Legacy Housing Corporation Reports First Quarter 2021 Financial Results
- Net revenue for the first quarter of 2021 was
$39.9 million. This was a 4.4% or $1.7 millionincrease from the first quarter of 2020.
- Interest revenue from our consumer and mobile home park portfolios for the first quarter of 2021 was
$6.6 million. This was a 3.3% or $0.2 millionincrease from the first quarter of 2020.
- Selling, general and administrative expense in the first quarter of 2021 was
$4.8 million. This was a decrease of 14.6% or $0.8 millionfrom the $5.6 millionrecorded in the first quarter of 2020.
- Income from operations during the first quarter of 2021 was
$10.7 millioncompared to the $10.6 millionrecorded in the first quarter of 2020.
- Net income in the first quarter of 2021 was
$9.0 million. Compared to the first quarter of 2020, adjusting for the impact of a one-time settlement realized during the first quarter of 2020, net income increased by $0.8 million. The improvement in net income was the result of a strategy to earn energy efficiency tax credits.
- Diluted earnings per share for the first quarter of 2021 were
$.37. Adjusting for the impact of a one-time settlement realized during the first quarter of 2020, this was an increase 10.1% or $.03compared to the first quarter of 2020.
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 first quarter of 2021 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