Legacy Housing Corporation Reports Second Quarter 2022 Financial Results and Regains Compliance with SEC Filings
24 September 2022 - 5:36AM
Legacy Housing Corporation (the "Company” or “Legacy", NASDAQ:
LEGH) today announced its financial results for the Second quarter
ended June 30, 2022.
Financial Highlights
Comparison of Six Months ended June 30, 2022 and 2021
- Revenue was $124.1 million, an increase of 40.2% from 2021 1H
revenue of $88.5 million.
- Income before tax was $40.7 million, an increase of 45.2% from
2021 1H income before tax of $28.1 million.
- Net income was $33.4 million, an increase of 42.8% from 2021 1H
net income of $23.3 million.
- Fully diluted earnings per share was $1.35, an increase of
40.1% from 2021 1H earnings per share of $0.96.
Duncan Bates, President and Chief Executive Officer, stated:
“Our team has been running hard all summer to publish Legacy’s
delayed SEC filings and regain NASDAQ compliance. Ron Arrington has
done a nice job leading the accounting department and working with
our new auditors. Legacy plans to file its Third quarter results
on-time and will resume quarterly earnings calls with investors
beginning next quarter. With this hurdle behind us, I look forward
to working with Curt and Kenny to execute Legacy’s growth plan and
create value for our shareholders.”
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.
About Legacy Housing Corporation
Legacy builds, sells and finances manufactured homes and "tiny
houses" 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 sixth largest
producer of manufactured homes in the United States as ranked by
number of homes manufactured based on the information 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 $140,000.
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. As a result,
our actual results or performance may differ materially from
anticipated 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 place any
reliance on any such forward-looking statements.
Investor Inquiries:Shane Allred, (817)
799-4900investors@legacyhousingcorp.com
or
Investor Inquiries:Duncan Bates, (817)
799-4837duncanbates@legacyhousingcorp.com
Media Inquiries:Kira Hovancik, (817)
799-4905pr@legacyhousingcorp.com
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