Cavalier Homes shareholder group continues to seek support for slate

By Lisa Kerner

Charlotte, N.C., April 28 - The Cavalier Homes Committee for Change said it was disappointed with Cavalier Homes, Inc.'s first-quarter financial results and once again asked fellow shareholders to support its nominees for election to the company's board of directors at the annual meeting on May 19.

"We question how Cavalier can declare 'profitable financial results' when they report a 60% decline in revenues from the first quarter of 2008 and the only reason for positive net income this quarter was the sale of two of the company's assets - Cavalier's financial arm, CIS Financial Services Inc., and an idled facility in Cordele, Georgia," Curtis D. Hodgson of the shareholder group said in a news release.

The shareholder group is "deeply concerned that Cavalier's operations and business will not survive unless some changes are immediately made," according to Hodgson.

Nominated by the shareholder group were Michael R. O'Connor, a former field manager for mobile and manufactured home company Clayton Mobile Homes, and Kenneth E. Shipley and Hodgson, co-founders of mobile home financing and manufacturing company Legacy Housing, Ltd.

Hodgson denied that Legacy is interested in pursuing a merger at this time with Cavalier, an Addison, Ala., manufactured home company.

"We are seeking representation on the board to protect our investment and the investment of all stockholders in the company," Hodgson said.

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