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Posts Tagged ‘year 2012’

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 Issues Financials for 2012

March 12th, 2013 Comments off

PRNewswire reports from Freehold, NJ, MHC owner operator UMH Properties, Inc. announces its financials for 2012 and the Q4 2012. Its Core Fund from Operations (FFO) grew from $9,218,000 for the year ending Dec. 31, 2011 to $10,010,000 year-over-year 2012. Total income increased from $39,313,000 in 2011 to 46,828,000 in 2012, while net income attributable to common shareholders fell from $2,040,000 in 2011 to $1,749,000 in 2012. For the quarter ending Dec. 31, 2012 total income rose to $12,606,000 from $11,026,000 for the same quarter of 2011. Net loss attributable to common shareholders increased from $147,000 for Q4 2011 to to $559,000 Q4 2012. During 2012 UMH acquired 17 Communities containing a total of 1,700 developed home sites for $47.6 million. Assets in 2012 grew from $223.9 million to $300.2 million. As MHProNews understands, UMH owns and operates 67 manufactured housing communities comprised of 12,500 developed homesites in seven states. It also owns a portfolio of REITs. Says President Samuel A. Landy, “The Company is very well positioned to continue to execute its growth strategy and anticipates additional acquisitions in 2013.”

(Image credit: UMH Properties, Inc.)

T. J. T. Reports Substantial Drop in Sales

January 26th, 2013 Comments off

DailyFinance tells MHProNews T. J. T., Inc., based in Eagle, Idaho reports a net loss of $1,149,000, $.25 a diluted share, for fiscal year 2012 for this supplier of axles, tires and set-up supplies for the MH industry. Lower sales volume combined with an increase in SG&A (selling, general and administrative expenses) led to the net loss, which includes a $340,000 loss in Q4 2012. Sales plummeted 57 percent to $821,000 in the fourth quarter compared to the same period 2011. On the year, sales fell 34 percent to $4,004,000 in 2012 for the FY ending Sept. 30, 2012 compared to the previous fiscal year totals. The company formed T. J. T. Transit, LLC in Oct. 2012, a wholly-owned subsidiary designed for the transport of manufactured housing, modular buildings and man camps, which is set to be operational in early 2013. Due to cost-saving measures being taken by the company, T. J. T. will no longer file quarterly or annual reports for public perusal.

(Photo credit: Inhabitat)

Long Strides in Short Sales

September 14th, 2012 Comments off

nationalmortgagenews says, according to a new government report, servicers that work on delinquent FHA (Federal Housing Administration)-insured mortgages are shoring up the agency’s losses on insurance claims because they are becoming more adept at dealing with short sales. The FHA says its servicers completed 27,150 short sales for the first three quarters of fiscal year 2012 ending June 30, a 65 percent spike from the same period last year. The loss rate on the sale of foreclosed properties or REOs (real estate owned) is 71 percent versus 47 percent on short sales. FHA completed 75,550 REO sales in the first three fiscal quarters of 2012, an increase of 11 percent over the same period last year. MHProNews has learned the year-to-date net loss rate declined by 1.5 percent from last quarter due to the increase in short sales.

(Image credit: Washington Post/istock)

T.J.T. Reports Q3 2012 Loss

August 15th, 2012 Comments off

Stockhouse tells MHProNews T.J.T., Inc. of Emmett, Idaho reports a net loss of $194,000 for its third quarter of fiscal year 2012 versus a net loss for the same period last year of $346,000. Net sales fell from $1,457,000 for the quarter ending June 30, 2011 to $880,000 for the same period 2012, accounted for by a drop in sales of tires and axles by 52%, and a decrease in sales of accessories of 21% due to “competitive impacts.” Despite savings incurred as the result of closing facilities in Colorado and Washington, the net loss for 2012 was impacted by administrative and start-up costs associated with the distribution of parts and services for its North Dakota RV operations in the first quarter of fiscal year 2012, and its Field Service Division in Q3 2012 to provide mobile shower and laundry services to the oil and gas industry, also in ND. The company supplies axles, tires, and set-up supplies to the manufactured housing industry, and aftermarket supplies to the MH, RV, and residential markets.

(Photo credit: Riley Transport)

HUD Code and MOD Stocks: Buy Now!

June 15th, 2012 Comments off

With manufactured housing increasing production nine consecutive months, as MHProNews has noted previously, smallcapnetwork says the time might be ripe to get into the manufacturing and modular housing market. Cavco Industries (NASDAQ:CVCO) reports net sales for the entire fiscal year 2012 hit $443,066,000, an increase of 156% over last year, and net income surged $4.07 million to $29.7 million. The gains are magnified by the acquisition of Palm Harbor Homes through its Fleetwood Homes subsidiary, which is half owned by Third Avenue Value Fund. The stock, up 19.7% since Jan. 1 and 34.1% over the past five years, gained 3.63% to 47.64 Thurs. Cavco produces manufactured and modular housing, park model homes and vacation cabins.
Drew Industries (NYSE:DW) provides a wide range of structural and interior components to the RV and manufactured housing industries. Sales rose 32% to 223.6 million in the first quarter 2012, producing net income of $11.1 million. In the RV division sales were up 29%, and 26% in the manufactured homes segment. On Thurs. the stock gained +0.70% to close at $27.20. The stock has gained 10.9% since Jan. 1, and is up 14.3% over the past year.

(Image credit: FotoSearch clip art)