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Legacy Housing Corp (LEGH) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Legacy Housing Corp

CIK: 1436208 Ticker: LEGH

Exhibit 99.1

 

Picture 2

Legacy  Housing Corporation Reports  2019 First Quarter Results

 

BEDFORD, TX -- (GLOBAL NEWSWIRE) –May 13, 2019 -- Legacy Housing Corporation (Nasdaq: LEGH) today announced its financial results for the first quarter ended March 31, 2019.

Financial Highlights:

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Net revenue for the first quarter of 2019 was $38.0 million, compared to $42.7 million in the first quarter of 2018, a decrease of $4.7 million or 11%. The first quarter of 2018 included home sales of approximately $8.9 million as a subcontractor operating under a contract with FEMA. Excluding the FEMA home sales in 2018, there was a net increase in organic net revenue from the first quarter of 2018 to 2019 of $4.2 million, or a 12.4% improvement.

 

·

Our interest income in the first quarter of 2019 was $5.5 million, a 25% increase from the $4.4 million recorded in the first quarter of 2018.

 

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Our consumer loan portfolio outstanding principal balance increased by $1.7million net in the first quarter of 2019 to $98.9 million, inclusive of the allowance for loan loss and other discounts. Our manufactured home park loan portfolio outstanding principal balance increased by $4.6 million to a total of $62.5million, an 8% increase from the end of 2018.

 

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The income tax expense for the first quarter of 2019 was $2.0 million, compared to approximately $4.0 million in the same period of 2018. This decrease in tax expense was primarily attributable to the one-time recognition of deferred taxes of $2.1 million in the first quarter of 2018 related to the partnership conversion to a corporation.

 

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Net income was $7.2 million in the first quarter of 2019, compared to $5.4million for the comparable period in 2018, which equates to a 33% increase in net income.

 

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Net income per share for the first quarter of 2019, based on basic and diluted weighted average shares outstanding, was $.29 versus $.27 for the comparable quarter in2018.

 

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On April 12, 2019, we announced a share buyback program of up to $10 million of outstanding common stock.  On April 17, 2019, the Company purchased 300,000 shares of its common stock at the price of $10.20 per share.

Curtis D. Hodgson, Executive Chairman of the Board, commented, “The Company performed well in the first quarter of 2019, especially considering there was a softening in some of our key markets in December of 2018 that continued into January of 2019. Every month in the first quarter was better than the preceding month in terms of the company’s overall performance and demand for our products, and we are optimistic this momentum in our business is providing a runway for the Company’s growth into the second quarter and for the remainder of the year. One area in particular I’d highlight is that we had more than a 78% increase in financed sales to manufactured home parks in the first quarter of 2019 compared to the same time period in 2018.”

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- May 14 at 9 AM (Central Time)

Senior management will discuss the results of the first quarter of 2019 in a live webcast and conference call on Tuesday, May 14, 2019 at 9:00 AM Central Time. To register and participate in the webcast, please go to https://edge.media-server.com/m6/p/jnc5pnkk, which will also be accessible via www.legacyhousingusa.com under the Investors link. In order


The following information was filed by Legacy Housing Corp (LEGH) on Thursday, May 16, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Balance Sheets
Condensed Balance Sheets (Parenthetical)
Condensed Statements Of Cash Flows
Condensed Statements Of Changes In Stockholder???S Equity
Condensed Statements Of Changes In Stockholder???S Equity (Parenthetical)
Condensed Statements Of Operations
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Leases (Details)
Consumer Loans Receivable
Consumer Loans Receivable (Tables)
Consumer Loans Receivable - Aging Of Consumer Loans Receivable (Details)
Consumer Loans Receivable - Allowance For Loan Losses (Details)
Consumer Loans Receivable - Consumer Loans Receivable, Net (Details)
Consumer Loans Receivable - Impaired And General Reserve For Allowance For Loan Losses (Details)
Consumer Loans Receivable - Narrative (Details)
Debt
Debt (Tables)
Debt - Lines Of Credit (Details)
Debt - Notes Payable (Details)
Derivative Financial Instruments And Fair Value Measurements
Derivative Financial Instruments And Fair Value Measurements - Derivative Financial Instruments (Details)
Derivative Financial Instruments And Fair Value Measurements - Fair Value Of Financial Instruments (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Securities (Details)
Earnings Per Share- Tabular (Details)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Nature Of Operations
Nature Of Operations (Policies)
Nature Of Operations (Tables)
Nature Of Operations - Disaggregation Of Revenue (Details)
Nature Of Operations - Ipo And Corporate Conversion (Details)
Nature Of Operations - Revenue Recognition (Details)
Notes Receivable From Mobile Home Parks (???Mhp Notes???)
Notes Receivable From Mobile Home Parks (Mhp Notes) (Details)
Other Assets
Other Assets (Details)
Other Notes Receivable
Other Notes Receivable (Details)
Other Notes Receivable (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Details)
Share-Based Compensation
Share-Based Compensation (Details)
Share-Based Compensation (Tables)
Share-Based Compensation - Restricted Stock Units (Details)
Share-Based Compensation - Stock Options (Details)
Share-Based Compensation - Summary Of Stock Options Activity (Details)
Subsequent Events

Material Contracts, Statements, Certifications & more

Legacy Housing Corp provided additional information to their SEC Filing as exhibits

Ticker: LEGH
CIK: 1436208
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-19-008160
Submitted to the SEC: Wed Aug 14 2019 3:56:59 PM EST
Accepted by the SEC: Wed Aug 14 2019
Period: Sunday, June 30, 2019
Industry: Mobile Homes

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