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Posts Tagged ‘net income’

Net Income Rose over Five Fold for Nobility Homes

June 13th, 2016 Comments off

nobility_homes_logoIn reporting the financials for Nobility Homes, Inc. (OTC:NOBH) for the second quarter ending April 30, 2016, marketwired informs MHProNews sales for Q1 2016 rose 21 percent to $8,115,840 compared to $6,706,118 recorded in second quarter 2015. Income from operations rose 44 percent to $953,896 from $660,719.

After taxes, net income was $3,671,881 as compared to $680,553 last year. The financial position for the company is strong for the first six months of the year with cash, cash equivalents and short term investments of $20,614,116 and no debt.

Nobility has been designing and producing manufactured homes in central Florida for 49 years. Nobility has its own retail sales center, insurance subsidiary and an investment in a manufactured home retirement community. ##

(Image credit: Nobility Homes, Inc.)

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

Drew’s Net Income for Q1 Rises $16 Million over Last Year

May 9th, 2016 Comments off

drew_ind_2_logoConsolidated net sales for Drew Industries, Inc. (NYSE:W) for the first quarter ending March 31, 2016 rose 17 percent higher than the comparable period of 2015, to $423 million, yielding net income of $36 million, as prnewswire tells MHProNews. For the supplier of components to the manufactured home (MH) and recreational vehicle industries (RV), this equates to $1.45 per diluted share as compared to $20.1 million net income and $0.82 per diluted share for last year Q1.

The year-over-year sales increase reflects industry-wide growth in the RV market which rose by 11 percent in the first quarter. In April alone, Drew’s sales were 11 percent higher than the previous April, hitting $145 million.

Jason Lippert, Drew’s Chief Executive Officer, said, “This growth reflects the current strength of our industry, as well as the continued execution of our plan to drive growth in our primary areas of focus. This includes growth from acquisitions, focusing on the needs of the aftermarket customer, new markets for core products and organic growth from innovative new products, enhancements to existing products and market share gains. Of particular note, our net sales attributable to the aftermarket and adjacent industries increased during the 2016 first quarter by a combined $28 million, or 46 percent.”

The 2016 acquisitions Lippert referred to add $57 million in annual sales. Operating profit in Q1 of 2016 nearly doubled from Q1 2015, $32 million to $56 million in Q1 2016.

Lippert adds, we want to be “the supplier of choice for the industries we serve. We are excited by what the future holds as we continue to innovate and expand with new products, new customers, new markets and new geographies.” ##

(Image credit: Drew Industries, Inc.)

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

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.

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 Releases Third Quarter Financials

November 11th, 2013 Comments off

In its third quarter financials, UMH Properties announces it has increased its portfolio of homesites by 26 percent since the beginning of the year. For the quarter ending Sept. 30, 2013 funds from operations (FFO) attributable to common shareholders of $1,993,000 or $.10 per diluted share as compared to Q3 2012 of $2,585,000 or $.16 per diluted share. The third quarter 2013 saw income increase to $16,245,000 from $12,187,000 for the same period last year. As einnews.com tells MHProNews, FFO less gains on securities transactions equaled $1,880,000 or $.10 per diluted share quarter ending Sept. 30, 2013 versus $1,370,000 or $.08 per diluted share for same period 2012. Samuel A. Landy, UMH President and CEO says, “Our portfolio occupancy increased 200 basis points over the prior year quarter from 80% to 82% at quarter end. Our income from community operations (defined as rental and related income less community operating expenses) increased 40% from $4,543,000 for the prior year quarter to $6,369,000 for the quarter ended September 30, 2013. Our community operating costs for the quarter include repairs and maintenance and other costs associated with bringing our newly acquired communities up to the high UMH standards. These expenses should fall as we complete the process of upgrading these communities, adding rental homes, and creating new sales centers. While demand for rentals remains very strong, growth in home sales is trending higher but at a much slower pace.” UMH is a public equity real estate investment trust (REIT) that owns and operates 74 manufactured housing communities comprised of 13,400 homesites. UMH will host a webcast and conference call Thursday, Nov. 21, 2013 at 10:AM.

(Photo credit: UMH Properties)

Drew Posts Gains for Third Quarter 2013

November 1st, 2013 Comments off

Drew Industries, Inc. (NYSE:DW) reports net income of $14.8 million for Q3 2013, or $0.62 per share, compared to $9.8 million in net income for the same period of 2012, an increase of52 percent. Net sales in the third quarter 2013 hit $251 million, 11 percent higher than the comparable period last year for the Elkhart, Indiana-based company. The sales growth Drew attributes to a 12 percent increase in the RV segment, which accounted for 87 percent of net consolidated sales. According to 4-traders.com, retail demand for travel trailer and fifth-wheel RVs rose 12 percent in the first eight months of this year as opposed to eight years for all of 2012. As MHProNews knows, through its subsidiaries, Lippert Components, Inc. and Kinro, Inc., Drew is a major supplier of components to the manufactured home and recreational vehicle markets. CEO Jason Lippert says, “Our Company-wide focus on our customers as our first priority has enabled us to gain market share and increase sales. We continue to invest in customer service and research and development resources to maintain our position as a leading supplier to the industries we serve.”

(Image credit: Drew Industries, Inc.)

Killam Reports Financials for Second Quarter 2013

August 8th, 2013 Comments off

Killam Properties, Inc., headquartered in Halifax, Nova Scotia, Canada reports for the second quarter 2013 property income rose 2.5 percent from $33,679,000 to $34,506,000 as compared to Q2 2012, yielding a net rental income loss of -0.5% year-over-year–$20,331,000 in 2012 versus $20,225,000 in the same period of 2013. Net income attributable to common shareholders rose 25.2 percent, from $18,558,000 in Q2 2012 to $23,238,000 for the same period 2013. As wsj.com informs MHProNews, occupancy for the manufactured housing portfolio dropped slightly year-over-year from 98.3 percent to 98.0 percent. Killam is one of the largest owners of manufactured housing communities in Canada.

(Photo credit: Killam Properties, Inc.)

Drew Industries Sets Sales Record for Q2 2013

August 7th, 2013 Comments off

Drew Industries, Inc. reports sales for Q2 2013 increased to a record $287 million, a 14 percent increase over the same period in 2012, resulting in net income of $15.9 million, not including an after-tax charge of $0.4 million related to executive succession which would have been $16.3 million in income. This represents an increase of 39 percent over the $11.7 million net income for the same period of 2012. The rise in net sales for Q2 was the result of a 16 percent increase in the company’s RV segment, according to a report from sacbee.com. Additionally, sales for July, 2013 rose 13 percent above the comparable period in 2012, again reflecting demand for recreational vehicle (RV) product, although Drew estimates production of manufactured housing industry-wide rose five to ten percent over 2012. As MHProNews knows, through its wholly-owned subsidiaries Kinro Inc. and Lippert Components, Drew provides numerous components for the manufactured housing and recreational vehicle industries.

(Image credit: Drew Industries, Inc.)

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)

UMH Moved to Buy

May 16th, 2013 Comments off

According to utahpeoplespost, real estate investment trust (REIT) UMH Properties, Inc. was upgraded by analysts at TheStreet from a hold to a buy position, as reported by AnalystRatingsNetwork. The company has strong growth in revenue and net income, good return on equity and earnings per share, and reasonable valuation levels. AnalystsRatingsNetwork says, “We feel these strengths outweigh the fact that the company shows weak operating cash flow.” A quarterly dividend scheduled for June 17th will yield a return of $0.18 per share to share holders on record as of May 15, 2013. UMH stock (UMH:NYSE) closed at $11.01 Wed., May 15. As MHProNews knows, UMH owns and operates 68 land lease communities in seven states comprised of 12,800 homesites, as well as a portfolio of REITs.

(Image credit: UMH Properties, Inc.)