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Posts Tagged ‘diluted share’

Drew’s Net Income for Q1 Rises $16 Million over Last Year

May 9th, 2016 Comments off

drew_ind_2_logoConsolidated net sales for Drew Industries, Inc. (NYSE:W) for the first quarter ending March 31, 2016 rose 17 percent higher than the comparable period of 2015, to $423 million, yielding net income of $36 million, as prnewswire tells MHProNews. For the supplier of components to the manufactured home (MH) and recreational vehicle industries (RV), this equates to $1.45 per diluted share as compared to $20.1 million net income and $0.82 per diluted share for last year Q1.

The year-over-year sales increase reflects industry-wide growth in the RV market which rose by 11 percent in the first quarter. In April alone, Drew’s sales were 11 percent higher than the previous April, hitting $145 million.

Jason Lippert, Drew’s Chief Executive Officer, said, “This growth reflects the current strength of our industry, as well as the continued execution of our plan to drive growth in our primary areas of focus. This includes growth from acquisitions, focusing on the needs of the aftermarket customer, new markets for core products and organic growth from innovative new products, enhancements to existing products and market share gains. Of particular note, our net sales attributable to the aftermarket and adjacent industries increased during the 2016 first quarter by a combined $28 million, or 46 percent.”

The 2016 acquisitions Lippert referred to add $57 million in annual sales. Operating profit in Q1 of 2016 nearly doubled from Q1 2015, $32 million to $56 million in Q1 2016.

Lippert adds, we want to be “the supplier of choice for the industries we serve. We are excited by what the future holds as we continue to innovate and expand with new products, new customers, new markets and new geographies.” ##

(Image credit: Drew Industries, Inc.)

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

UMH Posts Gains in Q1 2015

May 8th, 2015 Comments off

umh_properties_creditFor the first quarter of 2015, UMH Properties, Inc. (NYSE:UMH) reports Core Funds from Operations (CFFO) rose from $2,425,000 or $0.11 per diluted share for the 1st quarter of 2014 to $3,159,000 or $0.13 per diluted share for the comparable quarter 2015. Normalized Funds from Operations (Normalized FFO) hit $3,226,000, $0.13 per diluted share for Q1 2015. as compared to $1,916,000 or $0.09 per diluted share for the comparable period of 2014.

Total income for the first quarter of 2015 increased to $18,344,000 compared to $15,849,000 for the same period of 2014. Community net operating income (NOI) rose 28 percent to $8.4 million 2015 over 2014’s $6.6 million.

Overall occupancy rose from 80.8 percent in Q1 2014 to 82.3 percent at the current time. Same story occupancy rose from 81.7 percent to current 83 percent, as prnewswire informs MHProNews.

Samuel A. Landy, President and CEO, further states that during the first quarter of 2015 the company acquired three Pennsylvania manufactured home communities (MHCs) comprised of 465 developed homesites for $9.1 million, and has its sights set on another PA MHC with 158 developed homesites for $3.5 million. He adds, “We are currently in various stages of negotiations for additional community acquisitions.

Noting the company has obtained ten Freddie Mac mortgage loans for $57.7 million, Landy says, “The entrance of Freddie Mac into our sector and the favorable financing terms obtained will allow us to continue to refinance our communities and execute our growth strategy for the long-term benefit of our shareholders.

Drilling in the Marcellus and Utica Shale region has workers streaming to the western Pennsylvania area, an area where UMH is expanding its holdings. ##

(Photo credit: UMH Properties, Inc.)

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

Drew Draws Aces, Posting Record First Quarter 2015

May 5th, 2015 Comments off

drew_industNet sales for Drew Industries, Inc. (NYSE:DW) in the first quarter of 2015 rose to a quarterly record $361 million, 27 percent higher than for the same period 2014, resulting in net income of $20.1 million, $0.82 per diluted share, versus $16.2 million, or $0.67 per diluted share for the quarter ending March 31, 2014.

The growth in net sales is primarily the result of a 29 percent increase in net sales of the company’s recreational vehicle (RV) sector. While the RV segment accounted for much of the company’s growth, the manufactured housing (MH) segment’s net sales (OEMs) increased nearly eight percent, from $16.5 million to $17.8 million, Q1 2014 to Q1 2015. Operating profit for the MH sector grew from $2.3 million to $2.7 million, year-over-year.

Sales for April 2015 have already set a record for the month, hitting $129 million, 14 percent higher than April of last year, as marketwatch informs MHProNews.

With the strong underlying demand for our products in the first quarter of 2015, we achieved record net sales, the highest level for any quarter in Drew’s history,” said Jason Lippert, Drew’s Chief Executive Officer. “The industries we serve continue to grow, which, when coupled with our recent acquisitions, new products and market share gains, have led to the significant increase in our net sales for the first quarter of 2015.

Drew has acquired two additional subsidiaries in 2015: EA Technologies, a manufacturer of custom aluminum and steel parts, and provider of powder-coating services; and Spectal Industries, a Canadian producer of windows and doors for buses, emergency vehicles, RVs and trucks.

From 41 facilities across the nation and Canada, through its wholly-owned subsidiary, Lippert Components, Inc.,  Drew supplies components to the manufactured housing and recreational vehicle industries.##

(Image credit: Drew Industries, Inc.)

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

Sun Communities reports Financials for Quarter ending March 31, 2015

April 23rd, 2015 Comments off

sun communnities communityFrom marketwatch MHProNews has learned that Sun Communities, Inc. (NYSE:SUI), for Q1 2015 reports net income attributable to stockholders of $6.9 million, or $0.13 per diluted share as compared to $7.8 million net income for the same period of 2014 with $0.21 per diluted share.

Same site net operating income (NOI) rose by 8.6 percent compared to the same quarter last year, and revenue producing sites rose by 499 homesites to 92.9 percent total portfolio occupancy as compared to 90.2 percent as of March 31, 2014. Home sales rose by 47.2 percent when compared to the same time period 2014.

Sun completed the acquisition of one community in Michigan for $8 million and sold another one for $18.0 million in Indiana. Subsequent to the quarter, on April 1, 2015 the company completed the purchase of six age-restricted manufactured home communities in the Orlando, Florida area for $256.2 million. In addition, during Q1 2015 Sun sold 543 homes as compared to 369 homes sold in the same period of 2014.

We are pleased to report our first quarter earnings reflecting strong core operating results during the period in which our experienced Operations team on-boarded a significant number of new communities,” said Gary A. Shiffman, Chairman and CEO. “Immediately after the end of the first quarter, we acquired six additional high quality MH communities located near Orlando, FL, further adding to our age-restricted asset holdings. With our current pipeline of quality acquisition opportunities, we are optimistic about the potential to continue to add best in class MH and RV properties to our portfolio.” ##

(Photo credit: Sun Communities, Inc.)

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

UMH Releases Third Quarter Financials

November 11th, 2013 Comments off

In its third quarter financials, UMH Properties announces it has increased its portfolio of homesites by 26 percent since the beginning of the year. For the quarter ending Sept. 30, 2013 funds from operations (FFO) attributable to common shareholders of $1,993,000 or $.10 per diluted share as compared to Q3 2012 of $2,585,000 or $.16 per diluted share. The third quarter 2013 saw income increase to $16,245,000 from $12,187,000 for the same period last year. As einnews.com tells MHProNews, FFO less gains on securities transactions equaled $1,880,000 or $.10 per diluted share quarter ending Sept. 30, 2013 versus $1,370,000 or $.08 per diluted share for same period 2012. Samuel A. Landy, UMH President and CEO says, “Our portfolio occupancy increased 200 basis points over the prior year quarter from 80% to 82% at quarter end. Our income from community operations (defined as rental and related income less community operating expenses) increased 40% from $4,543,000 for the prior year quarter to $6,369,000 for the quarter ended September 30, 2013. Our community operating costs for the quarter include repairs and maintenance and other costs associated with bringing our newly acquired communities up to the high UMH standards. These expenses should fall as we complete the process of upgrading these communities, adding rental homes, and creating new sales centers. While demand for rentals remains very strong, growth in home sales is trending higher but at a much slower pace.” UMH is a public equity real estate investment trust (REIT) that owns and operates 74 manufactured housing communities comprised of 13,400 homesites. UMH will host a webcast and conference call Thursday, Nov. 21, 2013 at 10:AM.

(Photo credit: UMH Properties)

UMH Revenues Nearly Double

May 9th, 2013 Comments off

From sys-con MHProNews has learned manufactured housing community owner UMH Properties, Inc. reports funds from operations (FFO) came within $222,000 of doubling from the first quarter 2012 to Q1 2013, from $2,738,000 to $5,254,000, from $0.18 a diluted share in Q1 of last year to $0.30 per diluted share Q1 2013. Total income grew from $10.9 million to $13.4 million for the same period. Net income attributable to common shareholders rose from $1,059,000 million in the first quarter of 2012 to $2,260,000 this most recent quarter ending. Total assets increased to $362 million from $300 million for the period 12-31-12 to 3-31-13. President Samuel A. Landy, noting UMH spent just under $75 million on acquisitions yielding over 2100 homesites in the quarter ending March 31, 2013, says, “Over the past few years, we have been very successful in harnessing gains on our securities investment and redeploying that capital into our community acquisitions. Our REIT securities portfolio continued to perform well generating $3.3 million in realized gains in the first quarter of 2013 and an additional $8.2 million in unrealized gains at quarter end.” UMH has established a $35 million unsecured line of credit with the Bank of Montreal which could be extended another $15 million. Landy says portfolio occupancy rose from 77 percent as of March 31, 2012 to 81 percent March 31, 2013. UMH owns and operates 68 manufactured home communities comprised of 12,800 developed homesites, and owns a portfolio of other real estate investment trust (REIT) securities.

(Image credit: UMH Properties, Inc.)

Drew Reports Record Sales

May 6th, 2013 Comments off

The sacbee tells MHProNews Drew Industries, Inc. reports record net sales for the first quarter ending March 31, 2013 of $253 million, producing net income of $8.4 million, $0.36 per diluted share. An after-tax charge of $0.7 million for executive succession and relocating the company’s headquarters from New York to Elkhart, Ind. reduced net income from $9.1 million, which would have been $0.39 per diluted share. Net sales for Q1 2012 were $223 million, producing a net income of 11.1 million, $0.49 per diluted share. Cost of sales also grew from $178.7 million in Q1 2012 to $205 million in the quarter ending March 31, 2013. Fred Zinn, Drew’s President and CEO, says, “Our operating profit margin was below the first quarter of 2012 due to production inefficiencies and costs incurred as a result of our significant growth and expansion over the past year; however, profit margins improved sequentially in the 2013 first quarter.” The figures include the MH segment, with net sales growing from $27,997,000 in 2012 to $28,583,000 Q1 2013, although the operating profit dropped slightly from $3,131,000 to $2,726,00. Drew supplies the RV and MH industries with a variety of components.

(Image credit: Drew Industries, Inc.)

RV Sector Drives Patrick Industries’ Revenue Rise

April 25th, 2013 Comments off

RVBusiness says Elkhart, Ind.-based Patrick Industries, Inc., a component supplier to the RV and MH markets, reports first quarter 2013 revenue increased 38.4 percent over the same period in 2012, moving from $102.7 million to $142.1 million in Q1 2013. Sales in the RV sector accounted for approximately 75 percent of first quarter revenue, driven by a 51 percent increase in the company’s revenue from the RV market. Manufactured homes revenue was up six percent over the first quarter of 2012. First quarter net income was $6 million, a $1 million increase over Q1 2012, a rise to $0.55 per diluted share over $0.47 per diluted share for the same period in 2012. On Feb. 22, 2013 the board of directors authorized a re-purchase of outstanding shares of common stock up to $10 million, garnering 330,358 shares as of April 19 at a cost of $4.6 million. According to the MHProNews stock report, Patrick (PATK) notched a +14.26% spike in its stock Thurs., April 25 to close at 18.22.

(Image credit: Patrick Industries, Inc.)

T. J. T. Reports Substantial Drop in Sales

January 26th, 2013 Comments off

DailyFinance tells MHProNews T. J. T., Inc., based in Eagle, Idaho reports a net loss of $1,149,000, $.25 a diluted share, for fiscal year 2012 for this supplier of axles, tires and set-up supplies for the MH industry. Lower sales volume combined with an increase in SG&A (selling, general and administrative expenses) led to the net loss, which includes a $340,000 loss in Q4 2012. Sales plummeted 57 percent to $821,000 in the fourth quarter compared to the same period 2011. On the year, sales fell 34 percent to $4,004,000 in 2012 for the FY ending Sept. 30, 2012 compared to the previous fiscal year totals. The company formed T. J. T. Transit, LLC in Oct. 2012, a wholly-owned subsidiary designed for the transport of manufactured housing, modular buildings and man camps, which is set to be operational in early 2013. Due to cost-saving measures being taken by the company, T. J. T. will no longer file quarterly or annual reports for public perusal.

(Photo credit: Inhabitat)

Patrick Industries Shows Gains

October 25th, 2012 Comments off

MH and RV component supplier Patrick Industries, Inc. (PATK) says third quarter 2012 net sales were up 45.9 percent to $112.9 million from $77.4 million in Q3 2011, a 13 percent increase of which was in the manufactured housing division. As sacbee tells MHProNews, net income from the third quarter of 2011 rose from $4.5 million to $6.6 million Q3 2012. For the nine months ending Sept. 30, 2012, net sales rose 44.3 percent over the comparable period last year, from $229.5 million to $331.2 million. Net income for the first nine months of this year amounted to $24.9 million, $2.32 per diluted share, as compared to 2011’s $7 million net income and $0.68 per diluted share for the Elkhart, Ind.- based company.

(Image credit: Patrick Industries, Inc.)