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Legacy Housing Corporation (LEGH)

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14.88-0.04 (-0.27%)
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Previous Close14.92
Open14.88
Bid0.00 x 800
Ask0.00 x 900
Day's Range14.73 - 15.05
52 Week Range8.50 - 16.90
Volume17,408
Avg. Volume25,740
Market Cap359.98M
Beta (5Y Monthly)1.09
PE Ratio (TTM)10.56
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • Legacy Housing Corporation Reports 2020 Third Quarter Results
    GlobeNewswire

    Legacy Housing Corporation Reports 2020 Third Quarter Results

    BEDFORD, Texas, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (NASDAQ: LEGH) today announced its financial results for the third quarter ended September 30, 2020. Financial Highlights: * Revenue for the third quarter of 2020 was $43.7 million, which was an increase of $1.8 million and a 4.3% improvement from the net revenue of $41.9 million in the third quarter of 2019. * Interest income from both the consumer loan and mobile home park loan portfolios in the third quarter of 2020 was $6.4 million, a 13.0% increase from the $5.7 million recorded in the third quarter of 2019. * Income from operations in the third quarter of 2020 was $10.8 million, which was a $2.8 million increase and a 34.5% improvement from the $8.1 million reported in the third quarter of 2019. On a trailing twelve month basis, income from operations has increased by $10.4 million or 31.4%. * Selling, general and administrative expense in the third quarter of 2020 was $4.5 million, a 28.1% decrease of $1.8 million from the $6.3 million in the third quarter of 2019. This was due to a reduction in payroll costs, bad debt expense and loan loss provision, warranty service costs, and consulting and professional expenses. * Total inventory was reduced by $2.3 million or 5.7% to $38.0 million in the third quarter of 2020 compared to $40.3 million in the third quarter of 2019. * Net income in the third quarter of 2020 increased by $2.3 million to $8.4 million or 37.6% compared to $6.1 million in third quarter 2019. * Earnings per share for the third quarter of 2020, based on diluted weighted average shares outstanding, was $0.35 on 24,214,279 diluted outstanding shares versus $0.25 on 24,338,839 diluted outstanding shares for the comparable quarter in 2019. * Curtis D. Hodgson, Executive Chairman of the Board, commented, "We are pleased with the results of the third quarter of 2020, especially in our ability to outperform 2019 earnings results despite the challenges of 2020. Demand for mobile housing remains strong as we look to finishing out the remainder of the year. Over the last twelve months, we have increased tangible book value by $1.42 per share."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 – November 17 at 10 AM (Central Time)Senior management will discuss the results of the third quarter of 2020 in a live webcast and conference call on Tuesday, November 17, 2020 at 10:00 AM Central Time. To register and participate in the webcast, please go to https://edge.media-server.com/mmc/p/zc7af25t 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 8382528 when prompted. Please try to join the webcast or call at least ten minutes prior to the scheduled start time.About Legacy Housing CorporationLegacy 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 fourth 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 $120,000.Forward Looking StatementsThis 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) 799-4903 investors@legacyhousingcorp.comorMedia Inquiries: Casey Mack, (817) 799-4904 pr@legacyhousingcorp.com LEGACY HOUSING CORPORATION BALANCE SHEETS (in thousands) (Unaudited)     September 30 December 31,    2020 2019 Assets         Cash and cash equivalents $1,643  $1,724  Inventories  27,852   27,228  Prepaid expenses and other current assets  26,175   24,015  Total current assets  55,670   52,967  Property, plant and equipment, net  22,445   21,038  Consumer loans, net of deferred financing fees and allowance for loan losses  103,406   99,048  Notes receivable from mobile home parks (“MHP”)  116,842   81,375  Other assets and non-current inventory  30,017   29,192  Total assets $328,380  $283,620  Liabilities and Stockholders' Equity         Total current liabilities, excluding debt $28,139  $23,073  Total long-term debt, including current portion  43,820   30,861  Other long-term liabilities  7,764   7,297  Total stockholder's equity  248,657   222,389  Total liabilities and stockholders' equity $328,380  $283,620  LEGACY HOUSING CORPORATION STATEMENTS OF OPERATIONS (in thousands, except share and per share data) (Unaudited)                 Three Months Ended September 30 Six Months Ended September 30   2020  2019  2020  2019 Net revenue:             Product sales $36,566  $35,355  $106,940  $106,671  Consumer and MHP loans interest  6,428   5,688   18,919   16,330  Other  749   893   2,163   2,650  Total net revenue  43,743   41,936   128,022   125,651  Operating expenses:             Cost of product sales  27,839   27,504   78,387   77,265  Selling, general administrative expenses  4,525   6,293   14,202   18,928  Dealer incentive  550   85   929   534  Income from operations  10,829   8,054   34,504   28,924  Other expense  103   (21)  1,100   (249) Income before income tax expense  10,932   8,033   35,604   28,675  Income tax expense  (2,486)  (1,895)  (8,097)  (6,691) Net income $8,446  $6,138  $27,507  $21,984  Weighted average shares outstanding:             Basic  24,192,157   24,317,143   24,237,402   24,400,534  Diluted  24,214,279   24,338,839   24,243,927   24,421,355  Net income per share:             Basic $0.35  $0.25  $1.13  $0.90  Diluted $0.35  $0.25  $1.13  $0.90

  • Legacy Housing Corporation Reports Amended 2020 Second Quarter Results
    GlobeNewswire

    Legacy Housing Corporation Reports Amended 2020 Second Quarter Results

    BEDFORD, Texas, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (NASDAQ: LEGH) announces restated financial results for the second quarter ended June 30, 2020.  On November 6, 2020, Legacy Housing Corporation (the “Company”) filed an amended Quarterly Report on Form 10-Q/A restating its second quarter interim financial statements for fiscal year 2020. As a result of the restatement, investors should no longer rely upon the Company's previously issued financial statements for the period set forth above, earnings releases for this period, and other communications relating to these financial statements. The Company identified an overstatement of costs errantly assigned to accounts payable for inventory received but not invoiced. The Company noted that these adjustments resulted in an increase to retained earnings of $1.4 million as of June 30, 2020. The Company also noted that these adjustments resulted in a decrease of cost of product sales by $1.9 million and an increase of net income by $1.4 million, resulting in net income of $10.0 million ($0.41 per diluted share) and $19.1 million ($0.79 per diluted share) for the three and six months ended June 30, 2020, respectively.About Legacy Housing CorporationLegacy 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 fourth 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 $120,000.Investor Inquiries:Shane Allred, Director of Financial Reporting, (817) 799-4903 investors@legacyhousingcorp.comorMedia Inquiries: Casey Mack, (817) 799-4904 pr@legacyhousingcorp.com

  • GlobeNewswire

    Legacy Housing Corporation Reports 2020 Second Quarter Results

    BEDFORD, Texas, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (NASDAQ: LEGH) today announced its financial results for the second quarter ended June 30, 2020. Financial Highlights: * Revenue for the second quarter of 2020 was $46.0 million, which was a slight improvement from the net revenue of $45.8 million in the second quarter of 2019. * Interest income in the second quarter of 2020 was $6.1 million, a nearly 20% increase from the $5.1 million recorded in the second quarter of 2019. * Income from operations in the second quarter of 2020 was $11.2 million, which was substantially unchanged from the $11.5 million in the second quarter of 2019. * Selling, general and administrative expense in the second quarter of 2020 was $4.1 million, a 33.9% decrease from the $6.1 million in the second quarter of 2019. This was due to a reduction in payroll costs, advertising and dealer show expenses, and warranty service costs as well as certain second quarter 2019 retail store expenses that were subsequently reclassified and recorded into cost of sales in the latter part of 2019. * Total inventory reduced by $6.1 million or 13.6% to $38.9 million in the second quarter of 2020 compared to $45.0 million in the second quarter of 2019. * The manufactured home park loan portfolio increased by $16.8 million or 16.3% to $120.1 million for second quarter 2020 compared to $103.3 million for first quarter 2020. The consumer loan portfolio increased to $107.2 million, inclusive of the allowance for loan loss and other discounts, compared to $105.6 million for the first quarter 2020. * Net income in the second quarter of 2020 was consistent with the second quarter of 2019 with both quarters delivering earnings of $8.6 million. Year to date net income has increased by $1.8 million or 11.2% to $17.6 million for the six months ended June 30, 2020 compared to $15.8 million for the same period last year. * Earnings per share for the second quarter of 2020, based on diluted weighted average shares outstanding, was $0.36 on 24,201,823 diluted outstanding shares versus $0.35 on 24,369,890 diluted outstanding shares for the comparable quarter in 2019. Similarly, earnings per share for the six months ended June 30, 2020 were $0.73 compared to $0.65 for the same period last year.Curtis D. Hodgson, Executive Chairman of the Board, commented, “We are pleased with the results of the second quarter of 2020, which included a continuation of the strong growth in financed sales to manufactured home parks. Additionally, the company took proactive steps during the first and second quarter of 2020 to navigate the COVID-19 environment by reducing costs and gaining operational flexibility in our manufacturing operations. Over the last six months we have increased the tangible book value of the company by approximately 8% for our shareholders despite the headwinds of the current economy. We believe that manufactured housing presents a compelling, long-term solution for the ongoing lack of affordable housing in the United States, and the Company is well-positioned to take advantage of this market.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- August 14 at 10 AM (Central Time)Senior management will discuss the results of the second quarter of 2020 in a live webcast and conference call on Friday, August 14, 2020 at 10:00 AM Central Time. To register and participate in the webcast, please go to https://edge.media-server.com/mmc/p/sepkcxov, 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 4267224 when prompted. Please try to join the webcast or call at least ten minutes prior to the scheduled start time.About Legacy Housing CorporationLegacy 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 fourth 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 $120,000.Forward Looking StatementsThis 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) 799-4903 investors@legacyhousingcorp.comorMedia Inquiries: Casey Mack, (817) 799-4904 pr@legacyhousingcorp.com LEGACY HOUSING CORPORATION BALANCE SHEETS (in thousands) (Unaudited)     June 30 December 31,    2020 2019 Assets         Cash and cash equivalents $1,024  $1,724  Inventories  26,377   27,228  Prepaid expenses and other current assets  22,103   24,015  Total current assets  49,504   52,967  Property, plant and equipment, net  21,320   21,038  Consumer loans, net of deferred financing fees and allowance for loan losses  102,166   99,048  Notes receivable from mobile home parks (“MHP”)  108,274   81,375  Other assets and non-current inventory  30,920   29,192  Total assets $312,184  $283,620  Liabilities and Stockholders' Equity         Total current liabilities, excluding debt $28,556  $23,073  Total long-term debt, including current portion  37,535   30,861  Other long-term liabilities  7,367   7,297  Total stockholder's equity  238,726   222,389  Total liabilities and stockholders' equity $312,184  $283,620  LEGACY HOUSING CORPORATION STATEMENTS OF OPERATIONS (in thousands, except share and per share data) (Unaudited)                 Three Months Ended June 30,  Six Months Ended June 30,    2020 2019 2020 2019 Net revenue:             Product sales $39,179  $39,766  $70,375  $71,316  Consumer and MHP loans interest  6,067   5,112   12,491   10,642  Other  760   883   1,414   1,757  Total net revenue  46,006   45,761   84,280   83,715  Operating expenses:             Cost of product sales  30,557   27,876   52,416   49,760  Selling, general administrative expenses  4,064   6,144   9,676   12,635  Dealer incentive  186   239   380   449  Income from operations  11,199   11,502   21,808   20,871  Other expense  (13)  (81)  997   (229) Income before income tax expense  11,186   11,421   22,805   20,642  Income tax expense  (2,590)  (2,788)  (5,186)  (4,796) Net income $8,596  $8,633  $17,619  $15,846  Weighted average shares outstanding:             Basic  24,201,220   24,369,890   24,260,274   24,442,921  Diluted  24,201,823   24,369,890   24,260,938   24,457,967  Net income per share:             Basic $0.36  $0.35  $0.73  $0.65  Diluted $0.36  $0.35  $0.73  $0.65