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American Homestar is a regional vertically integrated manufactured housing
company with operations in manufacturing, retailing, home financing and
insurance.
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Principal operations are located in Texas, Louisiana and Oklahoma,
although they also sell products in neighboring states. Manufacturing a
wide variety of factory built homes and commercial structures from two
manufacturing facilities. A third leased manufacturing facility is
primarily engaged in refurbishing manufactured homes obtained through
lender repossessions.
- In 2005
operating 29 retail sales centers in Texas, Louisiana and Oklahoma and
maintain a marketing presence in approximately 35 additional manufactured
housing communities where they display homes that are ready for sale and
occupancy and model homes, although they do not have an on-site sales
office. They also distribute homes through approximately 126 independent
retailers and developers located in six states.
- In
addition, they operate an insurance agency, which sells homeowner’s
insurance and extended warranty coverage to its customers. They also have
a 50% interest in a mortgage brokerage business that has very recently
received licenses necessary to operate as a mortgage broker/loan
originator.
- They
have recently launched a residential development initiative which will
result in manufactured or modular home subdivisions.
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Since emergence from
bankruptcy protection in October 2001, American Homestar has
recovered and in 2003 built 50% of the Modular Homes produced in Texas
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On January 23, 2001, American
Homestar Corporation (the "Company") filed a voluntary petition for
bankruptcy on January 11, 2001, under Chapter 11
of the U.S. Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of Texas (the "Bankruptcy
Court").
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In
connection with its reorganization, the Company has significantly
downsized its operations and has focused on its core Southwest market
where the Company is based and where it has
historically had its most favorable overall results.
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The
Company currently operates 30+ retail sales centers and has smaller
sales operations in two manufactured housing communities.
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The
Company also operates three manufacturing plants, two of which are
producing new homes while the third is used to refurbish lender
repossessions.
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The
Company also operates an insurance agency, which sells homeowner's
insurance, credit life insurance and extended warranty coverage to its
customers.
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In
addition, the Company operates a reinsurance company, which reinsures the
credit life and extended warranty policies sold by the Company, allowing
the Company to participate in additional homeowner insurance profits in
years where claims are lower than expected.
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The
Company also has a 51% ownership interest in a transport company, which
specializes in the transportation of manufactured and modular homes and
offices.
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Additionally, the Company has a 50% interest in a finance company, which
specializes in providing chattel and land/home financing to the Company's
customers.
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Management believes that its vertical integration strategy, which derives
multiple profit sources from each retail sale, will allow the Company to
be more successful, over time, than would otherwise be the case.
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The
Company emerged from bankruptcy protection after the Bankruptcy
Court confirmed the Company's Third Amended Plan of Reorganization
(the "Plan") on August 14, 2001.
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The
Company emerged from bankruptcy protection after the Bankruptcy
Court confirmed the Company's Third Amended Plan of Reorganization (the
"Plan") on August 14, 2001.
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American Homestar is a regional, vertically integrated manufactured
housing Company with operations in manufacturing, retailing, home transportation
services, financing and insurance. The Company has its principal operation
in Texas, although it also sells its products in neighboring states. The
Company refers to this regional market as its core Southwest market.
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In August 2000, the Company
idled its Lynn, Alabama manufacturing facility.
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