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Posts Tagged ‘Nationwide Homes’

Modular Apartments for Seniors to be Occupied by Year’s End

July 4th, 2016 Comments off

West_Va__Huntington_senior_modular_apartments__herald-dispatch_Lori_WolfeUsing low-income housing tax credits from the Internal Revenue Service, the $6.4 million modular senior housing project in Huntington, West Virginia, which when completed before the end of the year will consist of 30 one-bedroom units measuring about 650 sq. ft. and 10 two-bedroom units of about 800 sq. ft each.

Huntington Garden Apartments is comprised of 65 modules, some 60 feet long, built by Nationwide Homes in Martinsville, Virginia, and arrive on site 75 percent complete, as herald-dispatch tells MHProNews. Huntington Housing Authority Executive Director Vickie Lester, noting the seams will be covered when finished, said, “It’s truly an amazing process. By the time the building is complete, no one will even know that the apartment was built by stacked modules.”

She added the modules have been stacked, and only the hallways need to be finished, elevators installed and the exterior needs to be finished.

It’s much more economical to build this way,” she said. “You can make a better product faster and save about 20 percent of the total development cost.” ##

(Photo credit: herald-dispatch/Lori Wolfe–modular Huntington Garden Apartments in Huntington, W. VA.)

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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.

Affordable Modular Homes Proposal Moving Forward in Bluffton

July 2nd, 2014 Comments off

Updating a story MHProNews last posted June 12, 2014 regarding a plan by the Affordable Housing Committee of Bluffton, South Carolina to offer as much as $10,000 in assistance to help ten qualified residents purchase modular homes, the proposal now goes before the town council. If approved, the homes would replace dilapidated pre HUD Code units, and would be built by Crestline Homes and Nationwide Homes, the same companies the town worked with on the six modular dwellings for the Wharf Street Redevelopment Project, according to islandpacket.com. To qualify, residents can earn no more than 120 percent of the area’s annual median income for a family of four, which is $76,100, for the one to four bedroom units that range from $80,000 to $270,000. The committee has $83,901 towards the assistance fund, and intends to apply for grants as well as state and federal funding. ##

(Photo credit: wsavtv.com–modular home from the Wharf Street Redevelopment Project)

More Modulars Moving to East Coast

November 14th, 2013 Comments off

As part of the Hurricane Sandy rebuild effort, New Jersey-based Statewide Custom Modular Homes is having seven modular homes supplied by Nationwide Homes of Virginia, all using Eco Red Shield Lumber. As MHProNews has learned from wsj.com., Eco Building Products, Inc. manufactures treated wood products that are protected against fire, mold, fungus, rot/decay, wood ingesting insects and termites. Statewide has a contract for 75 modular homes total utilizing Eco Red Shield.

(Photo credit: National Association of Home Builders)

Modular Builder: Two Months Behind

October 20th, 2011 Comments off

WSLS in Virginia reports Nationwide Homes in Martinsville is backlogged with orders for modular homes through January. Dan Goodin, sales vice president for Nationwide, says he intends to hire 20-30 people starting next month to keep up with a 30 percent increase in demand. Martinsville has the highest unemployment rate of all cities in the Virginia Commonwealth. “2007 is when the housing bubble burst and things started to get worse so it’s been a downward roller coaster since then,” he says. “Now I think we’ve started to climb back out of it. We’re very optimistic and think we’ll even get more activity next year.” Nationwide ships its modular homes all over the Southeast from its plants in Martinsville.

(Photo credit: Nationwide Homes)

 

 

Builder sees bright outlook for future of modular homes

September 15th, 2011 Comments off

modular home ready to ship, wikimedia commonsDCcitybizlist reports that modular home builder Nationwide Homes expects a net increase in the strength of the modular housing as the nation slowly climbs out of recession. Nationwide recently celebrated construction of its 35,000th home.  The firm’s sales activity is picking up since last year, when Nationwide became the country’s first modular homebuilder to be featured on ABC’s “Extreme Makeover.”  “As we look to the future, we believe demographics are on our side,” said Dan Goodin, Nationwide’s vice president of sales and marketing. “Demographic trends already show that most new buyers in the next decade will prefer smaller structures to the large ‘McMansions’ typically built in the last housing boom.” “Land use challenges that didn’t plague the last housing boom will put a cap on the pace at which new development will be started,” Goodin said, adding, “There are considerable obstacles to planned housing developments. Towns faced with fiscal issues also won’t be as eager to build roads, services and schools in outlying areas where all of the development occurred before. Lending institutions are also restricting financing for large projects. As a result, we have a unique opportunity to market the high quality and speed of construction of modular housing to growing numbers of families who will be looking to build their own homes on infill sites or other scattered lot and rural properties. Modular construction is not only faster, but is considerably less disruptive to the build site and surrounding areas.”  Nationwide was acquired by Phoenix, Ariz.-based Cavco Industries, a firm tracked on MHProNews.com factory built housing business daily stock market report.

(Stock photo credit: Wikimedia Commons