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Posts Tagged ‘fourth quarter’

Patrick Industries Notches Strong Q4 and Year-end Financials

February 18th, 2016 Comments off

patrick_industries__elkharttruth__Emily_Pfund__credditManufacturer and distributor of building and component products for the manufactured housing (MH) and recreational vehicle (RV) industries, Patrick Industries, Inc. (NASDAQ:PATK) reported net sales for the fourth quarter of 2015 rose 31 percent, $59.1 million, to $248.7 million compared to $189.6 million for Q4 2014.

The increase was attributable to a 32 percent rise in revenue from the RV industry, but also reflecting acquisitions made by the company in the last two years, as seekingalpha tells MHProNews.

Revenue from the MH industry, representing 14 percent of the Q4 sales, rose 21 percent.

Patrick reported operating income of $18.8 million representing, an increase of 60 percent, 7.1 million, compared to $11.7 million posted in Q4 2015. Fourth quarter net income of 2015 rose 65 percent to $12.0 million as compared to $7.3 million for the same quarter 2014. Earnings per share rose 70 percent to $0.78 from $0.46 EPS over Q4 2014.

Net sales for the year ending Dec. 31, 2015 rose $184.6 million, 25 percent, to $920.3 million from $735.7 million compared to the same period of 2014.

Patrick’s revenue from the RV industry, which represents 75 percent of company revenue, increased by 26 percent over 2014. Sales to the MH industry, accounting for 14 percent of sales, increased 18 percent over the same totals for 2014.

Operating income for the full year rose 36 percent, $69.9 million, $18.4 million over the $51.5 million reported in 2014. Net income increased 38% to $42.2 million from $30.7 million in 2014. Net income per diluted share rose 42 percent to $2.72 from $1.91. ##

(Photo credit: elkharttruth)

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

Patrick to Release Financial Results Feb. 18

February 5th, 2016 Comments off

patrick_indMHProNews has learned from prnewswire that Patrick Industries, Inc. (NASDAQ:PATK) will release its fourth quarter and year end 2015 financial results before the market opens on Thurs., Feb. 18, 2016.

Later that same morning at 10:00 AM eastern time Patrick intends to host a conference call to discuss the results and other matters of the business. Included on the call will be CEO Todd Cleveland, President Andy Nemeth and CFO Josh Boone. The question-and-answer session will be limited to institutional investors and analysts.

Patrick Industries is a component supplier to the manufactured home and recreational vehicle markets. ##

(Photo credit: Patrick Industries, Inc.)

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.

UMH to Release Financials

January 13th, 2014 Comments off

Manufactured housing community (MHC) UMH Properties, Inc. (UMH) will host a review of Q4 and year-end financial results Thursday, March 13, 2014 at 10:00 AM EST, following the release of those results the day prior, March 12. Senior management will discuss the results and future forecast, marketwatch.com says, during the webcast and conference call, accessible via their website, www.umh.com. UMH owns and operates 13,400 home sites spread over 74 MHCs in seven states. The company also owns a portfolio of real estate investment trust (REIT) securities. It’s stock closed up +0.32% at 9.38 Fri. Jan 10. MHProNews reported UMH’s most recent acquisition wasfivel MHCs in the Marcellus oil shale region of western New York and eastern Ohio.

(Photo credit: UMH Properties, Inc.)

Modular Workforce Development Planned for Northern Canada

September 13th, 2013 Comments off

The Britco Division of WesternOne, Inc. has entered a $100 million agreement to supply a major energy company with modular workforce accommodations in Northern Alberta, Canada. Comprised of over 1,500 rooms, 4-traders.com says the units will be built in Britco’s facilities in British Columbia, Canada. The project will get underway in the fourth quarter of 2013 with anticipated completion date of Dec. 2015. As MHProNews knows, Britco, with headquarters in Langley, British Columbia, has 1,000 employees in Australia, Canada and the U. S., and is one of the largest modular construction companies in the industry. The name of the energy company was not immediately available.

(Photo credit: Associated Press–modular mancamp at Williston, ND)

Cavco Releases Quarterly and Annual Financials

May 24th, 2013 Comments off

According to globenewswire, Cavco Industries, Inc. reports net income before taxes for the fiscal fourth quarter 2013 was $3 million, up from $2.9 million from the same period last year including a $1.2 million tax benefit from the acquisition of Palm Harbor. Net revenue rose 9.4 percent for fiscal Q4 2013 over Q4 2012, $108.8 million over $99.5 million. For the fiscal year ending March 30, 2013, net revenue rose 2.1 percent to $452.3 million from $443.1 million for the same period ending 2012. Net income attributable to Cavco stockholders for fiscal year 2013 was $5.0 million compared to $15.2 million the previous year, although this included approximately $11 million of the gain recognized from the acquisition of Palm Harbor. Joseph Stegmayer, Chairman, President and Chief Executive Officer said, “We are pleased to report improved results for the fourth quarter compared to the same period last year. We realized a 15.1% increase in home sales to 2,176, up from 1,890 homes sold in the fourth quarter of fiscal 2012. On an annual basis, the average sales price per home decreased to approximately $48,594 compared to $51,760 in fiscal year 2012, as demand rose for small size and lower price point homes. However, we sold 6.8% more homes overall in fiscal 2013 versus last year, totaling 8,398 homes compared to 7,860 in fiscal year 2012.” As MHProNews knows, Cavco is the second largest producer of manufactured homes in the U. S., marketed under Cavco, Fleetwood, and Palm Harbor.

(Photo credit: Stacy Hairston/franklinnews-post–Cavco Homes, Rocky Mt., VA facility)

Multifamily and Commercial Mortgages Increase

March 11th, 2013 Comments off

“The appetite among lenders and investors for commercial and multifamily mortgages grew during the fourth quarter,” said Jamie Woodwell, Mortgage Bankers Association’s (MBA) vice president of commercial real estate research. “The fourth quarter saw the largest increase in commercial and multifamily mortgage debt outstanding since 2008.” HousingWire informs MHProNews outstanding multifamily mortgage debt increased to $846 billion in Q4 2012, marking the largest rise since 2008, an increase of 1.4 percent from Q3 2012, and up 4.4 percent from the same period 2011.

(Image credit: HousingWire)

Modular Shipments Rise

March 8th, 2013 Comments off

MHProNews has learned from the National Modular Housing Council (NMHC) shipments for Q4 2012 rose 4.3 percent from Q4 2011 to 3,206 homes. Compared to the fourth quarter of 2011, state shipment totals show 11 states had increases of shipments, 12 states indicated a decline, and 11 states experienced insignificant change. By contrast, manufactured housing shipments totaled 3,513 in Dec. 2012, as we reported here Feb. 5, 2013.

(Photo credit: M Space)

Patrick Industries Doubles Income over 2011

February 21st, 2013 Comments off

Etruth reports from Elkhart, Ind. RV and MH component producer Patrick Industries, Inc. announces fourth quarter 2012 net sales of $106.1 producing net income of $3.2 million, versus 2011 Q4 sales of $78.3 million with $1.5 million net income. For 2012 net sales increased $129.6 million over 2011 to $437.4 million with net income of $28.1 million. Sales to the MH industry accounted for 19 percent of total sales in 2012, and the RV sector made up 69 percent of net sales. MHProNews has learned Patrick has operations in 12 states and employs upwards of 1,700 people. During 2012 the company acquired three other affiliated businesses.

(Image credit: Patrick Industries, Inc.)

Drew’s Financials Show Growth

February 20th, 2013 Comments off

DailyMarkets says Drew Industries, Inc. (NYSE:DW) reports net sales for the fourth quarter ending Dec. 31, 2012 totaled $200 million, 25 percent higher than Q4 2011. Net income for the period grew 39 percent over last year’s comparable period, from $4.1 million to $5.7 million, although an executive succession after-tax charge of $0.9 million reduced the actual income to $4.7 million. (As MHProNews reported here Feb. 13, 2013, leadership of the company underwent several changes.) Net sales for 2012 rose to a record $901 million, an increase of $220 million over 2011. Net income for the year rose to $38.3 million ($37.3 million when the one-time executive succession charge is deducted), an increase over the $30.1 million of 2011. Through its subsidiaries Lippert Components and Kinro, Inc., Drew provides components to the manufactured housing and recreational vehicle markets from 30 facilities around the nation. The company recently announced the relocation its corporate headquarters from White Plains, NY to Elkhart, Ind. where Lippert and Kinro are headquartered.

(Image credit: Drew Industries, Inc.)