Cavco Industries, Inc. (Nasdaq: CVCO) today announced financial
results for the third fiscal quarter ended January 1, 2022 and
provided updates on other business items.
On September 24, 2021, we completed the
acquisition of certain assets and liabilities of The Commodore
Corporation ("Commodore"), which operates six manufacturing plants
and two retail locations. Since the acquisition date, the results
of Commodore are included in Cavco's consolidated financial
statements.
Quarterly Highlights
- Record breaking Net
revenue and Net income of $432 million and $80 million,
respectively, of which Commodore contributed $73 million and
$2 million, respectively. Net income was favorably impacted by
a $29.9 million net benefit primarily from estimated non-recurring
tax credits for the construction of energy efficient homes over an
approximately five year period.
- Gross profit as a
percentage of Net revenue increased to 26.7% with factory-built
housing gross profit as a percentage of Net revenue at 25.2%, a 110
basis point improvement sequentially from the prior quarter ended
October 2, 2021.
- Earnings per diluted
share was $8.57 compared to $2.12 in last year's third quarter.
This quarter was favorably impacted by $3.23 from non-recurring
energy efficient home tax credits.
- Factory utilization
improved to approximately 80%, consistent with pre-pandemic
levels.
- Backlogs were
$1.1 billion at the end of the quarter, consistent with the
prior quarter ended October 2, 2021 and up $633 million
from a year ago. Commodore contributed $277 million of this
year over year growth.
- Returned nearly
$9 million to shareholders through stock repurchases, with
$29 million repurchased through the fiscal year to date.
Commenting on the quarter, Bill Boor, President
and Chief Executive Officer said, "Our record third quarter results
reflect strength in manufactured housing demand as well as our
ability to increase home production, improving our plant
utilization to pre-pandemic levels of approximately 80%. While we
still face labor and supply challenges, our production improvement
is directly attributable to the innovation of our team members who
are completing homes in a more efficient manner."
Mr. Boor continued, "Demand for our products
remains strong, with order rates above 2019 levels. Demographics,
long-term undersupply, rising home prices and upward interest rate
pressure are all intensifying the need for affordable housing. That
is why we continue to invest in production capacity, through our
previously announced Glendale, Arizona greenfield project and
ongoing investment in many of our existing plants."
Financial Results
|
Three Months Ended |
|
|
|
|
($ in thousands, except
revenue per home sold) |
January 1,2022 |
|
December 26,2020 |
|
Change |
Net revenue |
|
|
|
|
|
|
|
Factory-built housing |
$ |
413,590 |
|
$ |
270,822 |
|
$ |
142,768 |
|
52.7 |
% |
Financial services |
|
18,124 |
|
|
17,950 |
|
|
174 |
|
1.0 |
% |
|
$ |
431,714 |
|
$ |
288,772 |
|
$ |
142,942 |
|
49.5 |
% |
|
|
|
|
|
|
|
|
Factory-built modules sold |
|
7,645 |
|
|
6,122 |
|
|
1,523 |
|
24.9 |
% |
|
|
|
|
|
|
|
|
Factory-built homes sold (consisting of one or more modules) |
|
4,424 |
|
|
3,603 |
|
|
821 |
|
22.8 |
% |
|
|
|
|
|
|
|
|
Net factory-built housing revenue per home sold |
$ |
93,488 |
|
$ |
75,166 |
|
$ |
18,322 |
|
24.4 |
% |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
($ in thousands, except
revenue per home sold) |
January 1,2022 |
|
December 26,2020 |
|
Change |
Net revenue |
|
|
|
|
|
|
|
Factory-built housing |
$ |
1,067,967 |
|
$ |
749,879 |
|
$ |
318,088 |
|
42.4 |
% |
Financial services |
|
53,712 |
|
|
51,670 |
|
|
2,042 |
|
4.0 |
% |
|
$ |
1,121,679 |
|
$ |
801,549 |
|
$ |
320,130 |
|
39.9 |
% |
|
|
|
|
|
|
|
|
Factory-built modules sold |
|
20,219 |
|
|
17,477 |
|
|
2,742 |
|
15.7 |
% |
|
|
|
|
|
|
|
|
Factory-built homes sold (consisting of one or more modules) |
|
11,721 |
|
|
10,379 |
|
|
1,342 |
|
12.9 |
% |
|
|
|
|
|
|
|
|
Net factory-built housing revenue per home sold |
$ |
91,116 |
|
$ |
72,250 |
|
$ |
18,866 |
|
26.1 |
% |
-
In the factory-built housing segment, the increases in Net revenue
were primarily due to higher home selling prices and higher home
sales volume. The higher home prices were driven by product price
increases and a shift toward more multi-section homes. Home sales
volume increased from the addition of Commodore and higher factory
capacity utilization.
- Financial
services segment Net revenue increased primarily due to higher
volume in home loan sales and more insurance policies in force
in the current year compared to the prior year, partially offset by
lower interest income earned on the acquired consumer loan
portfolios that continue to amortize and lower unrealized gains on
marketable equity securities in the insurance subsidiary's
portfolio.
|
Three Months Ended |
|
|
|
|
($ in thousands) |
January 1,2022 |
|
December 26,2020 |
|
Change |
Gross
Profit |
|
|
|
|
|
|
|
Factory-built housing |
$ |
104,119 |
|
|
$ |
47,031 |
|
|
$ |
57,088 |
|
|
121.4 % |
Financial services |
|
11,089 |
|
|
|
12,207 |
|
|
|
(1,118 |
) |
|
(9.2)% |
|
$ |
115,208 |
|
|
$ |
59,238 |
|
|
$ |
55,970 |
|
|
94.5 % |
|
|
|
|
|
|
|
|
Gross profit as % of Net
revenue |
|
|
|
|
|
|
|
Consolidated |
|
26.7 |
% |
|
|
20.5 |
% |
|
N/A |
|
|
6.2 % |
Factory-built housing |
|
25.2 |
% |
|
|
17.4 |
% |
|
N/A |
|
|
7.8 % |
Financial services |
|
61.2 |
% |
|
|
68.0 |
% |
|
N/A |
|
|
(6.8)% |
|
|
|
|
|
|
|
|
Income from
Operations |
|
|
|
|
|
|
|
Factory-built housing |
$ |
48,384 |
|
|
$ |
16,456 |
|
|
$ |
31,928 |
|
|
194.0 % |
Financial services |
|
6,502 |
|
|
|
7,368 |
|
|
|
(866 |
) |
|
(11.8)% |
|
$ |
54,886 |
|
|
$ |
23,824 |
|
|
$ |
31,062 |
|
|
130.4 % |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
($ in thousands) |
January 1,2022 |
|
December 26,2020 |
|
Change |
Gross
Profit |
|
|
|
|
|
|
|
Factory-built housing |
$ |
252,691 |
|
|
$ |
140,178 |
|
|
$ |
112,513 |
|
|
80.3 % |
Financial services |
|
26,458 |
|
|
|
27,924 |
|
|
|
(1,466 |
) |
|
(5.2)% |
|
$ |
279,149 |
|
|
$ |
168,102 |
|
|
$ |
111,047 |
|
|
66.1 % |
|
|
|
|
|
|
|
|
Gross profit as % of Net
revenue |
|
|
|
|
|
|
|
Consolidated |
|
24.9 |
% |
|
|
21.0 |
% |
|
N/A |
|
|
3.9 % |
Factory-built housing |
|
23.7 |
% |
|
|
18.7 |
% |
|
N/A |
|
|
5.0 % |
Financial services |
|
49.3 |
% |
|
|
54.0 |
% |
|
N/A |
|
|
(4.7)% |
|
|
|
|
|
|
|
|
Income from
Operations |
|
|
|
|
|
|
|
Factory-built housing |
$ |
121,112 |
|
|
$ |
48,141 |
|
|
$ |
72,971 |
|
|
151.6 % |
Financial services |
|
11,511 |
|
|
|
13,771 |
|
|
|
(2,260 |
) |
|
(16.4)% |
|
$ |
132,623 |
|
|
$ |
61,912 |
|
|
$ |
70,711 |
|
|
114.2 % |
-
In the factory-built housing segment, Gross profit for the three
and nine months ended January 1, 2022 increased from higher home
sales prices, partially offset by higher material costs per unit.
Our margins benefited from lumber product price declines that have
flowed through cost of goods sold; however, most other material
prices have increased significantly. Selling, general and
administrative expenses increased in these periods from higher
salary and incentive compensation expense on improved earnings and
expenses incurred in engaging third-party consultants in relation
to pursuing the non-recurring energy efficient home net tax
credits. The nine month period also includes transaction deal costs
related to the Commodore acquisition and higher net costs related
to the Securities and Exchange Commission ("SEC") inquiry.
- In the financial
services segment, Gross profit for the three and nine months ended
January 1, 2022, decreased primarily due to higher weather
related claims and lower unrealized gains on marketable equity
securities compared to the prior year period.
|
Three Months Ended |
|
|
|
|
($ in thousands, except per
share amounts) |
January 1,2022 |
|
December 26,2020 |
|
Change |
Net Income attributable to Cavco common
stockholders |
$ |
79,419 |
|
$ |
19,701 |
|
$ |
59,718 |
|
303.1 |
% |
Diluted net income per
share |
$ |
8.57 |
|
$ |
2.12 |
|
$ |
6.45 |
|
304.2 |
% |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
($ in thousands, except per
share amounts) |
January 1,2022 |
|
December 26,2020 |
|
Change |
Net Income attributable
to Cavco common stockholders |
$ |
144,075 |
|
$ |
51,424 |
|
$ |
92,651 |
|
180.2 |
% |
Diluted net income per
share |
$ |
15.54 |
|
$ |
5.54 |
|
$ |
10.00 |
|
180.5 |
% |
-
Other income, net during the nine months ended January 1, 2022
includes a $3.3 million gain in the second fiscal quarter on
the consolidation of a non-marketable equity investment, which went
from a 50% ownership to 70%.
- For the three
and nine months ended January 1, 2022, income taxes resulted
in a benefit of $20.7 million and $0.9 million,
respectively. This is due to $34.4 million of estimated
non-recurring net tax credits related to the sale of energy
efficient homes between fiscal year 2018 and fiscal third quarter
2022 available under the Internal Revenue Code §45L. This credit
was initially established under the Federal Energy Policy Act of
2005 and most recently extended in the Consolidated Appropriations
Act, 2021. The credit expired in its current format as of December
31, 2021. The Company determined eligibility for the program in
consultation with third-party qualified experts and recognized the
benefit for the five eligible years in the current quarter. In
total, after considering the net tax credits and associated
expenses, diluted net income per share for the three months ended
January 1, 2022 was favorably impacted by $3.23 per
share.
Items ancillary to our core operations had the
following impact on the results of operations:
|
|
Three Months Ended |
|
Nine Months Ended |
($ in
millions) |
January 1,2022 |
|
December 26,2020 |
|
January 1,2022 |
|
December 26,2020 |
Net
revenue |
Unrealized gains recognized during the period on securities held in
the financial services segment |
$ |
0.5 |
|
|
$ |
1.0 |
|
|
$ |
0.4 |
|
|
$ |
2.7 |
|
Selling,
general and administrative expenses |
|
|
Expenses incurred in engaging third-party consultants in relation
to the non-recurring energy efficient home tax credits |
|
(5.8 |
) |
|
|
— |
|
|
|
(6.2 |
) |
|
|
— |
|
Legal and other expense related to the SEC inquiry, net of
recovery |
|
(0.6 |
) |
|
|
(0.3 |
) |
|
|
(1.2 |
) |
|
|
(0.1 |
) |
Commodore acquisition deal costs |
|
— |
|
|
|
— |
|
|
|
(2.4 |
) |
|
|
— |
|
Amortization of additional Director & Officer insurance
premiums |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4.2 |
) |
Other
income, net |
Corporate unrealized gains recognized during the period on
securities held |
|
2.3 |
|
|
|
0.8 |
|
|
|
4.0 |
|
|
|
2.4 |
|
Gain on consolidation of equity method investment |
|
— |
|
|
|
— |
|
|
|
3.3 |
|
|
|
— |
|
Income
tax benefit (expense) |
Energy efficient home tax credits, net |
|
34.4 |
|
|
|
— |
|
|
|
34.4 |
|
|
|
— |
|
Tax benefits from stock option exercises |
|
0.6 |
|
|
|
0.1 |
|
|
|
1.3 |
|
|
|
0.5 |
|
Housing Demand and Production
Updates
Housing demand remains strong as qualified
individuals continue pursuing affordable home-ownership. Home order
rates have moderated from the extreme highs we saw the past few
quarters, but still remain above pre-COVID rates, which we
considered to be strong.
Our backlogs at January 1, 2022 were $1.1
billion, consistent with second fiscal quarter of 2022 and up $633
million, or 134.1%, compared to $472 million at December 26,
2020. The year over year increase includes $277 million
attributable to Commodore. Although we continue to experience
hiring challenges, higher and largely unpredictable factory
employee absenteeism and other inefficiencies from building
material supply disruptions, our total average plant capacity
utilization rate was approximately 80% during the third fiscal
quarter of 2022, back to pre-pandemic levels and improved from
approximately 75% during the second fiscal quarter of 2022 and the
third fiscal quarter of 2021.
Update on New Park Model Facility in
Arizona
We continue to make progress on the new
Glendale, Arizona facility that focuses on park model production
and is expected to begin operations in mid-calendar year 2022.
Conference Call Details
Cavco's management will hold a conference call
to review these results tomorrow, February 4, 2022, at 1:00
p.m. (Eastern Time). Interested parties can access a live webcast
of the conference call on the Internet at
https://investor.cavco.com or via telephone at + 1 (844) 348-1686
(domestic) or + 1 (213) 358-0891 (international). An archive of the
webcast and presentation will be available for 90 days at
https://investor.cavco.com.
About Cavco
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 and modular homes in the United States, based on
reported wholesale shipments. Our products are marketed under a
variety of brand names including Cavco, Fleetwood, Palm Harbor,
Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny,
Commodore, Colony, Pennwest, R-Anell, Manorwood and MidCountry. We
are also a leading producer of park model RVs, vacation cabins and
factory-built commercial structures. Cavco's finance subsidiary,
CountryPlace 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.
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 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 industry; 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; labor shortages and the pricing and
availability of raw materials; our ability to successfully
integrate past acquisitions or future acquisitions and the ability
to attain the anticipated benefits of such acquisitions;
involvement in vertically integrated lines of business, including
manufactured housing consumer finance, commercial finance and
insurance; information technology failures or cyber incidents; our
participation in certain 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 on factory-built housing; our contingent
repurchase obligations related to wholesale financing provided to
industry distributors; a write-off of all or part of our goodwill;
our ability to maintain relationships with independent
distributors; our business and operations being concentrated in
certain geographic regions; governmental and regulatory disruption,
including prolonged delays by Congress and the President to approve
budgets or continuing appropriations resolutions to facilitate the
operation of the federal government; curtailment of available
financing from home-only lenders and increased lending regulations;
availability of wholesale financing and limited floor plan lenders;
market forces and housing demand fluctuations; the cyclical and
seasonal nature of our business; competition; general deterioration
in economic conditions and turmoil in the financial markets;
unfavorable zoning ordinances; extensive regulation affecting the
production and sale of 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, potential penalties and
insurance costs regarding such matters, and potential reputational
damage that the Company may suffer; losses not covered by our
director and officer insurance, which may be large, adversely
impacting financial performance; loss of any of our executive
officers; our ability to generate income in the future; liquidity
and ability to raise capital may be limited; organizational
document provisions delaying or making a change in control more
difficult; and volatility of stock price; 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 Company's Annual Report on Form 10-K for the year ended
April 3, 2021 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.
CAVCO INDUSTRIES,
INC.CONSOLIDATED BALANCE SHEETS(Dollars
in thousands, except per share amounts)
|
January 1,2022 |
|
April 3,2021 |
ASSETS |
(Unaudited) |
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
267,265 |
|
|
$ |
322,279 |
|
Restricted cash, current |
|
15,542 |
|
|
|
16,693 |
|
Accounts receivable, net |
|
64,536 |
|
|
|
47,396 |
|
Short-term investments |
|
21,116 |
|
|
|
19,496 |
|
Current portion of consumer loans receivable, net |
|
25,397 |
|
|
|
37,690 |
|
Current portion of commercial loans receivable, net |
|
29,308 |
|
|
|
14,568 |
|
Current portion of commercial loans receivable from affiliates,
net |
|
217 |
|
|
|
4,664 |
|
Inventories |
|
200,313 |
|
|
|
131,234 |
|
Prepaid expenses and other current assets |
|
79,855 |
|
|
|
57,779 |
|
Total current assets |
|
703,549 |
|
|
|
651,799 |
|
Restricted cash |
|
335 |
|
|
|
335 |
|
Investments |
|
35,377 |
|
|
|
35,010 |
|
Consumer loans receivable,
net |
|
30,632 |
|
|
|
37,108 |
|
Commercial loans receivable,
net |
|
35,056 |
|
|
|
20,281 |
|
Commercial loans receivable from
affiliates, net |
|
2,391 |
|
|
|
4,801 |
|
Property, plant and equipment,
net |
|
157,990 |
|
|
|
96,794 |
|
Goodwill |
|
101,945 |
|
|
|
75,090 |
|
Other intangibles, net |
|
28,982 |
|
|
|
14,363 |
|
Operating lease right-of-use
assets |
|
15,974 |
|
|
|
16,252 |
|
Total assets |
$ |
1,112,231 |
|
|
$ |
951,833 |
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND
STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
33,756 |
|
|
$ |
32,120 |
|
Accrued expenses and other current liabilities |
|
238,208 |
|
|
|
203,133 |
|
Current portion of secured financings and other |
|
798 |
|
|
|
1,851 |
|
Total current liabilities |
|
272,762 |
|
|
|
237,104 |
|
Operating lease liabilities |
|
12,482 |
|
|
|
13,361 |
|
Secured financings and other |
|
11,030 |
|
|
|
10,335 |
|
Deferred income taxes |
|
8,541 |
|
|
|
7,393 |
|
Redeemable noncontrolling interest |
|
1,204 |
|
|
|
— |
|
Stockholders' equity |
|
|
|
Preferred stock, $0.01 par value; 1,000,000 shares authorized; No
shares issued or outstanding |
|
— |
|
|
|
— |
|
Common stock, $0.01 par value; 40,000,000 shares authorized; Issued
9,289,608 and 9,241,256 shares, respectively |
|
93 |
|
|
|
92 |
|
Treasury stock, at cost; 126,573 and 6,600 shares,
respectively |
|
(30,567 |
) |
|
|
(1,441 |
) |
Additional paid-in capital |
|
261,596 |
|
|
|
253,835 |
|
Retained earnings |
|
575,132 |
|
|
|
431,057 |
|
Accumulated other comprehensive (loss) income |
|
(42 |
) |
|
|
97 |
|
Total stockholders' equity |
|
806,212 |
|
|
|
683,640 |
|
Total liabilities, redeemable noncontrolling interest and
stockholders' equity |
$ |
1,112,231 |
|
|
$ |
951,833 |
|
CAVCO INDUSTRIES,
INC.CONSOLIDATED STATEMENTS OF
INCOME(Dollars in thousands, except per share
amounts)(Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
January 1,2022 |
|
December 26,2020 |
|
January 1,2022 |
|
December 26,2020 |
Net revenue |
$ |
431,714 |
|
|
$ |
288,772 |
|
|
$ |
1,121,679 |
|
|
$ |
801,549 |
|
Cost of sales |
|
316,506 |
|
|
|
229,534 |
|
|
|
842,530 |
|
|
|
633,447 |
|
Gross profit |
|
115,208 |
|
|
|
59,238 |
|
|
|
279,149 |
|
|
|
168,102 |
|
Selling, general and administrative expenses |
|
60,322 |
|
|
|
35,414 |
|
|
|
146,526 |
|
|
|
106,190 |
|
Income from operations |
|
54,886 |
|
|
|
23,824 |
|
|
|
132,623 |
|
|
|
61,912 |
|
Interest expense |
|
(209 |
) |
|
|
(177 |
) |
|
|
(576 |
) |
|
|
(567 |
) |
Other income, net |
|
4,258 |
|
|
|
2,243 |
|
|
|
11,387 |
|
|
|
5,821 |
|
Income before income taxes |
|
58,935 |
|
|
|
25,890 |
|
|
|
143,434 |
|
|
|
67,166 |
|
Income tax benefit (expense) |
|
20,680 |
|
|
|
(6,189 |
) |
|
|
910 |
|
|
|
(15,742 |
) |
Net income |
|
79,615 |
|
|
|
19,701 |
|
|
|
144,344 |
|
|
|
51,424 |
|
Less: net income attributable to redeemable noncontrolling
interest |
|
196 |
|
|
|
— |
|
|
|
269 |
|
|
|
— |
|
Net income attributable to Cavco common stockholders |
$ |
79,419 |
|
|
$ |
19,701 |
|
|
$ |
144,075 |
|
|
$ |
51,424 |
|
|
|
|
|
|
|
|
|
Net income per share attributable to Cavco common stockholders |
|
|
|
|
|
|
|
Basic |
$ |
8.66 |
|
|
$ |
2.14 |
|
|
$ |
15.68 |
|
|
$ |
5.60 |
|
Diluted |
$ |
8.57 |
|
|
$ |
2.12 |
|
|
$ |
15.54 |
|
|
$ |
5.54 |
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
Basic |
|
9,174,224 |
|
|
|
9,190,254 |
|
|
|
9,187,828 |
|
|
|
9,182,491 |
|
Diluted |
|
9,270,438 |
|
|
|
9,295,553 |
|
|
|
9,270,855 |
|
|
|
9,285,238 |
|
CAVCO INDUSTRIES,
INC.OTHER OPERATING DATA(Dollars in
thousands)(Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
January 1,2022 |
|
December 26,2020 |
|
January 1,2022 |
|
December 26,2020 |
Capital expenditures |
$ |
4,267 |
|
$ |
2,043 |
|
$ |
8,938 |
|
$ |
5,816 |
Depreciation |
$ |
3,037 |
|
$ |
1,367 |
|
$ |
5,888 |
|
$ |
4,175 |
Amortization of other
intangibles |
$ |
523 |
|
$ |
186 |
|
$ |
862 |
|
$ |
560 |
For additional information,
contact:Mark FuslerDirector of Financial
Reporting and Investor
Relationsinvestor_relations@cavco.comPhone: 602-256-6263On
the Internet: www.cavco.com
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