Cavco Industries, Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Fiscal Year Ended March 31, 2018; Provides Tax Rate Guidance for Fiscal 2019
May 29, 2018 at 04:55 pm EDT
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Cavco Industries, Inc. announced unaudited consolidated financial results for the fourth quarter and fiscal year ended March 31, 2018. For the quarter, net revenue was $242,529,000 against $197,998,000 for the same period of last year. Income from operations was $25,900,000 against $17,022,000 for the same period of last year. Income before income taxes was $30,704,000 against $16,474,000 for the same period of last year. Net income was $22,140,000 against $10,888,000 for the same period of last year. Net income per diluted share was $2.40 against $1.19 for the same period of last year. The increase in revenue was the result of higher home prices and sales volume. The Company recognized $14.8 million of home sales revenue and $1.8 million of income from operations from early commercial loan payoffs received under Cavco's wholesale lending programs. This revenue was previously deferred in prior periods in the normal course of business. Capital expenditures was $5,361,000 against $952,000 for the same period of last year.
For the year, net revenue was $871,235,000 against $773,797,000 for the same period of last year. Income from operations was $73,773,000 against $56,806,000 for the same period of last year. Income before income taxes was $78,523,000 against $55,281,000 for the same period of last year. Net income was $61,502,000 against $37,955,000 for the same period of last year. Net income per diluted share was $6.68 against $4.17 for the same period of last year. Capital expenditures was $8,386,000 against $5,295,000 for the same period of last year.
The company announced that effective tax rate is anticipated to be in the low 20s starting in fiscal year 2019, when the company should benefit fully from the recent tax reform.
Cavco Industries, Inc. designs and produces factory-built homes. Its segments include Factory-built Housing and Financial Services. The Factory-built Housing segment includes wholesale and retail factory-built housing operations. The Financial Services segment includes manufactured housing consumer finance and insurance. Its factory-built homes are distributed through a network of independent and Company-owned retailers, planned community operators and residential developers. Its manufactured homes are marketed under a variety of brand names, including Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry and Solitaire. It is also a producer of park model recreational vehicle (RVs), vacation cabins and factory-built commercial structures, as well as modular homes. CountryPlace Acceptance Corp. is its finance subsidiary and Standard Casualty Co. (Standard Casualty) is its insurance subsidiary.
Cavco Industries, Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Fiscal Year Ended March 31, 2018; Provides Tax Rate Guidance for Fiscal 2019