Legacy Housing Corporation announces financial results for the third quarter of 2023

Heritage Housing Company

Heritage Housing Company

BEDFORD, Texas, Nov. 09, 2023 (GLOBE NEWSWIRE) — Legacy Housing Corporation (“Legacy” or the “Company,” NASDAQ: LEGH) today announced its financial results for the third quarter ended September 30, 2023.

Financial highlights

  • Net revenues for the third quarter of 2023 amounted to $49.9 million, a decrease of 12.9% Starting from the third quarter of 2022.

  • Income from operations for the third quarter of 2023 was $19.0 million, an increase of 12.8% Starting from the third quarter of 2022.

  • Net income for the third quarter of 2023 was $16.1 million, an increase of 9.2% Starting from the third quarter of 2022.

  • Basic earnings per share for the third quarter of 2023 $0.66increase b 10.0% Starting from the third quarter of 2022.

  • The book value reached the third quarter of 2023 $429.5 million, an increase of 18.6% Starting from the third quarter of 2022.

  • Book value per share for the third quarter of 2023 $17.61increase b 18.7% Starting from the third quarter of 2022.

“The need for affordable housing in the United States is undeniable,” said Duncan Bates, President and CEO. Mortgage rates have risen dramatically, average home prices have remained flat, and large numbers of potential homebuyers have exited the traditional housing market. Leading indicators for manufactured housing, such as retail traffic and loan applications, point to a gradual recovery for our industry. Legacy’s Fall 2023, our annual sales event in early October, was one of the most successful shows in the company’s history. We are increasing production at our Texas plants, expanding our sales efforts in the Southeast, growing our loan portfolios, and aggressively managing expenses. I will provide updates on strategic initiatives and capital allocation when earnings are announced tomorrow.

This shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities of the Company 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. Like this.

Conference call information

The Department will host a conference call to discuss the results at 10:00 a.m. Central time on Friday, November 10, 2023. To access the conference call, please pre-register using this link. Registrants will receive a confirmation with contact details. A live webcast of the call can be accessed using this link.

About the Heritage Housing Company

Legacy builds, sells and finances manufactured homes and “tiny homes” that are distributed through a network of independent retailers and company-owned stores. The company also sells directly to manufactured housing communities. Legacy is the fifth largest producer of manufactured homes in the United States according to the number of manufactured homes based on information available from the Manufactured Housing Institute and the Institute of Construction Technology and Safety. With current operations primarily focused in the Southern United States, we offer our clients a range of quality homes ranging in size from approximately 395 to 2,667 square feet and 1 to 5 bedrooms, with 1 to 3 1/2 bathrooms. Our homes range in price, at retail, from approximately $33,000 to $180,000.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Securities and Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. He controls. As a result, our actual results or performance may differ materially from the expected results or performance. Legacy undertakes no obligation to update any such forward-looking statements after the date hereof, except as required by law. Investors should not rely on any such forward-looking statements.

Investor inquiries:
Duncan Bates, (817) 799-4837
duncanbates@legacyhousingcorp.com

Media inquiries:
Kira Hovancic, (817) 799-4905
pr@legacyhousingcorp.com

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