Press release
Legacy Housing Corporation Reports 2020 First Quarter Results
BEDFORD, Texas, May 15, 2020 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (Nasdaq: LEGH) today announced its financial results for the first quarter ended
About this update from Legacy Housing Corporation
[{"type":"text","content":"BEDFORD, Texas, May 15, 2020 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (Nasdaq: LEGH) today announced its financial results for the first quarter ended March 31, 2020. \n Financial Highlights: Net revenue for the first quarter of 2020 was $38.3 million, which was a slight improvement from the net revenue of $37.9 million earned in the first quarter of 2019. Our interest income in the first quarter of 2020 was approximately $6.4 million, a 16% increase from the $5.5 million recorded in the first quarter of 2019. Our consumer loan portfolio outstanding principal balance increased by $0.6 million net in the first quarter of 2020 to $105.6 million, inclusive of the allowance for loan loss and other discounts. Our manufactured home park loan portfolio outstanding principal balance increased by $10.9 million to a total of $103.3 million, an approximately 12% increase from the end of 2019. Between March 31, 2019 and March 31, 2020 our consumer loan portfolio increased by $6.7 million and our commercial loan portfolio increased by $40.7 million. The income before tax expense was $11.6 million in the first quarter of 2020, a 26% increase from the $9.2 million in income before tax expense for the first quarter of 2019. SG&A decreased in the first quarter of 2020 to approximately $5.6 million, which is a 14% decrease from the first quarter of 2019 due to a reduction of fees paid for professional services, consulting, and advertising and marketing, and first quarter 2019 retail store expenses that were subsequently recorded into cost of sales in the latter part of 2019. Net income was approximately $9.0 million in the first quarter of 2020, compared to $7.2 million for the comparable period in 2019, which equates to a 25% increase in net income. The net income for the first quarter of 2020 included a one-time event in which the Company received $1.075 million related to the settlement of a lawsuit against a former vendor for the Company. Earnings per share for the first quarter of 2020, based on diluted weighted average shares outstanding, was $0.37 on 24,361,083 diluted outstanding shares versus $0.29 on 24,571,088 outstanding shares for the comparable quarter in 2019. On a pro-forma basis, excluding the one-time gain on settlement in the first quarter of 2020, the earnings per share was $0.33. Curtis D. Hodgson, Executive Chairman of...