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Posts Tagged ‘fiscal year’

Cavco to Release Financials for Q2 2014

October 25th, 2013 Comments off

According to marketwatch.com, Cavco Industries, Inc. (CVCO) will release its financials for the second quarter of fiscal 2014 on Thurs., October 31 after the close of the market. Senior management will discuss the results in a webcast the following day, Fri., Nov. 1 at 12:00 noon EST. Interested parties may listen via the internet at www.cavco.com under the investors relations link. The call will be archived for 90 days under the same link. As MHProNews knows, Cavco is one of the largest producers of manufactured homes in the U. S., marketed under brand names including Cavco Homes, Fleetwood Homes, and Palm Harbor Homes. Cavco also manufactures park model homes, vacation cabins, systems-built commercial buildings as well as modular homes.

(Image credit: Cavco Industries, Inc.)

FHA Bailout may be Impending—Price Tag Nearly a Billlion

September 26th, 2013 Comments off

Word is making the rounds the Federal Housing Administration (FHA) will need a U. S. Treasury bailout when the fiscal year ends, as HousingWire has learned from a report by Reuters. There was a suggestion several months ago from FHA and the White House of a possible need for a $943 million bailout—FHA Commissioner Carol Galante said the funds may be required at some point. Rep. Scott Garrett, R-N.J., wrote, “For several years now, President Obama has kicked the can down the road while the Federal Housing Administration’s (FHA) fiscal position continues to worsen. This bailout would require no congressional action, and that’s a problem. The PATH Act, recently passed by the House Financial Services Committee, will reform our housing finance system and get the FHA back on track to prevent future bailouts.” As MHProNews has learned, HUD did not immediately comment on the report.

(Image credit: HousingWire)

Cavco to Release Financials

July 26th, 2013 Comments off

Cavco Industries, Inc., will release financials for Q1 of fiscal year 2014 after the close of the market Thurs., Aug 1. 2013. The following day senior management will discuss the results in a live webcast Fri., Aug 2 at 12 noon Eastern time. Interested parties will be able to listen to the webcast at http://www.cavco.com under the investor relations link. The call will be archived for 90 days under the same link for 90 days following the webcast, according to globenewswire. MHProNews knows Cavco is one of the largest producers of manufactured homes in the country sold under the Cavco, Fleetwood Homes and Palm Harbor Homes brand names. The company also manufactures park model homes, vacation cabins and modular homes, and provides mortgages and insurance to owners of factory-built homes.

(Photo credit: Stacey Hairston/franklinnews-post–Cavco plant, Rocky Mt. Vir.))

House Committee to HUD: Hire Manufactured Housing Administrator or Else

June 29th, 2013 Comments off

The 2014 fiscal year House Appropriations Committee measure that outlines budgets for the Dept. of Housing and Urban development (HUD) contains a provision that HUD must choose a permanent administrator of the Office of Manufactured Housing within 120 days of the legislation’s enactment. Introduced by Rep. Chuck Fleischmann (R-Tenn.), if HUD fails to meet this deadline, the agency will lose $50,000 in salaries and expense budgeting for each day the requirement is not met, according to the Manufactured Housing Institute (MHI) newsletter. The report accompanying the bill states that “the Committee understands that a substantial backlog of recommendations approved by the Manufactured Housing Consensus Committee exists, and a lack of action and attention in this area has meant that codes and standards have not kept pace with technological innovation or allowed the industry to keep pace with consumer demand. The Committee looks forward to a more focused and responsive office under permanent leadership.” Knowing of the committee’s activity, a week prior HUD issued a notice announcing its search for someone to fill the administrator post, reversing a long-standing policy to leave the post vacant. As MHProNews knows, this marks an important milestone for the industry.

(Image credit: Fairmont Homes)

Cavco to Announce Quarterly Earnings Report

May 21st, 2013 Comments off

As globenewswire informs MHProNews Cavco Industries, Inc. will release its earnings report for Q4 of fiscal year 2013 following the close of the market Thurs., May 23, 2013. Friday, May 24, senior management officials will discuss the results in a live webcast at 12:00 PM Eastern Time. Listen via Internet: http://www.cavco.com under the Investor Relations link. The call will be archived using the same contact information for 90 days. The second largest producer of manufactured homes in the nation, Cavco designs and produces factory-built housing products under a variety of brand names including Cavco, Fleetwood, and Palm Harbor, and modular homes under the Nationwide Homes brand.

(Image credit: Cavco Industries, Inc.)

Modular Housing for Vets Up in the Air

April 29th, 2013 Comments off

MHProNews has learned from gainesville.com a planned 38 unit modular housing complex to accommodate 112 homeless veterans may be scuttled by the Veterans Administration because the Alachua Count Housing Authority (ACHA) has made “minimal progress toward completion,” according to a letter received by the authority from Jeffrey L. Quarles, director of the VA’s Grant/Per Diem Program. The letter said the project was supposed to be completed by May 1, 2013, but ACHA Director Herbert Hernandez says he became director in Feb. of this year and cannot find documents purporting to show the completion date. He has until May 10, 2013 to explain why the VA should continue with the plan, noting the paperwork has been finalized to break ground. While the exact date for completion has been a matter of uncertainty for the housing authority, Hernandez says he has heard second hand that completion must be by Aug. 1, 2013 because the VA cannot fund projects after that date due to fiscal year concerns. Chairman of the housing authority, Kali Blount, says the problem may stem from inaccuracies on a form submitted to the VA. ACHA has appealed to elected officials to help save the $20 million project, which is designed to provide transitional housing for veterans to help rebuild their lives, and includes funding for 20 years of programming.
(Image credit: gainesville.com/Alachua County Housing Authority

Sun Communities, Inc. Declares Dividend

March 25th, 2013 Comments off

ZolmaxNews reports Sun Communities, Inc. (SUI) of Southfield, Mich. says it will pay a quarterly dividend of $0.63 per share on Friday, April 19 to investors of record April 1, 2013. Representing a $2.52 annualized dividend, the dividend yield is 5.29 percent. BMO Capital Markets, commenting on the stock, upgraded its rating from “market perform” to “outperform,” projecting a price target of $52.00. Sun’s stock was up 3.25 percent at the close of Friday’s trading at $47.68. The company has a market cap of $1.509 billion and a P/E ratio of 256.56. Analysts forecast Sun will gain $3.50 earnings per share this fiscal year. As MHProNews knows, Sun is a real estate investment trust (REIT) which owns and operates 183 manufactured home and RV communities comprised of 67,380 sites.

(Photo credit: Sun Communities, Inc.)

 

Cavco Financials: Holding Steady

February 1st, 2013 Comments off

GlobeNews reports Cavco Industries, Inc.’s financials for the fiscal third-quarter 2013 reveal net sales remained the same as for same quarter 2012–$114.6 million. Net income was $3 million for both. The first nine months of FY 2013, which ended Dec. 29, 2012 saw sales drop by $.01 million from the same period last year to $343.5 million. Net income for the first nine months of FY 2013 attributable to Cavco stockholders was $3.6 million versus $13.3 million for last year, which includes $11 million as the result of acquiring Palm Harbor in 2011. Speaking of Q3, Joseph Stegmayer, Chairman, President and Chief Executive Officer (and former MHI Chairman) says, “We are pleased with the continued contributions and progress of our acquired businesses. However, increasing homebuilding component and raw material costs, continued competitive pricing pressures, market demand for smaller and lower price-point homes and a higher income tax provision adversely affected our earnings during the quarter. The average sales price per home was approximately $50,100 during the third quarter of fiscal year 2013 compared to $53,200 during the third quarter last year, a 5.8% decrease. On a positive note, home sales increased this quarter to 2,065 homes, 4.7% higher than 1,972 homes sold during the same quarter last year.” As MHProNews understands, Cavco is the second largest producer of manufactured homes in the nation.

(Photo credit: Stacey Hairston/Franklin News-Post–Cavco plant Rocky Mt. Vir.)

ELS Reports Q4 Financials

January 30th, 2013 Comments off

RTTNews says Equity LifeStyle Properties (ELS) reports revenues for Q4 2012 increased to $171.93 million from $162.32 million for the same period in 2011. Funds from operations (FFO) for the fourth quarter hit $50.3 million, or $1.11 per share, as compared to $44.8 million, or $0.99 per share for the same period the previous year. For fiscal year 2013, the company anticipates FFO per share to range from $4.94 to $5.14. MHProNews understands ELS, the largest MHC owner in North America, owns and operates 380 communities comprised of over 141,000 homesites.

(Photo credit: Equity LifeStyle Properties, Inc.–Lake Haven, Clearwater, Fla.)

Cavco Releasing Financials

January 29th, 2013 Comments off

TradingCharts reports Cavco Industries, Inc. will release its earnings report for Q3 of fiscal year 2013 Thurs. Jan. 31 after the market closes. Senior officials will discuss the results in a live webcast Fri. Feb. 1 at 11:00 AM eastern time. Listen via Internet: http://www.cavco.com under the Investor Relations link. As MHProNews knows, Cavco, the second largest producer of manufactured homes in North America, also manufactures park model homes, cabins, commercial structures, and modular homes.

(Photo credit: Cavco Industries, Inc.)