Legacy Housing Corporation Reports Full Year 2023 Financial Results
15 Março 2024 - 6:25PM
Legacy Housing Corporation (the "Company” or “Legacy", NASDAQ:
LEGH) today announced its financial results for the full year end
December 31, 2023.
Financial Highlights
- Net revenue for the
year ended 2023 was $189.1 million, a decrease of 26.4% from the
year ended 2022.
- Income from
operations for the year ended 2023 was $64.6 million, a decrease of
17.2% from the year ended 2022.
- Net income for the
year ended 2023 was $54.5 million, a decrease of 19.6% from the
year ended 2022.
- Basic earnings per
share for the year ended 2023 was $2.23, a decrease of 19.7% from
the year ended 2022.
- Book value for year
ended 2023 was $436.7 million, an increase of 14.3% from the year
ended 2022.
- Book value per
share1 for year ended 2023 was $17.91, an increase of 14.2% from
the year ended 2022.
Duncan Bates, President and Chief Executive Officer, stated: “I
am proud of our team’s effort managing expenses and driving
profitability in a lower demand environment. We spent an incredible
amount of time this year recruiting and on-boarding talented
professionals and upgrading our processes and systems. Market
conditions are improving, and Legacy is well positioned for 2024.
Please join our call Monday for additional details on our financial
results for the reporting period.”
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
10:00 AM Central Time on Monday, March 18, 2024. To access the
conference call, please pre-register using this link. Registrants
will receive confirmation with dial-in details. A live webcast of
the call 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
the number of homes manufactured based on the information available
from the Manufactured Housing Institute and the Institute for
Building Technology and Safety. With current operations focused
primarily in the southern United States, we offer our customers an
array of quality homes ranging in size from approximately 395 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
$33,000 to $180,000.
____________________________
1 Book value per share is a non-GAAP financial measure, and we
define book value per share as total stockholders’ equity divided
by basic weighted-average common shares outstanding.
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:Duncan Bates, (817)
799-4837duncanbates@legacyhousingcorp.com
Media Inquiries:Kira Hovancik, (817)
799-4905pr@legacyhousingcorp.com
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