UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported):

April 12, 2019

 

 

Registrant’s Telephone Number, Including Area Code: (817) 799-4900

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d‑2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e‑4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 8.01   Other Events.

On April12, 2019, Legacy Housing Corporation (the “Company”) announced that the Board of Directors approved a stock repurchase program enabling the Company to purchase up to $10 million of its issued and outstanding common stock.

Item 9.01   Financial Statements and Exhibits.

 

(d)         Exhibits

 

 

SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Exhibit 99.1

 

Legacy Housing Corporation Announces $10,000,000 Stock Repurchase Program

BEDFORD, TX-- (GLOBAL NEWSWIRE) – April 12, 2019 – Legacy Housing Corporation (NASDAQ: LEGH) today announced that its Board of Directors has approved a stock repurchase program that will enable the Company to repurchase up to $10,000,000 of its outstanding common stock.

“This share repurchase program is a confirmation of our ongoing belief in our future and our commitment to delivering value to our shareholders,” said Curt Hodgson, Executive Chairman of the Board. “Our strong balance sheet allows us to adopt this stock repurchase program while still having resources to continue to fund our existing operations and future growth.”

The timing and amount of any shares purchased will be determined by the Company’s management based on its evaluation of market conditions and other factors. The repurchase program will be in effect until April 11, 2022.

The repurchase program will be funded using the Company’s credit capacity. As of December 31, 2018, we had a borrowing capacity of $51.3 million under two revolving credit facilities.

About Legacy Housing Corporation

Legacy Housing Corporation builds, sells and finances manufactured homes and "tiny houses" that are distributed through a network of independent retailers and company-owned stores and are sold directly to manufactured housing communities.  We are the fourth largest producer of manufactured homes in the United States as ranked by available from the Manufactured Housing Institute. With current operations focused primarily in the southern United States, we offer our customers an array of quality homes ranging in size from approximately 390 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 $22,000 to $95,000.

Statements in this press release, including Legacy’s statements about its intentions to repurchase shares of its common stock from time to time under this stock repurchase program and the potential source of funding or intended use of any repurchased shares, constitute forward-looking statements as defined in the Private Securities Litigation Reform Act.  Forward-looking statements involve substantial risk and uncertainties that may cause actual results to differ materially from expectations. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release.  We disclaim any obligation to update forward-looking statements, except as required by applicable law.

Investor Inquiries:

Neal Suit, (817) 799-4906

investors@legacyhousingcorp.com

or

Media Inquiries:

Casey Mack, (817) 799-4904

pr@legacyhousingcorp.com