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

Legacy Housing Corp

CIK: 1436208 Ticker: LEGH

Exhibit 99.1

 

Picture 2

Legacy  Housing Corporation Reports  2019 Second Quarter Results

 

BEDFORD, Texas, August 13, 2019 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (NASDAQ: LEGH) today announced its financial results for the second quarter ended June 30, 2019.  

Financial Highlights:

·

Revenue for the second quarter of 2019 was $45.8 million, compared to $44.0 million in the second quarter of 2018, an increase of $1.8 million or 4%.  

 

·

Gross margin percentage increased to 29.9% from 23.2% from the prior year as a result of price increases, increased sales to manufactured home parks, and increased company-owned retail sales directly to consumers.  

 

·

The manufactured home park loan portfolio increased by $14.1 million to a total of $72.0 million, an increase of 24% from the end of 2018. The consumer loan portfolio increased to $101.0 million, inclusive of the allowance for loan loss and other discounts.

 

·

Earnings before taxes grew $2.5 million or 28% to $11.4 million in the second quarter compared to the prior year quarter. Net income was $8.6 million in the second quarter of 2019, compared to $6.9 million for the comparable period in 2018, a 25% increase in net income. 

 

·

The Company’s revenue and net income increases came exclusively from organic growth.

 

·

Earnings per share for the second quarter of 2019, based on diluted weighted average shares outstanding, was $0.35 on 24,369,890 diluted outstanding shares versus $0.34 on 20,000,000 outstanding shares for the comparable quarter in 2018. The increase in shares reflects those shares sold pursuant to the Company’s successful initial public offering. 

 

Curtis D. Hodgson, Executive Chairman of the Board, commented, “We are pleased with the results of the second quarter of 2019, which included a continuation of the strong growth in financed sales to manufactured home parks we experienced in the first quarter.  We believe manufactured housing presents a compelling solution for the ongoing lack of affordable housing in the United States, and the Company is well-positioned to take advantage of this market.  We continue to see strong order flow and believe this will continue into the third quarter and the remainder of the year.”

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 2019 in a live webcast and conference call on Wednesday, August 14, 2019 at 10:00 AM Central Time. To register and participate in the webcast, please go to https://edge.media-server.com/mmc/p/u7823cke, 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 5689726 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:

Neal Suit, (817) 799-4906
investors@legacyhousingcorp.com

or

Media Inquiries:

Casey Mack, (817) 799-4904

pr@legacyhousingcorp.com 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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LEGACY HOUSING CORPORATION

BALANCE SHEETS (in thousands)

(Unaudited)

 

    

June 30

    

December 31, 

 

 

2019

 

2018

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,422

 

$

2,599

Inventories

 

 

33,584

 

 

42,033

Prepaid expenses and other current assets

 

 

20,723

 

 

18,512

Total current assets

 

 

56,729

 

 

 63,144

Property, plant and equipment, net

 

 

18,041

 

 

17,128

Consumer loans, net of deferred financing fees and allowance for loan losses

 

 

95,772

 

 

92,230

Notes receivable from mobile home parks (“MHP”)

 

 

62,830

 

 

50,638

Other assets and non-current inventory

 

 

18,444

 

 

11,898

Total assets

 

$

251,816

 

$

235,038

Liabilities and Stockholders' Equity

 

 

  

 

 

  

Total current liabilities, excluding debt

 

$

22,019

 

$

20,157

Total long-term debt, including current portion

 

 

12,586

 

 

17,644

Other long-term liabilities

 

 

8,029

 

 

7,957

Total stockholder's equity

 

 

209,182

 

 

189,280

Total liabilities and stockholders' equity

 

$

251,816

 

$

235,038

 

 

 

 

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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, 

 

 

2019

  

2018

    

2019

    

2018

Net revenue:

 

 

  

 

 

  

 

 

  

 

 

  

Product sales

 

$

39,766

 

$

38,188

 

$

71,316

 

$

75,602

Consumer and MHP loans interest

 

 

5,112

 

 

4,504

 

 

10,642

 

 

8,897

Other

 

 

883

 

 

1,314

 

 

1,757

 

 

2,191

Total net revenue

 

 

45,761

 

 

44,006

 

 

83,715

 

 

86,690

Operating expenses:

 

 

  

 

 

  

 

 

  

 

 

  

Cost of product sales

 

 

27,876

 

 

29,335

 

 

49,760

 

 

56,981

Selling, general administrative expenses

 

 

6,144

 

 

5,175

 

 

12,635

 

 

9,974

Dealer incentive

 

 

 239

 

 

2  

 

 

449

 

 

337

Income from operations

 

 

11,502

 

 

9,494

 

 

20,871

 

 

19,398

Other expense

 

 

(81)

 

 

(560)

 

 

(229)

 

 

(1,114)

Income before income tax expense

 

 

11,421

 

 

8,934

 

 

 20,642

 

 

18,284

Income tax expense

 

 

(2,788)

 

 

(2,046)

 

 

  (4,796)

 

 

 (6,036)

Net income

 

$

8,633

 

$

6,888

 

$

 15,846

 

$

12,248

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

24,369,890

 

 

20,000,000

 

 

24,442,921

 

 

20,000,000

Diluted

 

 

24,369,890

 

 

20,000,000

 

 

 24,457,967

 

 

 20,000,000

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.35

 

$

0.34

 

$

0.65

 

$

0.61

Diluted

 

$

0.35

 

$

0.34

 

$

0.65

 

$

0.61

 

 

 

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The following information was filed by Legacy Housing Corp (LEGH) on Thursday, August 15, 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: 0001558370-19-011075
Submitted to the SEC: Thu Nov 14 2019 5:07:03 PM EST
Accepted by the SEC: Thu Nov 14 2019
Period: Monday, September 30, 2019
Industry: Mobile Homes

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