Posts Tagged ‘Joe Stegmayer (Chairman & CEO Cavco Industries and present MHI Chairman)’

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)

Home Ownership as Investment Questioned

February 20th, 2012 Comments off

Noting that manufactured homes of today are superior to the “single-wides” of 40 years ago, has learned from MSNRealEstate that MH appeals to a variety of home buyers. Kevin Flaherty, vice president of marketing at Champion Home Builders says at the affordability level, “People are looking for a comfortable, safe shelter and they’re not heavily invested in the amenities.” At the other end buyers want to save money but they also want some of the up-scale features in a site-built home—granite counter tops, solid wood cabinetry, painted walls. They can have the roof pitch raised so it looks more like site-built. Phoenix-based Cavco Industries CEO Joe Stegmayer says manufactured homes cost 25 to 30 percent less than a comparable stick-built home. He adds the savings can be even more in rural areas where builders have farther to travel. The Manufactured Housing Institute (MHI), of which Stegmayer is chairman, says 2009 government data indicate the average new manufactured home was 1,530 square feet compared to 2,422 square feet for a site-built ;home. He says owning a home these days is not necessarily that great of an investment. “Maybe they can afford a higher-priced home, but they don’t want all their money tied up in a home,” Stegmayer says. “They buy a factory-built product at a much lower cost and use that excess income for other purposes: travel, hobbies, pastimes, investment. We’re seeing a lot more of that.”

(Photo credit: Greg Vote/Getty Images)

Cavco’s Earnings Skyrocket

February 3rd, 2012 Comments off

AZCentral tells that Phoenix-based Cavco Industries, Inc. reported at its earnings webcast Feb. 2 its profits mushroomed compared to last year. Net income for the third quarter 2012 which ended Dec. 31 was $1.68 million, or .24 cents a share, as opposed to $24,000 for the same period a year ago, or one-half a cent a share. Cavco attributes the increase to its purchase of Palm Harbor in 2011 by Fleetwood Homes, Inc. Fleetwod is owned half and half by Cavco and Third Avenue Value Fund. Cavco is the second largest producer of manufactured homes in the U.S., marketing park models, modular homes, vacation cabins and commercial buildings. Cavco President and CEO Joe Stegmayer is also Chairman of the Manufactured Housing Institute (MHI).

(Photo credit: Stegmayer)

Opening Remarks of MHI Chairman Joe Stegmayer at Vegas Congress

April 27th, 2011 Comments off

Las Vegas, NV – April 27, 2011.  Joe Stegmayer (Chairman & CEO, Cavco Industries and present Chairman, MHI) addressed the attendees at MHI’s 2011 Congress & Expo in Las Vegas, NV.  He noted that Land Lease Communities (LLCs) have done better than most sectors of the housing industry, which has been confirmed by the optimism expressed at MHI’s National Communities Council (NCC) forum.  The Manufactured Housing Institute (MHI) is a leading advocate for the industry, working cooperatively with law makers in Washington to improve access to affordable housing and improve financing options.  While MHI’s role is to help keep the Industry relevant in Washington, an outside lobbying firm will also make a difference. All can work together to create a bright future.