Legacy Housing Corporation Reports 2019 Third Quarter Results
- Revenue for the third quarter of 2019 was
$41.9 million, compared to $40.5 millionin the third quarter of 2018, an increase of $1.4 millionor approximately 3.4%.
- Interest income was
$5.7 millionin the third quarter, an increase of 20% from the $4.8 millionin interest income for the same period in 2018.
- The manufactured home park loan portfolio increased by
$24.1 millionto a total of $82.0 million, an increase of 42% from the end of 2018. The consumer loan portfolio increased to $103.1 million, inclusive of the allowance for loan loss and other discounts.
- Manufactured home community sales were
$16.9 millionin the third quarter, a 117% increase from the $7.8 millionin community sales in the third quarter of 2018.
- Earnings before taxes were 8.0 million in the third quarter of 2019, compared to
$8.7 millionin the prior year quarter. Net income was $6.1 millionin the third quarter of 2019, compared to $6.5 millionfor the comparable period in 2018, a 5.4% decrease in net income.
- Earnings per share for the second quarter of 2019, based on diluted weighted average shares outstanding, was
$0.25on 24,338,839 diluted outstanding shares versus $0.32on 20,000,000 outstanding shares for the comparable quarter in 2018. The increase in shares reflects those shares sold pursuant to the Company’s successful initial public offering, net of treasury stock. Curtis D. Hodgson, Executive Chairman of the Board, commented, “Our 2019 third quarter sales were an improvement over the same period from 2018, but we did have shrinking margins this quarter, which, while disappointing, we do not believe is indicative of our expected margins on an on-going basis. Going into the fourth quarter, we see strong demand, a healthy backlog, and increasing production at all three plants, which makes us optimistic about how we will finish out the year. We also continue to make substantial progress on our manufactured home community development projects, and we believe this will lead to growth of our top and bottom lines in 2020. Finally, our sales to manufactured home communities continues to exceed our expectations. Quarter-over-quarter, our sales to communities have more than doubled.”
This shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Management Conference Call-
Senior management will discuss the results of the third quarter of 2019 in a live webcast and conference call on
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Securities and Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. As a result, our actual results or performance may differ materially from anticipated results or performance.
Source: Legacy Housing Corporation