Legacy Housing Corporation Reports First Quarter 2023 Financial Results

May 9, 2023

BEDFORD, Texas, May 09, 2023 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (the "Company” or “Legacy,” NASDAQ: LEGH) today announced its financial results for the first quarter ended March 31, 2023.

Financial Highlights

  • Net revenue for the first quarter of 2023 was $52.9 million, a decrease of 11.8% from the first quarter of 2022.
  • Income from operations for the first quarter of 2023 was $18.4 million, an increase of 0.5% from the first quarter of 2022.
  • Net income for the first quarter of 2023 was $16.3 million, an increase of 1.1% from the first quarter of 2022.
  • Basic earnings per share for the first quarter of 2023 was $0.67, an increase of 1.0% from the first quarter of 2022.
  • Book value for the first quarter of 2023 was $397.9 million, an increase of 4.1% from the fourth quarter of 2022.
  • Book value per share for the first quarter of 2023 was $16.32, an increase of 4.0% from the fourth quarter of 2022.

Duncan Bates, President and Chief Executive Officer, stated: “I am proud of our team’s accomplishments this quarter. The market is challenging. We kept our heads down and focused on sales. Long-time customers have stepped up with orders to extend our backlog. Our loan portfolios continue to perform well, and we are deploying capital into our industry at high rates of return while other financing sources pull back. Georgia production and shipments were below historical levels during the first quarter but have recently gained momentum. Reducing costs and streamlining processes are our top priority. Since its inception, Legacy has operated in a conservative manner with low leverage and a laser focus on the bottom line. We will maintain this approach and invest as opportunities arise.”

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.

Conference Call Information

Management will host a conference call to discuss the results at 10:00 a.m. Central Time on Wednesday, May 10, 2023. To access the conference call, please pre-register using this link. Registrants will receive confirmation with dial-in details. A live webcast of the call can be accessed using this link.

About Legacy Housing Corporation

Legacy builds, sells, and finances manufactured homes and "tiny houses" that are distributed through a network of independent retailers and company-owned stores. The Company also sells directly to manufactured housing communities. Legacy is the fifth largest producer of manufactured homes in the United States as ranked by the number of homes manufactured based on the information available from the Manufactured Housing Institute and the Institute for Building Technology and Safety. With current operations focused primarily in the southern United States, we offer our customers an array of quality homes ranging in size from approximately 395 to 2,667 square feet consisting of 1 to 5 bedrooms, with 1 to 3 1/2 bathrooms. Our homes range in price, at retail, from approximately $33,000 to $180,000.

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. Legacy undertakes no obligation to update any such forward-looking statements after the date hereof, except as required by law. Investors should not place any reliance on any such forward-looking statements.

Investor Inquiries:
Duncan Bates, (817) 799-4837

Media Inquiries:
Kira Hovancik, (817) 799-4905


BALANCE SHEET (in thousands)
Assets     March 31, 2023       December 31, 2022  
Current assets:                
Cash and cash equivalents   $ 3,233     $ 2,818  
Held to Maturity Securities     8,452       8,412  
Accounts receivable, net     3,985       4,873  
Current portion of contracts - dealer financed     30,447       29,441  
Current portion of consumer loans receivable     6,893       6,801  
Current portion of notes receivable from mobile home parks (“MHP”)     9,906       9,670  
Current portion of other notes receivable     8,608       8,927  
Inventories     32,527       32,075  
Prepaid expenses and other current assets     3,729       4,064  
Total current assets     107,781       107,081  
Contracts - dealer financed, net     1,518       595  
Consumer loans receivable, net     134,423       132,208  
Notes receivable from MHP, net     144,431       133,072  
Other notes receivable, net     16,364       13,795  
Inventories, Net     7,242       6,987  
Other assets - leased mobile homes     8,073       8,824  
ROU assets - operating leases     2,503       2,663  
Other assets     2,020       1,482  
Property, plant and equipment, net     30,597       30,106  
Total Assets   $ 454,952     $ 436,813  
Current liabilities:                
Accounts payable   $ 3,880     $ 4,549  
Accrued liabilities     17,673       16,895  
Customer deposits     7,346       9,715  
Escrow liability     9,272       9,653  
Operating lease obligation     652       650  
Lines of credit     7,838       -    
Total current liabilities     46,660       41,462  
Operating lease obligation, less current portion     1,959       2,121  
Lines of credit     -         2,545  
Deferred income taxes, net     2,862       3,065  
Dealer incentive liability     5,596       5,516  
Total Liabilities     57,078       54,709  
Stockholder's Equity                
Stockholders' Equity     397,874       382,104  
Total Liability & Stockholders' Equity   $ 454,952     $ 436,813  

    Three Months Ended
      March 31, 2023       March 31, 2022  
Net Revenue:                
Product Sales   $ 43,318     $ 51,787  
Consumer and MHP loans interest     7,705       6,765  
Other     1,834       1,376  
Total net revenue     52,857       59,928  
Operating Expenses:                
Cost of product sales     28,960       33,727  
Selling, general and administrative expenses     5,412       7,659  
Dealer incentive     131       275  
Total costs & operating Expenses     34,503       41,660  
Income from operations     18,354       18,267  
Other Income:                
Interest income-other     695       853  
Other income/expenses     753       586  
Interest expense     (91 )     (56 )
Income before income tax expense     19,711       19,650  
Income Tax Expense     3,435       3,558  
Net Income   $ 16,276     $ 16,092  
Weighted average shares outstanding:                
Basic     24,374,677       24,351,223  
Diluted     25,177,502       24,661,426  
Net income per share:                
Basic   $ 0.67     $ 0.66  
Diluted   $ 0.65     $ 0.65  


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Source: Legacy Housing Corporation

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