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Posts Tagged ‘Palm Harbor’

Cavco Acquires Manufactured Home Producer Fairmont

May 5th, 2015 Comments off

cavco logoMHProNews has learned from globenewswire that manufactured and modular home builder Cavco Industries, Inc. (NASDAQ:CVCO) has acquired Fairmont Homes, Inc. of Nappanee, Indiana through its wholly-owned subsidiary, FH Group, LLC.. With manufacturing plants in Indiana and Minnesota, Fairmont produces manufactured and modular homes and park model recreational vehicles (RVs), and homes built to Canadian codes.

We are pleased to have the Fairmont business and employees join the Cavco group of companies,” said Cavco President Joe Stegmayer. “We believe that Fairmont’s strong production capabilities, reputation for product quality and service and its excellent customer base fit well with Cavco’s philosophy and approach to doing business.

Fairmont’s products will continue to be sold under the Fairmont, Century, Friendship and Harmony names, and Brian Cira will continue on as president of Fairmont Homes.

In addition to manufactured and modular housing, from its headquarters in Phoenix, Arizona, Cavco also produces park model RVs and vacation homes, under subsidiaries Fleetwood Homes, Palm Harbor Homes, Nationwide Homes and Chariot Eagle, through 19 manufacturing facilities.

Although the purchase price was not disclosed, the acquisition was funded with Cavco’s internal capital. ##

(Image credit: Cavco Industries, Inc.)

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

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)

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.)

Cavco Financials: Holding Steady

February 1st, 2013 Comments off

GlobeNews reports Cavco Industries, Inc.’s financials for the fiscal third-quarter 2013 reveal net sales remained the same as for same quarter 2012–$114.6 million. Net income was $3 million for both. The first nine months of FY 2013, which ended Dec. 29, 2012 saw sales drop by $.01 million from the same period last year to $343.5 million. Net income for the first nine months of FY 2013 attributable to Cavco stockholders was $3.6 million versus $13.3 million for last year, which includes $11 million as the result of acquiring Palm Harbor in 2011. Speaking of Q3, Joseph Stegmayer, Chairman, President and Chief Executive Officer (and former MHI Chairman) says, “We are pleased with the continued contributions and progress of our acquired businesses. However, increasing homebuilding component and raw material costs, continued competitive pricing pressures, market demand for smaller and lower price-point homes and a higher income tax provision adversely affected our earnings during the quarter. The average sales price per home was approximately $50,100 during the third quarter of fiscal year 2013 compared to $53,200 during the third quarter last year, a 5.8% decrease. On a positive note, home sales increased this quarter to 2,065 homes, 4.7% higher than 1,972 homes sold during the same quarter last year.” As MHProNews understands, Cavco is the second largest producer of manufactured homes in the nation.

(Photo credit: Stacey Hairston/Franklin News-Post–Cavco plant Rocky Mt. Vir.)

Cavco Announces Q1 Financials

August 3rd, 2012 Comments off

MarketWatch says Phoenix-based Cavco Industries, Inc. (CVCO: +3.63% Aug. 2) reported net sales for the first quarter of fiscal year (FY) 2013 totaled $118,781,000, representing a 20% increase over the $98,981,000 net sales for the first quarter of FY 2012. First quarter 2013 net income was $1,618,000 as compared to $20,688,000 for the same period in 2012. Included in net income for the first quarter of FY 2012 was $22,009,000 representing Cavco’s ownership percentage of the Palm Harbor transaction that occurred April 23, 2011. Commenting on the first quarter results, Vice president and Chief Financial Officer Dan Urness said, “Gross profit as a percentage of net sales increased 4.0% to 20.3% for the first quarter of fiscal 2013 versus 16.3% for the same quarter in the prior year. The increase is primarily attributable to having the full quarter benefit of the generally higher margin Palm Harbor retail and finance businesses versus a partial quarter last year, given the transaction closing date of April 23, 2011.” Cavco will hold a conference call Fri. Aug 3, 2012 at 12:00 noon eastern time to discuss these results. As MHProNews has learned, Cavco designs and produces manufactured and modular homes as well as park model homes, vacation cabins, and commercial structures, and also provides financial services to consumers. Cavco gained +0.25% on the stock market today.

(Image credit: Cavco Industries, Inc.)

Cavco’s Earnings Skyrocket

February 3rd, 2012 Comments off

AZCentral tells MHJProNews.com 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: MHProNews.com/Joe Stegmayer)

New March date attracting strong support for MH Show

September 7th, 2011 3 comments

Great Southwest Home Show 2012  QuikTrip Center GSWHS Golden Oil Man Expo Square Tulsa OKSources tell MHProNews.com that momentum is building for the return of the 2012 Great Southwest Home Show.   “The Great Southwest Home Show gave us a great platform to introduce and sell our Rocky Mountain Series.” said Howard McGirt, General Manager  of Southern Energy Homes of Texas.  Kurt Kelly of Mobile Insurance said, “At the Great Southwest Home Show, we have a chance to see and visit with many of our clients, as well as meet with other industry leaders from across the country.”  Deanna Fields, Executive Director for the MHAO stated: “The Great Southwest Home Show is excited once again to have MHMSM.com (MHProNews.com) help promote the largest inside home show in the Southwest.  MHMSM.com is a  valuable tool to get the message out about our show and new show dates, March 1-2 (Trade Days) and March 3-4 (Public Days). 2012 “  When asked by MHMSM about commitments for show spaces, Field’s replied: “Already we have  Legacy Housing, Oak Creek, American Homestar, Palm Harbor, Sunshine, Southern Energy of Texas, Fleetwood Homes, Skyline Homes and Southern Homes eager to participate. “  Retail attendees have said that the date earlier in the season helps them select the right homes for the Spring/Summer selling season.

(Editor’s Note: More information on the 2012 Great Southwest Home Show can be found at a press release to MHMSM.com at this link.)

(Photo Credit: MHProNews.com)

 

Fleetwood Homes Wins Palm Harbor Bid in Court

March 2nd, 2011 Comments off

Cavco Industries successfully pulled off its takeover of bankrupt Palm Harbor Homes through its subsidiary, Fleetwood Homes, for $83.9 million at a bankruptcy auction March 1.  Fleetwood, which is 50 percent owned by Cavco and 50 percent by Third Avenue Value Fund, will acquire essentially all of Palm Harbor’s assets, including the manufactured and modular construction equipment, retail stores, and the insurance and financing operations.  According to the Phoenix Business Journal, Dallas-based Palm Harbor, which posted a loss of $10.9 million on sales of $66.3 million Sept. 24, filed Chapter 11 reorganization November 29.  Fleetwood itself was acquired by Cavco for $21.8 million in 2008.  The deal must still be approved by the court.

Dow Flat, MH Composite Closes Lower

February 15th, 2011 Comments off
Weak retail trade in January drove the Dow down 0.34 percent to close at 12,226.64.  After dropping nearly 16 percent yesterday, Palm Harbor Homes rebounded to close up 37.50 percent.  Cavco lost 0.38 percent and Nobility Homes was down 0.24 percent.  The Manufactured Housing Composite Value lost 1.91 percent.

Stocks End Day Mixed

February 14th, 2011 Comments off

The stock market closed mixed, but the Dow was down slightly to close at 12,268.19. Palm Harbor dropped 15.79 percent and Cavco lost 1.54 points, but Deer Valley was unchanged. The Manufactured Housing Composite Value lost 1.54 percent.