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AMERICAN HOMESTAR CORPORATION

  • American Homestar is a regional vertically integrated manufactured housing company with operations in manufacturing, retailing, home financing and insurance.
     
  • 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. 
     
  • Since emergence from bankruptcy protection in October 2001,  American Homestar has recovered and in 2003 built 50% of the Modular Homes produced in Texas
     
  • 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").
  • 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.
  • The Company currently operates 30+ retail sales centers and has smaller sales operations in two manufactured housing communities.
  • The Company also operates three manufacturing plants, two of which are producing new homes while the third is used to refurbish lender repossessions.
  • The Company also operates an insurance agency, which sells homeowner's insurance, credit life insurance and extended warranty coverage to its customers. 
  • 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.
  • The Company also has a 51% ownership interest in a transport company, which specializes in the transportation of manufactured and modular homes and offices.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • In August 2000, the Company idled its Lynn, Alabama manufacturing facility.
     

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THE HISTORY OF

American Homestar
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