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Cavco Industries Reports Positive Fiscal 2015 Third Quarter Results

February 2nd, 2015 Comments off

cavco logoCavco Industries, Inc. (Nasdaq:CVCO) on January 29 announced its financial results for the third quarter and first nine months ended December 27, 2014 of its fiscal year 2015.

Globe Newswire tells MHProNews that Cavco’s financial highlights include the following:

Net revenue for the third quarter of fiscal year 2015 was $146.9 million, up 6.2% from $138.3 million for the third quarter of fiscal year 2014. Net revenue for the first nine months of fiscal year 2015 was $425.4 million, up 5.8% from $402.1 million for the comparable prior year period.

Income before income taxes was $10.6 million for the 2015 third fiscal quarter, a $2.1 million increase over $8.5 million reported in last year’s third fiscal quarter. Included in this quarter’s results was a $1.3 million net gain on the sale of idle properties recorded in Other income, net. For the first nine months of fiscal year 2015, income before income taxes increased $6.9 million to $28.2 million versus $21.3 million during the same period last year.

Net income attributable to Cavco stockholders was $6.6 million for the third quarter of fiscal year 2015, compared to $5.9 million reported in the same quarter of the prior year. For the first nine months of fiscal year 2015, net income attributable to Cavco stockholders was $17.9 million, compared to $12.0 million during the first nine months of the last fiscal year. Results for the first nine months of the prior fiscal year include a deduction of $2.5 million from net income attributable to redeemable noncontrolling interest, which was eliminated beginning in July 2013 in relation to the buyout of all redeemable non-controlling interest, as previously reported.

Net income per share attributable to Cavco stockholders for the third quarter of fiscal 2015, based on basic and diluted weighted average shares outstanding was $0.75 and $0.74, respectively, versus $0.67 and $0.66, respectively, for the prior year third fiscal quarter. Net income per share attributable to Cavco stockholders for the nine months ended December 27, 2014, based on basic and diluted weighted average shares outstanding was $2.02 and $1.98, respectively, versus $1.49 and $1.47, respectively, for the prior year nine month period.

Joseph Stegmayer, Chairman, President and Chief Executive Officer said, “The Cavco team is pleased with the results this quarter, which improved mainly from an 8.1% growth in homes sold by our factory-built housing segment versus the same period last year. In addition, the financial services segment of our business recorded a 10.5% increase in net revenue from higher home loan and insurance policy sales volume compared to last year’s third fiscal quarter.”

Another achievement for Cavco this quarter was to be recognized as No.13 on Forbes Magazine’s list of America’s Best Small Companies 2014. “We share this distinction with our many customers, shareholders, associates, suppliers and other constituents who are critical to the company’s ongoing success. We strive to ensure our daily activities will continue to merit such significant recognition,” Stegmayer said.

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and company-owned retailers. The company is a leading producer of manufactured homes in the United States, based on reported wholesale shipments, marketed under a variety of brand names including Cavco Homes, Fleetwood Homes and Palm Harbor Homes. Cavco is also a leading builder of park model RVs, vacation cabins and systems-built commercial structures, as well as modular homes built primarily under the Nationwide Homes brand.

Cavco’s mortgage subsidiary, CountryPlace, is an approved Fannie Mae and Ginnie Mae seller/servicer and offers conforming mortgages to purchasers of factory-built and site-built homes. Its insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.

(Graphic Credit: Cavco Industries, Inc.)

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Article submitted by Sandra Lane to – Daily Business News – MHProNews.