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Cavco Industries Reports Q2 Results

November 10th, 2016 Comments off
cavcoindustriesreportsq2resultscreditcavco-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Cavco Industries.

Cavco Industries (NASDAQ: CVCO) reported financial results for Q2 2016 on November 8th.

Net revenue for the second quarter was down 1.9 percent from Q2 2015 to $188.3 million, while net revenue was up 5.6% for the first six months of the year compared to the same period in 2015.

Pretax income was up 4.8% to $13.1 million, powered by operating leverage from homes sales volume. Net income was up 14.8 percent to $9.3 million.

Net income per share for the second quarter, based on basic and diluted weighted average shares outstanding, was $1.04 and $1.03 respectively, compared to net income per share of $0.91 and $0.89 for the comparable quarter last year.

Net income per share for the six months ended October 1, 2016, based on basic and diluted weighted average shares outstanding, was $1.65 and $1.63, respectively, versus basic and diluted net income per share of $1.52 and $1.49 for the prior six-month period.

 

cavcoindustriesreportsq2resultscreditglobenewswire1-postedtothedailybusinessnewsmhpronewsmhlivingnews

cavcoindustriesreportsq2resultscreditglobenewswire-postedtothedailybusinessnewsmhpronewsmhlivingnews

Cavco's Joe Stegmayer. Credit: Cavco.

Cavco’s Joe Stegmayer. Credit: Cavco.

We are pleased to report improved profitability this quarter while still operating in a highly competitive housing market,” said Cavco Chairman, President and Chief Executive Officer Joe Stegmayer.

We remain encouraged by the continued housing recovery and our solid backlogs. Interest from manufactured home retailers, developers and community operators for our product offerings remains strong heading into the winter season.

As Daily Business News readers are aware, Phoenix, AZ-based Cavco Industries produces manufactured homes, modular and park model homes, vacation cabins and commercial structures. Factory-built homes are designed and produced under such brand names as Cavco Homes, Fleetwood Homes and Palm Harbor Homes.

 

cavcoindustriesreportsq2resultscreditbloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Bloomberg.

 

Cavco is also one of the manufactured home industry connected stocks tracked every business day by the Daily Business News, with the most recent report, linked here.

For an exclusive interview with Joe Stegmayer, click here. ##

Cavco Q2 Results

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Cavco Industries Releasing Quarterly Numbers May 26

May 25th, 2016 Comments off

cavco-lapsiding-manufactured-homeMHProNews has learned from globenewswire that manufactured and modular home producer Cavco Industries, Inc. will release its financials for the fourth quarter of fiscal year 2016 on Thurs., May 26, 2016, after the close of the market.

On Fri., May 27, 2016, at 1 PM eastern daylight time, senior management will host a live webcast to discuss the results. Listen via Internet: http://www.cavco.com under the Investor Relations link, where the webcast will be archived for 90 days.

Based in Phoenix, AZ, Cavco (Nasdaq:CVCO) is one of the largest producers of manufactured homes in the U. S. They marketed under Cavco Homes, Fleetwood Homes, Palm Harbor Homes Fairmont Homes and Chariot Eagle, and distributed through a network of independent and company-owned retailers.

The company also produces park model RVs, modular homes, cabins and systems-built commercial structures, selling through its financial arm, CountryWide Mortgage, and offering insurance through Standard Casualty. ##

(Image credit: Cavco lap-sided manufactured home)

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

Insider Trading at Cavco Industries

December 31st, 2015 Comments off

Cavco-Wedge  cabin  rvdailyreport comIn insider trading, Chales E. Lott, president of Fleetwood Homes, a division of Cavco, Industries (CVCO), sold 1,516 shares of company stock at an average price of $95.25 per share for a transaction valued at $144,399.00. He currently owns 2,000 shares of the company with a value of $190,500, according to what putnamstandard tells MHProNews.

Additionally, Cavco CEO Joseph H. Stegmayer sold 20,000 shares of the stock at an average of $92.86 for a total transaction valued at $1,857,200. He now owns 522,248 shares of the stock with a value of $48,495,949.28.

In its last quarterly report released at the end of Oct., Cavco beat analysts’ earnings per share (EPS) estimate by $0.14 and their revenue estimate by $20 million. Revenue ws up 37.8 percent on a year-over-year basis. The company has a market cap of $756.58 million and a P/E ratio of 29.51.

Cavco is one of the largest producers of manufactured homes in the U. S. ##

(Photo credit: rvdailyreport-Cavco wedge cabin)

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

Insider Trading at Cavco following Stock Spike

November 12th, 2015 Comments off

Cavco-Wedge  cabin  rvdailyreport comMHProNews has learned from insidertradingreport that the president of Fleetwood Homes division of Cavco Industries, Inc. (CVCO), Charles E. Lott, sold 1,516 shares of Cavco stock on Nov 6, 2015, as reported to the Securities and Exchange Commission. The shares were sold at $95.25 for a total value of $144,399.00.

As MHProNews reported Oct. 30, 2015, Cavco’s net revenue for the second quarter 2016, ending Sept. 26, 2015, reached $192 million, an increase of 37.8 percent over the same quarter the previous year. MHProNews‘ daily stock tally Oct. 30 reported Cavco’s stock spiked 19.15 percent, adding 15.85 points to close at $98.60.

Cavco, headquartered in Phoenix, AZ is one of the largest producers of manufactured homes in North America. The company also makes modular homes, cabins and park models. ##

(Photo credit: rvreport/Cavco Industries, Inc.–Wedge Cabin)

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

Elko Band Native Americans Break Ground for New Manufactured Homes

July 22nd, 2015 Comments off

Elko_Band_Colony_native_americans__elkodaily_free_press_Heather_KennisonA $700,000 U. S. Department of Housing & Urban Development (HUD) Indian Community Development Block Grant will provide seven new one-and two-bedroom manufactured homes for the Elko Band Colony Native Americans in Elko, Nevada, according to elkodaily, as tribal members and staff break ground for the homes.

The HUD grant covered $605,000 for the Choke Cherry housing project with Barrick Gold Corp. picking up the balance. Water and sewer lines had been installed earlier, because the Te-Moak Tribe of the Western Shoshone had been planning for this development for some time. With approximately 250 homes in the colony, an additional 372 acres will soon belong to the tribe for further development.

The Fleetwood Homes are scheduled to be ready for occupancy by mid-September, and will be targeted towards younger members of the Elko Band. MHProNews has learned the contractor is Leo Peggioni with Craftsman Homes in Sparks, NV. ##

(Photo credit: Elko Daily Free Press/Heather Kennison–Elko Band Colony members and staff break ground for Choke Cherry. From left, Robin Evans, Raymond Gonzales, Gerald Temoke, Davis Gonzales, Evelyn Roche, Vernon Thompson, and Joyce Harney.)

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

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.

Cavco Industries Named to Forbes® Magazine’s List of 100 Best Small Companies in America

January 29th, 2015 Comments off

cavco-homes-named-Forbes-100-best-small-companiesCavco Industries, Inc., (NASDAQ:CVCO) and its family of companies in the construction services industry, are proud to announce that they have been listed as number 13 on Forbes® Magazine’s list of “America’s Best Small Companies 2014.”

Since 1979, Forbes has been compiling a list of their top 100 small companies from all industry segments based on their history of consistent sales and earnings growth. Companies included in this list must have generated less than $1 billion in revenue each year, have been publicly traded for at least one year with a stock price no lower than $5 a share, and may not have been involved in “fuzzy” accounting or have major legal troubles.

“Being ranked highly on Forbes 35th annual list of America’s 100 Best Small Companies is a great honor,” said Joe Stegmayer, Cavco President, CEO and Chairman of the Board. “This recognition is a testament to the hard work and dedication of our associates to provide outstanding homes and construction services while generating value to our shareholders. We are thankful to our customers, associates, suppliers and our shareholders for helping us earn this wonderful distinction.”

As a factory-built construction company, Cavco builds in controlled indoor environments at an attractive value and within shorter completion times than on-site construction methods. The homes and park model RVs are efficiently distributed by independent retailers and through company-owned retail centers. Homes are customized to meet the styles and specifications required by individual consumers, land/lease communities, subdivision developers, and resort properties. ##

(Graphic Credit: Forbes®)

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Article Submitted by Sandra Lane to – Daily Business News- MHProNews.

MHI Chair Nathan Smith to Address VAMMHA

June 24th, 2014 Comments off

The Virginia Manufactured and Modular Housing Association (VAMMHA) is pleased to announce the keynote speaker at their July 31-Aug. 1 convention and annual meeting will be MHI Chairman Nathan Smith. Set for the Hilton Virginia Beach Oceanfront, MHProNews has been told there will be educational, networking and recreational opportunities, as well as elections to the board of directors.

VAMMHA also reports manufactured home shipments for the state in April, 2014 are up 13 percent over April, 2013, but are 9.7 percent down for the year. February was down for the year 18.9 percent, followed by March at 17.6 percent, which, when compared to April indicates improvement. In other news, Ben Flores of CMH-Oxford has been elected Chair of the VA Manufactured Housing Board and Tom Satterwhite of Fleetwood Homes, vice chair. ##

(Image credit: Virginia Manufactured and Modular Housing Association)

Third Avenue Management Pleased with Cavco Investment

June 17th, 2014 Comments off

The acquisition of much larger Fleetwood Homes by manufactured and modular home builder Cavco Industries, Inc. of Phoenix, Arizona, originated during the 2008 financial crisis when Third Avenue Value Management Fund, which has been following the MH industry, contacted Cavco’s CEO Joe Stegamyer and together they purchased bankrupt Fleetwood in a 50-50 deal. In 2010 a similar scenario occurred when Palm Harbor Homes declared bankruptcy, so Third Ave. and Cavco again teamed up and acquired five manufacturing plants, 49 retail outlets and 100 percent of the common stock of insurance and financing subsidiaries that had not filed bankruptcy, according to gurufocus.com.

Further comments from Third Avenue Management’s 2nd quarter shareholder letter reveal the Fund sold its stake in Fleetwood for 21 percent of Cavco’s stock last year, which it received at $49 per share compared to $78 at quarter’s end on the Big Board. The Fund further states although there is a distinct paucity of MH financing currently, it will open up as Freddie Mac begins buying manufactured housing community developers debt, and the MH industry continues to garner an increasing market share of the overall home building industry.

Finally, as MHProNews has learned, “Cavco’s strong balance sheet with $73 million of cash and no debt (excluding non-recourse finance subsidiary debt) positions the company to make additional acquisitions or investments to drive further growth. Cavco’s management team, led by Chairman and CEO, Joe Stegmayer, has proved to be very capable in both making and integrating acquisitions.” ##

(Image credit: Cavco Industries, Inc.)

Cavco Revenue Increases in Q2 Fiscal 2014

October 31st, 2013 Comments off

Cavco Industries, Inc. reports net revenue for the second quarter fiscal 2014 totaled $129.8 million, an increase of 17.9 percent over the $110.1 million for the comparable quarter of fiscal 2013. Net income for Q2 fiscal 2014 was $4.7 million, $2.0 million more than in the same quarter a year ago. As marketwatch reports, for fiscal 2014 second quarter net income attributable to stockholders was $4.3 million, compared to net income of $1.3 million for the same period last year. During Q2 2014, Cavco completed the purchase of all noncontrolling interests in Fleetwood Homes, Inc., paying $91.4 million in common stock for the 50 percent it did not own, increasing the number of outstanding shares by 1,867,370. The Cavco subsidiary owns Fleetwood Homes, Palm Harbor Homes, CountryPlace Mortgage and Standard Casualty Company. Joseph Stegmayer, Chairman, President and Chief Executive Officer, says, “We expect the Company’s improved financial statement condition will support further growth in all facets of our business: home building, retail sales of homes, mortgage lending, and insurance services.” MHProNews knows Cavco is one of the largest producers of manufactured and modular homes in North America.

(Image credit: Cavco Industries, Inc.)