Business
CAVCO INDUSTRIES PROVIDES BUSINESS UPDATE ON CORONAVIRUS (COVID-19) PANDEMIC
PHOENIX, March 30, 2020 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) today provided a business and operations update regarding the novel
About this update from Cavco Industries, Inc.
[{"type":"text","content":"PHOENIX, March 30, 2020 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) today provided a business and operations update regarding the novel coronavirus COVID-19 (\"COVID-19\") pandemic. The Company is taking actions to minimize exposure and transmission risks while continuing to serve its customers, support its suppliers and maintain a safe work environment for its employees.\n As more state and local jurisdictions enact \"shelter in place\" or \"stay at home\" orders, the Company has been carefully evaluating each individual directive to determine the appropriate course of action. Based on current guidance from the Department of Homeland Security, housing construction operations are considered essential and can remain in operation during the COVID-19 pandemic. While it is not mandatory for state and local jurisdictions to follow this federal guidance, many state and local jurisdiction restrictive orders provide exceptions for sectors or industries designated to be an essential business, including residential home building. The Company has continued to operate substantially all of its homebuilding and retail sales facilities while working to follow the COVID-19 health guidelines. In addition to health and regulatory guidelines, the Company is sensitive to the variety of factors that are involved in decisions to operate at each location, including the perspectives of employees, local communities, suppliers, retail distributors, and of course, our homebuyers. Bill Boor, President and Chief Executive Officer said, \"We believe that the Company is well positioned to execute during these uncertain times. We can adjust our production levels on a daily basis, as dictated by the evolving circumstances. We entered the current quarter with a healthy home order backlog and a strong cash position. As a result, during this challenging period, we are focusing on the responsibilities we have to our employees, customers, suppliers and communities.\" The Company has instituted a task force to make ongoing operating decisions and direct implementation of recommendations from the Centers for Disease Control, the World Health Organization and other health authorities. The Company's manufacturing operations are generally producing homes at lower rates of production in order to operate in accordance with the added health-related guidelines....