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Posts Tagged ‘CNNMoney’

Labor Dept: 287,000 Jobs Added in June

July 8th, 2016 Comments off

lunch box thermos ebaypostedDailyBusinessNewsMHProNewsIn a colossal rebound from from May when only 11,000 jobs were added to the economy, June saw 287,000 added, according to what the Labor Department tells MHProNews through CNNMoney. Unemployment rose slightly in June from 4.7 percent to 4.9 percent, in fact a good sign that more people are returning to the labor market.

While it is welcome news, especially in the aftermath of Brexit, John Ryding of RDQ Economics says, “The economy continues on a solid, but not spectacular path.” The average rise over three months is 147,000 a month.

While wage growth is still below the 3.5 percent rise the Federal Reserve would like to see, it did rise 2.6 percent in June over May, a nice increase from the two percent of earlier this year. However, it is not likely sufficient for the Fed to be raising interest rates.

The overall percentage of Americans working is at its lowest point since the 1970s, partly due to the Baby Boomers retiring, but also many people quit looking for work after the Great Recession. “There’s been a significant loss of momentum from the end of last year,” says Lindsey Piegza, chief economist at Stifel Nicolaus. “The slower pace of the job creation matches the reduced pace of the economy.”

The economy is only expected to reach a growth rate of two percent this year, down from 2.4 percent last year. ##

(Photo credit:ebay)

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

Carlyle Posts Q4 2015 Financials, as it Invests in Northern Calif. MHC

February 11th, 2016 Comments off

carlyle_group__the__credit_to_arabianbusiness_comThe board of directors of The Carlyle Group announced financial results for Q4 2015 as cnn.money tells MHProNews regarding this global asset management firm with $183 billion under asset management.

With total assets on the balance sheet for Carlyle of $32 billion as of 12-31 2015, by U. S. GAAP (Generally Accepted Accounting Principles) numbers, for the fourth quarter 2015 Carlyle reported a loss of $151 million before provision for income taxes, and a net loss of $3 million. Earnings per share (EPS) of stock were -$0.04 on a diluted basis.

Co-CEO David Rubenstein, noting the challenging market in 2015, said “The equity market currently ascribes little value to our diversified investment platform. We are announcing a $200 million repurchase program as we see great value in Carlyle units.”

Carlyle Co-CEO William E. Conway added, “Recent market volatility has created a challenging but opportune investment environment for many of our fund teams. Our current pipeline is strong and we believe that good deals can be financed in the current market. As of early February, we already have signed contracts for approximately $4 billion of new investments and $4 billion of realized proceeds, which we expect to complete during the first half of the year.”

Carlyle has acquired a portfolio of manufactured home communities (MHC), the most recent, as MHProNews reported Sept. 22, 2015, investing $42 million in Pacific Skies Estates in Pacifica, Calif. to upgrade this 93 home site MHC overlooking the Pacific Ocean. Pacific Skies plans to buy luxurious MHs and rent them out.

Work on the project was halted following a dispute that arose between the California Coastal Commission and Pacific Skies over the necessity of a permit, as MHProNews reported here Jan. 25, 2016. In addition, it is not clear if all the residents have left the community. The owners were trying to have all the residents moved out by the end of January. A public hearing has been set for April 13.

In trading on the stock market today, as we reported on our stock report, Feb. 10, Carlyle closed up +1.45 percent at $11.86. ##

(Image credit:arabianbusiness)

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

UMH Declares Dividends on Preferred and Common Stocks

January 23rd, 2016 Comments off

umh_mfg_home__cedit_umhAccording to cnnmoney, UMH Properties, Inc. (NYSE:UMH) reports the board of directors has declared a quarterly dividend on the company’s common stock of $0.18 per share payable March 15, 2016 to shareholders of record as of Feb. 16, 2016.

In addition, the board declared a quarterly dividend of $0.515625 per share on the company’s 8.25% Series A Cumulative Redeemable Preferred Stock for the quarter Dec. 1, 2015 through Feb. 28, 2016. The dividend is payable March 15, 2016 to shareholders of record as of Feb. 16, 2016.

Also, on Jan. 20, 2016, the board of directors declared an initial dividend of $0.72466 on the company’s 8.0% Series B Cumulative Redeemable Preferred Stock for the period from Oct. 20, 2015 to Feb. 29, 2016. The dividend is payable March 15, 2016 to shareholders of record as of Feb. 16, 2016. These dividends are cumulative and payable quarterly at an annual rate of $2.00 per share.

As MHProNews knows, UMH is a public real estate investment trust (REIT) that owns and operates 98 manufactured home communities (MHCs) comprised of 17,800 developed home sites in seven states east of the Mississippi River. The company also owns a portfolio of REIT securities. ##

(Photo credit: UMH Properties, Inc.)

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

Saudis on Track to Erect World’s Tallest Building

December 1st, 2015 Comments off

jeddah_tower__cnnmoney__credit_worlds_tallest_bildingIf Saudi Arabia succeeds in building the Jeddah Tower, it will replace Dubai’s Burj Khalifa as the tallest building in the world. CNNMoney reports a Saudi government press release says the tower will be 3,280 feet tall, a full kilometer, while the Burj Khalifa is 2,716 feet tall.

Overlooking the Red Sea, $2.2 billion (8.4 billion Saudi riyals) in financing has been approved to build Jeddah City, including Jeddah Tower, which alone will cost $1.23 billion. Rising 200 floors in height, of which 26 have been finished, the skyscraper is set to be completed in 2020.

Mounib Hammoud, Chief Executive Officer of Jeddah Economic Company, stated the building will fulfill “the company’s objective of creating a world-class urban center that offers an advanced lifestyle, so that Jeddah may have a new iconic landmark that attracts people from all walks of society with comprehensive services and a multitude of uses.

Requiring 5.7 million square feet of concrete and 80,000 tons of steel, the foundations will be 200 feet deep, able to withstand the salt water of the nearby ocean.

To counter the issue of wind, the building changes shapes, according to architect Gordon Gill, a partner at Adrian Smith and Gordon Gill Architects, the design architects for the project. “Because it changes shape every few floors, the wind loads go round the building and won’t be as extreme as on a really solid block,” he said.

Although delivering concrete to the upper floors could present a challenge, Sang Dae Kim, the director of the Council on Tall Buildings, said Jeddah Tower should be feasible.

As MHProNews reported July 26, 2013, the Broad Group’s plans to erect the world’s tallest building in China using the modular method had been put on hold. The local government in Hunan Province suspended the plan, allegedly because the Broad Group did not have a building permit. ##

(Image credit: CNNMoney–Jeddah Tower, world’s tallest building)

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

Four of Top Ten Cities with Mortgages by Millennials are in Louisiana

October 9th, 2015 Comments off

millennials_with_mfg_home__chronicle.augusta.com__creditCNNMoney tells MHProNews Millennials are finally coming up out of their parents’ basements and buying homes.

The ten cities with the most percentage of Millennials taking out mortgages, are: Des Moines has low home prices and job growth, making it one of the destinations for Millennials, followed by Provo, Utah, which has a strong tech growth, according to Realtor. With statistics based on where Millennials represent a large share of mortgages, Baton Rouge, Louisiana has a large university with strong job growth and is another bustling city.

Pittsburgh has done well despite the economic downturn changing its focus from manufacturing to technology and health care. Lafayette, Louisiana registered a FICO score of 714 among Millennials. Grand Rapids, MI has a burgeoning tech market. Madison, WI is another city with a large university, a definite attraction for Millennials. Clarksville, TN, New Orleans and Shreveport, LA round out the top ten.

Convincing them to form a cooperative manufactured home community could be a hard ROC job. ##

(Photo credit: chronicle.augusta–Millennials with manufactured home.

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.

Patrick to Discuss Q2 Financials July 30; Gendell Sells More Stock

July 17th, 2015 Comments off

patrick_indElkhart, Indiana-based Patrick Industries, Inc. (NASDAQ:PATK) will release its Q2 financials before the market opens Thursday, July 30, 2015 followed by a conference call at 10:00 AM Eastern Time that same morning for a discussion of the results and other business matters. The call will be conducted by Todd Cleveland, President and CEO, and CFO Andy Nemeth, according to cnnmoney.

Patrick is a manufacturer and distributor of building and component products to the manufactured housing and recreational vehicle markets, and to industrial markets through its facilities in ten states.

As MHProNews recently learned from octafinance, Gendell sold 16,111 shares of the firm that are worth $655,776 July 16. In the last 30 days, he has unloaded 33,286 shares of Patrick for a net of $1,329,084. Patrick closed Thursday, July 16 at $38.98, down -$1.14. ##

(Image credit: Patrick Industries, Inc.)

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

REITs have been a Good Investment during the Economic Recovery

June 11th, 2015 Comments off

housingwire credit  house prices increaseSince President Obama entered the White House real estate has been the best investment in terms of returns, specifically real estate investment trusts (REITs), companies that own a variety of properties, or just one type of investment.

According to cnnmoney, investors have bought REITs during the recovery from the recession because they trade like stocks, which is much easier and less risky than buying a building. When mortgages went bad, real estates prices plummeted, and with low interest rates, property became a good investment. As the economy recovered, real estate bounced back and REITs were in the winning corner, and have returned four to six percent annually in dividends, higher than the yield on bonds, which has been two to four percent.

Globally since 2009, REITs have increased in value nearly 140 percent. If the Federal Reserve raises the interest rate later this year, as many expect, bonds will retrun to be the better investment for steady dividends, which will take some of the shine off REITs, but not all: Wells Fargo issued a report this week saying, “Fundamentals for REITs and the underlying commercial real estate market are quite strong.

In addition, if the housing market continues to strengthen, growth potential in residential REITs will improve. As MHProNews knows, a number of manufactured housing stocks are REITS, and they have been performing rather well. ##

(Image credit: housingwire)

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

Wisdom Homes Offering Land-Home Package Deal for Manufactured Homes

May 27th, 2015 Comments off

wisdom_homes_of_americaManufactured home (MH) retailer Wisdom Homes of America, Inc. (OTCQB: WOFA), based in Tyler, Texas, is teaming up with Sherman Countryside, LLC to sell MH to consumers who will purchase homesites on land developed by Sherman in six subdivisions comprised of 185 developed lots in Sherman, Texas. Wisdom Homes will continue to open retail centers near the subdivisions and throughout northern Texas.

Jim Pakulis, CEO of Wisdom Homes of America, says, “We’re taking a successful model, which is opening and operating manufactured home retail centers in Texas, and making it even better for the home buyer. By offering move-in-ready, quality, affordable homes we increase our revenues and decrease the length of time it takes for a home buyer to move in. In short, it saves the home buyer time and money, especially since they no longer need to obtain expensive construction financing.

Sherman Countryside will be owned by investors who purchase identified, fully improved residential lots in Sherman, Texas, and purchase homes employing an exclusive agreement with Wisdom Homes which will then sell the land-home packages to consumers. Pakulis and Brent Nelms, the president of Wisdom Homes, will manage Sherman Countryside Management, LLC, a recently formed entity, according to CNNMoney.

Says Nelms, “We see the land-home package as an excellent complement to our retail office model. And there are tremendous real estate opportunities in key areas in the heartland right now. Once we get the Sherman development and sales under way, then our goal is to expand on the retail office, subdivision model.

As MHProNews has reported numerous times, the most recent being April 3, 2015, Texas is far and away the leader in shipments of MH. Sherman, Texas is near the Oklahoma border. Oklahoma ranks number ten of all the states in shipments. ##

(Image credit: Wisdom Homes of America)

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

Cavco Financials show Distinguished Gain

May 22nd, 2015 Comments off

cavco-lapsiding-manufactured-homeCavco Industries, Inc. reports net revenue for the fiscal fourth quarter of 2015 was $141.2 million, an increase of 7.7 percent over the $131.2 million for the same period of 2014. For the fiscal year ending March 28, 2015, net revenue was $566.7 million, an increase of 6.2 percent over the $533.3 million for fiscal 2014.

For the fourth quarter of fiscal 2015, income before taxes rose 40 percent, from $6.5 million to $9.1 million. On the year, income before taxes rose from $27.8 in 2014 to $37.3 million for the year ending March 28, 2015.

As cnnmoney informs MHProNews, net income attributable to stockholders for the fourth quarter of fiscal 2015 was $6 million as compared to $4 million for Q4 2014. On the year, net income attributable to shareholders rose from $16.2 million year end 2014 to $23.8 million year ending March 28, 2015.

Net income per diluted share attributable to stockholders for Q4 2015 was $0.66 versus $0.47 for the same period 2014. On the year ending March 28, 2015, net income per diluted share was $2.64 versus $1.94 for the fiscal year ending March 28, 2014.

Joseph Stegmayer, Chairman, President and Chief Executive Officer said, “We are pleased to report positive results for the final quarter of this fiscal year. Although the winter quarter following the holidays typically has lower sales volume compared to the rest of the year, we experienced a more consistent rate of new home orders during this quarter than the same quarter last year. We believe this is an indication of a modestly strengthening market environment in which consumer confidence levels and employment rates have been reported as improving.

Headquartered in Phoenix, Arizona, Cavco is one of the largest producers of manufactured homes in the nation, and also manufactures park model RVs, vacation cabins and modular homes and commercial buildings. ##

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

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