Posts Tagged ‘announcement’

Legacy Housing Files for IPO, Plus Manufactured Housing Industry Market Updates

November 9th, 2018 Comments off

CNNmoney11.9.2018ManufacturedHomeStocksMarketsReportsMHProNewsLegacy Housing has announced that it has filed a form S-1 with the U.S. Securities and Exchange Commission (SEC) regarding its Initial Public Offering (IPO). That IPO and some related insights will be our featured report for this evening.


If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further belowafter the newsmaker bullets and major indexes closing tickers.


The evolving Daily Business News market report sets the manufactured home industry’s stocks in the broader context of the overall markets.  Headlines – at home and abroad – often move the markets.  So, this is an example of “News through the lens of manufactured homes, and factory-built housing.” ©

Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

This is an exclusive evening or nightly example of MH “Industry News, Tips and Views, Pros Can Use.” © It is fascinating to see just how similar, and different, these two lists of headlines can be.

Want to know more about the left-right media divide from third party research?  ICYMI – for those not familiar with the “Full Measure,” ‘left-center-right’ media chart, please click here.


Full Measure’s Sharyl Attiksson’s media bias chart is useful in sorting out the agendas behind various headlines and news sources.  We source from across the left-right divide.  


Select bullets from CNN Money…

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Select Bullets from Fox Business

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Today’s markets and stocks, at the closing bell…



Manufactured Housing Composite Value (MHCV)


Today’s Big Movers

For all the scores and highlights on tracked manufactured home connected stocks today, see thBloomberg graphic, posted below.

Today’s MH Market Spotlight Report –



Legacy Housing has announced that it has filed a form S-1 with the U.S. Securities and Exchange Commission (SEC) regarding its Initial Public Offering (IPO). That IPO and some related insights will be our featured report for this evening.

Legacy Housing Filed today their form S-1 U.S. Securities and Exchange Commission (SEC) regarding its Initial Public Offering (IPO).  Some of the information below are drawn from that document, which was obtained by the Daily Business News on MHProNews.

Legacy was co-founded by Curt Hodgson and Kenny Shipley, shown in the featured image above.  They are among the top independent producers of HUD Code manufactured housing in the nation, by units and sales volume.

Legacy recently used MHProNews to promote to successful September and October events. Their S1 says they have the greatest order backlog in their history.  As a flashback, one of those promotions is linked below.

Fall Manufactured Housing Show Features Free Education, Fun, Special Financing, & More

24-7 Wall Street said, “With current operations focused primarily in the southern United States, it offers customers an array of quality homes ranging in size from about 390 to 2,667 square feet consisting of one to five bedrooms, with one to three and a half bathrooms. These homes range in price, at retail, from roughly $22,000 to $95,000. In 2017, the firm sold 3,274 home sections (which are entire modules or single floors).

During the first nine months of 2018, Legacy has sold 3,045 home sections. Legacy commenced operations in 2005 and has experienced strong sales growth and increased equity holders’ capital at a compound annual growth rate of approximately 25% between 2009 and 2017. The firm currently has the largest backlog of orders in the company’s 13-year history.”

Some pull quotes and graphics from the Legacy S1.


From Legacy Housing (LEGH) S1. See full Legacy Housing SEC form S1 as a download, from the link here.

Our Growth Strategy 

We have a strong operating history of investing in successful growth initiatives over the past 13 years. We believe that the solution we are able to provide for our customers, as a result of the vertical integration of our company, enhances our brand recognition as a leading producer, results in higher and more efficient utilization of our manufacturing factories and expands our direct-to-consumer outreach for our wide variety of customizable homes. This operational focus has provided us with sustained net sales and net income growth over the years. Our growth strategy includes the following key initiatives:

Broaden and Deepen Our Retail Presence in Key Geographic Areas.  We currently distribute our products primarily across 15 states through a combination of 11 company-owned retail locations and 117 independent retail locations. We believe that a more robust network of company-owned retail locations will allow us to be more responsive and improve the customer experience at all stages, from manufacturing and design to sales, financing and customer service. We believe our company-owned stores will, on average, be more productive than our independent retail locations and generate higher gross margins due to our ability to select attractive markets and develop highly-trained sales representatives who possess a deep understanding of our business and customer needs.

Expand Financing Solutions for Our Customers.  We recognize that offering financing solutions to our customers is an important component of being a vertically integrated company that provides affordable manufactured housing. Providing financing improves our responsiveness to the needs of prospective purchasers while also providing us with opportunities for loan origination and servicing revenues, which act as additional drivers of net revenue for us. With a portion of the net proceeds of this offering, we intend to expand our financing solutions to manufactured housing community-owner customers, in a manner than includes developing new sites for products in or near urban locations where there is a shortage of sites to place our products.

Continue to Focus on Innovation and Customization for Core Customer Groups.  Our production strategy is focused on continually developing the resources necessary to efficiently build homes that incorporate unique, varied and innovative customer preferences. We are constantly seeking ways to directly source materials to be used in the manufacturing process, which allows us to ensure we utilize and employ quality materials that can be customized to meet our customers’ needs. Our principal focus is on designing and building highly functional and durable products that appeal to families of all sizes.

Seek Additional Agreements with Owners of Manufactured Home Communities.  Community housing developments provide us with large, concentrated sales opportunities. These projects vary in size and density but generally include 30 to 300 homes. We believe there are significant growth opportunities to work with our development partners on such projects and view these opportunities as an important driver for both the sale of additional manufactured homes and for financing bulk purchases of those homes by community owners.

Pursue Selective Acquisitions.  We seek to grow through selective acquisitions in both existing markets and new markets that exhibit strong and reliable long-term fundamentals. We also regularly evaluate opportunities tangentially related to our affordable housing business in our geographic markets. We have no current agreements or understandings regarding an acquisition.


The full S-1, which includes more graphics and financial details are found at this link here.


MHProNews congratulates the Legacy team on this announcement.  As a disclosure, with other stocks, MHProNews holds no positions in the company, which their details reveal has been a strong contender, that has reportedly moved to the number 4 position in the industry, behind Clayton, Cavco and Skyline-Champion.


In unrelated developments on a busy news day, see another tracked stock news item below.


Other Tracked Stocks Reports:

Cavco Chairman Joseph H. Stegmayer Steps Down Under SEC Cloud, “Personal, Confidential” SEC Document, Cavco Industries’ Statement

Prosperity Now, Protests, Indivisible Project, Warren Buffett, George Soros, POTUS Donald Trump, MHAction and Manufactured Housing – Following the Money



Bloomberg Closing Ticker for MHProNews…

NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services.

NOTE: The chart below covers a number of stocks NOT reflected in the Yahoo MHCV, shown above.

NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).




Berkshire Hathaway is the parent company to Clayton Homes21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.

LCI Industries, Patrick, UFPI and LP all supply manufactured housing.

AMG, CG and TAVFX have investments in manufactured housing related businesses.

Your link to industry praise for our coverage, is found here.

For the examples of our kudos linked above…plus well over 1,000 positive, public comments, we say – “Thank You for your vote of confidence.”

SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsWe Provide, You Decide.” © ## (News, analysis and commentary.)

(Image credits and information are as shown above, and when provided by third parties, are shared under fair use guidelines.)

Submitted by Soheyla Kovach to the Daily Business News for

DataComp, JLT Associates Announces New Manufactured Home Market Reports

June 7th, 2017 Comments off

DataCompJLTReleaseNewManufacturedHomeCommunitiesMarketReportMobileManufacturedHomeIndustryDailyBusinessNewsMHProNewsDarren Krolewski, Executive Vice President at DataComp/JLT Associates tells MHProNews that they’ve released their most recent market reports.

The 2017 reports cover several states; to see those covered and their release, please click the link here.

About JLT Reports

JLT Market Reports was founded by John Turzer in 1995, and is viewed by many as the industry standard for market and rent survey research in the Manufactured Home Community Industry.

In 2014, JLT & Associates merged its resources with DataComp and MHVillage.

JLT is now headquartered, along with it’s sister operations, at 2600 5 Mile Rd NE, Grand Rapids, MI 49525.


Office location of DataComp, JLT Assoc, and MHVillage, per Google maps, street view. Posted Daily Business News on MHProNews under fair use guidelines.

DataComp/JLT has provided an example of some of their summary data – in the case below, for the 2016 Michigan market, see that sample below.

Sample MI Market Report Findings and Observations


An example of what a JLT Assoc bound market report looks like, this is available electronically too. Image credits are as shown.

The 2016 sample report for Michigan communities says that occupancy of All Ages Communities shows significant increases for the second consecutive year.

This occurred after an extended period of previous decline. Occupancy rates among Michigan “All Ages” manufactured home communities stabilized in 2014 and began trending upward significantly for the first time in 2015.

That positive trend continued into 2016, as All Ages Communities recorded the highest occupancy rates since 2008, and the largest occupancy increases in recent history.

As regular Daily Business News readers know, much of that has been driven by larger portfolio operations, which are buying rental units.  See a report, shown in the screen capture below and linked here.

Darren Krolewski, Executive Vice President at DataComp/JLT Associates

Credits, and the Daily Business News on

As of February 2016, the average occupancy rate for Michigan All Ages manufactured home communities was 77%, a 2.7% increase over 2015.

JLT called that “reflective of the strong demand for the affordable housing within the Michigan market. Despite this positive growth, Michigan continues to trend significantly lower than the 86% national average for All Ages communities.”

Occupancy has also increased in Michigan “55+” communities, stated JLT. “As of February 2016, the average occupancy rate is 81%, up 1.3% over February 2015. This represents the largest increase since 2014 and a reversal of a notable occupancy decline experienced among Michigan 55+ communities in 2015. Currently, the national average for 55+ communities is 94%. “


Darren Krolewski, Executive Vice President at DataComp/JLT Associates, credit, MHVillage.

The teaser summary from Krolewski further stated that “As of February 2016, Michigan ranks 16th for average occupancy in All Ages manufactured home communities out of the 16 regions in which JLT Market Reports are published. Of the 14 regions that include 55+ communities, Michigan ranks 13th for average occupancy among this segment.”

The manufactured home data, listing and analysis firm also said that site fees – a.k.a. “lot rents” – have continued to grow for the 16th consecutive year.

In February 2016, the average adjusted rent in Michigan All Ages communities increased by 1.3% to $387, less than the average annual compounded increase of 2% in this market. The national average adjusted rent for All Ages communities is currently $436,” their summary statement said.

The average adjusted rent among Michigan 55+ communities in February 2016 increased slightly by .3% to $389. In contrast, the national average adjusted rent for 55+ communities is currently $469,” adding that “Michigan manufactured home community rents ranked 11th out of 16 regions tracked by Datacomp for All Ages communities as of February 2016, and 13th out of 14 regions for 55+ communities.”

The detailed JLT reports can come bound, as in the example shown in the photo, and/or electronically. Numerous operators and those doing due diligence and market research have found these reports to be useful and time saving over creating a similar report themselves. For more details on their latest report, see their press release to MHProNews, please click the link here.##

(Image credits, when provided by third parties, are shown under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News on


Skyline Makes Announcement Regarding Mansfield Facility

March 6th, 2017 Comments off

Credit: Star-Telegram.

MHProNews has learned that Skyline Corp. has come to terms to sell its Mansfield, Texas manufactured-housing facility to Champion Home Builders.

According to the Star-Telegram, under terms of the deal, Champion would pay a $99,000 deposit and then $2,125,000 upon closing, scheduled to occur on or before April 7, according to a filing with the SEC.

As the Daily Business News reported last week, Skyline was prepared to shut down their Mansfield, Texas facility due to an inability to operate profitably.

The suspension is due to the plant being unable to profitably operate since it was converted from producing recreational vehicles to manufactured housing in fiscal 2014,said Florea in an announcement to employees at the plant on February 24th.

Challenges this location faced included fewer independent manufactured housing dealerships buying homes than anticipated resulting in sales volumes not reaching profitable levels.

Skyline had originally stated in their recent 8-K filing that if a buyer could not be found by the time current production at the facility is completed at the end of March, the majority of the workforce will have to be terminated.

With the purchase, Champion Homes also alerted officials in Mansfield that they intend to hire the current workers at the facility, saving over 100 jobs.


Credit: Champion Homes.

Skyline also said that a portion of the property is leased for oil and gas production and that a subsidiary, Homette, would continue to receive royalties for 60 months following the sale.


Ribbon cutting ceremony for Champion Homes Kentucky plant. Credit: Woodworking Network.

As regular Daily Business News readers already know, Champion Homes was founded in 1953, producing more than 1.7 million factory-built pre-HUD Code mobile homes, post-HUD Code manufactured homes and modular homes or buildings throughout the United States, in the United Kingdom and western Canada. For more on the companies’ recent acquisition of a former Excel Homes facility in Susquehanna Township, Penn., click here.

Skyline Corporation is one of the oldest and larger independent producers of manufactured, modular and park model homes.

Skyline is also one of the industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews.  For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##


(Image credits are as shown above.)



RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News, MHProNews

Skyline Corporation Makes Executive Announcement

March 3rd, 2017 Comments off

Skyline Homes logo, kitchen and CEO’s photo, credits – Skyline Homes.

Skyline Corp. (NYSE: SKY) tells MHProNews that Jeff Newport has been promoted to Chief Operating Officer.

Newport previously served as Senior Vice President of Operations, joining Skyline in February 2016.

Jeff has already made a significant impact on our operations and his promotion to Chief Operating Officer is well-earned,” said Richard W. Florea, Skyline’s President and CEO.


Jeff Newport. Credit: Skyline Corp.

I have worked closely with Jeff over the past 12 months and I look forward to continue working together as we strive to continuously improve our operating efficiency and overall profitability.

Newport will continue to report to Florea, and will serve as a member of the executive leadership team. His responsibilities include leading Skyline’s overall operations in the areas of manufacturing, procurement, quality, human resources and engineering.

As Daily Business News readers are aware, Skyline has been in the news recently, including a story on the shut down of their Mansfield, Texas facility.

The suspension is due to the plant being unable to profitably operate since it was converted from producing recreational vehicles to manufactured housing in fiscal 2014,” said Florea in an announcement to employees at the plant.

Challenges this location faced included fewer independent manufactured housing dealerships buying homes than anticipated resulting in sales volumes not reaching profitable levels.”


Credit: Skyline Corp.

Skyline is looking for a buyer for the facility, but stated in their recent 8-K filing that if a buyer cannot be found by the time current production at the facility is completed at the end of March, the majority of the workforce is expected to be terminated.

More on Skyline, including their spike in stock price is linked here. For more Vector Capital Management increasing its stake in the company by 805 percent in December, click here.

Skyline is one of the industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews.  For yesterday’s closing numbers on all MH industry-connected tracked stocks, please click here. ##

(Editor’s Note: most recent earnings report from Skyline Corp. is linked here.)


(Image credits are as shown above.)



RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News, MHProNews.

MH Industry Lender, Change Pending

February 10th, 2017 Comments off

BankVault$100sDailyBusinessNewsMHProNewsMHProNews has been told by an informed source that an announcement for a change is coming with a manufactured housing industry connected lender.

That announcement, our source says off-the-record, will be coming as soon as Monday.

This comes on the heels of another announcement, that Clayton Bank could be acquired by FB Financial Corp., a holding company of Nashville-based FirstBank.

That change of ownership must clear regulatory hurdles.

Follow up reports on each of these industry-connected lending stories will be found on the Daily Business News soon. ##

(Image credit, MHProNews graphic stock photo.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach for the Daily Business News on