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Legacy Housing Corp (LEGH) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Legacy Housing Corp

CIK: 1436208 Ticker: LEGH

Exhibit 99.1

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Legacy Housing Corporation Reports Fourth Quarter 2020 Financial Results

BEDFORD, Texas, March 16, 2021 (GLOBE NEWSWIRE) -- 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.


The following information was filed by Legacy Housing Corp (LEGH) on Friday, March 19, 2021 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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Inside Legacy Housing Corp's 10-Q Quarterly Report:

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 Stockholders' Equity
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 - Lines Of Credit (Details)
Debt - Ppp Loans (Details)
Derivative Financial Instruments And Fair Value Measurements
Derivative Financial Instruments And Fair Value Measurements (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 - Accounts Receivable (Details)
Nature Of Operations - Disaggregation Of Revenue (Details)
Nature Of Operations - Future Minimum Lease Income (Details)
Nature Of Operations - Ipo And Corporate Conversion (Details)
Nature Of Operations - Leased Property (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 Assets (Tables)
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 (Tables)
Share-Based Compensation - Plan (Details)
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: 0001558370-21-006721
Submitted to the SEC: Mon May 10 2021 5:22:54 PM EST
Accepted by the SEC: Mon May 10 2021
Period: Wednesday, March 31, 2021
Industry: Mobile Homes

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