Legacy Housing Corp (LEGH) 10-Q Quarterly Report Mon May 10 2021

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:

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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.

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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.

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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.

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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.

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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.

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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:

Other - Other Highlight
Net cash provided by financing activities of $9.5 million in 2021 was primarily attributable to net proceeds of $9.2 million on our lines of credit and $0.3 million increase in escrow deposits received by the company.

Financial - Cash Flow Highlight
We believe that cash flow from operations, cash and cash equivalents at March 31, 2021, and availability on our lines of credit will be sufficient to fund our operations and provide for growth for the next 12 to 18 months and into the foreseeable future.
Other - Other Highlight
At this time, we believe that the pandemic will have a negative effect on our financial results that could range from minor to material.
Other - Other Highlight
27 We consider all cash and highly liquid investments with an original maturity of three months or less to be cash equivalents.
Other - Other Highlight
The disruption from the weather event contributed to an increase in ending finished goods inventory as our transportation schedule was disrupted, similar to our Texas-based factories.
Revenue - Product
In order to maintain our...Read more
Financial - Income
MHP loans interest income grew...Read more
Financial - Expense
In addition, dealer incentive expense...Read more
Revenue - Geography
We believe that the growth...Read more
Other - Other
We plan to deepen our...Read more
Legal - Other
Effective January 1, 2018, we...Read more
Legal - Other
Effective December 31, 2019, the...Read more
Revenue - Product
Other revenue increased $0.4 million...Read more
Financial - Expense
Selling, general and administrative expenses...Read more
Other - Other
We provide floor plan financing...Read more
Financial - Expense
This decrease was primarily due...Read more
Revenue - Product
Product sales increased $1.1 million,...Read more
Financial - Income
The effective tax rate for...Read more
Financial - Income
The effective tax rate for...Read more
Revenue - Product
Net revenue attributable to our...Read more
Financial - Income
Other income (expense), net decreased...Read more
Revenue - Product
Currently, our two Texas manufacturing...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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: 0001558370-21-006721
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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Legacy Housing Corp (LEGH) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

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