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Patrick Industries-Manufactured Housing Supplier-PATK Investor Relations Spotlights Manufactured Home Industry Challenges, Opportunities

May 30th, 2019 Comments off

 

PatrickIndustriesLogoPATKirManufacturedHousingSupplierSpotlightsManufacturedHomeIndustryChallengesOpportunitiesMHProNews

It has been some times since the Daily Business News on MHProNews took a look under the hood at Patrick Industries.  Patrick (PATK:NASDAQ) is a supplier to the RV, Marine, Manufactured Housing, and other segments of the broader Housing Industries. Their Investor Relations (IR) package is a useful resource in understanding that firm.  But it is also useful in understanding the true picture of the state of manufactured housing, in the context of a broader view of the economy, and other industries, as they compare or relate to manufactured homes potential.

 

This report will be done primarily through slides, from the Patrick IR package.  Some commentary are on select slides, with more below and linked.

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Patrick has facilities positioned close to most major manufactured housing markets. Note that MHProNews has no position in PATK, and is not commenting on them as an investment per se. PATK is one of the companies MHProNews tracks in its evening market report.

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Patrick is not alone to point to the robust economy, notably taking off since the election of President Donald J. Trump. These are positive background facts that ought to point to far more robust manufactured home (MH) sales. Why isn’t MH doing better?

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While RVs and automotive have both taken a dip, there are factors at play in those industries that don’t always apply to manufactured homes. RVs are a ‘luxury’ item for most. Manufactured homes are more commonly purchased as primary housing, or as a secondary home. During an affordable housing, why would RVs outperform MH?

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Note that Clayton Homes, 21st Mortgage, other Berkshire Hathaway connected brands, and the Manufactured Housing Institute (MHI) have been repeatedly invited to comment on, clarify, or refute concerns we have raised in reports like the one linked below.

 

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In a series of direct quotes in context, a document from 21st Mortgage signed by Tim Williams, and video recorded comments by Kevin Clayton, these all line up to demonstrate how independent retailers, communities, and producers – among others – where purportedly harmed by action that could be deemed an antitrust violation. Why hasn’t Allen told his readers how that cost them money? https://www.manufacturedhomelivingnews.com/bridging-gap-affordable-housing-solution-yields-higher-pay-more-wealth-but-corrupt-rigged-billionaires-moat-is-barrier/

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While the video below doesn’t mention antitrust, it does specify several other federal issues that Clayton Homes, 21st Mortgage Corp, and Vanderbilt Mortgage and Finance (VMF).  Views on this video have more than tripled since it was first promoted by MHProNews.

 

 

Those in the Knoxville metro and Arlington, VA have routinely declined doing so in the past two years, although prior to that, they used to reply promptly to MHProNews inquiries. Why the change?  Were the questions too uncomfortable?

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In 1998, manufactured homes (MH) outsold RVs by some 3 to 2. In 2017, RVs outsold MHs by some 5 to 1. RVs recovered far more quickly from 2008. The facts raise questions. One, is the effectiveness of MHI as the post-production or ‘umbrella’ association in the country. The other question is more sobering. Has Buffett-Berkshire “Moat” strategies kept manufactured home production at historically low levels to allow a few big boy brands to consolidate others at a discounted ‘value’ by MHI insiders?

MHARR Launches “Fighting Discriminatory Zoning Mandates” Manufactured Housing Project

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While MHI in their monthly shipment report doesn’t deny the decline, neither are they addressing the underlying causes, nor have they proposed a remedy via their messages to the industry. Why not?

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From the early days of this publication, MHProNews featured content from state associations and both national trade groups.  These sources did not always agree with each other.  That was part of the origin of our phrase, “We Provide, You Decide.” MHProNews provided the comments of MHI, the Manufactured Housing Association for Regulatory Reform (MHARR), and members of MHEC – the Manufactured Housing Executives Council, made up of the bulk of state associations.

 

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MHI, and Berkshire brands were among those that once sponsored this website.  Perhaps due to our questions and reports, they stopped sponsoring and advertising on MHProNews, which is their right. What is not their right are allegations that they obliquely organized a boycott to discourage sponsorship of this site, if true, that could be an antitrust violation.

But as or more important is why would the Arlington, VA based MHI trade group do so, when we were a multiple year MHI member? Why did those who previously praised our work, turn against us? Given that the thrust of our effort for years has been focused on practical solutions for sustainable, ethical manufactured home industry growth, does that provide an insight on the motivations for the Omaha-Knoxville-Arlington axis’ efforts to marginalize MHProNews?

Why doesn’t MHI have this video below, first shown on Fox Business, prominently on their website?

 

 

Rephrased, are these additional pieces of evidence that Berkshire, Knxoville metro based Clayton Homes, 21st Mortgage, and some key MHI members working to suppress the industry’s performance?

That is a logical conclusion is that our reports could led an open-minded researcher to conclude.

Quotes that often come from past or present MHI members – like those that follow – would support that contention.

 

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Allen has pointed out the obvious, that MHARR is a sponsor of our website. But that’s out in the open, MHARR has banner ads here. What Allen fails to mention is that MHI used to sponsor MHProNews too. Our coverage has been based upon our LLC’s own research and work, without favor.

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MHProNews looks at the facts, considers the sources, and follows the evidence. MHI earlier last year, and for years before, MHI routinely replied promptly to all inquiries. But since we’ve spotlighted the problems and concerns, they’ve gone silent. Why? If the facts are on their side, why not make offer a cogent explanation?

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Ask yourself. Do these Marty Lavin dictums apply in the case of concerns that MHI is posturing effort, but failing to deliver what they claim, in order to promote industry consolidation that benefits a few at the expense of the many?

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Never forget that even during medieval times, castles and their moats were in fact breached.

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The full Patrick presentation is available as a download from this link here.

 

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News has been described as the first draft of history. That’s today’s latest edition to the manufactured home industry’s turbulent history, what we’ve dubbed: “News through the lens of manufactured homes, and factory-built housing” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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Cavco Industries (CVCO) Insights, Financial Update, Fiscal 2018 Fourth Quarter. Year End Results

May 31st, 2018 Comments off

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Cavco Industries, Inc. (CVCO) announced financial results for the fourth quarter and fiscal year ended March 31, 2018. On April 3, 2017, the Company completed the acquisition of Lexington Homes, Inc., which operates a manufactured housing plant in Lexington, Mississippi. Since the acquisition date, the results from this new business are included in Cavco’s consolidated financial statements presented herein,” according to the firm’s release to the Daily Business News.

 

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Three months ended March 31, 2018 compared to the three months ended April 1, 2017 revealed the following results, per Cavco.

  • Net revenue was $242.5 million, up 22.5% from $198.0 million. The increase was the result of higher home prices and sales volume. The Company recognized $14.8 million of home sales revenue and $1.8 million of income from operations from early commercial loan payoffs received under Cavco’s wholesale lending programs. This revenue was previously deferred in prior periods in the normal course of business.
  • Income before income taxes was $30.7 million, an 86.1% increase over $16.5 million. Current quarter results include $4.5 million of other income from gains realized in the sale of corporate investments.
  • Income tax expense was $8.6 million, resulting in an effective tax rate of 27.9% compared to $5.6 million and an effective tax rate of 33.9%.
  • Net income was $22.1 million compared to $10.9 million, a 102.8% increase.
  • Net income per share, based on basic and diluted weighted average shares outstanding, was $2.45 and $2.40, respectively, versus $1.21 and $1.19, respectively.

CavcoIndustriesCVCO-InvestorRelations-ManufacturedHousingIndustryCompanyHighlightsDailyBusinessNewsMHProNews

Twelve months ended March 31, 2018 compared to the twelve months ended April 1, 2017,” according to their statement.

  • Net revenue was $871.2 million, 12.6% higher than $773.8 million. The increase was primarily from a larger proportion of higher priced homes sold and improved home sales volume.
  • Income before income taxes increased 42.0% to $78.5 million as compared to $55.3 million. In addition to the investment gain described above, the improvement was from increased home sales volume and pricing, a $3.4 million favorable dispute settlement resolution in the third fiscal quarter and improved earnings in the financial services segment.
  • Income tax expense was $17.0 million, creating an effective tax rate of 21.7% compared to income tax expense of $17.3 million and an effective rate of 31.3%. The current fiscal year benefited from the Tax Cuts and Jobs Act, which made broad and complex changes to the U.S. tax code. In connection with lower federal income tax liability related to the Tax Act and requisite revaluation of the net deferred income tax balance, the Company recorded a net income tax benefit of $4.8 million (or $0.52 per diluted share). Additionally, the Company recognized benefits of $2.1 million (or $0.23 per diluted share) from the current year adoption of accounting standards that required excess tax benefits on stock option exercises to be recorded as a reduction of income tax expense instead of equity as was previously required.
  • Net income was $61.5 million, up 61.8% from net income of $38.0 million.
  • Net income per share, based on basic and diluted weighted average shares outstanding, was $6.82 and $6.68, respectively, versus basic and diluted net income per share of $4.23 and $4.17, respectively.

Joseph “Joe” Stegmayer, Chairman, President, and Chief Executive Officer said, “We were pleased to complete the fiscal year with improved income from operations and growth in product sales. Fourth quarter gross profit as a percentage of revenue improved from home sales prices gradually increasing throughout the year to address rapidly rising material and labor input costs. Still, we work to keep prices competitive and affordable through efficient factory production processes and cost controls. We are also focused on improving production workforce size and productivity to raise home building levels further.”

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Stegmayer continued, “Fiscal year 2019 begins with optimism about demand for housing as home ownership rates, currently at a low 64.2%, are reported to be trending higher. With housing prices and rental rates also on the rise, we believe systems-built housing will be an increasingly sought after option for affordable living.”

Stegmayer was inducted into the RV MH Hall of Fame in 2016.

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He is also the current chairman of the hall and museum.

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Behind the Curtain, and the Data

Cavco has been surpassed by Champion, which has taken over the number 2 spot in manufactured housing production, per their respective data sets.

Cavco’s president Joe Stegmayer was formerly with Clayton Homes.  Clayton today is owned by Berkshire Hathaway, and is the industry’s largest producer.

Cavco’s Stegmayer is the new chairman of the Manufactured Housing Institute (MHI).  For those members which thought that Stegmayer would lead the association in a new direction than the prior Berkshire Hathaway chair, there is no discernable difference.

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Cavco is one of the firm’s that is ‘vertically integrated’ in manufactured housing.

For more general industry insights, click the related report, links below.

Disclosure, MHProNews has no stake or financial interest Cavco, and is making no recommendation in this report.  “We Provide, You Decide.” © ## (News, analysis, and expert commentary.)

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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.

Patrick to Release Q3 Financials

October 14th, 2013 Comments off

Elkhart, Indiana-based Patrick Industries, Inc. (NASDAQ:PATK) announces its release of third quarter 2013 earnings before the market opens on Thursday, Oct. 24, 2013, according to 4-traders.com. President and CEO Todd Cleveland and CFO Andy Nemeth will host a conference call that morning at 10:00 AM EST to discuss the results. Interested parties can access the call through Patrick’s website, www.patrickind.com under “Investor Relations.” As MHProNews knows, Patrick is a component supplier to the manufactured housing and recreational vehicle industries through facilities in eleven states. Patrick’s stock fell -4.47 percent in today’s trading to close at 28.56.

(Image credit: Patrick Industries, Inc.)

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.))

Ryan Bowie, Fresh Face at Green Courte

July 11th, 2013 Comments off

Private equity firm Green Courte Partners, LLC, of Lake Forest, Ill. has chosen Ryan Bowie as Managing Director in charge of investor relations, portfolio management and fundraising. Having spent 13 years in public and private real estate companies, including stints with Hyatt Hotels Corp. and Strategic Hotels and Resorts, Bowie has completed over $7 billion in debt and equity transactions over his career, as MHProNews has learned from Green Courte. At Hyatt he served as Head of Structured Finance, focusing on corporate development, capital markets and capital deployment. Green Courte Partners is a Chicago-based real estate investment trust (REIT) with holdings in manufactured housing communities.

(Image credit: Green Courte Partners, LLC)

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.)

Patrick’s Stock Nearly Triples in 2012

January 7th, 2013 Comments off

IndyStar reports two-thirds of nearly 50 Indiana public companies traded on large exchanges finished last year with higher stock prices than at the beginning of the year. Included is Elkhart-based Patrick Industries (PATK) whose stock price more than tripled, going from $4.30 to $15.56 a share. Julie Ann Kotowski, director of financial reporting and investor relations, says the increase may be due to improved operations. As MHProNews reported Oct. 30, 2012, Patrick, which provides components to the MH and RV industries, acquired cabinet door maker Middlebury Hardwood Products of Ind. for $20.3 million, one of four acquisitions in 2012. Patrick’s stock closed +0.48% at $16.60 Jan. 4.

(Image credit: Patrick Industries, Inc.)

Cavco Releases Financial Results

November 2nd, 2012 Comments off

In its report of fiscal 2013 second quarter financial results, Phoenix-based Cavco Industries , Inc. (Nasdaq: CVCO), reports net sales fell 15.3 percent, to $110,084,000 from the comparable period of 2012 when sales hit $130,008,000. GlobeNewsWire says net income for Q2 2013 dropped to $2,681,000 from $3,172,000 for the same period in the previous fiscal year. Net sales for the first six months of fiscal 2013 totaled $228,865,000 as compared to $228,989,000 for the first six months in the previous year. Net income for the first six months of fiscal 2012 fell from $11,907,000 to $2,114,000 for the comparable period of fiscal 2013. Joeph Stegmayer, president, chairman and CEO of Cavco attributes the drop in earnings for Q2 2013 to fewer overall homes sold, lower average sales prices from lower price-point homes, and increased competition. While revenues declined, gross margins improved comparing Q2 2013 to the same fiscal period of 2012. He says, “To counteract these challenges, we have continued to expand our sales in niche market areas including, among others: workforce housing, homes for rental use in planned communities, multi-family developments, and camping cabins. The Company’s acquisitions in recent years have helped successfully expand our competencies on numerous homebuilding platforms.” As MHProNews has learned, Cavco is the second largest producer of manufactured housing in the U.S. A conference call will be held Fri., Nov. 2 at 12:00 eastern time to discuss these results. For access, go to www.cavco.com and click on the Investor Relations link. Cavco closed up +3.70% at $50. Nov. 1.

Cavco to Release Financials

October 29th, 2012 Comments off

GlobeNewsWire tells MHProNews Cavco Industries, Inc. (Nasdaq:CVCO) will release its earnings report for the second quarter of fiscal 2013 Thurs., Nov. 1, 2012 after the close of the market. A live webcast conducted by senior management officials to discuss the results will follow the next day, Fri., Nov 2, at 12:00 noon eastern time. Interested parties may listen via the internet at http://www.cavco.com under the Investor Relations link. The call will be archived for 90 days at that same site. Headquartered in Phoenix, Arizona, Cavco is the second largest producer of manufactured housing in the U.S.

(Image credit: Cavco Industries, Inc.)