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Legacy Housing Corporation Reports First Quarter 2023 Financial Results

BEDFORD, Texas, May 09, 2023 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (the "Company” or “Legacy,” NASDAQ: LEGH) today announced its financial results for the first quarter ended March 31, 2023.

Financial Highlights

  • Net revenue for the first quarter of 2023 was $52.9 million, a decrease of 11.8% from the first quarter of 2022.
  • Income from operations for the first quarter of 2023 was $18.4 million, an increase of 0.5% from the first quarter of 2022.
  • Net income for the first quarter of 2023 was $16.3 million, an increase of 1.1% from the first quarter of 2022.
  • Basic earnings per share for the first quarter of 2023 was $0.67, an increase of 1.0% from the first quarter of 2022.
  • Book value for the first quarter of 2023 was $397.9 million, an increase of 4.1% from the fourth quarter of 2022.
  • Book value per share for the first quarter of 2023 was $16.32, an increase of 4.0% from the fourth quarter of 2022.

Duncan Bates, President and Chief Executive Officer, stated: “I am proud of our team’s accomplishments this quarter. The market is challenging. We kept our heads down and focused on sales. Long-time customers have stepped up with orders to extend our backlog. Our loan portfolios continue to perform well, and we are deploying capital into our industry at high rates of return while other financing sources pull back. Georgia production and shipments were below historical levels during the first quarter but have recently gained momentum. Reducing costs and streamlining processes are our top priority. Since its inception, Legacy has operated in a conservative manner with low leverage and a laser focus on the bottom line. We will maintain this approach and invest as opportunities arise.”

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 a.m. Central Time on Wednesday, May 10, 2023. 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 fifth 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.

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) 799-4837

Media Inquiries:
Kira Hovancik, (817) 799-4905


BALANCE SHEET (in thousands)
Assets  March 31, 2023   December 31, 2022 
Current assets:        
Cash and cash equivalents $3,233  $2,818 
Held to Maturity Securities  8,452   8,412 
Accounts receivable, net  3,985   4,873 
Current portion of contracts - dealer financed  30,447   29,441 
Current portion of consumer loans receivable  6,893   6,801 
Current portion of notes receivable from mobile home parks (“MHP”)  9,906   9,670 
Current portion of other notes receivable  8,608   8,927 
Inventories  32,527   32,075 
Prepaid expenses and other current assets  3,729   4,064 
Total current assets  107,781   107,081 
Contracts - dealer financed, net  1,518   595 
Consumer loans receivable, net  134,423   132,208 
Notes receivable from MHP, net  144,431   133,072 
Other notes receivable, net  16,364   13,795 
Inventories, Net  7,242   6,987 
Other assets - leased mobile homes  8,073   8,824 
ROU assets - operating leases  2,503   2,663 
Other assets  2,020   1,482 
Property, plant and equipment, net  30,597   30,106 
Total Assets $454,952  $436,813 
Current liabilities:        
Accounts payable $3,880  $4,549 
Accrued liabilities  17,673   16,895 
Customer deposits  7,346   9,715 
Escrow liability  9,272   9,653 
Operating lease obligation  652   650 
Lines of credit  7,838   -   
Total current liabilities  46,660   41,462 
Operating lease obligation, less current portion  1,959   2,121 
Lines of credit  -     2,545 
Deferred income taxes, net  2,862   3,065 
Dealer incentive liability  5,596   5,516 
Total Liabilities  57,078   54,709 
Stockholder's Equity        
Stockholders' Equity  397,874   382,104 
Total Liability & Stockholders' Equity $454,952  $436,813 

  Three Months Ended
   March 31, 2023   March 31, 2022 
Net Revenue:        
Product Sales $43,318  $51,787 
Consumer and MHP loans interest  7,705   6,765 
Other  1,834   1,376 
Total net revenue  52,857   59,928 
Operating Expenses:        
Cost of product sales  28,960   33,727 
Selling, general and administrative expenses  5,412   7,659 
Dealer incentive  131   275 
Total costs & operating Expenses  34,503   41,660 
Income from operations  18,354   18,267 
Other Income:        
Interest income-other  695   853 
Other income/expenses  753   586 
Interest expense  (91)  (56)
Income before income tax expense  19,711   19,650 
Income Tax Expense  3,435   3,558 
Net Income $16,276  $16,092 
Weighted average shares outstanding:        
Basic  24,374,677��  24,351,223 
Diluted  25,177,502   24,661,426 
Net income per share:        
Basic $0.67  $0.66 
Diluted $0.65  $0.65 


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