Cavco Industries Announces New Park Model Facility in Arizona
02 März 2021 - 8:55PM
Cavco Industries, Inc. (Nasdaq: CVCO) today announced the purchase
of a newly constructed building which will be developed into a
production facility in Glendale, Arizona. The 118,000
square-foot-facility will be used for production of park models,
cabins and cottages built under standards approved by the American
National Standards Institute ("ANSI"), all of which are used as
seasonal dwellings, resort developments and within the outdoor
hospitality industry. With this new Glendale facility focusing on
park model production, an existing production line at the Goodyear,
Arizona facility, which was previously used for production of these
units, will transition to production of homes built under the
standards of the U.S. Department of Housing and Urban Development
("HUD code").
Bill Boor, President and Chief Executive Officer
said, "We are excited to announce the addition of this facility to
our existing manufacturing footprint. Not only will it allow us to
better serve our park model customers with a dedicated facility, it
will also create additional capacity for HUD code homes at our
Goodyear factory to serve the Southwest region of the U.S."
Tim Gage, National Vice President of the Park
Models and Specialty Product Division said, "The new facility will
feature a state of the art production processes and full factory
air conditioning, creating a highly efficient and employee-friendly
workplace." He added, "Cavco has a long history of developing
innovative products and close customer relationships in the park
model market. With the transition into the new, dedicated Glendale
facility, we will be able to take those customer relationships to a
new level."
The new Glendale facility has an estimated
completion date of December 2021 and will create nearly 200 new
jobs for the area. More information on Cavco park models, cabins
and cottages can be found at https://www.parkmodels.com.
About Cavco Industries,
Inc.
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. We are one of the largest producers of
manufactured homes in the United States, based on reported
wholesale shipments and marketed under a variety of brand names
including Cavco, Fleetwood, Palm Harbor, Fairmont, Friendship,
Chariot Eagle and Destiny. We are also a leading producer of park
model RVs, vacation cabins and systems-built commercial structures,
as well as modular homes. Cavco's finance subsidiary, Country Place
Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer
and a Ginnie Mae mortgage-backed securities issuer that offers
conforming mortgages, non-conforming mortgages and home-only loans
to purchasers of factory-built homes. Our insurance subsidiary,
Standard Casualty, provides property and casualty insurance to
owners of manufactured homes. Additional information about Cavco
can be found at https://www.cavco.com.
Forward-Looking Statements
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: the impact of
local or national emergencies including the COVID-19 pandemic,
including such impacts from state and federal regulatory action
that restricts our ability to operate our business in the ordinary
course and impacts on (i) customer demand and the availability of
financing for our products, (ii) our supply chain and the
availability of raw materials for the manufacture of our products,
(iii) the availability of labor and the health and safety of our
workforce and (iv) our liquidity and access to the capital markets;
our ability to successfully integrate past acquisitions or future
acquisitions and 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; information
technology failures or cyber incidents; curtailment of available
financing from home-only lenders; availability of wholesale
financing and limited floor plan lenders; our participation in
certain wholesale and retail financing programs for the purchase of
our products by industry distributors and consumers, which 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
housing demand fluctuations; net losses were incurred in certain
prior periods and our ability to 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 and the
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 turmoil in the credit markets; governmental
and regulatory disruption, including federal government shutdowns;
extensive regulation affecting manufactured housing; potential
financial impact on the Company from the subpoenas we received from
the SEC and its ongoing investigation, including the risk of
potential litigation or regulatory action, and costs and expenses
arising from the SEC subpoenas and investigation and the events
described in or covered by the SEC subpoenas and investigation,
which include the Company's indemnification obligations and
insurance costs regarding such matters, and potential reputational
damage that the Company may suffer; and losses not covered by our
director and officer insurance, which may be large, adversely
impacting financial performance; together with all of the other
risks described in our filings with the SEC. Readers are
specifically referred to the Risk Factors described in Item 1A of
the 2020 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
undue reliance on any such forward-looking statements.
For additional information,
contact:
Mark FuslerDirector of Financial Reporting and
Investor Relationsinvestor_relations@cavco.com
Phone: 602-256-6263On the
Internet: www.cavco.com
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