Press release
Legacy Housing Corporation Reports Third Quarter 2022 Financial Results and Announces $10,000,000 Stock Repurchase Program
BEDFORD, Texas, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (the "Company” or “Legacy", NASDAQ: LEGH) today announced its financial results
About this update from Legacy Housing Corporation
[{"type":"text","content":"BEDFORD, Texas, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (the \"Company” or “Legacy\", NASDAQ: LEGH) today announced its financial results for the third quarter that ended September 30, 2022. Financial Highlights Net revenue for the third quarter of 2022 was $57.3 million, an increase of 1.5% from the third quarter of 2021.Income from operations for the third quarter of 2022 was $16.9 million, an increase of 10.0% from the third quarter of 2021.Net income for the third quarter of 2022 was $14.7 million, an increase of 13.4% from the third quarter of 2021.Basic earnings per share for the third quarter of 2022 was $0.60, an increase of 11.1% from the third quarter of 2021.Book value for the third quarter of 2022 was $362.2 million, an increase of 22.5% from the third quarter of 2021. On November 3, 2022, Legacy’s Board of Directors unanimously approved a stock repurchase program that will enable the Company to repurchase up to $10,000,000 of its outstanding common stock. The timing and amount of any shares purchased will be determined by the Company’s management based on its evaluation of market conditions and other factors. The repurchase program will be in effect until October 31, 2025. Duncan Bates, President, and Chief Executive Officer, stated: “Our business continues to perform well despite a challenging macroeconomic environment. We faced slower shipments and production from our Eatonton, GA facility this quarter, but our margins and earnings demonstrate the resiliency of Legacy’s integrated business model. Our backlog remains strong across all manufacturing facilities. The stock repurchase program is an important piece of our capital allocation strategy. We are committed to delivering value to our shareholders. Legacy ended the third quarter in a net cash position providing the flexibility to adopt this program and continue 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 11:00 AM Central Time on Wednesday...