Cavco Industries, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 26, 2015
January 28, 2016 at 09:22 pm
Share
Cavco Industries, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 26, 2015. For the quarter, the company reported net revenue of $181.427 million compared to $146.932 million a year ago. Income from operations was of $12.662 million compared to $9.804 million a year ago. Income before income taxes was of $12.005 million compared to $10.552 million a year ago. Net income was of $8.098 million or $0.89 per diluted share compared to $6.638 million or $0.74 per diluted share a year ago. Adjusted net income was $8.098 million or $0.89 per diluted share compared to $5.843 million or $0.65 per diluted share a year ago. Capital expenditures were of $1.338 million compared to $0.746 million a year ago.
For the nine months, the company reported net revenue of $535.059 million compared to $425.411 million a year ago. Income from operations was of $34.821 million compared to $28.641 million a year ago. Income before income taxes was of $33.127 million compared to $28.194 million a year ago. Net income was of $21.553 million or $2.38 per diluted share compared to $17.864 million or $1.98 per diluted share a year ago. Adjusted net income was $21.553 million or $2.38 per diluted share compared to $16.957 million or $1.88 per diluted share a year ago. Capital expenditures were of $2.447 million compared to $1.683 million a year ago.
Cavco Industries, Inc. is a producer of manufactured homes in the United States. The Company designs and produces factory-built homes primarily distributed through a network of independent and Company-owned retailers, planned community operators and residential developers. Its segments include Factory-built Housing and Financial Services. The Factory-built Housing segment includes wholesale and retail factory-built housing operations. The Financial Services segment includes manufactured housing consumer finance and insurance. Its 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. The Company also produces park model recreational vehicles (RVs), vacation cabins and factory-built commercial structures. CountryPlace Acceptance Corp. is its finance subsidiary and Standard Casualty Co. is its insurance subsidiary.