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UMH Properties Inc Reports Operating Results (10-Q)

May 09, 2012 | About:

UMH Properties Inc (NYSE:UMH) filed Quarterly Report for the period ended 2012-03-31.

Umh Properties has a market cap of $180.8 million; its shares were traded at around $11.3 with a P/E ratio of 19 and P/S ratio of 4.6. The dividend yield of Umh Properties stocks is 6.2%.

Highlight of Business Operations:

Sales of manufactured homes amounted to $2,130,903 and $1,086,244 for the quarters ended March 31, 2012 and 2011, respectively. Cost of sales of manufactured homes amounted to $1,972,326 and $984,371 for the quarters ended March 31, 2012 and 2011, respectively. Selling expenses amounted to $431,063 and $385,096 for the quarters ended March 31, 2012 and 2011, respectively. These increases are directly attributable to the increase in sales. Loss from the sales operations (defined as sales of manufactured homes less cost of sales of manufactured homes less selling expenses) amounted to $272,486 or 13% of total sales, and $283,223 or 26% of total sales for the quarters ended March 31, 2012 and 2011, respectively. The gross profit was 7% and 9% for the quarters ended March 31, 2012 and 2011, respectively. Activity in our communities has increased. The Company believes that sales of new homes produces new rental revenue and is an investment in the upgrading of the communities.

Net cash provided by operating activities amounted to $2,755,502 and $2,375,966 for the quarter ended March 31, 2012 and 2011, respectively. As of March 31, 2012, the Company had cash of $8.8 million, securities available for sale of $47.7 million, subject to a margin loan of $9.7 million, $5 million available on its unsecured line of credit, and $7 million available on its revolving lines of credit for the financing of home sales and the purchase of inventory. The Company owns 41 properties, of which 22 are unencumbered. These marketable securities, non-mortgaged properties, and lines of credit provide the Company with additional liquidity. The Company has been raising capital through its DRIP and through public offerings of its preferred stock.

Read the The complete Report

About the author:

10qk
Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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