Legacy Housing Corporation Reports Third Quarter 2023 Financial Results
09 Novembre 2023 - 10:17PM
Legacy Housing Corporation (“Legacy” or the "Company,” NASDAQ:
LEGH) today announced its financial results for the third quarter
ended September 30, 2023.
Financial Highlights
- Net revenue for the
third quarter of 2023 was $49.9 million, a
decrease of 12.9% from the third quarter of
2022.
- Income from
operations for the third quarter of 2023 was $19.0
million, an increase of 12.8% from the third
quarter of 2022.
- Net income for the
third quarter of 2023 was $16.1 million, an
increase of 9.2% from the third quarter of
2022.
- Basic earnings per
share for the third quarter of 2023 was $0.66, an
increase of 10.0% from the third quarter of
2022.
- Book value for the
third quarter of 2023 was $429.5 million, an
increase of 18.6% from the third quarter of
2022.
- Book value per share
for the third quarter of 2023 was $17.61, an
increase of 18.7% from the third quarter of
2022.
Duncan Bates, President and Chief Executive Officer, stated:
“The need for affordable housing in the United States is
undeniable. Mortgage rates have increased drastically, median home
prices have held, and large numbers of potential homebuyers are
priced out of the traditional housing market. Leading indicators
for manufactured housing, such as retail traffic and loan
applications, point toward a gradual recovery for our industry.
Legacy’s 2023 Fall Show, our annual sales event in early October,
was one of the most successful shows in the Company’s history. We
are ramping production at our Texas plants, expanding our sales
effort in the Southeast, growing our loan portfolios, and
diligently managing expenses. I will provide updates on strategic
initiatives and capital allocation on tomorrow’s earnings
call.”
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 Friday, November 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)
799-4837duncanbates@legacyhousingcorp.com
Media Inquiries:Kira Hovancik, (817)
799-4905pr@legacyhousingcorp.com
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