPA, has indicated that the Company has been or will be named as a PRP or that it is otherwise responsible for the contamination present at the Indian Bend Superfund Site. In general, although no assurance can be given as to the future actions of either the EPA or PRPs who may incur cleanup costs related to this site, the Company does not believe that its ownership of property partially located within the Indian Bend Superfund Site will have a material adverse effect on its results of operations or financial condition.
In 1994, the Company removed two underground storage tanks used to store petroleum substances from property it owns in Georgia. The Company is currently working in cooperation with the Georgia Department of Natural Resources to assess and respond to petroleum related hydrocarbons detected in soil and groundwater at this site, and to evaluate the extent of corrective action that may be necessary. At this time, the Company does not expect that the costs of future assessment and corrective action related to the tanks will have a material adverse effect on its results of operations or financial condition.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter was submitted during the fourth quarter of the fiscal year covered by this Report to a vote of security holders, through the solicitation of proxies or otherwise.
PART II.
ITEM 5.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The Company's Common Stock has been traded on the Nasdaq National Market under the symbol "PHHM" since July 31, 1995, the date on which the Company completed its initial public offering. The following table sets forth, for the period indicated, the high and low sales information per share of the Common Stock as reported on the Nasdaq National Market.
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*On July 12, 1996, the Board of Directors of the Company declared a 5-for-4 stock split effected in the form of a 25% stock dividend to shareholders of record on July 26, 1996. The stock dividend was paid on August 2, 1996.
On June 6, 1997, the last reported sale price of the Company's Common Stock on the Nasdaq National Market was $29.00. As of June 6, 1997, there were approximately 1,164 record holders of the Common Stock, and approximately 3,500 holders of the Common Stock overall based on an estimate of the number of individual participants represented by security position listings.
The Company has never paid cash dividends on its Common Stock. The Board of Directors intends to retain any future earnings generated by the Company to support operations and to finance expansion and does not intend to pay cash dividends on the Common Stock for the foreseeable future. The payment of cash dividends in the future will be at the discretion of the Board of Directors and will depend upon factors such as the Company's earnings levels, capital requirements, financial condition and other factors deemed relevant by the Board of Directors. Future loan agreements may restrict or prohibit the payment of dividends.
ITEM 6.
ITEM 6. SELECTED FINANCIAL DATA
Information with respect to this Item 6 is incorporated herein by reference from page 13 of the Company's Annual Report to Shareholders for the year ended March 28, 1997, such pages being filed as Exhibit 13.1 hereto.
ITEM 7.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Information with respect to this Item 7 is incorporated herein by reference from pages 14 through 17 of the Company's Annual Report to Shareholders for the year ended March 28, 1997, such pages being filed as Exhibit 13.1 hereto.
ITEM 8.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The Company's financial statements for the year ended March 28, 1997 are listed in the accompanying Index to Consolidated Financial Statements at page and are incorporated by reference from pages 18 through 29 of the Company's Annual Report to Shareholders for the year ended March 28, 1997, such pages being filed as Exhibit 13.1 hereto.
ITEM 9.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
PART III.
ITEM 10.
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
(a) Information with respect to the Company's Board of Directors and executive officers is incorporated by reference from pages 2 through 5 of the Company's definitive Proxy Statement filed with the Securities and Exchange Commission on May 23, 1997 in connection with the Annual Meeting of Shareholders to be held June 24, 1997.
(b) Based solely upon a review of Forms 3 and 4 and amendments thereto furnished to the Company pursuant to Rule 16a-3(e) promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), during the Company's most recent fiscal year and Form 5 and amendments thereto furnished to the Company with respect to its most recent fiscal year, no person who, at any time during the most recent fiscal year was a director, officer, beneficial owner of more than 10% of any class of equity securities of the Company registered pursuant to Section 12 of the Exchange Act, or any other person subject to Section 16 of the Exchange Act failed to file on a timely basis, reports required by Section 16(a) of the Exchange Act during the most recent fiscal year.
ITEM 11.
ITEM 11. EXECUTIVE COMPENSATION
Information with respect to executive compensation is incorporated by reference from pages 4 and 5 of the Company's definitive Proxy Statement filed May 23, 1997 in connection with the Annual Meeting of Shareholders to be held June 24, 1997.
ITEM 12.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Information with respect to security ownership of certain beneficial owners and management is incorporated by reference from page 8 of the Company's definitive Proxy Statement filed May 23, 1997 in connection with the Annual Meeting of Shareholders to be held June 24, 1997.
ITEM 13.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Information with respect to certain relationships and related transactions is incorporated by reference from page 7 of the Company's definitive Proxy Statement filed May 23, 1997 in connection with the Annual Meeting of Shareholders to be held June 24, 1997.
PART IV.
ITEM 14.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT, SCHEDULES AND REPORTS ON FORM 8-K
(a) (1) Financial Statements
The Company's financial statements for the year ended March 28, 1997 are listed in the accompanying Index to Consolidated Financial Statements at page and are incorporated herein by reference from pages 18 through 29 of the Company's Annual Report to Shareholders for the year ended March 28, 1997.
(2) Financial Statement Schedules
None
(3) Index to Exhibits
* Filed herewith
- --------------------------- (b) No reports on Form 8-K were filed during the last quarter of the period covered by this Annual Report on Form 10-K. (c) See Item 14(a)(3) above. (d) None.
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
The following financial statements of the Company and its subsidiaries required to be included in Item 14(a)(1) are listed below:
PALM HARBOR HOMES, INC. AND SUBSIDIARIES
Consolidated Financial Statements (incorporated by reference under Item 8 of Part II from pages 18 through 29 of the Company's Annual Report to Shareholders for the year ended March 28, 1997):
Consolidated Balance Sheets as of March 29, 1996 and March 28, 1997 Consolidated Statements of Income for the years ended March 31, 1995, March 29, 1996 and March 28, 1997 Consolidated Statements of Shareholders' Equity for the years ended March 31, 1995, March 29, 1996 and March 28, 1997 Consolidated Statements of Cash Flows for the years ended March 31, 1995, March 29, 1996 and March 28, 1997 Notes to Consolidated Financial Statements Report of Independent Auditors
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
June 13, 1997 PALM HARBOR HOMES, INC.
/s/ Lee Posey ------------------------------ Lee Posey, Chairman of the Board
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
KNOW ALL MEN BY THESE PRESENTS, that the undersigned do hereby constitute and appoint Lee Posey and Kelly Tacke, and each of them, each with full power to act without the other, his true and lawful attorneys-in-fact and agents, each with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to the annual report on Form 10-K for the year ended March 28, 1997 of Palm Harbor Homes, Inc., and to file the same, with any and all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary to be done as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all of each of said attorneys-in-fact and agents or any of them may lawfully do or cause to be done by virtue thereof.
- -------------------------- * Filed herewith