Press release
Legacy Housing Corporation Reports Second Quarter 2023 Financial Results
BEDFORD, Texas, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (“Legacy” or the “Company,” NASDAQ: LEGH) today announced its financial results
About this update from Legacy Housing Corporation
[{"type":"text","content":"BEDFORD, Texas, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (“Legacy” or the “Company,” NASDAQ: LEGH) today announced its financial results for the second quarter ended June 30, 2023. Financial Highlights Net revenue for the second quarter of 2023 was $52.6 million, a decrease of 18.0% from the second quarter of 2022.Income from operations for the second quarter of 2023 was $17.5 million, a decrease of 14.5% from the second quarter of 2022.Net income for the second quarter of 2023 was $15.0 million, a decrease of 13.0% from the second quarter of 2022.Basic earnings per share for the second quarter of 2023 was $0.62, a decrease of 12.7% from the second quarter of 2022.Book value for the second quarter of 2023 was $413.2 million, an increase of 8.1% from the fourth quarter of 2022.Book value per share for the second quarter of 2023 was $16.94, an increase of 8.0% from the fourth quarter of 2022. Duncan Bates, President and Chief Executive Officer, stated: “I am pleased with Legacy’s second quarter performance. According to Manufactured Housing Institute data, industry home shipments through May 2023 are down 29.0% year over year. However, housing affordability in the U.S. continues to deteriorate and retail traffic in our industry is accelerating. Loan applications at our company-owned retail stores hit a 12-month high in July 2023. We continue to focus on sales and cost management, and we recently closed a new Revolving Credit Facility which provides additional flexibility to pursue growth opportunities.” 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 Thursday, August 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 r...