Press release
Legacy Housing Corporation Reports Fourth Quarter and Fiscal Year 2019 Results
BEDFORD, Texas, March 30, 2020 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (the “Company”) (NASDAQ: LEGH) today announced results for the fourth quarter
About this update from Legacy Housing Corporation
[{"type":"text","content":"BEDFORD, Texas, March 30, 2020 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (the “Company”) (NASDAQ: LEGH) today announced results for the fourth quarter and the full fiscal 2019 year.\n Financial Highlights for the Three Months Ended December 31, 2019 Gross revenue for the quarter ended December 31, 2019 was $43.3 million, representing a 24% increase over the $35.0 million recorded for the same period in 2018. Interest income was $5.9 million in the fourth quarter, a 15% increase over the $5.1 million in interest income from the same period in 2018. Our company-owned store sales totaled $4.9 million in the fourth quarter of 2019, which is an 87% increase from the last quarter of 2018. Our consumer loan portfolio’s outstanding principal balance grew by $1.95 million in the final 3 months of 2019, net of deferred financing fees and allowance for loan loss, to a total of $105.0 million. The manufactured home park loan portfolio’s outstanding principal balance grew by $10.3 million in this same quarter to $92.3 million. Earnings before taxes for the quarter ended December 31, 2019 increased 143% to $8.9 million versus $3.7 million for the same period ending December 31, 2018. Net income was $6.9 million for the fourth quarter of 2019, compared to $2.8 million for fourth quarter of 2018, which was a 147% increase in net income. This was true despite the fact that income tax expense for the fourth quarter of 2019 was approximately $2.1 million, compared to income tax expense in the fourth quarter of 2018 being $894,000.Earnings per share for the fourth quarter of 2019, based on diluted weighted average shares outstanding, was $0.28 on 24,322,380 diluted outstanding shares versus $0.13 on 20,782,609 outstanding shares for the comparable quarter in 2018. Financial Highlights for the Fiscal Year Ended December 31, 2019 Gross revenue for the year ended December 31, 2019 rose to an all-time high of $169.0 million, representing a 4.4% increase over the $161.9 million recorded for the year ended December 31, 2018. For 2019, our company-owned store sales totaled $16.1 million compared to $13.2 million in 2018, a 22.5% increase. Our consumer loan portfolio’s outstanding principal balance grew by $7.9 million in 2019 to $105.0 million, net of deferred financing fees and allowance for loan loss. The manufactured home park loan portfolio’s out...