LEGH Legacy Housing Corporation

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT 

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported): August 8, 2024

 

LEGACY HOUSING CORPORATION

(Exact name of registrant as specified in its charter)

 

Texas		001-38761		20-2897516
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

1600 Airport Freeway, #100, Bedford, Texas		76022
(Address of Principal Executive Offices)		(Zip Code)

 

Registrant’s Telephone Number, Including Area Code:  (817) 799-4900

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:		Trading Symbol		Name of each exchange on which registered:
Common Stock ($0.001 par value)		LEGH		NASDAQ Global Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On August 8, 2024, Legacy Housing Corporation (the “Company”) issued a press release disclosing the financial results for its fiscal quarter ended June 30, 2024. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item by reference.

 

The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. This information shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference therein.

 

Item 9.01 Financial Statements and Exhibits.

 

(d)Exhibits

 

Exhibit No.		Description
99.1		Financial Results Press Release issued by Legacy Housing Corporation on August 8, 2024.
104		Cover Page Interactive Data File (formatted as Inline XBRL).

 

 

SIGNATURES

 

Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	LEGACY HOUSING CORPORATION
Date: August 13, 2024	By:	/s/ Duncan Bates
	Name:	Duncan Bates
	Title:	President and Chief Executive Officer

 

 

 

Exhibit 99.1

 

Legacy Housing Corporation Reports Second Quarter 2024 Financial Results

 

August 8, 2024

 

BEDFORD, Texas, - Legacy Housing Corporation (“Legacy” or the “Company,” NASDAQ: LEGH) today announced its financial results for the second quarter ended June 30, 2024.

 

Financial Highlights

 

	§	Net revenue for the second quarter of 2024 was $42.5 million, a decrease of 19.3% from the second quarter of 2023.
	§	Income from operations for the second quarter of 2024 was $16.0 million, a decrease of 8.4% from the second quarter of 2023.
	§	Net income for the second quarter of 2024 was $16.2 million, an increase of 7.8% from the second quarter of 2023.
	§	Basic earnings per share for the second quarter of 2024 was $0.67, an increase of 8.7% from the second quarter of 2023.
	§	Book value for the second quarter of 2024 was $463.2 million, an increase of 12.1% from the second quarter of 2023.
	§	Book value per share1 for the second quarter of 2024 was $19.17, an increase of 13.2% from the second quarter of 2023.
	§	The Company repurchased 170,342 shares of common stock at an average price of $20.53 during the second quarter of 2024. On August 6, 2024, our Board of Directors authorized the repurchase of an additional $10.0 million of the Company’s common stock under the share repurchase program.

 

Duncan Bates, President and Chief Executive Officer, stated: “Our team continues to make progress across all aspects of the business. Demand is improving and our top priority is accelerating sales volume. We continue to monetize non-core assets and diligently manage expenses. Resolving yesterday’s challenges has been time consuming but positions us well for the future. I am thrilled with the team we have built and opportunities ahead.”

 

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.

 

Conference Call Information

 

Management will host a conference call to discuss the results at 10:00 AM Central Time on Friday, August 9, 2024. To access the conference call, please pre-register using this link. Registrants will receive confirmation with dial-in details.

 

¹ Book value per share is a non-GAAP financial measure, and we define book value per share as total stockholders’ equity divided by basic weighted-average common shares outstanding.

 

 

About Legacy Housing Corporation

 

Legacy builds, sells, and finances manufactured homes and "tiny houses" that are distributed through a network of independent retailers and company-owned stores. The Company also sells directly to manufactured housing communities. Legacy is the fourth largest producer of manufactured homes in the United States as ranked by the number of homes manufactured based on information available from the Manufactured Housing Institute and the Institute for Building Technology and Safety. With current operations focused primarily in the southern United States, we offer our customers an array of quality homes ranging in size from approximately 395 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 $33,000 to $180,000.

 

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 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:

Duncan Bates, (817) 799-4837

duncanbates@legacyhousingcorp.com

 

Media Inquiries:

Kira Hovancik, (817) 799-4905

pr@legacyhousingcorp.com

 

 

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Cover	Aug. 08, 2024
Cover [Abstract]
Document Type	8-K
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Document Period End Date	Aug. 08, 2024
Entity File Number	001-38761
Entity Registrant Name	LEGACY HOUSING CORPORATION
Entity Central Index Key	0001436208
Entity Tax Identification Number	20-2897516
Entity Incorporation, State or Country Code	TX
Entity Address, Address Line One	1600 Airport Freeway
Entity Address, Address Line Two	#100
Entity Address, City or Town	Bedford
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Entity Address, Postal Zip Code	76022
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Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock ($0.001 par value)
Trading Symbol	LEGH
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false

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