Legacy Housing Corporation Reports Third Quarter 2021 Financial Results
November 09 2021 - 7:13PM
Legacy Housing Corporation (NASDAQ: LEGH) today announced its
financial results for the third quarter ended September 30,
2021.
Financial Highlights:
- Net revenue for the third quarter of 2021 was $56.5 million.
This was a 29.1% or $12.7 million increase from the third quarter
of 2020.
- Interest revenue from our consumer and mobile home park
portfolios for the third quarter of 2021 was $7.3 million. This was
a 12.9% or $0.8 million increase from the third quarter of
2020.
- Gross margin for the third quarter of 2021 was $14.9 million or
30.9% of product sales compared to $8.7 million or 23.9% of product
sales from the third quarter of 2020.
- Income from operations during the third quarter of 2021 was
$17.6 million compared to the $10.8 million recorded in the third
quarter of 2020.
- Net income in the third quarter of 2021 was $14.7
million. Compared to the third quarter of 2020, net
income increased by $6.3 million. The improvement in net income was
the result of stronger gross margins, increased interest revenue,
and a lowered effective tax rate.
- Diluted earnings per share for the third quarter of 2021 were
$0.61. Compared to the third quarter of 2020, this was an increase
of 74.3% or $0.26.
Curtis D. Hodgson, Executive Chairman of the Board, commented,
“We are quite pleased with our excellent third quarter
results. The growth in our gross margins illustrates how we
continue to proactively manage our business in the face of supply
chain challenges and inflationary conditions. The demand for our
product remains solid and our backlog is very strong. Our future is
bright as we move strategically to create long-term value for our
shareholders.”
This shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of the Company’s
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Management Conference Call - Wednesday, November 10 at
9:30 AM (Central Time)
Senior management will discuss the results of the third quarter
of 2021 in a live webcast and conference call on Wednesday,
November 10th, 2021 at 9:30 AM Central Time. To register and
participate in the webcast, please go to
https://edge.media-server.com/mmc/p/ckbfsadk, which will also be
accessible via www.legacyhousingusa.com under the Investors link.
In order to dial in, please call in at 866-952-6347 and enter
Conference ID 5297726 when prompted. Please try to join the
webcast or call at least ten minutes prior to the scheduled start
time.
About Legacy Housing Corporation
Legacy Housing Corporation builds, sells and
finances manufactured homes and "tiny houses" that are distributed
through a network of independent retailers and company-owned stores
and are sold directly to manufactured housing communities. We are
the sixth largest producer of manufactured homes in the United
States as ranked by number of homes manufactured based on the
information available from the Manufactured Housing Institute. With
current operations focused primarily in the southern United States,
we offer our customers an array of quality homes ranging in size
from approximately 390 to 2,667 square feet consisting of 1 to 5
bedrooms, with 1 to 3 1/2 bathrooms. Our homes range in price, at
retail, from approximately $22,000 to $140,000.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the Securities and Exchange Act of
1934 and the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to a number of 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. Legacy Housing undertakes
no obligation to update any such forward-looking statements after
the date hereof, except as required by law. Investors should not
place any reliance on any such forward-looking statements.
Investor Inquiries:Shane Allred, Director of Financial
Reporting, (817) 799-4903investors@legacyhousingcorp.com
or
Media Inquiries:Kira Hovancik, (817)
799-4905pr@legacyhousingcorp.com
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