Press release
Legacy Housing Corporation Reports 2020 Third Quarter Results
BEDFORD, Texas, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (NASDAQ: LEGH) today announced its financial results for the third quarter ended
About this update from Legacy Housing Corporation
[{"type":"text","content":"BEDFORD, Texas, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (NASDAQ: LEGH) today announced its financial results for the third quarter ended September 30, 2020.\n Financial Highlights: Revenue for the third quarter of 2020 was $43.7 million, which was an increase of $1.8 million and a 4.3% improvement from the net revenue of $41.9 million in the third quarter of 2019. Interest income from both the consumer loan and mobile home park loan portfolios in the third quarter of 2020 was $6.4 million, a 13.0% increase from the $5.7 million recorded in the third quarter of 2019. Income from operations in the third quarter of 2020 was $10.8 million, which was a $2.8 million increase and a 34.5% improvement from the $8.1 million reported in the third quarter of 2019. On a trailing twelve month basis, income from operations has increased by $10.4 million or 31.4%. Selling, general and administrative expense in the third quarter of 2020 was $4.5 million, a 28.1% decrease of $1.8 million from the $6.3 million in the third quarter of 2019. This was due to a reduction in payroll costs, bad debt expense and loan loss provision, warranty service costs, and consulting and professional expenses. Total inventory was reduced by $2.3 million or 5.7% to $38.0 million in the third quarter of 2020 compared to $40.3 million in the third quarter of 2019. Net income in the third quarter of 2020 increased by $2.3 million to $8.4 million or 37.6% compared to $6.1 million in third quarter 2019. Earnings per share for the third quarter of 2020, based on diluted weighted average shares outstanding, was $0.35 on 24,214,279 diluted outstanding shares versus $0.25 on 24,338,839 diluted outstanding shares for the comparable quarter in 2019. Curtis D. Hodgson, Executive Chairman of the Board, commented, \"We are pleased with the results of the third quarter of 2020, especially in our ability to outperform 2019 earnings results despite the challenges of 2020. Demand for mobile housing remains strong as we look to finishing out the remainder of the year. Over the last twelve months, we have increased tangible book value by $1.42 per share.\" 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 woul...