Cavco Industries, Inc. (Nasdaq: CVCO) ("we," "our," the "Company"
or "Cavco") today announced financial results for the third fiscal
quarter ended December 31, 2022 and provided updates on other
business items.
Third Quarter Highlights
- Net revenue increased to $501 million, or 16.0%, compared
to $432 million in the third quarter of the prior year.
- Income before income taxes increased to $76 million, or
29%, compared to $59 million in the prior year period.
- Gross profit as a percentage of Net revenue was 26.4%, with
Factory-built housing gross profit as a percentage of Net revenue
at 25.5%.
- Net income per diluted share attributable to Cavco common
stockholders totaled $6.66 compared to $8.57 in the prior year
quarter. The prior year period includes a $3.23 per share favorable
benefit from energy efficient home tax credits, which included
catch up credits for homes sold between 2018 through 2021.
- Backlogs were $427 million at the end of the quarter, down
$224 million sequentially from three months prior.
- Stock repurchases were $34 million, with $73 million
repurchased fiscal year to date.
- Operations commenced at our manufacturing facility in Hamlet,
North Carolina.
Commenting on the quarter, President and Chief
Executive Officer Bill Boor said, "Our team continues to deliver
outstanding performance despite rising interest rates, high
inflation and uncertainty in the general economy. The market has
clearly shifted over the past few quarters, but our manufacturing
and retail operators are doing what they do best — staying nimble,
keeping costs as variable as possible to tightly manage margins and
maintaining strong teams ready for the inevitable return to an
under-supplied market."
He continued, "Our balance sheet remains strong
with over $280 million in cash after the acquisition of
Solitaire Homes, which closed subsequent to quarter end on January
3rd. We remain focused on providing quality affordable homes, and
we are well positioned to continue growing and helping more
families achieve the dream of home ownership."
Financial Results
|
Three Months Ended |
|
|
|
|
($ in thousands, except
revenue per home sold) |
December 31,2022 |
|
January 1,2022 |
|
Change |
Net revenue |
|
|
|
|
|
|
|
Factory-built housing |
$ |
481,193 |
|
|
$ |
413,590 |
|
|
$ |
67,603 |
|
|
16.3 |
% |
Financial services |
|
19,410 |
|
|
|
18,124 |
|
|
|
1,286 |
|
|
7.1 |
% |
|
$ |
500,603 |
|
|
$ |
431,714 |
|
|
$ |
68,889 |
|
|
16.0 |
% |
Factory-built modules
sold |
|
7,544 |
|
|
|
7,645 |
|
|
|
(101 |
) |
|
(1.3 |
)% |
Factory-built homes sold (consisting of one or more modules) |
|
4,442 |
|
|
|
4,424 |
|
|
|
18 |
|
|
0.4 |
% |
Net
factory-built housing revenue per home sold |
$ |
108,328 |
|
|
$ |
93,488 |
|
|
$ |
14,840 |
|
|
15.9 |
% |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
($ in thousands, except
revenue per home sold) |
December 31,2022 |
|
January 1,2022 |
|
Change |
Net revenue |
|
|
|
|
|
|
|
Factory-built housing |
$ |
1,613,392 |
|
|
$ |
1,067,967 |
|
|
$ |
545,425 |
|
|
51.1 |
% |
Financial services |
|
52,941 |
|
|
|
53,712 |
|
|
|
(771 |
) |
|
(1.4 |
)% |
|
$ |
1,666,333 |
|
|
$ |
1,121,679 |
|
|
$ |
544,654 |
|
|
48.6 |
% |
Factory-built modules
sold |
|
25,649 |
|
|
|
20,219 |
|
|
|
5,430 |
|
|
26.9 |
% |
Factory-built homes sold (consisting of one or more modules) |
|
14,899 |
|
|
|
11,721 |
|
|
|
3,178 |
|
|
27.1 |
% |
Net
factory-built housing revenue per home sold |
$ |
108,289 |
|
|
$ |
91,116 |
|
|
$ |
17,173 |
|
|
18.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
In the factory-built housing segment, the increase in Net revenue
for both the three and nine months was due to higher home sales
volume and higher home selling prices.
- Financial
services segment Net revenue increased for the three months from
more insurance policies in force in the current period. For the
nine months, Net revenue decreased modestly related to the market
performance of the equity securities in the insurance subsidiary's
portfolio during the current period and lower interest income
earned on the acquired consumer loan portfolios that continue to
amortize as expected. These items were partially offset by more
insurance policies in force in the current year compared to the
prior year.
|
Three Months Ended |
|
|
|
|
($ in thousands) |
December 31,2022 |
|
January 1,2022 |
|
Change |
Gross Profit |
|
|
|
|
|
|
|
Factory-built housing |
$ |
122,923 |
|
|
$ |
104,119 |
|
|
$ |
18,804 |
|
|
18.1 |
% |
Financial services |
|
9,045 |
|
|
|
11,089 |
|
|
|
(2,044 |
) |
|
(18.4 |
)% |
|
$ |
131,968 |
|
|
$ |
115,208 |
|
|
$ |
16,760 |
|
|
14.5 |
% |
Gross profit as % of Net
revenue |
|
|
|
|
|
|
|
|
Consolidated |
|
26.4 |
% |
|
|
26.7 |
% |
|
|
N/A |
|
|
(0.3 |
)% |
Factory-built housing |
|
25.5 |
% |
|
|
25.2 |
% |
|
|
N/A |
|
|
0.3 |
% |
Financial services |
|
46.6 |
% |
|
|
61.2 |
% |
|
|
N/A |
|
|
(14.6 |
)% |
Selling, general and administrative expenses |
|
|
|
|
|
|
|
|
Factory-built housing |
$ |
54,127 |
|
|
$ |
55,735 |
|
|
$ |
(1,608 |
) |
|
(2.9 |
)% |
Financial services |
|
4,777 |
|
|
|
4,587 |
|
|
|
190 |
|
|
4.1 |
% |
|
$ |
58,904 |
|
|
$ |
60,322 |
|
|
$ |
(1,418 |
) |
|
(2.4 |
)% |
Income from Operations |
|
|
|
|
|
|
|
|
Factory-built housing |
$ |
68,796 |
|
|
$ |
48,384 |
|
|
$ |
20,412 |
|
|
42.2 |
% |
Financial services |
|
4,268 |
|
|
|
6,502 |
|
|
|
(2,234 |
) |
|
(34.4 |
)% |
|
$ |
73,064 |
|
|
$ |
54,886 |
|
|
$ |
18,178 |
|
|
33.1 |
% |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
($ in thousands) |
December 31,2022 |
|
January 1,2022 |
|
Change |
Gross Profit |
|
|
|
|
|
|
|
Factory-built housing |
$ |
412,174 |
|
|
$ |
252,691 |
|
|
$ |
159,483 |
|
|
63.1 |
% |
Financial services |
|
22,117 |
|
|
|
26,458 |
|
|
|
(4,341 |
) |
|
(16.4 |
)% |
|
$ |
434,291 |
|
|
$ |
279,149 |
|
|
$ |
155,142 |
|
|
55.6 |
% |
Gross profit as % of Net
revenue |
|
|
|
|
|
|
|
|
Consolidated |
|
26.1 |
% |
|
|
24.9 |
% |
|
|
N/A |
|
|
1.2 |
% |
Factory-built housing |
|
25.5 |
% |
|
|
23.7 |
% |
|
|
N/A |
|
|
1.8 |
% |
Financial services |
|
41.8 |
% |
|
|
49.3 |
% |
|
|
N/A |
|
|
(7.5 |
)% |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
|
|
|
Factory-built housing |
$ |
176,690 |
|
|
$ |
131,579 |
|
|
$ |
45,111 |
|
|
34.3 |
% |
Financial services |
|
15,244 |
|
|
|
14,947 |
|
|
|
297 |
|
|
2.0 |
% |
|
$ |
191,934 |
|
|
$ |
146,526 |
|
|
$ |
45,408 |
|
|
31.0 |
% |
Income from Operations |
|
|
|
|
|
|
|
|
Factory-built housing |
$ |
235,484 |
|
|
$ |
121,112 |
|
|
$ |
114,372 |
|
|
94.4 |
% |
Financial services |
|
6,873 |
|
|
|
11,511 |
|
|
|
(4,638 |
) |
|
(40.3 |
)% |
|
$ |
242,357 |
|
|
$ |
132,623 |
|
|
$ |
109,734 |
|
|
82.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
In the factory-built housing segment, the gross profit percentage
and total Gross profit for both the three and nine months increased
from higher home sales prices.
- In the financial
services segment, Gross profit and Income from operations for the
three and nine months were negatively affected by higher insurance
claims from Arizona and North Texas weather related events compared
to the same period last year.
- Selling, general
and administrative expenses for the three months decreased as the
prior year quarter included higher contractor fees related to the
claiming of the energy efficient home credits. This was partially
offset by higher incentive compensation on improved earnings. For
the nine months, Selling, general and administrative expenses
increased from higher compensation on improved earnings and higher
legal and professional fees.
|
Three Months Ended |
|
|
|
|
($ in thousands, except per
share amounts) |
December 31,2022 |
|
January 1,2022 |
|
Change |
Net Income attributable to Cavco common
stockholders |
$ |
59,524 |
|
|
$ |
79,419 |
|
|
$ |
(19,895 |
) |
|
(25.1 |
)% |
Diluted net income per
share |
$ |
6.66 |
|
|
$ |
8.57 |
|
|
$ |
(1.91 |
) |
|
(22.3 |
)% |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
($ in thousands, except per
share amounts) |
December 31,2022 |
|
January 1,2022 |
|
Change |
Net Income attributable to Cavco common
stockholders |
$ |
193,242 |
|
|
$ |
144,075 |
|
|
$ |
49,167 |
|
|
34.1 |
% |
Diluted net income per
share |
$ |
21.55 |
|
|
$ |
15.54 |
|
|
$ |
6.01 |
|
|
38.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
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, due to $34.4 million of net tax credits related to
the construction and sale of energy efficient homes in the calendar
years 2018 through 2021. The current year periods include
$2.4 million and $5.1 million, respectively, for homes
sold during calendar year 2022 as the program was extended in the
Consolidated Appropriations Act of 2021.
Items ancillary to our core operations had the
following impact on the results of operations:
|
Three Months Ended |
|
Nine Months Ended |
($ in millions) |
December 31,2022 |
|
January 1,2022 |
|
December 31,2022 |
|
January 1,2022 |
Net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains (losses) recognized during the period on
securities held in the financial services segment |
$ |
0.7 |
|
|
$ |
0.5 |
|
|
$ |
(0.5 |
) |
|
$ |
0.4 |
|
Selling, general and
administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses incurred in engaging third-party consultants in relation
to the non-recurring energy efficient home tax credits |
|
(0.6 |
) |
|
|
(5.8 |
) |
|
|
(5.1 |
) |
|
|
(6.2 |
) |
Legal and other expense related to the SEC inquiry, net of
recovery |
|
(0.8 |
) |
|
|
(0.6 |
) |
|
|
(3.6 |
) |
|
|
(1.2 |
) |
Acquisition related deal costs |
|
(0.5 |
) |
|
|
— |
|
|
|
(0.6 |
) |
|
|
(2.4 |
) |
Other income,
net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate unrealized (losses) gains recognized during the period on
securities held |
|
(0.1 |
) |
|
|
2.3 |
|
|
|
(1.2 |
) |
|
|
4.0 |
|
Gain on consolidation of equity method investment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.3 |
|
Income tax (expense)
benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy efficient home tax credits, net |
|
2.4 |
|
|
|
34.4 |
|
|
|
5.1 |
|
|
|
34.4 |
|
Tax benefits from stock option exercises |
|
0.4 |
|
|
|
0.6 |
|
|
|
0.4 |
|
|
|
1.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing Demand and Production
Updates
Our backlog at December 31, 2022 was $427
million compared to $651 million last quarter, a decrease of $224
million or 34%. This was largely due to lower home order rates net
of cancellations. Order rates are down from the extreme highs we
saw during the summer of 2020 to the summer of 2021. For the third
fiscal quarter of 2023, our capacity utilization was approximately
65% over all available production days, but was approximately 80%
excluding market and weather driven downtime.
Acquisition of Solitaire
Homes
As announced on January 3, 2023, we completed
the acquisition of the business of Solitaire Homes, including its
four manufacturing facilities, twenty-two retail locations and its
dedicated transportation operations. The addition of Solitaire
Homes strengthens our position in the Southwest, with high quality
products that complement our existing home offerings. The purchase
price totaled $93 million, before certain customary adjustments,
and was funded with cash on hand.
Conference Call Details
Cavco's management will hold a conference call to review these
results tomorrow, February 3, 2023, 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. To participate by phone, please register here to
receive the dial in number and your PIN. 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, MidCountry and
Solitaire. 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. 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 transportation
or raw materials; increased health and safety incidents; our
ability to negotiate reasonable collective bargaining agreements
with the unions representing certain employees; increases in the
rate of cancellations of home sales orders; our ability to
successfully integrate past acquisitions or future acquisitions;
involvement in vertically integrated lines of business, including
manufactured housing consumer finance, commercial finance and
insurance; information technology failures or cyber incidents; our
ability to maintain the security of personally identifiable
information of our customers, suppliers and employees; 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; our exposure to significant
warranty and construction defect claims; our exposure to claims and
liabilities relating to products supplied to the Company or work
done by subcontractors; 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;
taxation authorities initiating or successfully asserting tax
positions which are contrary to ours; 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; the effect of increasing interest
rates on our customer's ability to finance home purchases;
availability of wholesale financing and limited floor plan lenders;
market forces, rising interest rates 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 recently settled regulatory action by the SEC against the
Company, including potential higher insurance costs as a result of
such action, potential reputational damage that the Company may
suffer and the Company's potential ongoing indemnification
obligations related to ongoing litigation not involving the
Company; losses not covered by our director and officer insurance,
which may be large, adversely impacting financial performance; loss
of any of our executive officers; liquidity and ability to raise
capital may be limited; and organizational document provisions
delaying or making a change in control more difficult; 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 2, 2022 as may be updated from time to time in
future filings on Form 10-Q and other reports filed by the Company
pursuant to the Securities Exchange Act of 1934, 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, as required by law. 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)
|
December 31,2022 |
|
April 2,2022 |
ASSETS |
(Unaudited) |
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
$ |
376,148 |
|
|
$ |
244,150 |
|
Restricted cash, current |
|
9,911 |
|
|
|
14,849 |
|
Accounts receivable, net |
|
80,062 |
|
|
|
96,052 |
|
Short-term investments |
|
16,607 |
|
|
|
20,086 |
|
Current portion of consumer loans receivable, net |
|
13,763 |
|
|
|
20,639 |
|
Current portion of commercial loans receivable, net |
|
33,899 |
|
|
|
32,272 |
|
Current portion of commercial loans receivable from affiliates,
net |
|
298 |
|
|
|
372 |
|
Inventories |
|
215,458 |
|
|
|
243,971 |
|
Prepaid expenses and other current assets |
|
86,408 |
|
|
|
71,726 |
|
Total
current assets |
|
832,554 |
|
|
|
744,117 |
|
Restricted cash |
|
335 |
|
|
|
335 |
|
Investments |
|
21,822 |
|
|
|
34,933 |
|
Consumer
loans receivable, net |
|
26,903 |
|
|
|
29,245 |
|
Commercial loans receivable, net |
|
40,727 |
|
|
|
33,708 |
|
Commercial loans receivable from affiliates, net |
|
3,049 |
|
|
|
2,214 |
|
Property, plant and equipment, net |
|
194,329 |
|
|
|
164,016 |
|
Goodwill |
|
100,577 |
|
|
|
100,993 |
|
Other
intangibles, net |
|
26,948 |
|
|
|
28,459 |
|
Operating lease right-of-use assets |
|
17,230 |
|
|
|
16,952 |
|
Total
assets |
$ |
1,264,474 |
|
|
$ |
1,154,972 |
|
LIABILITIES,
REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS'
EQUITY |
|
|
|
Current
liabilities |
|
|
|
Accounts payable |
$ |
26,788 |
|
|
$ |
43,082 |
|
Accrued expenses and other current liabilities |
|
251,635 |
|
|
|
251,088 |
|
Total
current liabilities |
|
278,423 |
|
|
|
294,170 |
|
Operating lease liabilities |
|
13,058 |
|
|
|
13,158 |
|
Other
liabilities |
|
7,898 |
|
|
|
10,836 |
|
Deferred
income taxes |
|
8,663 |
|
|
|
5,528 |
|
Redeemable noncontrolling interest |
|
932 |
|
|
|
825 |
|
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
9,319,700 and 9,292,278 shares, respectively |
|
93 |
|
|
|
93 |
|
Treasury stock, at cost; 556,344 and 241,773 shares,
respectively |
|
(134,270 |
) |
|
|
(61,040 |
) |
Additional paid-in capital |
|
268,423 |
|
|
|
263,049 |
|
Retained earnings |
|
821,998 |
|
|
|
628,756 |
|
Accumulated other comprehensive loss |
|
(744 |
) |
|
|
(403 |
) |
Total
stockholders' equity |
|
955,500 |
|
|
|
830,455 |
|
Total
liabilities, redeemable noncontrolling interest and stockholders'
equity |
$ |
1,264,474 |
|
|
$ |
1,154,972 |
|
|
|
|
|
|
|
|
|
CAVCO INDUSTRIES,
INC.CONSOLIDATED STATEMENTS OF
INCOME(Dollars in thousands, except per share
amounts)(Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
December 31,2022 |
|
January 1,2022 |
|
December 31,2022 |
|
January 1,2022 |
Net revenue |
$ |
500,603 |
|
|
$ |
431,714 |
|
|
$ |
1,666,333 |
|
|
$ |
1,121,679 |
|
Cost of
sales |
|
368,635 |
|
|
|
316,506 |
|
|
|
1,232,042 |
|
|
|
842,530 |
|
Gross
profit |
|
131,968 |
|
|
|
115,208 |
|
|
|
434,291 |
|
|
|
279,149 |
|
Selling,
general and administrative expenses |
|
58,904 |
|
|
|
60,322 |
|
|
|
191,934 |
|
|
|
146,526 |
|
Income
from operations |
|
73,064 |
|
|
|
54,886 |
|
|
|
242,357 |
|
|
|
132,623 |
|
Interest
expense |
|
(216 |
) |
|
|
(209 |
) |
|
|
(610 |
) |
|
|
(576 |
) |
Other
income, net |
|
3,233 |
|
|
|
4,258 |
|
|
|
6,455 |
|
|
|
11,387 |
|
Income
before income taxes |
|
76,081 |
|
|
|
58,935 |
|
|
|
248,202 |
|
|
|
143,434 |
|
Income
tax (expense) benefit |
|
(16,492 |
) |
|
|
20,680 |
|
|
|
(54,721 |
) |
|
|
910 |
|
Net
income |
|
59,589 |
|
|
|
79,615 |
|
|
|
193,481 |
|
|
|
144,344 |
|
Less:
net income attributable to redeemable noncontrolling interest |
|
65 |
|
|
|
196 |
|
|
|
239 |
|
|
|
269 |
|
Net
income attributable to Cavco common stockholders |
$ |
59,524 |
|
|
$ |
79,419 |
|
|
$ |
193,242 |
|
|
$ |
144,075 |
|
|
|
|
|
|
|
|
|
Net
income per share attributable to Cavco common stockholders |
|
|
|
|
|
|
|
Basic |
$ |
6.71 |
|
|
$ |
8.66 |
|
|
$ |
21.72 |
|
|
$ |
15.68 |
|
Diluted |
$ |
6.66 |
|
|
$ |
8.57 |
|
|
$ |
21.55 |
|
|
$ |
15.54 |
|
Weighted
average shares outstanding |
|
|
|
|
|
|
|
Basic |
|
8,870,565 |
|
|
|
9,174,224 |
|
|
|
8,897,405 |
|
|
|
9,187,828 |
|
Diluted |
|
8,936,075 |
|
|
|
9,270,438 |
|
|
|
8,969,104 |
|
|
|
9,270,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAVCO INDUSTRIES,
INC.OTHER OPERATING DATA(Dollars in
thousands)(Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
December 31,2022 |
|
January 1,2022 |
|
December 31,2022 |
|
January 1,2022 |
Capital expenditures |
$ |
7,662 |
|
|
$ |
4,267 |
|
|
$ |
40,850 |
|
|
$ |
8,938 |
|
Depreciation |
$ |
3,389 |
|
|
$ |
3,037 |
|
|
$ |
10,663 |
|
|
$ |
5,888 |
|
Amortization of other
intangibles |
$ |
501 |
|
|
$ |
523 |
|
|
$ |
1,511 |
|
|
$ |
862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For additional information,
contact:
Mark FuslerCorporate Controller
and Investor Relationsinvestor_relations@cavco.com
Phone: 602-256-6263On the
Internet: www.cavcoindustries.com
Cavco Industries (NASDAQ:CVCO)
Historical Stock Chart
Von Sep 2024 bis Okt 2024
Cavco Industries (NASDAQ:CVCO)
Historical Stock Chart
Von Okt 2023 bis Okt 2024