Legacy Housing Corporation Reports First Quarter 2023 Financial Results
- 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
$16.32, an increase of 4.0% from the fourth quarter of 2022.
This shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Conference Call Information
Management will host a conference call to discuss the results at
Legacy builds, sells, and finances manufactured homes and "tiny houses" that are distributed through a network of independent retailers and company-owned stores. The Company also sells directly to manufactured housing communities. Legacy is the fifth largest producer of manufactured homes in
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Securities and Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. As a result, our actual results or performance may differ materially from anticipated results or performance. Legacy undertakes no obligation to update any such forward-looking statements after the date hereof, except as required by law. Investors should not place any reliance on any such forward-looking statements.
|BALANCE SHEET (in thousands)|
|Cash and cash equivalents||$||3,233||$||2,818|
|Accounts receivable, net||3,985||4,873|
|Current portion of contracts - dealer financed||30,447||29,441|
|Current portion of consumer loans receivable||6,893||6,801|
|Current portion of notes receivable from mobile home parks (“MHP”)||9,906||9,670|
|Current portion of other notes receivable||8,608||8,927|
|Prepaid expenses and other current assets||3,729||4,064|
|Total current assets||107,781||107,081|
|Contracts - dealer financed, net||1,518||595|
|Consumer loans receivable, net||134,423||132,208|
|Notes receivable from MHP, net||144,431||133,072|
|Other notes receivable, net||16,364||13,795|
|Other assets - leased mobile homes||8,073||8,824|
|ROU assets - operating leases||2,503||2,663|
|Property, plant and equipment, net||30,597||30,106|
|Operating lease obligation||652||650|
|Lines of credit||7,838||-|
|Total current liabilities||46,660||41,462|
|Operating lease obligation, less current portion||1,959||2,121|
|Lines of credit||-||2,545|
|Deferred income taxes, net||2,862||3,065|
|Dealer incentive liability||5,596||5,516|
|Total Liability & Stockholders' Equity||$||454,952||$||436,813|
|STATEMENT OF OPERATIONS (in thousands)|
|Three Months Ended|
|Consumer and MHP loans interest||7,705||6,765|
|Total net revenue||52,857||59,928|
|Cost of product sales||28,960||33,727|
|Selling, general and administrative expenses||5,412||7,659|
|Total costs & operating Expenses||34,503||41,660|
|Income from operations||18,354||18,267|
|Income before income tax expense||19,711||19,650|
|Income Tax Expense||3,435||3,558|
|Weighted average shares outstanding:|
|Net income per share:|
Source: Legacy Housing Corporation