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Modtech Holdings, Inc. Announces Teaming Agreement with LivingHomes, LLC
Thursday January 3, 11:41 am ET

PERRIS, Calif.--(BUSINESS WIRE)--Modtech Holdings, Inc. (Nasdaq:MODT - News) announced a multi-year agreement with LivingHomes, LLC (“LivingHomes”) under which Modtech Holdings Inc. (“Modtech”) will be the exclusive manufacturer of LivingHomes' Ray Kappe-designed steel-framed modular single-family homes in markets served jointly by the two companies.

Modtech President and Chief Executive Officer Dennis Shogren commented: “We are excited to partner with LivingHomes and to build on the success of our first project together, which was completed last November. We are already under way on the next project, with several more in the early stages of design and approval. In addition to the substantial business opportunity this product line represents over the next several years, it’s just plain fun to look at a completed Ray Kappe-designed home and say 'Modtech built that!'”

“We look forward to working with Modtech on our Ray Kappe-designed homes,” said LivingHomes Founder and CEO Steve Glenn. “By partnering exclusively with a manufacturer of Modtech’s caliber, we will be able to reduce our costs and delivery schedules and increase our national reach.”

Shogren continued, “The agreement with LivingHomes capped a very good fourth-quarter bookings effort. At over $50 million in bookings, this was the highest level of quarterly bookings in the last two years. Even more gratifying than the turnaround in our bookings trend is the fact that more than half of the bookings came from new products introduced over the past 15 months. Bookings for the quarter included new products for the military, our recently introduced BlockHead and GLO product lines, and our niche residential products, which demonstrate that our strategy of diversifying our product offerings is beginning to take hold and will serve us well in the future.

“Our excitement over the increased bookings is tempered by the realization that a turnaround in financial results can be expected to lag the turnaround in bookings by one to two quarters. We continue to carefully manage our costs and look forward to a return to profitability as we begin construction supported by the growing backlog.”

About Modtech Holdings, Inc.

Modtech^® is a leading national designer and manufacturer of modular buildings, both permanent and relocatable. In the school industry, the Company has advanced typical modular building technology to greater dimensions of flexibility and architectural integrity. Modtech^® has substantial product and geographic diversification throughout the southwestern states and Florida. Modtech’s commercial and industrial buildings are sold to a diverse end-user market and may be leased through national, regional, and local dealers. The Company also designs and manufactures modular buildings to customer specifications for a wide variety of uses. Additional information is available at www.modtech.com.

About LivingHomes®

Founded by CEO Steve Glenn, LivingHomes (www.livinghomes.net) is a premier developer of modern, prefab homes that combine world-class architecture with an unparalleled commitment to health and sustainable construction. All LivingHomes products are designed to achieve at least a LEED for Homes “Silver” accreditation and incorporate an environmental program that is among the most comprehensive of any production home. The model home was the first home to achieve LEED Platinum and was the only residence to be awarded the AIA’s 2007 Top Ten Sustainability Award. Designed by renowned architects and constructed using natural and non-toxic materials and systems, LivingHomes successfully marries style and substance.

Forward-looking Statements:

Some statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Refer to the Company’s filings with the U.S. Securities and Exchange Commission for further discussion of such factors. The forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update such statementsCavalier Homes to idle Winfield factory
Tuesday December 18, 2:08 pm ET

Cavalier Homes Inc. will idle is home manufacturing facility in northwest Alabama because of ongoing troubled conditions in the housing market.

The manufacturer said it will offer employees at its Winfield plant transfers to its plant in nearby Hamilton.

A news release did not disclose how many employees would be affected or how long the plant intends to sit idle.

"This action follows the closure of a manufacturing line at our facility in Millen, Ga., which we announced at the end of the third quarter of 2007," said David A. Roberson, Cavalier's president and CEO.

"Both steps reflect our ongoing review of Cavalier's overall capacity in light of continuing market challenges in our HUD-code home manufacturing business. It is a difficult decision to reduce capacity, but the shift in production from the Winfield facility to Hamilton will allow us to continue to serve our existing dealer base efficiently, reduce fixed costs and improve our overall gross margins, with no expected impact on revenue."

Cavalier expects to record "pre-tax impairment and structuring charges" of up to $500,000 in the fourth quarter of this year, with about $35,000 in "one-time termination benefits."

Roberson said the company expects further reductions in the coming months to help it turn a profit.

"We expect to implement additional cost reduction initiatives over the next three to four months, which will further reduce our fixed costs and better position the company for a return to profitability," he said.

Published December 18, 2007 by the Birmingham Business JournalAUBURN HILLS, Mich., Nov. 26 /PRNewswire-FirstCall/ -- Champion Enterprises, Inc. (NYSE: CHB - News), a leader in factory-built construction, today announced that it will close its manufacturing facility in Guin, Ala. As a result of the closure, the Company expects to record pretax restructuring charges of up to $4.5 million in the fourth quarter ending Dec. 29, 2007.

"We regret having to make the decision to close our Guin, Ala. operation which has been part of the Champion organization since the late 1980s, but its capacity utilization rate and profitability continue to run well below acceptable levels and any near-term improvement appears unlikely," stated William Griffiths, chairman, president and chief executive officer of Champion Enterprises, Inc. "This is the seventh manufacturing facility we have idled or closed since mid-2006 in an effort to continue delivering strong segment operating margins despite challenging U.S. housing markets."

About Champion

Auburn Hills, Michigan-based Champion Enterprises, Inc., a leader in factory-built construction, operates 31 manufacturing facilities in North America and the United Kingdom working with independent retailers, builders and developers. The Champion family of builders produces manufactured and modular homes, as well as modular buildings for government and commercial applications. For more information, please visit www.championhomes.com.

Forward-Looking Statements

This news release contains certain statements, including statements regarding expected restructuring charges and segment operating margins, each of which could be construed to be forward-looking statements within the meaning of the Securities Exchange Act of 1934.

These statements reflect the Company's views with respect to future plans, events and financial performance. The Company does not undertake any obligation to update the information contained herein, which speaks only as of the date of this press release. The Company has identified certain risk factors which could cause actual results and plans to differ substantially from those included in the forward-looking statements. These factors are discussed in the Company's most recently filed Form 10-K and other filings with the Securities and Exchange Commission, in each case under the section entitled "Forward-Looking Statements," and those discussions regarding risk factors are incorporated herein by referenceBad Credit Best Rate Guarantee

 Mobile Home Loans Q & A  

• What is the Fico range for good, fair & bad credit rating with manufactured lending?
  Good credit is usually defined as the borrowers with few if any past or present collections, good income & credit over 680 fico. Fair credit borrowers would have more deragatories, lower income & credit from 600 fico to 679. Generally bad credit is those clients with a previous bankruptcy or significant ongoing collections and/or leins, significant debt, lawsuits amd/or past or present ongoing foreclosure and a credit score of 599 and below. (in some cases credit score is not the only determining factor for a fair credit loan. We will always try to qualify you fair credit first)
• What is debt to income ratio?
  Debt to income ratio is the calculation used by us to determine how large of a loan balance your income can support. Typically this calculation is figured by adding all your bill's minimum payments due each month, your space rent & new mortgage payment divide by your gross income.
• What is the lowest down payment I can put down: for good credit 5% down on land home & in park. In some case we allow for 100% financing when getting the home at a significant valuation.
• What loan term will be best for me?
  This depends on your goals. If your goal is to pay off the home quicker then a shorter term is suggested. If your goal is lowest payment then a longer term is best.
• What will my closing costs be?
  Good credit borrowers never pay points & the closing cost for these borrowers is usually $1300 to $1800. Bad credit borrowers will usually have to pay points. Typically, our closing cost ranges from $2700 to $4800 depending on the loan size. (In some cases bad credit borrowers may require more closing cost depending on overwhelming negative factors)We do have no closing cost programs.
• Can I consolidate bills? Yes. In some cases we actually may have to pay bills to get your debt versus income inline.
• Can the seller assist with down payment?
  Not on good credit loans. In CA, OR & WA we have a program where the seller can assist with securing part of the risk in a bad credit mobile home purchase loan... they may also assist with closing cost, repairs, fire insurance and home warranty. We do allow gift for down payment. 
• What items must be prepaid?
  There are no pre-pay items. Typically we allow you to finance into your new bad credit purchase loan up to 2 year of fire insurace, 2 years of a home warranty program, closing cost and up to 6 months of space rent.
• How long is quoted interest rates good for?
  Called a rate lock, under normal instances we lock the rate for 60 days which is free to the client. 
• How long will the approval take?
  With a complete file and motivated client approvals take 30 minutes with loan closings in as quick as 3 days for bad credit & 7 days for good credit.
• Will the loan have a prepayment penalty?
  Absolutely not. Even with a bad credit standing we won't be assigning a pre-pay penalty. 

• Experience.
  Founded in 1999, LoanJunction.com has processed and funded 10's of thousands of mobile home loans.
• Customer Service.
  We are only as good as our last clients says we are. That's why with every customer we'll move mountains for the privilege to be your lender. With caring staff, 24 hour customer service & online account management we intend to move mountains for you for years to come.
• Financial Resources.
  LoanJunction.com is a national lender drawing upon over 4 billion in investment capital for our clients needs. 
• Track Record.
  You don't get to be a proud AAA rated Better Business Bureau company by doing things the wrong way. We intend to keep it that way.
• Community Support.
  We have a larger responsibility to support our clients long after the transaction is done. Please visit our Park Crime Prevention Page to join us in keeping our park communities safe and crime free; Also As rent control advocates, no one is more out spoken about keeping our parks free of exuberant & predatory rent increases.
• Technology.
  With an eye on the 22nd century, our client management services are second to none. Our award winning online operations coupled with 24 live customer service, automated bill pay and rate decrease notifications we stand at the forefront of mobile home lendings' long awaited technological revolution.
• Hands On.
  There are no substitutions for rolling up the sleeves to get the job done right. That's why each client is assigned a proven & considerate account executive to oversee the loan transaction from start to finish. This is your guy or gal in the trenches with their "hands on" approach.
• Accountability.
  Each staff member is 100% accountable to you and your needs. Whether the loan has unforeseen difficulties, or tough measures need to be taken, our staff from the president on down will always field your calls and/or concerns.

Last Updated:  Thursday, January 03, 2008 

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