Legacy Housing Corporation Reports Third Quarter 2022 Financial Results and Announces $10,000,000 Stock Repurchase Program
November 08 2022 - 4:30PM
Legacy Housing Corporation (the "Company” or “Legacy", NASDAQ:
LEGH) today announced its financial results for the third quarter
that ended September 30, 2022.
Financial Highlights
- Net revenue for the
third quarter of 2022 was $57.3 million, an increase of 1.5% from
the third quarter of 2021.
- Income from operations for the third
quarter of 2022 was $16.9 million, an increase of 10.0% from the
third quarter of 2021.
- Net income for the third quarter of
2022 was $14.7 million, an increase of 13.4% from the third quarter
of 2021.
- Basic earnings per share for the third
quarter of 2022 was $0.60, an increase of 11.1% from the third
quarter of 2021.
- Book value for the
third quarter of 2022 was $362.2 million, an increase of 22.5% from
the third quarter of 2021.
On November 3, 2022, Legacy’s Board of Directors unanimously
approved a stock repurchase program that will enable the Company to
repurchase up to $10,000,000 of its outstanding common stock. The
timing and amount of any shares purchased will be determined by the
Company’s management based on its evaluation of market conditions
and other factors. The repurchase program will be in effect until
October 31, 2025.
Duncan Bates, President, and Chief Executive Officer, stated:
“Our business continues to perform well despite a challenging
macroeconomic environment. We faced slower shipments and production
from our Eatonton, GA facility this quarter, but our margins and
earnings demonstrate the resiliency of Legacy’s integrated business
model. Our backlog remains strong across all manufacturing
facilities. The stock repurchase program is an important piece of
our capital allocation strategy. We are committed to delivering
value to our shareholders. Legacy ended the third quarter in a net
cash position providing the flexibility to adopt this program and
continue to pursue growth opportunities.”
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.
Conference Call Information
Management will host a conference call to discuss the results at
11:00 AM Central Time on Wednesday, November 9, 2022. To access the
conference call, please pre-register using this link.
Registrants will receive a confirmation with dial-in details. A
live webcast of the event can be accessed using this link.
About Legacy Housing Corporation
Legacy builds, sells, and finances manufactured homes and "tiny
houses" that are distributed through a network of independent
retailers and company-owned stores. The Company also sells directly
to manufactured housing communities. Legacy is the sixth 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 $140,000.
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 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:Shane Allred, (817)
799-4900investors@legacyhousingcorp.com
or
Investor Inquiries:Duncan Bates, (817)
799-4837duncanbates@legacyhousingcorp.com
Media Inquiries:Kira Hovancik, (817)
799-4905pr@legacyhousingcorp.com
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