Archive

Posts Tagged ‘PRNewswire’

Manufactured Home Community Owner YES! Redistributes Assets

August 15th, 2016 Comments off

YES_Communities__their_credit postedDailyBusinessNewsMHProNewsYES! Communities, one of the largest owners of manufactured home communities in the nation with 178 communities in 17 states containing over 44,600 residential home sites, has announced it has sold 71 percent equity interest in its combined businesses to two global institutional investors, according to prnewswire. One of them is GIC, the Singapore-based sovereign wealth fund, with over $100 billion under management.

Additionally, the three entities that comprise YES!’ MHC portfolio will be combined into a new entity called YES! Communities LLC, a new real estate investment trust (REIT) portfolio.

Debt financing for the transaction was secured through two Fannie Mae credit facilities arranged by KeyBank and Wells Fargo, respectively. KeyBank also arranged a credit facility from Freddie Mac and a line of credit.

A portfolio company of Stockbridge Capital Group, LLC, YES!’s management team and existing investors of Stockbridge will own 29 percent of the new company. No financial terms were disclosed, MHProNews has learned.

In order to meet the various needs of its residents, YES! Offers home rental, site rental, home sales and home loan acquisition programs.

Stockbridge is an independent real estate investment management firm with $10 billion in real estate assets under management.

For the initial story abut GIC’s interest in YES!, please click here. ##

(Photo credit: YES!Communities manufactured home duplex)

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

Drew Reports Net Sales 22% Above Last Year’s Comparable Quarter

August 5th, 2016 Comments off

Drew_Ind_2_logo posteedDailyBusinessNewsMHProNewsElkhart, Indiana-based Drew Industries, Inc. reported consolidated net sales for the second quarter of 2016 increased to $441 million, 22 percent higher than the same period in 2015. “Our operating profit in the second quarter of 2016 improved to more than $59 million, compared to nearly $34 million in the second quarter of 2015,” said Scott Mereness, Drew’s President.

Net income was $37.6 million, or $1.51 per diluted share, for Q2 2016, compared to net income of $20.9 million, or $0.85 per diluted share, for the second quarter ending June 30, 2015, according to prnewswire.

Drew(NYSE:DW) has modified its internal structure, with the OEM division focused on the products sold to OEMs, and the burgeoning afermarket division supplying repair and replacement products through distribution channels, a market Drew is actively pursuing. For Q2 2016 the company increased net sales to the aftermarket by over 32 percent, adding $34 million.

As of June 30, 2016, the Company had a net cash position of $29 million, an improvement of $66 million from a net debt position of $38 million at the beginning of the year, even after $15 million of dividend payments in the first half of 2016,” said David Smith, Chief Financial Officer. “This cash generation was the result of our operational performance and was strongly aided by inventory reductions of $26 million.”

As MHProNews knows, while Drew is heavy into recreational vehicle products, it also is a component supplier to the manufactured home industry.

A replay of the company’s webcast discussing the second quarter is available at Drew’s website. ##

(Logo credit: Drew Industries, Inc.)

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

Patrick Completes Acquisition of BHE, another Thermoformed Producer

August 1st, 2016 Comments off

Patrick_Industries__elkharttruth__Emily_Pfund__credit postedDailyBusinessNewsMHProNewsComponent supplier to the manufactured home and recreational vehicle industries, Patrick Industries, Inc. has finalized the acquisition of BH Electronics, Inc. (BHE) of Munford, Tennessee, according to what prnewswire tells MHProNews.

From five facilities in the southeast, BHE designs and produces custom thermoformed dash board and console assemblies, as well as complete electrical systems, for recreational boat manufacturers through out the U. S.

The company’s estimated revenues for 2016 are forecast to be $35 million, the same figure that Patrick (NASDAQ:PATK) paid for the company in cash. The company expects the acquisition to be immediately accretive to this year’s income.

Andy Nemeth, president of Patrick, said, “Consistent with previous acquisitions, we will support BHE with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success.”

BHE will continue to operate under its own name out of its five locations in Tennessee and Georgia.

As MHProNews posted July 7, 2016, Patrick acquired another thermoformed plastics producerr, Vacuplast, LLC, d/b/a LS Manufacturing, Inc. ##

(Photo credit: elkharttruth/Emily Pfund-Patrick headquarters in Elkhart, IN)

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

Patrick’s Sales Rise 35% in Q2; NOI Increases 37%

July 29th, 2016 Comments off

Patrick_Industries Inc credit postedDailyBusinessNewsMHProNewsPatrick Industries, Inc., a component supplier to the manufactured housing (MH) and recreational vehicle (RV) industries, reported a 35 percent increase in net sales for Q2 2016 over the same period of 2015, $233.5 million to $315.2 million.

While the increase was mostly attributable to a 33% rise in the company’s revenue from the RV industry, revenue from the MH industry, which represented 13% of the Company’s second quarter 2016 sales, increased 26%. Patrick reports that wholesale unit shipments in the MH industry rose approximately 12% over the second quarter of 2015.

Patrick’s net operating income in Q2 2016 hit $28 million, an increase of $7.6 million, or 37 percent, over the $20.4 million posted for the same period of 2015. Net income increased 38% to $16.7 million in Q2 2016, over the $12.1 million in the second quarter, 2015. Net income, per diluted share, increased 41% to $1.10 from $0.78. 

Todd Cleveland, CEO, said the company is increasing content per unit in both the MH and the RV industries, in part through acquisitions of other companies and market share gains, as prnewswire informs MHProNews.

President Andy Nemeth said, “Wholesale unit shipment growth in the MH industry is outpacing new housing starts growth, indicating continued positive momentum and increasing demand.  Our industrial revenues increased significantly as we continue to position our industrial sales team to target regional territories and penetrate new markets.”

Meanwhile, new housing starts in the second quarter of 2016 rose only one percent over a year ago. ##

(Image credit:Patrick Industries, Inc.)

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

MH Component Supplier Drew to Discuss Q2 Financials

July 23rd, 2016 Comments off

Drew_Industries, Inc._logo postedDailyBusinessNewsMHProNewsDrew Industries, Inc. of Elkhart, Indiana (NYSE:DW) will release its second quarter, 2016 financials before the market opens on Thurs., Aug. 4, 2016, according to prnewswire. A supplier of components to the manufactured home and recreational vehicle industries, Drew will hold a conference call later that same day at 11 AM eastern time to discuss the results and other business concerns.

The call will be hosted by Drew CEO Jason Lippert, President Scott Mereness and CFO David Smith. Participation in the question and answer session at the end of the call will be limited to institutional investors and analysts. Others may listen to the webcast on the Drew website.

Drew operates from 45 manufacturing and distribution facilities in the U. S., Canada and Italy.

Drew Industries stock is reported on MHProNews‘ Daily Business News stock report, shown here. In trading to end the week, Drew closed up +0.35 percent at $90.51. ##

(Image credit: Drew Industries, Inc.)

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

UMH Properties to Release, Discuss Q2 2016 Financials

June 25th, 2016 Comments off

umh_mfg_home__cedit_umhMHProNews has learned from prnewswire that manufactured home community (MHC) owner UMH Properties, Inc. (NYSE:UMH) will hold its 2nd quarter 2016 financial results webcast and conference call Fri., Aug. 5, 2016 at 10:00 AM eastern time. Senior management will assess the results, current market conditions and future outlook.

UMH’s second quarter financials will be released Thurs., Aug. 4, 2016 following the close of the New York Stock Exchange. A transcript of the call and a replay of the webcast will be available until Nov. 1, 2016 at www.umh.reit.

UMH owns and operates 98 MHCs in seven eastern states comprised of 17,800 developed home sites. The company also owns a portfolio of REIT securities. ##

(Photo credit: UMH Properties, Inc.)

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

Patrick Acquires Mishawaka Sheet Metal

June 20th, 2016 Comments off

patrick_industries__insideindianabusiness__creditMHProNews has learned from prnewswire that Elkhart-Indiana-based Patrick Industries, Inc. (NASDAQ:PATK) has completed the acquisition of Mishawaka Sheet Metal, LLC (MSM), also based in Elkhart for approximately $14 million.

With revenues in 2015 of $28 million, MSM produces and distributes an array of aluminum and steel products for the recreational vehicle and industrial markets. Patrick CEO Todd M. Cleveland, noting Patrick’s capitalizing on MSM’s value-added manufacturing capabilities and products, said, “The acquisition of MSM provides us the opportunity to continue to penetrate adjacent industrial markets with our broad product offering and value proposition.”

Funded under the company’s existing credit facility, the acquisition includes accounts receivable, inventory, machinery and equipment. MSM will continue to operate under its own brand name.

Patrick is a component supplier to the manufactured home and recreational markets as well as to other industrial markets. ##

(Photo credit: insideindianabusiness)

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

Modular Builder M Space Files Bankruptcy

June 15th, 2016 Comments off

M_Space__park_city_utah__their_creditFollowing the bankruptcy of modular builder M Space in late May, Gordon Brothers Group will begin the immediate disposition of assets of the company, including 2,400 floors of custom built modular buildings and complexes, as prnewswire informs MHProNews..

Headquartered in Park City, Utah, M Space provided modular buildings for education, government, business, healthcare, laboratory, lodging, manufactured housing, corrections and public safety—permanent and portable buildings. There are also several buildings under lease that can be assumed by the buyer.

We expect this to be a short sale since we have already received strong responses from interested buyers,” stated Robert Maroney, President of the Commercial & Industrial Division of Gordon Brothers Group. “These units have been well maintained and are used in a variety of sectors. We look forward to making them available to buyers from a multitude of industries,” he added.

Headquartered in Boston, Gordon Bros. is a global advisory, restructuring and investment firm specializing in the industrial, consumer products and retail sectors, with offices in select cities across the U. S. and the globe. ##

(Photo credit: M Space–manufactured home.

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

UMH Community Hosting Baseball Legend “Doc” Gooden ; UMH Chair to Present at NAREIT

June 1st, 2016 Comments off

Dwight_Doc_Gooden__pitcher__marcellus__creidtUMH Properties, Inc. (NYSE:UMH) announces it will host three-time champion World Series pitcher Dwight “Doc” Gooden on June 18, 2016 at the manufactured home community owner’s Kinnebrook Estates in Monticello, New York. Gooden will sign fans’ sports memorabilia or a free photo of the storied pitcher that attendees will receive after touring a UMH model home, according to marcellus.

Although his greatest impact was with the New York Mets and the New York Yankees during his 16-year career from 1984 to 2000, Gooden also pitched for the Cleveland Indians, Tampa Bay Devil Rays and the Houston Astros.

He played for the Mets during the team’s World Series victory in 1986, and he pitched the first no-hitter of his career with the Yankees in 1996. The youngest player to appear in an All Star game, Gooden won the prestigious Cy Young Award after only four seasons in the majors, and maintained a lifetime batting average of 318, unusual for a pitcher.

In other news, prnewswire reports UMH will present at REITWeek 2016: NAREIT’s Investor Forum on June 7, 2016 at the Waldorf Astoria New York. Opening remarks will be delivered by Chairman of the Board Eugene Landy, who will be celebrating his 50th year as Chairman in 2018.

MHProNews knows UMH owns and operates 98 manufactured home communities comprised of 17,800 home sites in seven states east of the Mississippi. The real estate investment trust (REIT) also owns a portfolio of REIT securities. ##

(Photo credit: marcellus–baseball great Dwight “Doc” Gooden)

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.