Legacy Housing Corporation Announces $10,000,000 Stock Repurchase Program
13 April 2019 - 6:30AM
Legacy Housing Corporation (NASDAQ: LEGH) today announced that its
Board of Directors has approved a stock repurchase program that
will enable the Company to repurchase up to $10,000,000 of its
outstanding common stock.
“This share repurchase program is a confirmation
of our ongoing belief in our future and our commitment to
delivering value to our shareholders,” said Curt Hodgson, Executive
Chairman of the Board. “Our strong balance sheet allows us to adopt
this stock repurchase program while still having resources to
continue to fund our existing operations and future growth.”
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 April 11, 2022.
The repurchase program will be funded using the
Company’s credit capacity. As of December 31, 2018, we had a
borrowing capacity of $51.3 million under two revolving credit
facilities.
About Legacy Housing Corporation
Legacy Housing Corporation builds, sells and
finances manufactured homes and "tiny houses" that are distributed
through a network of independent retailers and company-owned stores
and are sold directly to manufactured housing communities. We
are the fourth largest producer of manufactured homes in the United
States as ranked by available from the Manufactured Housing
Institute. With current operations focused primarily in the
southern United States, we offer our customers an array of quality
homes ranging in size from approximately 390 to 2,667 square feet
consisting of 1 to 5 bedrooms, with 1 to 3 1/2 bathrooms. Our
homes range in price, at retail, from approximately $22,000 to
$95,000.
Statements in this press release, including
Legacy’s statements about its intentions to repurchase shares of
its common stock from time to time under this stock repurchase
program and the potential source of funding or intended use of any
repurchased shares, constitute forward-looking statements as
defined in the Private Securities Litigation Reform Act.
Forward-looking statements involve substantial risk and
uncertainties that may cause actual results to differ materially
from expectations. Forward-looking statements represent our beliefs
and assumptions only as of the date of this press release. We
disclaim any obligation to update forward-looking statements,
except as required by applicable law.
Investor Inquiries:
Neal Suit, (817) 799-4906 investors@legacyhousingcorp.com
or
Media Inquiries:
Casey Mack, (817) 799-4904
pr@legacyhousingcorp.com
Legacy Housing (NASDAQ:LEGH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Legacy Housing (NASDAQ:LEGH)
Historical Stock Chart
From Jul 2023 to Jul 2024