Legacy Housing Corporation Reports Fourth Quarter 2020 Financial Results
March 16 2021 - 10:55PM
Legacy Housing Corporation (NASDAQ: LEGH) today announced its
financial results for the fourth quarter ended December 31, 2020.
Financial Highlights:
- Net revenue for the fourth quarter of 2020 was $48.7 million.
This was a 12.5% or $5.4 million increase from the fourth quarter
of 2019.
- Interest revenue from our consumer and mobile home park
portfolios for the fourth quarter of 2020 was $6.4 million. This
was a 10.0% or $0.6 million increase from the fourth quarter of
2019.
- Selling, general and administrative expense in the fourth
quarter of 2020 was $4.9 million. This was a decrease of 20.9% or
$1.6 million from the $6.6 million recorded in the fourth quarter
of 2019.
- Income from operations during the fourth quarter of 2020 was
$13.1 million. This was an increase of 46.8% or $4.2 million
compared to fourth quarter of 2019.
- Net income in the fourth quarter of 2020 was $10.5 million.
This was an increase of 52.9% or $3.6 million compared to the
fourth quarter of 2019.
- Diluted earnings per share for the fourth quarter of 2020 were
$.44. This was an increase of 57.1% or $.16 compared to the fourth
quarter of 2019.
Curtis D. Hodgson, Executive Chairman of the Board, commented,
“We are proud of our 2020 results as highlighted by the continued
growth in earnings per share which increased more than 33% this
year. Our backlog going into to 2021 is excellent. Factory
production has returned to pre-COVID-19 levels. We remain focused
on increasing the tangible book value of the company for our
shareholders. This year, Legacy increased the tangible book value
of the company by 17.5%.”
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- Thursday, March 18 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 Thursday, March
18, 2021 at 10:00 AM Central Time. To register and participate in
the webcast, please go to
https://edge.media-server.com/mmc/p/f5by37h7, 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 4446358 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 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 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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