Cavco Industries Reports Fiscal 2013 Fourth Quarter and Year End Results
23 Mai 2013 - 10:15PM
Cavco Industries, Inc. (Nasdaq:CVCO) today announced financial
results for the fiscal fourth quarter and year ended March 30,
2013.
Net revenue for the fourth quarter of fiscal 2013 totaled $108.8
million, up 9.4% from $99.5 million for the fourth quarter of
fiscal year 2012. Income before income taxes for the fourth quarter
improved to $4.2 million from $2.4 million for the fiscal 2012
fourth quarter. Net income was $3.0 million for the fiscal 2013
fourth quarter compared to $2.9 million, which included a $1.2
million income tax benefit related to an election made for the
acquired Palm Harbor insurance group's assets, as reported in the
same quarter one year ago.
Net income attributable to Cavco stockholders for the fiscal
2013 fourth quarter was $1.4 million, compared to $1.7 million for
the fourth quarter of fiscal 2012, which included one half of the
$1.2 million income tax benefit from last year's tax election
discussed above, consistent with Cavco's ownership percentage of
Palm Harbor. Net income per share based on basic and diluted
weighted average shares outstanding for the quarter ended March 30,
2013 was $0.20, versus basic and diluted net income per share of
$0.24 for the quarter ended March 31, 2012.
For the fiscal year ended March 30, 2013, net revenue increased
2.1% to $452.3 million from $443.1 million for fiscal year 2012.
Net income attributable to Cavco stockholders for fiscal year 2013
was $5.0 million compared to $15.2 million last year. Net income
attributable to Cavco stockholders for fiscal year 2012 included
one-half (or approximately $11.0 million) of the bargain purchase
gain recognized from the Palm Harbor transaction, which occurred on
April 23, 2011. This bargain purchase gain allocation was
consistent with Cavco's ownership percentage of Palm Harbor. For
fiscal year 2013, net income per share based on basic and diluted
weighted average shares outstanding was $0.71, versus basic and
diluted net income per share of $2.22 and $2.19, respectively, for
the prior year period.
Commenting on the results, Joseph Stegmayer, Chairman, President
and Chief Executive Officer said, "We are pleased to report
improved results for the fourth quarter compared to the same period
last year. We realized a 15.1% increase in home sales to 2,176, up
from 1,890 homes sold in the fourth quarter of fiscal 2012. On an
annual basis, the average sales price per home decreased to
approximately $48,594 compared to $51,760 in fiscal year 2012, as
demand rose for small size and lower price point homes. However, we
sold 6.8% more homes overall in fiscal 2013 versus last year,
totaling 8,398 homes compared to 7,860 in fiscal year 2012."
"Several new product designs from each of our main housing
brands, namely Cavco Homes, Fleetwood Homes, and Palm Harbor Homes,
were individually recognized recently by receiving design awards
from the Manufactured Housing Institute. We were also
acknowledged as Manufacturer of the Year for the fourth year in a
row, as voted by our peers in the industry trade association, a
recognition that our employees enthusiastically share with our
customers and vendors," Mr. Stegmayer concluded.
Cavco's management will hold a conference call to review these
results tomorrow, May 24, 2013, at 12:00 NOON (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 the second largest producer of
manufactured homes in the United States, based on reported
wholesale shipments, marketed under a variety of brand names
including Cavco Homes, Fleetwood Homes and Palm Harbor Homes. The
Company is also a leading producer of park model homes, vacation
cabins, and systems-built commercial structures, as well as modular
homes built primarily under the Nationwide Homes brand. Its
mortgage subsidiary, CountryPlace, is an approved Fannie Mae and
Ginnie Mae seller/servicer and offers conforming mortgages to
purchasers of factory-built and site-built homes. Its insurance
subsidiary, Standard, 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; general deterioration in economic conditions
and continued turmoil in the credit markets; a write-off of all or
part of our goodwill, which could adversely affect operating
results and net worth; the cyclical and seasonal nature of our
business; limitations on our ability to raise capital; curtailment
of available financing in the manufactured housing industry; our
contingent repurchase obligations related to wholesale financing;
competition; our ability to maintain relationships with retailers;
labor shortages; pricing and availability of raw materials;
unfavorable zoning ordinances; increased costs of healthcare
benefits to employees; our ability to successfully integrate
Fleetwood Homes, Palm Harbor, and any future acquisition or attain
the anticipated benefits of such acquisition; the risk that the
acquisition of Fleetwood Homes, Palm Harbor, and any future
acquisition may adversely impact our liquidity; expansion of retail
and manufacturing businesses and entry into new lines of business,
namely manufactured housing consumer finance and insurance, through
the Palm Harbor transaction; our participation in certain wholesale
financing programs for the purchase of our products by industry
retailers may expose us to additional risk of credit loss; 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 2012 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) |
|
|
|
|
March 30, 2013 |
March 31, 2012 |
ASSETS |
(Unaudited) |
|
Current assets: |
|
|
Cash and cash equivalents |
$ 47,823 |
$ 41,094 |
Restricted cash, current |
6,773 |
6,331 |
Accounts receivable, net |
18,710 |
14,871 |
Short-term investments |
6,929 |
5,377 |
Current portion of consumer loans
receivable, net |
20,188 |
20,705 |
Current portion of inventory finance
notes receivable, net |
3,983 |
1,982 |
Inventories |
68,805 |
62,246 |
Assets held for sale |
4,180 |
3,903 |
Prepaid expenses and other current
assets |
10,267 |
7,848 |
Deferred income taxes, current |
6,724 |
6,657 |
Total current assets |
194,382 |
171,014 |
Restricted cash |
1,179 |
453 |
Investments |
10,769 |
8,825 |
Consumer loans receivable, net |
90,802 |
98,594 |
Inventory finance notes receivable, net |
18,967 |
22,699 |
Property, plant and equipment, net |
46,223 |
50,064 |
Goodwill and other intangibles, net |
79,435 |
80,915 |
Deferred income taxes |
2,742 |
4,770 |
Total assets |
$ 444,499 |
$ 437,334 |
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 14,118 |
$ 11,732 |
Accrued liabilities |
62,718 |
58,495 |
Construction lending lines |
— |
4,550 |
Current portion of securitized
financings |
10,169 |
10,728 |
Total current liabilities |
87,005 |
85,505 |
Securitized financings |
72,118 |
80,747 |
Deferred income taxes |
16,492 |
16,198 |
Redeemable noncontrolling interest |
91,994 |
86,541 |
Stockholders' equity: |
|
|
Preferred stock, $.01 par value;
1,000,000 shares authorized; No shares issued or outstanding |
— |
— |
Common stock, $.01 par value; 20,000,000
shares authorized; Outstanding 6,967,954 and 6,890,796 shares,
respectively |
70 |
69 |
Additional paid-in capital |
135,053 |
131,589 |
Retained earnings |
41,590 |
36,627 |
Accumulated other comprehensive
income |
177 |
58 |
Total stockholders' equity |
176,890 |
168,343 |
Total liabilities, redeemable noncontrolling
interest and stockholders' equity |
$ 444,499 |
$ 437,334 |
|
|
CAVCO INDUSTRIES,
INC. |
CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME |
(Dollars in thousands, except
per share amounts) |
(Unaudited) |
|
|
|
|
|
|
Three Months Ended |
Year Ended |
|
March 30, 2013 |
March 31, 2012 |
March 30, 2013 |
March 31, 2012 |
Net revenue |
$ 108,832 |
$ 99,513 |
$ 452,300 |
$ 443,066 |
Cost of sales |
84,814 |
74,878 |
351,945 |
347,121 |
Gross profit |
24,018 |
24,635 |
100,355 |
95,945 |
Selling, general and administrative
expenses |
18,913 |
20,687 |
79,313 |
79,800 |
Income from operations |
5,105 |
3,948 |
21,042 |
16,145 |
Interest expense |
(1,317) |
(1,845) |
(5,973) |
(7,265) |
Other income |
380 |
283 |
1,579 |
1,338 |
Gain on bargain purchase |
— |
— |
— |
22,009 |
Income before income taxes |
4,168 |
2,386 |
16,648 |
32,227 |
Income tax (expense) benefit |
(1,191) |
502 |
(6,351) |
(2,499) |
Net income |
2,977 |
2,888 |
10,297 |
29,728 |
Less: net income attributable to redeemable
noncontrolling interest |
1,585 |
1,235 |
5,334 |
14,491 |
Net income attributable to Cavco common
stockholders |
$ 1,392 |
$ 1,653 |
$ 4,963 |
$ 15,237 |
|
|
|
|
|
Comprehensive income: |
|
|
|
|
Net income |
$ 2,977 |
$ 2,888 |
$ 10,297 |
$ 29,728 |
Unrealized gain on available-for-sale
securities, net of tax |
250 |
156 |
238 |
116 |
Comprehensive income |
3,227 |
3,044 |
10,535 |
29,844 |
Comprehensive income attributable to
redeemable noncontrolling interest |
1,710 |
1,313 |
5,453 |
14,549 |
Comprehensive income attributable to
Cavco common stockholders |
$ 1,517 |
$ 1,731 |
$ 5,082 |
$ 15,295 |
|
|
|
|
|
Net income per share attributable to Cavco
common stockholders: |
|
|
|
|
Basic |
$ 0.20 |
$ 0.24 |
$ 0.71 |
$ 2.22 |
Diluted |
$ 0.20 |
$ 0.24 |
$ 0.71 |
$ 2.19 |
Weighted average shares outstanding: |
|
|
|
|
Basic |
6,967,954 |
6,890,796 |
6,956,706 |
6,877,437 |
Diluted |
7,040,916 |
6,971,939 |
7,027,204 |
6,949,077 |
|
|
CAVCO INDUSTRIES,
INC. |
OTHER OPERATING
DATA |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
|
|
Three Months Ended |
Year Ended |
|
March 30, 2013 |
March 31, 2012 |
March 30, 2013 |
March 31, 2012 |
Net revenue: |
|
|
|
|
Factory-built housing |
$ 97,272 |
$ 89,376 |
$ 408,094 |
$ 406,833 |
Financial services |
11,560 |
10,137 |
44,206 |
36,233 |
Total net revenue |
$ 108,832 |
$ 99,513 |
$ 452,300 |
$ 443,066 |
|
|
|
|
|
Capital expenditures |
$ 192 |
$ 154 |
$ 755 |
$ 2,427 |
Depreciation |
$ 622 |
$ 651 |
$ 2,530 |
$ 2,318 |
Amortization of other intangibles |
$ 344 |
$ 672 |
$ 1,480 |
$ 3,238 |
|
|
|
|
|
Factory-built homes sold: |
|
|
|
|
by Company owned stores |
464 |
413 |
1,933 |
1,770 |
to independent dealers, builders &
developers |
1,712 |
1,477 |
6,465 |
6,090 |
Total factory-built homes sold |
2,176 |
1,890 |
8,398 |
7,860 |
CONTACT: Joseph Stegmayer
Chairman and CEO
joes@cavco.com
Daniel Urness
CFO and Treasurer
danu@cavco.com
Phone: 602-256-6263
On the Internet: www.cavco.com
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