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BEDFORD, Texas, May 13, 2019 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (Nasdaq: LEGH) today announced its financial results for the first quarter ended March 31, 2019.
Curtis D. Hodgson, Executive Chairman of the Board, commented, “The Company performed well in the first quarter of 2019, especially considering there was a softening in some of our key markets in December of 2018 that continued into January of 2019. Every month in the first quarter was better than the preceding month in terms of the company’s overall performance and demand for our products, and we are optimistic this momentum in our business is providing a runway for the Company’s growth into the second quarter and for the remainder of the year. One area in particular I’d highlight is that we had more than a 78% increase in financed sales to manufactured home parks in the first quarter of 2019 compared to the same time period in 2018.”
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- May 14 at 9 AM (Central Time)
Senior management will discuss the results of the first quarter of 2019 in a live webcast and conference call on Tuesday, May 14, 2019 at 9:00 AM Central Time. To register and participate in the webcast, please go to https://edge.media-server.com/m6/p/jnc5pnkk, which will also be accessible via www.legacyhousingusa.com under the Investors link. In order to dial in, you may call in at (866) 952-6347 and enter Conference ID 2799889 when prompted. Please try to join the webcast or call at least ten minutes prior to the scheduled start time.
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 number of homes manufactured based on the information 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 $95,000.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Securities and Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. As a result, our actual results or performance may differ materially from anticipated results or performance. Legacy Housing undertakes no obligation to update any such forward-looking statements after the date hereof, except as required by law. Investors should not place any reliance on any such forward-looking statements.
Neal Suit, (817) 799-4906
Casey Mack, (817) 799-4904
|LEGACY HOUSING CORPORATION|
|BALANCE SHEETS (in thousands)|
|March 31,||December 31,|
|Cash and cash equivalents||$||3,098||$||2,599|
|Prepaid expenses and other current assets||20,666||18,512|
|Total current assets||61,730||63,144|
|Property, plant and equipment, net||17,644||17,128|
|Consumer loans, net of deferred financing fees and allowance for loan losses||93,772||92,230|
|Notes receivable from mobile home parks (“MHP”)||54,207||50,638|
|Other assets and non-current inventory||16,322||11,898|
|Liabilities and Stockholders' Equity|
|Total current liabilities, excluding debt||$||21,622||$||20,157|
|Total long-term debt, including current portion||10,669||17,644|
|Other long-term liabilities||7,962||7,957|
|Total stockholder's equity||203,422||189,280|
|Total liabilities and stockholders' equity||$||243,675||$||235,038|
|LEGACY HOUSING CORPORATION|
|STATEMENTS OF OPERATIONS|
|(in thousands, except share and per share data)|
Three months ended
|Consumer and MHP loans interest||5,530||4,394|
|Total net revenue||37,954||42,686|
|Cost of product sales||21,885||27,647|
|Selling, general administrative expenses||6,491||4,799|
|Income from operations||9,368||9,905|
|Income before income tax expense||9,221||9,351|
|Income tax expense||(2,008||)||(3,990||)|
|Weighted average shares outstanding:|
|Net income per share:|