Legacy Housing Corp (LEGH) 10-Q Quarterly Report Wed Aug 14 2019

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:

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.

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.

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.

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.

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.

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

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

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