Palm Harbor Homes retires $14.4 million of its convertibles

By Susanna Moon

Chicago, Oct. 28 - Palm Harbor Homes, Inc. said it redeemed $14.4 million of its convertible senior notes, using $8.5 million of cash, to maximize return on capital.

"We are very focused on cost management and on maintaining a strong balance sheet through this economic cycle," Kelly Tacke, executive vice president and chief financial officer of Palm Harbor Homes, said in a press release.

"Our financial position is solid, with our balance sheet reflecting over $29 million in cash and cash equivalents at the end of the second fiscal quarter," Tacke said.

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

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