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Cavco Industries Reports Fiscal 2017 Fourth Quarter and Year End Results

PHOENIX, June 12, 2017 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq:CVCO) today announced financial results for the fourth quarter and fiscal year ended April 1, 2017.

Financial highlights include the following:

  • Net revenue for the fourth quarter of fiscal year 2017 totaled $198.0 million, up 11.7% from $177.3 million for the fourth quarter of fiscal year 2016. Net revenue for fiscal year 2017 was $773.8 million, 8.6% higher than $712.4 million for the prior fiscal year.

  • Income before income taxes was $16.5 million for the fourth quarter of fiscal 2017, a 51.4% increase over $10.9 million reported in last year's fourth fiscal quarter. For the fiscal year ended April 1, 2017, income before income taxes increased 25.7% to $55.3 million as compared to the prior fiscal year's income before income taxes of $44.0 million.

  • Net income was $10.9 million for the fourth quarter of fiscal year 2017, compared to $7.0 million reported in the same quarter of the prior year, a 55.7% increase. For the fiscal year ended April 1, 2017, net income was $38.0 million, up 33.3% from net income of $28.5 million for the year ended April 2, 2016.

  • Net income per share for the fourth quarter of fiscal 2017, based on basic and diluted weighted average shares outstanding, was $1.21 and $1.19, respectively, versus $0.78 and $0.77, respectively for the quarter ended April 2, 2016. Net income per share for the year ended April 1, 2017, based on basic and diluted weighted average shares outstanding, was $4.23 and $4.17, respectively, versus basic and diluted net income per share of $3.21 and $3.15, respectively, for the prior year.

Commenting on the results, Joseph Stegmayer, Chairman, President and Chief Executive Officer said, "We are proud to report strong results in what is typically a seasonally slower winter period. This quarter, growing market demand led to improvement across all of our housing product lines. Shipment volume for the manufactured housing industry and the Company was also aided by government orders for disaster relief units, which further enhanced home sales growth."

Mr. Stegmayer continued, "We remained focused on increasing core sales and expanding business opportunities in areas with significant affordable housing demand. A recent example of this strategy is the purchase of Lexington Homes in April 2017. This manufacturing facility will serve as our base to build a stronger presence in Mississippi and the surrounding states which are historically good markets for factory built homes."

Cavco’s management will hold a conference call to review these results tomorrow, June 13, 2017, at 1:00 PM (Eastern Time). Interested parties can access a live webcast of the conference call on the Internet at www.cavco.com under the Investor Relations link. An archive of the webcast and presentation will be available for 90 days at www.cavco.com under the Investor Relations link.

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. The Company is one of the largest producers of manufactured homes in the United States, based on reported wholesale shipments, marketed under a variety of brand names including Cavco Homes, Fleetwood Homes, Palm Harbor Homes, Fairmont Homes, Chariot Eagle and Lexington Homes. The Company is also a leading producer of park model RVs, vacation cabins, and systems-built commercial structures, as well as modular homes built primarily under the Nationwide Custom Homes brand. Cavco’s mortgage subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer, a Ginnie Mae mortgage backed securities issuer and offers conforming mortgages and chattel loans to purchasers of factory-built and site-built homes. Its insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.

Certain statements contained in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities and Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In general, all statements that are not historical in nature are forward-looking. Forward-looking statements are typically included, for example, in discussions regarding the manufactured housing and site-built housing industries; our financial performance and operating results; and the expected effect of certain risks and uncertainties on our business, financial condition and results of operations. All forward-looking statements are subject to 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. Factors that could cause such differences to occur include, but are not limited to: adverse industry conditions; our ability to successfully integrate past acquisitions, and any future acquisition or the ability to attain the anticipated benefits of such acquisitions; the risk that any past or future acquisition may adversely impact our liquidity; involvement in vertically integrated lines of business, including manufactured housing consumer finance, commercial finance and insurance; a constrained consumer financing market; curtailment of available financing for retailers in the manufactured housing industry; our participation in certain wholesale and retail financing programs for the purchase of our products by industry distributors and consumers may expose us to additional risk of credit loss; significant warranty and construction defect claims; our contingent repurchase obligations related to wholesale financing; market forces and declining housing demand; net losses were incurred in certain prior periods and there can be no assurance that we will generate income in the future; a write-off of all or part of our goodwill; the cyclical and seasonal nature of our business; limitations on our ability to raise capital; competition; our ability to maintain relationships with independent distributors; our business and operations being concentrated in certain geographic regions; labor shortages; pricing and availability of raw materials; unfavorable zoning ordinances; loss of any of our executive officers; organizational document provisions delaying or making a change in control more difficult; volatility of stock price; general deterioration in economic conditions and continued turmoil in the credit markets; increased costs of healthcare benefits for employees; governmental and regulatory disruption; information technology failures and data security breaches; extensive regulation affecting manufactured housing; together with all of the other risks described in our filings with the Securities and Exchange Commission. Readers are specifically referred to the Risk Factors described in Item 1A of the 2016 Form 10-K, as may be amended from time to time, which identify important risks that could cause actual results to differ from those contained in the forward-looking statements. Cavco expressly disclaims any obligation to update any forward-looking statements contained in this release, whether as a result of new information, future events or otherwise. Investors should not place any reliance on any such forward-looking statements.


CAVCO INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
  April 1,
 2017
  April 2,
 2016
ASSETS (Unaudited)    
Current assets:      
Cash and cash equivalents $ 132,542     $ 97,766  
Restricted cash, current 11,573     10,218  
Accounts receivable, net 31,221     29,113  
Short-term investments 11,289     10,140  
Current portion of consumer loans receivable, net 31,115     21,918  
Current portion of commercial loans receivable, net 7,932     3,557  
Inventories 93,855     94,813  
Prepaid expenses and other current assets 28,033     22,196  
Deferred income taxes, current 9,204     8,998  
Total current assets 356,764     298,719  
Restricted cash 724     1,082  
Investments 30,256     28,948  
Consumer loans receivable, net 64,686     67,640  
Commercial loans receivable, net 17,901     21,985  
Property, plant and equipment, net 56,964     55,072  
Goodwill and other intangibles, net 80,021     80,389  
Total assets $ 607,316     $ 553,835  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Accounts payable $ 24,010     $ 18,513  
Accrued liabilities 109,789     100,314  
Current portion of securitized financings and other 6,417     6,262  
Total current liabilities 140,216     125,089  
Securitized financings and other 51,574     54,909  
Deferred income taxes 21,118     20,611  
Stockholders’ equity:      
Preferred stock, $.01 par value; 1,000,000 shares authorized; No shares issued or outstanding      
Common stock, $.01 par value; 40,000,000 shares authorized; Outstanding 8,994,968 and 8,927,989 shares, respectively   90     89  
Additional paid-in capital 244,791     241,662  
Retained earnings 148,141     110,186  
Accumulated other comprehensive income 1,386     1,289  
Total stockholders’ equity 394,408     353,226  
Total liabilities and stockholders’ equity $ 607,316     $ 553,835  

/EIN News/ --


CAVCO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
 
  Three Months Ended   Year Ended
  April 1,
 2017
  April 2,
 2016
  April 1,
 2017
  April 2,
 2016
Net revenue $ 197,998     $ 177,293     $ 773,797     $ 712,352  
Cost of sales 155,864     140,627     615,760     567,907  
Gross profit 42,134     36,666     158,037     144,445  
Selling, general and administrative expenses 25,112     25,145     101,231     98,103  
Income from operations 17,022     11,521     56,806     46,342  
Interest expense (1,059 )   (1,139 )   (4,443 )   (4,363 )
Other income, net 511     519     2,918     2,049  
Income before income taxes 16,474     10,901     55,281     44,028  
Income tax expense (5,586 )   (3,913 )   (17,326 )   (15,487 )
Net income 10,888     6,988     37,955     28,541  
               
Comprehensive income:              
Net income $ 10,888     $ 6,988     $ 37,955     $ 28,541  
Unrealized (loss) gain on available-for-sale securities, net of tax   (980 )   1,527     97     785  
Comprehensive income 9,908     8,515     38,052     29,326  
               
Net income per share attributable to Cavco common stockholders:              
Basic $ 1.21     $ 0.78     $ 4.23     $ 3.21  
Diluted $ 1.19     $ 0.77     $ 4.17     $ 3.15  
Weighted average shares outstanding:              
Basic 8,994,233     8,913,460     8,976,064     8,889,731  
Diluted 9,122,235     9,066,220     9,105,743     9,046,347  



CAVCO INDUSTRIES, INC.
OTHER OPERATING DATA
(Dollars in thousands)
(Unaudited)
 
  Three Months Ended   Year Ended
  April 1,
 2017
  April 2,
 2016
  April 1,
 2017
  April 2,
 2016
Net revenue:              
Factory-built housing $ 184,458     $ 162,867     $ 720,971     $ 655,148  
Financial services 13,540     14,426     52,826     57,204  
Total net revenue $ 197,998     $ 177,293     $ 773,797     $ 712,352  
               
Capital expenditures $ 952     $ 1,072     $ 5,295     $ 3,519  
Depreciation $ 833     $ 969     $ 3,319     $ 3,468  
Amortization of other intangibles   $ 92     $ 37     $ 368     $ 454  
               
Total factory-built homes sold 3,697     2,960     13,820     12,339  

 

For additional information, contact:

Dan Urness
CFO and Treasurer
danu@cavco.com

Phone: 602-256-6263
On the Internet: www.cavco.com

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