<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 20549

                                    Form 10-K



(Mark               ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
 One)                  OF THE SECURITIES EXCHANGE ACT OF 1934
  X                 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000.
-----
                   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                   FOR THE TRANSITION PERIOD FROM _______ TO _______.
-----

                           Commission File Number 0-5555
                                LIBERTY HOMES, INC.
                 (Exact name of registrant as specified in its charter)

Indiana                                                               35-1174256
(State of Incorporation)                         IRS Employer Identification No.

PO Box 35, Goshen, Indiana                                            46527-0035
(Address of Principal Executive Offices)                              (ZIP Code)

Registrant's telephone number                                     (219) 533-0431

Securities registered pursuant to Section 12 (g) of the Act:
                                                           NAME OF EACH EXCHANGE
TITLE OF EACH CLASS                                          ON WHICH REGISTERED
-------------------                                          -------------------
Class A Common Stock                                                      NASDAQ
Class B Common Stock                                                      NASDAQ


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.                        Yes [ X ]    No [   ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (229.405 of this chapter) is not contained herein, and will
not be contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this form 10-K                                        [ X ]

As of March 15, 2001, the aggregate market value of the voting Common Stock
Class B, held by nonaffiliates (based upon the closing price on such date) was
approximately $1,700,000.

Number of shares outstanding of each of the registrant's classes of common
stock

<TABLE>
<CAPTION>
                                                        Shares of Outstanding
                      CLASS                              at March 15, 2001
                      -----                              --------------------
<S>                                                     <C>
Class A Common Stock, $1.00 par value                         2,085,045

Class B Common Stock, $1.00 par value                         1,667,822
</TABLE>

                      DOCUMENTS INCORPORATED BY REFERENCE

Portions of Registrant's Annual Report to Shareholders for the fiscal year
ended December 31, 2000 are incorporated by reference into Part II. Portions
of the Proxy Statement for the 2001 Annual Meeting of Shareholders are
incorporated by reference into Part III.

The Exhibit Index is located on page 13.



                                       1
<PAGE>

                                     PART I

         FORWARD LOOKING INFORMATION - The discussion below contains forward
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements include statements regarding industry and
company outlooks and risk factors. The Company may make other forward looking
statements orally or in writing from time to time. All such forward looking
statements are not guaranties of future events or performance and involve risks
and uncertainties. Actual results may differ materially from those in the
forward looking statements as the result of a number of material factors. These
factors include without limitation, the availability of financing credit at both
the wholesale and retail level, the availability of a competent workforce, the
regulation of the industry at the federal, state and local levels, changes in
interest rates, unanticipated results in pending legal proceedings and the
condition of the economy and its effect on consumer confidence.

ITEM 1.  BUSINESS

         Liberty Homes, Inc. (the "Company") was organized as an Indiana
corporation in 1970 as the successor to a business founded in 1941. The Company
designs, manufactures and sells at wholesale throughout most of the United
States a broad line of manufactured homes and modular homes under various trade
names. Additionally, it sells at retail in five Company-owned retail centers in
Indiana, Florida, Texas and North Carolina. Constructed on a wheel-mounted
under-carriage, a manufactured home is a relocatable factory-built dwelling
which, when moved to a location, properly set up and connected to utilities,
provides permanent housing. A manufactured home may also consist of two or more
units which are moved separately and when securely joined together are called
multi-sectional housing.

         A manufactured home is to be distinguished from a travel trailer, motor
home or other recreational vehicle which is generally used for living
accommodations during relatively short periods, primarily for vacation and
recreational purposes.


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<PAGE>

         The Company's typical manufactured home contains a living room, dining
room or area, kitchen equipped with range and refrigerator, two, three, four or
five bedrooms, and one or more baths complete with tub and/or shower, flush
toilet and lavatory. The Company also produces many homes with such additional
living spaces as family rooms, sunrooms, dens, utility rooms and porches. The
homes are equipped with central heating, carpeting, a choice of coordinated
colors and interior decoration, and a wide range of floor plans. Single section
homes are 12, 14 or 16 feet wide and vary in overall length from 36 to 80 feet
(including about 4 feet for the hitch). Multi-section homes are two or more 12,
14, 15 or 16 foot wide sections, with overall lengths ranging from 36 to 80 feet
(including about 4 feet for the hitch).

         The Company's typical modular home is built in two or three sections
and is very similar to a multi-section manufactured home, however without a
permanent steel chassis.

         The Company utilizes assembly line techniques in the production of its
homes. Lumber for walls, roofs, ceilings and floors, steel, wood or vinyl
siding, ceiling materials, windows, furniture, electrical and plumbing fixtures,
and many other items are purchased from numerous suppliers for fabrication or
assembly. Sources of material are readily available and the Company is not
dependent upon any particular supplier for its raw materials or component parts.

         For the most part, the Company sells its products to numerous
independent dealers, most of whom also sell competing products. In the year
ended December 31, 2000, the Company's largest dealer accounted for
approximately six percent of the Company's sales. The Company generally
manufactures its homes only after receipt of orders from its dealers, and sales
backlogs in the manufactured housing industry are traditionally short.

         Retail prices for the Company's single section homes typically range
from approximately $25,000 to $50,000 and from approximately $35,000 to $100,000
for multi-sections. The Company's homes generally fall within the low to mid
price range of the industry.

         Manufactured homes were sold by the Company during 2000 to dealers in
most of the


                                       3
<PAGE>

continental United States. Transportation charges from the point of manufacture
to the dealer are an important factor in the cost of a manufactured home and
often influence a dealer's preference for similar products. In general, most
retail outlets are located within a 500 mile radius of the manufacturing
facility serving the dealer.

         In each of the geographical areas in which the Company operates, it
faces direct competition from other manufacturers, some of whom are larger than
the Company and possess greater financial resources. This group of competitors
consists of manufacturers who compete with the Company on a national level as
well as many others who are only regional in scope. According to data from the
National Conference of States on Building Codes and Standards (NCSBCS) at the
end of 2000, there were 73 companies operating 317 facilities producing
manufactured housing in the United States. Since the manufactured homes sold by
the Company are a form of housing, changes in factors which influence the
national housing market usually affect the Company's business, either
beneficially or adversely.

         In addition, the quality and number of manufactured home developments
with space available for new homes sometimes affect the market for manufactured
homes. Manufactured home parks and placement of manufactured homes on
real-estate type scattered sites or subdivisions are generally subject to local
zoning ordinances and other local regulations. Any limitation of the
availability of space for manufactured homes due to any cause, including such
local ordinances, could adversely affect the Company's business.

         In 2000, the Company formed three subsidiaries, Ocala Housing Center,
Inc.; Waverlee Homes of Texas, Inc.; and First American Homes, Inc., to
establish temporary retail outlets for homes the Company was obligated to
repurchase under agreements with various financial institutions providing
inventory financing to the Company's independent dealers.

         In 1999, Irish Homes, Inc., a wholly-owned subsidiary of the Company,
began a retail center in Elkhart, Indiana. Irish Homes, Inc., commenced
operations in 1988 to develop subdivisions using


                                       4
<PAGE>

the Company's manufactured homes. The homes located within subdivisions include
a garage and are placed on a foundation with landscaping, concrete and other
work, performed on site by independent contractors.

         In 1998, Statesville Housing Center, Inc. was formed as a wholly-owned
subsidiary of the Company and began operations as a retail dealer of the
Company's homes. This retail center is located in Statesville, North Carolina
within a mile of one of the Company's manufacturing plants.

         During 1997, the Company formed Gipper Development Company, LLC, a
majority owned entity, which is developing a manufactured housing community in
Northern Indiana.

         In 1994, the Company formed Waverlee Homes, Inc., a majority owned
subsidiary, which operates production facilities in Hamilton and Tuscumbia,
Alabama. This operation incorporates many state-of-the-art manufacturing
concepts and enhances the Company's ability to serve the market in the South
Central United States.

         The Company's ability to sell its homes is dependent to a considerable
degree upon the availability and terms of financing both to its dealers and to
retail customers. Consequently, increases in interest rates or tightening of
credit through governmental action or otherwise could adversely affect the
Company's business. Conversely, a lowering of interest rates or relaxation of
credit restraints could improve the Company's business.

         Because of their size and weight, manufactured homes are generally
transported by specially modified trucks. Most states require special permits
for the movement of such homes. Typically, these permits prescribe the roads to
be used, speed limits, hours during which travel is permitted, types of
signaling devices which must be used, and other such restrictions, primarily for
safety purposes. Seasonal weather conditions can also be a factor for
transportation.

         The construction of manufactured homes, and the plumbing, heating and
electrical systems installed therein, are subject to the National Manufactured
Home Construction and Safety Standards promulgated by the U.S. Department of
Housing and Urban Development (HUD) pursuant to


                                       5
<PAGE>

authority granted them by the National Manufactured Home Construction and Safety
Standards Act of 1974. HUD has also promulgated lengthy and complex regulations
to implement and enforce the construction standards, and there are substantial
penalties for deviations from the regulations. Construction of the Company's
modular homes is subject to state or local modular building codes.

         Dealers who purchase from the Company generally obtain inventory
financing from financial institutions (usually banks or finance companies) on
a "floor plan" basis whereby the financial institution obtains a lien upon,
or title to, all or part of a dealer's inventory. To assist dealers in
obtaining such financing, the Company, in accordance with trade practice,
generally enters into repurchase agreements with lending institutions whereby
the Company, during the period (usually from one to one and one-half year)
pending sale to a retail customer, agrees to repurchase a home so financed in
the event of the dealer's default and subsequent inability to repay the
amount borrowed from the financial institution. In the event of repurchase,
the Company will experience a loss if the repurchase price paid to the
financial institution plus any related costs of repossession (e.g., freight,
repairs and shortages) exceed the proceeds received by the Company from
resale of the home repurchased. This occurred during 2000 when the Company
was required to repurchase homes which were then resold at a substantial
discount.

         Retail customers often finance their purchases with funds borrowed from
banks, finance companies and savings and loan associations. Such retail finance
arrangements sometimes call for an effective interest rate considerably higher
than that imposed for conventional home mortgage financing.

EMPLOYEES

         As of March 13, 2001, the Company had approximately 1,100 full-time
employees.

ITEM 2.  PROPERTIES.

MANUFACTURING FACILITIES -
         Syracuse, Indiana                            Plant #2
         Yoder, Kansas                              Leola, Pennsylvania
         Dorchester, Wisconsin                      Sheridan, Oregon
           Plant #1                                 Ocala, Florida


                                       6
<PAGE>

         Statesville, North Carolina                Tuscumbia, Alabama
         Hamilton, Alabama

         The Tuscumbia plant and Plant #1 at Dorchester were idled during the
year 2000. All of the remaining manufacturing facilities are utilized during one
shift per day.

         The Company owns all of its manufacturing facilities in fee simple and
believes that its facilities and equipment contained therein are well maintained
and in good condition. All the Company's manufacturing facilities are intended
for the manufacture of homes, and in the Company's judgment, all are adequate
for their current use.

RETAIL CENTERS -
         Elkhart, Indiana                           Ocala, Florida
         Statesville, North                         Porter, Texas  Carolina

         The Company owns its Elkhart, Indiana and Ocala, Florida retail centers
in fee simple. It leases retail facilities in Statesville, North Carolina and
Porter, Texas. All of these facilities are intended for the display and retail
sales of manufactured homes and are well maintained and in good condition. The
Ocala and Porter locations were established for the purpose of reselling homes
the Company was required to repurchase.

 OTHER -

          Goshen, Indiana

         The Company's executive office and its engineering and design center is
located in Goshen, Indiana. The Company owns the property in fee simple. The
property is in good condition, is well maintained and fits the purpose of its
intended use.

ITEM 3.  LEGAL PROCEEDINGS.

         The Company is party to various legal proceedings from the normal
course of operations. The Company has provided for anticipated losses resulting
from the litigation. In management's opinion, the Company has adequate legal
defenses and does not believe these suits will materially affect the Company's
operations or financial position.


                                       7
<PAGE>

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

         There were no matters submitted to a vote of security holders for the
three months ended December 31, 2000.

                                     PART II

ITEM 5.  MARKET FOR THE COMPANY'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

         The Company's 2000 Annual Report to Shareholders is an exhibit of this
filing. The information under the caption "Capital Stock" on page four of the
report is incorporated by reference as Item 5 of this filing.

         The Company's shares are traded on the NASDAQ National Market. The
Company has been notified that its shares have failed to maintain a minimum
market value of public float as required by NASDAQ's marketplace rules. The
Company is applying to NASDAQ to transfer the listing of its shares to the
NASDAQ SmallCap market if national market compliance is not regained by May 1,
2001.

ITEM 6.  SELECTED FINANCIAL DATA.

         The Company's 2000 Annual Report to Shareholders is an exhibit of this
filing. The information under the caption "Selected Financial Data" on page one
of the report is incorporated by reference as Item 6 of this filing.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.

         The Company's 2000 Annual Report to Stockholders is an exhibit of this
filing. The information contained on pages one through four of the report under
the caption "Management's Discussion and Analysis of Financial Condition and
Results of Operations" is incorporated by reference as Item 7 of this filling.

 ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

         Not applicable.


                                       8
<PAGE>

 ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

         The Company's 2000 Annual Report to Stockholders is an exhibit of this
filing. The 2000, 1999 and 1998 consolidated financial statements and footnotes
thereto, together with the report thereon of Crowe, Chizek and Company LLP dated
February 13, 2001, on pages six through fifteen of the report are incorporated
by reference as Item 8 of this filing.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.

         None.

                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

         Edward J. Hussey, age 83, has been President, Chairman of the Board and
a Director of the Company (or it predecessors) since 1960, and is the father of
Edward Joseph Hussey and Michael F. Hussey.

         Edward Joseph Hussey, age 53, is an attorney and a son of Edward J.
Hussey. He has been a Director of the Company since 1981, Secretary of the
Company since 1985 and was named Vice President of the Company in 1990. In
September, 1987, he began employment with the Company on a full time basis.
Since 1975, he has been associated with the law firm of Hodges & Davis P.C.,
where he is still a shareholder.

         Michael F. Hussey, age 44, has been employed by the Company since 1980.
He was named Vice President of Finance in 1984 and became a Director in 1988. He
is the son of Edward J. Hussey.

         David M. Huffine, age 52, has been a Director of the Company since
1988. He has also held the position of Vice President of Duneland Mortgage,
since 2000. Prior thereto, he was President of I.M. Homes, Inc., Rocky Ford,
Colorado, President of Sky View Homes, Inc., Chairman of the Board of Rampart
Investigations, and Vice President of Calumet Securities Corporation.

         Mitchell Day, age 45, has been a Director since 1995. He has also been
President of Day


                                       9
<PAGE>

Equipment Corporation, Goshen, Indiana since 1984.

         Lester M. Molnar, age 70, retired as Vice President of the Company
in 1993 after sixteen years of service. He has been a Director since
February 12, 2001.

         Dorothy L. Peterson, age 89, has been employed with the Company since
1952. She was appointed Assistant Treasurer in 1985.

         Marc A. Dosmann, age 48, joined the Company in February 1995 as Vice
President and Chief Financial Officer.

         Bruce A. McMillan, age 49, has served the Company in various capacities
for 25 years. He was appointed to the position of Vice President of Sales in
1994.

         Ronald Atkins, age 50, has served the Company in manufacturing and
purchasing functions since 1981. During 1996, he was appointed to the position
of Vice President of Purchasing.

         Nader Tomasbi, age 41, joined the Company in July 1994. In 1998, he was
appointed as Vice President of Engineering and Design.

         Brian L. Christner, age 41, joined the Company in December 1994 as
Controller and has held the position of Treasurer since January 2001.

         Gregory T. Shank, age 33, joined the Company in December 2000 as
Controller. He was Controller from August 1998 to December 2000 of the Truck
Accessory Group, Inc. and from December 1996 to August 1998, he was Controller
of Bristol Pipe, Inc.

ITEM 11.  EXECUTIVE COMPENSATION.

         The Company's Proxy Statement for the Annual Meeting of Shareholders to
be held on April 26, 2001 includes information under the captions "Executive
Compensation and Shareowner Return Performance Presentation" on pages six
through eight. Those sections are exhibits of this filing and are incorporated
by reference as Item 11 of this filing.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

         The Company's Proxy Statement for the Annual Meeting of Shareholders to
be held on April


                                       10
<PAGE>

26, 2001 includes information under the caption "Shares Outstanding and Voting
Rights" on pages two and three. This section is an exhibit of this filing and is
incorporated by reference as Item 12 of this filing.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

         The Company's Proxy Statement for the Annual Meeting of Shareholders to
be held April 26, 2001 includes information in footnotes four and seven on page
five. This information is incorporated by reference as item 13 of this filing.

                                     PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.

         (a) The following documents are filed as part of this report on
             Form 10-K:

         1.   FINANCIAL STATEMENTS
         Consolidated Balance Sheet at             See Shareholder Annual Report
            December 31, 2000 and 1999                    Page 6 and 7


         Consolidated Statements of Income         See Shareholder Annual Report
            for Years Ended December 31, 2000,            Page 8
            1999 and 1998

         Consolidated Statements of Changes        See Shareholder Annual Report
            in Shareholders' Equity for the               Page 8
            Years Ended December 31, 2000,
            1999 and 1998


         Consolidated Statements of Cash Flows     See Shareholder Annual Report
            for the Years Ended December 31,              Page 9
            2000, 1999 and 1998


         Notes to Consolidated Financial           See Shareholder Annual Report
            Statements                                    Pages 10 - 14


         Report of Independent Auditors            See Shareholder Annual Report
            (Crowe, Chizek and Company LLP)               Page 15


         (a) 3.  EXHIBITS

         The exhibits filed with this Form 10-K are listed in the exhibit index
located on page 13.

         (b) REPORTS ON FORM 8-K

         No reports on Form 8-K were filed during the three months ended
December 31, 2000.


                                       11
<PAGE>

                                   SIGNATURES



         Following the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                                 LIBERTY HOMES, INC.
                                                    (Registrant)


March 30, 2001                                 By: /s/ MARC A. DOSMANN
                                                   -------------------
                                                   Marc A. Dosmann
                                                Vice President - CFO
                                    (Principal Financial and Accounting Officer)


         Following the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.



  /s/ Edward J. Hussey
-----------------------------
    Edward J. Hussey               President, Director, Chairman of the Board
                                                   of Directors
                                          Principal Executive Officer)
                                                  March 30, 2001



/s/ Edward Joseph Hussey              Director, Vice President, Secretary &
-----------------------------                  Assistant Treasurer
  Edward Joseph Hussey                            March 30, 2001



  /s/ Michael F. Hussey               Director & Vice President - Finance
-----------------------------                     March 30, 2001
    Michael F. Hussey



    /s/ Mitchell Day                                Director
-----------------------------                     March 30, 2001
      Mitchell Day


                                       12

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<TABLE>
<CAPTION>
                                  EXHIBIT INDEX

                                                                                                             PAGE
<S><C>
 3(a)    Articles of Incorporation of the Company.                                                              *
         (File #0-5555, Form 10-K for the year ended December 31, 1984)

 3(b)    Amendment to Articles of Incorporation.                                                                *
         (File #0-5555, Form 10-Q for the quarter ended March 31, 1985, Exhibit 4).

 3(c)    By-laws of the Company.                                                                                *
         (File #0-5555, Form 10-K for the year ended December 31, 1987)

 10(a)   Employment Agreement between the Company                                                              *
         and Edward Joseph Hussey dated September 14, 1993
         (File #0-5555, Form 10-K for the year ended December 31, 1993).

 10(b)   Employment Agreement between the Company and Michael F. Hussey                                         *
         dated September 14, 1993 (File #0-5555, Form 10-K for the year
         ended December 31, 1993).

 10(c)   Split-Dollar Insurance Plan effective June 11, 1993 between the                                        *
         Company and Nancy A. Parrish and Michael F. Hussey, Trustees for
         the Edward Joseph Hussey 1993 Irrevocable Trust (File #0-5555,
         Form 10-K for the year ended December 31, 1993)

 10(d)   Split-Dollar Insurance Plan effective June 11, 1993 between                                            *
         the Company and Nancy A. Parrish and John P. Hussey, Trustees
         for the Michael F. Hussey 1993 Irrevocable Trust (File #0-55555,
         Form 10-K for the year ended December 31, 1993)

 13      Annual Report to Shareholders for 2000
         (Except for those portions of this report which are expressly
         incorporated by reference in this Form 10-K, the information contained
         in such 1999 Annual Report to Shareholders is not deemed "filed" as
         part of this Form 10-K).

 21      List of Subsidiaries
</TABLE>


 *  Incorporated by reference


                                       13