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Posts Tagged ‘Chariot Eagle’

Cavco’s Net Revenue Jumps Sharply, Gaining 37.8%

October 30th, 2015 Comments off

cavco logoFinancials for the second quarter of 2016 for Cavco Industries, Inc. (NASDAQ:CVCO) ending Sept. 26, 2015 indicate net revenue hit $192 million, an increase of 37.8 percent over the $139.3 million for the same period of 2015, as globenewswire reports. Cavco attributes the increase to the operations of two manufactured home builders –Chariot Eagle and Fairmont Homes—the company acquired during Q1 of FY 2016.

Income before taxes was $12.5 million for Q2 2016, an increase of $3.8 million over the $8.7 million for the comparable quarter last year. Net income rose from $5.5 million in the second quarter of 2015 to $8.1 million for Q2 2016.

Net income per share for Q2 2016 based on diluted shares rose from $0.61 in the comparable quarter last year to $0.89 this year.

Joseph Stegmayer, Chairman, President and CEO said, “The integrations of the recently purchased Fairmont Homes and Chariot Eagle operations are progressing as expected. The newly acquired operations are producing affordable housing solutions complementary to Cavco’s growing home product lineup while expanding our geographic footprint.

The management of Cavco will sponsor a conference call, Fri., Oct. 30, 2015 at 1 PM EDT to discuss the results.

MHProNews knows Cavco is one of the largest producers of manufactured homes as well as other offsite-built housing and buildings in the U. S. ##

(Image credit: Cavco Industries, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

 

Cavco Industries Reports Financials for First Fiscal Quarter of 2016

August 6th, 2015 Comments off

cavco-lapsiding-manufactured-homeIn its report of first quarter 2016 financial results, Cavco Industries, Inc. (NASDAQ:CVCO) says net income per share, based on basic and diluted weighted average shares outstanding, was $0.61 and $0.60 respectively, as compared to $0.65 and $0.64 for the same quarter 2014.

According to cnnmoney, net revenue for Q1 2016 was $161.7 million, an increase of 16.2 percent over the $139.2 million reported in the comparable period of 2015. The increase is attributed to sales resulting from Cavco’s acquisitions of Chariot Eagle and Fairmont Homes this year, both of which are manufactured home (MH) producers. In addition, both Chariot and Fairmont manufacture Park Model recreational vehicles (RVs); Fairmont produces modular homes as well.

Income before taxes was $8.6 million for Q1 2016, a $0.3 million drop from the $8.9 million reported in Q1 2015, largely due to the manufactured home insurance subsidiary’s claims generated by the excessive storms in Texas. Rainfall in the first six months of 2015 was 80 percent higher than normal, marking the wettest year-to-date. Net income dropped slightly from $5.8 million in the previous year’s first quarter to $5.4 million Q1 2016.

Joseph Stegmayer, Chairman, President and Chief Executive Officer said, “We continue to be excited about the opportunities these businesses (Fairmont and Chariot) bring to our family of companies and expect future revenue and earnings growth as the integration process continues. The financial services segment’s earnings were significantly impacted this quarter by unpredictably high insurance claims activity.

Mr. Stegmayer concluded, “The Company has expanded to provide a broad range of systems-built housing solutions in most of the key market regions in the United States and Canada. Meanwhile, Cavco has maintained a solid financial structure to support continued growth. While the manufactured housing industry is still faced with challenging economic and regulatory conditions, we believe that our organization is well positioned in the current environment as well as for the longer term.

As MHProNews knows, Cavco is the second largest producer of manufactured and modular homes in the nation. ##

(Image credit: Cavco Industries, Inc.–Cavco lapsided home)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Cavco Industries Acquires RV and Manufactured Home Producer Chariot Eagle

March 30th, 2015 Comments off

chariot_eagle_manufactured_homeAccording to rvbusiness, Phoenix-based Cavco Industries, Inc. has acquired Chariot Eagle, Inc. of Ocala, Florida, a manufacturer of Park Model recreational vehicles (RVs) and manufactured homes. This will add to Cavco’s current line of park model RVs, and extend the company’s each into the southeastern U. S.

Cavco’s CEO and President, Joseph Stegmayer, says, “We are pleased to have the opportunity to bring aboard entrepreneur Bob Holliday and his team of highly experienced people and to integrate the strong Chariot Eagle brand and family of product offerings with our own growing business. We have been patient in seeking additional growth opportunities for our park model RV and cabin businesses and believe that this acquisition will be a positive long-term strategic move for Cavco and our customers.

Holliday, who has developed a following for 30 years, will continue to serve as president, and the Chariot Eagle brand name will also continue. MHProNews was not immediately able to determine the purchase price. Cavco is one of the largest producers of off-site homes and buildings in the U. S. Forbes Magazine named it to the list of “America’s Best Small Companies 2014.” ##

(Photo credit: Chariot Eagle-manufactured home)

matthew-silver-daily-business-news-mhpronews-com   Article submitted by Matthew J. Silver to Daily Business News-MHProNews.