Cavco industries Reports Fiscal 2023 Fourth Quarter and Year End Results
May 18 2023 - 3:05PM
Cavco Industries, Inc. (Nasdaq: CVCO) today announced financial
results for the fourth quarter and fiscal year ended April 1,
2023.
On January 3, 2023, we completed the acquisition
of Solitaire Homes, which operates four manufacturing lines and
twenty-two retail locations. Since the acquisition date, the
results of Solitaire Homes are included in Cavco's consolidated
financial statements.
Quarterly Highlights
-
Net revenue and Net income of $476 million and
$47 million, respectively. Solitaire Homes contributed
$28 million of Net revenue and had a pre-tax loss of
$0.8 million, which includes expected purchase accounting
adjustments.
-
Gross profit as a percentage of Net revenue was 25.3% with
factory-built housing gross profit as a percentage of Net revenue
at 24.4%, down 30 bps and 10 bps, respectively, from last year's
fourth quarter.
-
Purchase accounting adjustment related to Solitaire Homes reduced
factory-built housing gross margins 40 bps in the current
period.
-
Earnings per diluted share was $5.39 compared to $5.80 in last
year's fourth quarter.
-
Returned nearly $30 million to shareholders through stock
repurchases.
Full Fiscal Year Highlights
-
Thirteenth straight year of revenue and earnings growth, with Net
revenue up 32% and Income before income taxes up 45% compared to
last year.
-
Gross profit as a percentage of Net revenue increased 80 bps to
25.9%, with factory-built housing gross profit as a percentage of
Net revenue increasing 140 bps to 25.3%.
-
Earnings per diluted share was $26.95 compared to $21.34 last
year.
-
Backlogs at April 1, 2023 were $244 million, compared to
$1.1 billion at April 2, 2022 and $427 million three
months ago.
Commenting on the results, Bill Boor, President
and Chief Executive Officer, said, "Despite rising interest rates
and increased economic challenges the last few quarters, our team
has delivered another year of outstanding growth. In addition to
solid operating results, we expanded our capacity through the
Solitaire acquisition and the Hamlet and Glendale plant startups.
The affordable housing problem only worsened over the past year;
however, our ability to serve the need for our homes has never been
stronger."
Three months ended April 1, 2023
compared to three months ended April 2, 2022
|
Three Months Ended |
|
|
|
|
($ in thousands, except
revenue per home sold) |
April 1,2023 |
|
April 2,2022 |
|
Change |
Net revenue |
|
|
|
|
|
|
|
Factory-built housing |
$ |
456,058 |
|
|
$ |
488,316 |
|
|
$ |
(32,258 |
) |
|
|
(6.6 |
)% |
Financial services |
|
20,322 |
|
|
|
17,163 |
|
|
|
3,159 |
|
|
|
18.4 |
% |
|
$ |
476,380 |
|
|
$ |
505,479 |
|
|
$ |
(29,099 |
) |
|
|
(5.8 |
)% |
|
|
|
|
|
|
|
|
|
|
Factory-built modules
sold |
|
7,236 |
|
|
|
8,666 |
|
|
|
(1,430 |
) |
|
|
(16.5 |
)% |
|
|
|
|
|
|
|
|
|
|
Factory-built homes sold
(consisting of one or more modules) |
|
4,477 |
|
|
|
4,976 |
|
|
|
(499 |
) |
|
|
(10.0 |
)% |
|
|
|
|
|
|
|
|
|
|
Net factory-built housing revenue
per home sold |
$ |
101,867 |
|
|
$ |
98,134 |
|
|
$ |
3,733 |
|
|
|
3.8 |
% |
-
In the factory-built housing segment, the decrease in Net revenue
was primarily due to lower sales volume, partially offset by higher
home sales prices and the Solitaire Homes acquisition which
contributed $28.3 million.
- Financial
services segment Net revenue increased primarily from higher policy
premium rates and more insurance policies in force in the current
quarter compared to the prior year quarter, partially offset by
lower interest income on the securitized portfolio that continues
to amortize as expected.
|
Three Months Ended |
|
|
|
|
($ in thousands) |
April 1,2023 |
|
April 2,2022 |
|
Change |
Gross
profit |
|
|
|
|
|
|
|
Factory-built housing |
$ |
111,355 |
|
|
$ |
119,559 |
|
|
$ |
(8,204 |
) |
|
|
(6.9 |
)% |
Financial services |
|
9,286 |
|
|
|
10,041 |
|
|
|
(755 |
) |
|
|
(7.5 |
)% |
|
$ |
120,641 |
|
|
$ |
129,600 |
|
|
$ |
(8,959 |
) |
|
|
(6.9 |
)% |
|
|
|
|
|
|
|
|
|
|
Gross profit as % of Net
revenue |
|
|
|
|
|
|
|
|
|
Consolidated |
|
25.3 |
% |
|
|
25.6 |
% |
|
N/A |
|
|
(0.3 |
)% |
Factory-built housing |
|
24.4 |
% |
|
|
24.5 |
% |
|
N/A |
|
|
(0.1 |
)% |
Financial services |
|
45.7 |
% |
|
|
58.5 |
% |
|
N/A |
|
|
(12.8 |
)% |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
|
|
Factory-built housing |
$ |
61,208 |
|
|
$ |
54,699 |
|
|
$ |
6,509 |
|
|
|
11.9 |
% |
Financial services |
|
5,181 |
|
|
|
5,028 |
|
|
|
153 |
|
|
|
3.0 |
% |
|
$ |
66,389 |
|
|
$ |
59,727 |
|
|
$ |
6,662 |
|
|
|
11.2 |
% |
|
|
|
|
|
|
|
|
Income from
operations |
|
|
|
|
|
|
|
Factory-built housing |
$ |
50,147 |
|
|
$ |
64,860 |
|
|
$ |
(14,713 |
) |
|
|
(22.7 |
)% |
Financial services |
|
4,105 |
|
|
|
5,013 |
|
|
|
(908 |
) |
|
|
(18.1 |
)% |
|
$ |
54,252 |
|
|
$ |
69,873 |
|
|
$ |
(15,621 |
) |
|
|
(22.4 |
)% |
-
In the factory-built housing segment, Gross profit decreased from
lower sales volume, partially offset by lower input costs. The
Solitaire acquisition was a positive contributor to gross profit;
however, purchase accounting adjustments decreased their
contribution by $1.8 million. Selling, general and administrative
expenses increased due to higher consultant fees related to the
claiming of the energy efficient home credits and higher legal and
other expenses related to the ongoing litigation between an
indemnified former officer and the SEC.
- In the financial
services segment, Gross profit decreased primarily due to higher
weather related events in the fourth quarter and lower interest
income earned on the acquired consumer loan portfolios as they
continue to amortize as expected and lower unrealized gains on
marketable equity securities in the insurance subsidiary's
portfolio.
|
Three Months Ended |
|
|
|
|
($ in thousands, except per
share amounts) |
April 1,2023 |
|
April 2,2022 |
|
Change |
Interest income |
$ |
3,933 |
|
|
$ |
1,260 |
|
|
$ |
2,673 |
|
|
|
212.1 |
% |
Other income (expense),
net |
|
676 |
|
|
|
(2,452 |
) |
|
|
3,128 |
|
|
|
127.6 |
% |
Net income attributable
to Cavco common stockholders |
|
47,312 |
|
|
|
53,624 |
|
|
|
(6,312 |
) |
|
|
(11.8 |
)% |
Diluted net income per
share |
$ |
5.39 |
|
|
$ |
5.80 |
|
|
$ |
(0.41 |
) |
|
|
(7.1 |
)% |
-
Interest income increased $2.7 million due to higher interest
received on cash balances and increased lending under our
commercial loan programs.
- Other income
(expense), net for the period was income of $0.7 million
versus an expense of $2.5 million primarily due to gains on
corporate marketable equity securities in the current period,
compared to losses on securities in the prior year.
- Income taxes
totaled $11.2 million, resulting in an effective tax rate of
19.1% compared to $15.2 million and an effective tax rate of
22.1% in the prior year period. The lower effective tax rate in the
current year period primarily relates to additional tax credits
received for the sale of energy efficient homes available under the
Internal Revenue Code §45L.
Items ancillary to our core operations had the
following impact on the results of operations:
|
Three Months Ended |
($ in
millions) |
April 1,2023 |
|
April 2,2022 |
Net
revenue |
Unrealized gains (losses) recognized during the period on
marketable equity securities held in the financial services
segment |
$ |
0.4 |
|
|
$ |
(0.1 |
) |
Selling,
general and administrative expenses |
Expenses incurred in engaging third-party consultants in relation
to the non-recurring energy efficient home tax credits |
|
(2.2 |
) |
|
|
(0.7 |
) |
Legal and other expense related to the Securities and Exchange
Commission ("SEC") inquiry, net of recovery |
|
(1.9 |
) |
|
|
(0.9 |
) |
Acquisition related transaction costs |
|
(1.9 |
) |
|
|
— |
|
Other
income (expense), net |
Gains (losses) recognized during the period on marketable equity
securities at corporate |
|
2.0 |
|
|
|
(2.7 |
) |
Income tax
expense |
Energy efficient home tax credits, net |
|
3.0 |
|
|
|
1.3 |
|
Tax benefits from stock option exercises |
|
0.5 |
|
|
|
— |
|
Twelve months ended April 1, 2023
compared to twelve months ended April 2, 2022
|
Year Ended |
|
|
|
|
($ in thousands, except
revenue per home sold) |
April 1,2023 |
|
April 2,2022 |
|
Change |
Net revenue |
|
|
|
|
|
|
|
Factory-built housing |
$ |
2,069,450 |
|
|
$ |
1,556,283 |
|
|
$ |
513,167 |
|
|
|
33.0 |
% |
Financial services |
|
73,263 |
|
|
|
70,875 |
|
|
|
2,388 |
|
|
|
3.4 |
% |
|
$ |
2,142,713 |
|
|
$ |
1,627,158 |
|
|
$ |
515,555 |
|
|
|
31.7 |
% |
|
|
|
|
|
|
|
|
Factory-built modules
sold |
|
32,885 |
|
|
|
28,885 |
|
|
|
4,000 |
|
|
|
13.8 |
% |
|
|
|
|
|
|
|
|
Factory-built homes sold
(consisting of one or more modules) |
|
19,376 |
|
|
|
16,697 |
|
|
|
2,679 |
|
|
|
16.0 |
% |
|
|
|
|
|
|
|
|
Net factory-built housing revenue
per home sold |
$ |
106,805 |
|
|
$ |
93,207 |
|
|
$ |
13,598 |
|
|
|
14.6 |
% |
-
In the factory-built housing segment, the year-over-year increase
in Net revenue was primarily due to higher home selling prices,
higher home sales volume and the Solitaire Homes acquisition, which
provided $28.3 million.
- Financial
services segment Net revenue increased primarily due to more
insurance policies in force in the current year compared to the
prior year and higher volume in home loan sales and servicing,
partially offset by lower interest income earned on the acquired
consumer loan portfolios that continue to amortize as
expected.
|
Year Ended |
|
|
|
|
($ in thousands) |
April 1,2023 |
|
April 2,2022 |
|
Change |
Gross
profit |
|
|
|
|
|
|
|
Factory-built housing |
$ |
523,529 |
|
|
$ |
372,250 |
|
|
$ |
151,279 |
|
|
|
40.6 |
% |
Financial services |
|
31,403 |
|
|
|
36,499 |
|
|
|
(5,096 |
) |
|
|
(14.0 |
)% |
|
$ |
554,932 |
|
|
$ |
408,749 |
|
|
$ |
146,183 |
|
|
|
35.8 |
% |
|
|
|
|
|
|
|
|
Gross profit as % of Net
revenue |
|
|
|
|
|
|
|
Consolidated |
|
25.9 |
% |
|
|
25.1 |
% |
|
|
N/A |
|
|
|
0.8 |
% |
Factory-built housing |
|
25.3 |
% |
|
|
23.9 |
% |
|
|
N/A |
|
|
|
1.4 |
% |
Financial services |
|
42.9 |
% |
|
|
51.5 |
% |
|
|
N/A |
|
|
|
(8.6 |
)% |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
|
|
Factory-built housing |
$ |
237,898 |
|
|
$ |
186,278 |
|
|
$ |
51,620 |
|
|
|
27.7 |
% |
Financial services |
|
20,425 |
|
|
|
19,975 |
|
|
|
450 |
|
|
|
2.3 |
% |
|
$ |
258,323 |
|
|
$ |
206,253 |
|
|
$ |
52,070 |
|
|
|
25.2 |
% |
|
|
|
|
|
|
|
|
Income from
operations |
|
|
|
|
|
|
|
Factory-built housing |
$ |
285,631 |
|
|
$ |
185,972 |
|
|
$ |
99,659 |
|
|
|
53.6 |
% |
Financial services |
|
10,978 |
|
|
|
16,524 |
|
|
|
(5,546 |
) |
|
|
(33.6 |
)% |
|
$ |
296,609 |
|
|
$ |
202,496 |
|
|
$ |
94,113 |
|
|
|
46.5 |
% |
-
In the factory-built housing segment, Gross profit increased from
higher home sales prices, partially offset by higher input costs.
Selling, general and administrative expenses increased from higher
salary and incentive compensation expense on improved earnings, the
addition of Solitaire Homes and higher legal and other expenses
related to the SEC inquiry. As announced on September 23, 2022, the
United States District Court for the District of Arizona approved
the settlement of the SEC action against the Company. The
settlement resolves all claims in the action against the Company,
but we remain obligated for ongoing indemnification for a former
officer of the Company.
- In the financial
services segment, Gross profit decreased primarily due to higher
weather related claims, lower interest income earned on the
acquired consumer loan portfolios and unrealized losses on
marketable equity securities compared to unrealized gains in the
prior year period.
|
Year Ended |
|
|
|
|
($ in thousands, except per
share amounts) |
April 1,2023 |
|
April 2,2022 |
|
Change |
Interest income |
$ |
10,679 |
|
|
$ |
3,537 |
|
|
$ |
7,142 |
|
|
|
201.9 |
% |
Other income (expense),
net |
|
385 |
|
|
|
6,658 |
|
|
|
(6,273 |
) |
|
|
(94.2 |
)% |
Net income attributable
to Cavco common stockholders |
|
240,554 |
|
|
|
197,699 |
|
|
|
42,855 |
|
|
|
21.7 |
% |
Diluted net income per
share |
$ |
26.95 |
|
|
$ |
21.34 |
|
|
$ |
5.61 |
|
|
|
26.3 |
% |
-
Interest income increased $7.1 million due to higher interest
rates on our cash balances and increased lending under our
commercial loan programs.
- Other income
(expense), net decreased primarily as a result of a non-recurring
gain of $3.3 million on the consolidation of a non-marketable
equity investment in the prior year. Additionally, the current year
includes $0.8 million of gains on marketable equity securities held
at Corporate compared to $1.3 million gains in the prior year.
Partnership income decreased $0.7 million year-over-year mostly due
to the consolidation of one of our joint ventures, as previously
discussed. The remaining decrease is due to sales and other
dispositions of property, plant and equipment during the year.
- For the year
ended April 1, 2023, Income tax expense included
$8.1 million of net tax credits related to the sale of energy
efficient homes available under the Internal Revenue Code §45L,
which resulted in an effective income tax rate of 21.5%. The year
ended April 2, 2022 included $35.7 million of such
credits, which resulted in an effective income tax rate of
6.7%.
Items ancillary to our core operations had the
following impact on the results of operations:
|
Year Ended |
($ in
millions) |
April 1,2023 |
|
April 2,2022 |
Net
revenue |
Unrealized (losses) gains recognized during the period on
securities held in the financial services segment |
$ |
(0.1 |
) |
|
$ |
0.3 |
|
Selling,
general and administrative expenses |
|
|
Expenses incurred in engaging third-party consultants in relation
to the non-recurring energy efficient home tax credits |
|
(7.3 |
) |
|
|
(6.9 |
) |
Legal and other expense related to the SEC inquiry, net of
recovery |
|
(5.5 |
) |
|
|
(2.1 |
) |
Acquisition transaction costs |
|
(2.5 |
) |
|
|
(2.4 |
) |
Other
income (expense), net |
Gains recognized during the period on corporate securities |
|
0.8 |
|
|
|
1.3 |
|
Gain on consolidation of equity method investment |
|
— |
|
|
|
3.3 |
|
Income tax
expense |
Energy efficient home tax credits, net |
|
8.1 |
|
|
|
35.7 |
|
Tax benefits from stock option exercises |
|
0.9 |
|
|
|
1.3 |
|
Conference Call Details
Cavco's management will hold a conference call to review these
results tomorrow, May 19, 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 60 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 (i) prolonged delays by Congress and the
President to approve budgets or continuing appropriations
resolutions to facilitate the operation of the federal government
or (ii) shutdowns or delays at the Mexico border; 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, fluctuations in exchange 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) |
|
|
April 1,2023 |
|
April 2,2022 |
ASSETS |
(Unaudited) |
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
271,427 |
|
|
$ |
244,150 |
|
Restricted cash, current |
|
11,728 |
|
|
|
14,849 |
|
Accounts receivable, net |
|
89,347 |
|
|
|
96,052 |
|
Short-term investments |
|
14,978 |
|
|
|
20,086 |
|
Current portion of consumer loans receivable, net |
|
17,019 |
|
|
|
20,639 |
|
Current portion of commercial loans receivable, net |
|
43,414 |
|
|
|
32,272 |
|
Current portion of commercial loans receivable from affiliates,
net |
|
640 |
|
|
|
372 |
|
Inventories |
|
263,150 |
|
|
|
243,971 |
|
Prepaid expenses and other current assets |
|
92,876 |
|
|
|
71,726 |
|
Total current assets |
|
804,579 |
|
|
|
744,117 |
|
Restricted cash |
|
335 |
|
|
|
335 |
|
Investments |
|
18,639 |
|
|
|
34,933 |
|
Consumer loans receivable,
net |
|
27,129 |
|
|
|
29,245 |
|
Commercial loans receivable,
net |
|
53,890 |
|
|
|
33,708 |
|
Commercial loans receivable from
affiliates, net |
|
4,033 |
|
|
|
2,214 |
|
Property, plant and equipment,
net |
|
228,278 |
|
|
|
164,016 |
|
Goodwill |
|
114,547 |
|
|
|
100,993 |
|
Other intangibles, net |
|
29,790 |
|
|
|
28,459 |
|
Operating lease right-of-use
assets |
|
26,755 |
|
|
|
16,952 |
|
Total assets |
$ |
1,307,975 |
|
|
$ |
1,154,972 |
|
LIABILITIES,
REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS'
EQUITY |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
30,730 |
|
|
$ |
43,082 |
|
Accrued expenses and other current liabilities |
|
262,661 |
|
|
|
251,088 |
|
Total current liabilities |
|
293,391 |
|
|
|
294,170 |
|
Operating lease liabilities |
|
21,678 |
|
|
|
13,158 |
|
Other liabilities |
|
7,820 |
|
|
|
10,836 |
|
Deferred income taxes |
|
7,581 |
|
|
|
5,528 |
|
Redeemable noncontrolling
interest |
|
1,219 |
|
|
|
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
9,337,125 and 9,292,278 shares, respectively |
|
93 |
|
|
|
93 |
|
Treasury stock, at cost; 671,801 and 241,773 shares,
respectively |
|
(164,452 |
) |
|
|
(61,040 |
) |
Additional paid-in capital |
|
271,950 |
|
|
|
263,049 |
|
Retained earnings |
|
869,310 |
|
|
|
628,756 |
|
Accumulated other comprehensive loss |
|
(615 |
) |
|
|
(403 |
) |
Total stockholders' equity |
|
976,286 |
|
|
|
830,455 |
|
Total liabilities, redeemable
noncontrolling interest and stockholders' equity |
$ |
1,307,975 |
|
|
$ |
1,154,972 |
|
CAVCO INDUSTRIES, INC.CONSOLIDATED
STATEMENTS OF INCOME(Dollars in thousands, except per
share amounts)(Unaudited) |
|
|
Three Months Ended |
|
Year Ended |
|
April 1,2023 |
|
April 2,2022 |
|
April 1,2023 |
|
April 2,2022 |
Net revenue |
$ |
476,380 |
|
|
$ |
505,479 |
|
|
$ |
2,142,713 |
|
|
$ |
1,627,158 |
|
Cost of sales |
|
355,739 |
|
|
|
375,879 |
|
|
|
1,587,781 |
|
|
|
1,218,409 |
|
Gross profit |
|
120,641 |
|
|
|
129,600 |
|
|
|
554,932 |
|
|
|
408,749 |
|
Selling, general and
administrative expenses |
|
66,389 |
|
|
|
59,727 |
|
|
|
258,323 |
|
|
|
206,253 |
|
Income from operations |
|
54,252 |
|
|
|
69,873 |
|
|
|
296,609 |
|
|
|
202,496 |
|
Interest income |
|
3,933 |
|
|
|
1,260 |
|
|
|
10,679 |
|
|
|
3,537 |
|
Interest expense |
|
(300 |
) |
|
|
(126 |
) |
|
|
(910 |
) |
|
|
(702 |
) |
Other income (expense), net |
|
676 |
|
|
|
(2,452 |
) |
|
|
385 |
|
|
|
6,658 |
|
Income before income taxes |
|
58,561 |
|
|
|
68,555 |
|
|
|
306,763 |
|
|
|
211,989 |
|
Income tax expense |
|
(11,201 |
) |
|
|
(15,157 |
) |
|
|
(65,922 |
) |
|
|
(14,247 |
) |
Net income |
|
47,360 |
|
|
|
53,398 |
|
|
|
240,841 |
|
|
|
197,742 |
|
Less: net income (loss)
attributable to redeemable noncontrolling interest |
|
48 |
|
|
|
(226 |
) |
|
|
287 |
|
|
|
43 |
|
Net income attributable to Cavco
common stockholders |
$ |
47,312 |
|
|
$ |
53,624 |
|
|
$ |
240,554 |
|
|
$ |
197,699 |
|
|
|
|
|
|
|
|
|
Net income per share attributable
to Cavco common stockholders |
|
|
|
|
|
|
|
Basic |
$ |
5.45 |
|
|
$ |
5.86 |
|
|
$ |
27.20 |
|
|
$ |
21.54 |
|
Diluted |
$ |
5.39 |
|
|
$ |
5.80 |
|
|
$ |
26.95 |
|
|
$ |
21.34 |
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
Basic |
|
8,683,376 |
|
|
|
9,150,741 |
|
|
|
8,844,326 |
|
|
|
9,178,593 |
|
Diluted |
|
8,781,079 |
|
|
|
9,243,121 |
|
|
|
8,924,452 |
|
|
|
9,264,153 |
|
CAVCO INDUSTRIES, INC.OTHER OPERATING
DATA(Dollars in thousands)(Unaudited) |
|
|
Three Months Ended |
|
Year Ended |
|
April 1,2023 |
|
April 2,2022 |
|
April 1,2023 |
|
April 2,2022 |
Capital expenditures |
$ |
3,256 |
|
|
$ |
9,715 |
|
|
$ |
44,106 |
|
|
$ |
18,653 |
|
Depreciation |
$ |
4,170 |
|
|
$ |
3,745 |
|
|
$ |
14,833 |
|
|
$ |
9,633 |
|
Amortization of other
intangibles |
$ |
559 |
|
|
$ |
522 |
|
|
$ |
2,070 |
|
|
$ |
1,384 |
|
For additional information,
contact:
Mark FuslerCorporate Controller
and Investor Relationsinvestor_relations@cavco.com
Phone: 602-256-6263On the
Internet: www.cavcoindustries.com
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