Palm Harbor Homes buys back $15.6 million convertibles at discount

By Angela McDaniels

Tacoma, Wash., Jan. 27 - Palm Harbor Homes, Inc. used $9.1 million of cash to retire $15.6 million of its convertible senior notes during the third quarter of fiscal 2009, according to its earnings release for the fiscal quarter ended Dec. 26.

The repurchases yielded a pre-tax gain of $570,000 for the quarter. For the first nine months of fiscal 2009, the company recorded a pre-tax gain of $6.4 million on the repurchase of convertibles.

Palm Harbor Homes is a Dallas-based maker of multi-section manufactured and modular homes.

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