BEDFORD, Texas, March 15, 2024 (Globe Newswire) — Legacy Housing Corporation (the “Company” or “Legacy”; NASDAQ: LEGH) today announced its financial results for the year ending December 31, 2023. did.
financial highlights
-
Net revenue for the year ended 2023 was $189.1 million, a decrease of 26.4% compared to the year ended 2022.
-
Operating revenue for the year ended 2023 was $64.6 million, a decrease of 17.2% compared to the year ended 2022.
-
Net income for the year ended 2023 was $54.5 million, a decrease of 19.6% from the year ended 2022.
-
Underlying earnings per share for the year ended 2023 was $2.23, a decrease of 19.7% compared to the year ended 2022.
-
Book value for the year ended 2023 was $436.7 million, an increase of 14.3% compared to the year ended 2022.
-
Net assets per share1 Revenues for the year ended 2023 were $17.91, an increase of 14.2% from the year ended 2022.
Duncan Bates, president and chief executive officer, said: We have spent an incredible amount of time this year recruiting and onboarding talented professionals and upgrading our processes and systems. Market conditions are improving and Legacy is well positioned heading into his 2024. Please join us on Monday's conference call for more information on our financial results for the reporting period. ”
This does not constitute an offer to sell or the solicitation of an offer to buy in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the law. , there shall be no sale of our securities. the securities laws of any such state or jurisdiction;
Teleconference information
Management will host a conference call to discuss the results on Monday, March 18, 2024 at 10:00 a.m. Central Time. To access the conference call, please pre-register using this link. Registrants will receive a confirmation email with dial-in details. You can access a live webcast of the call using this link.
About Legacy Housing Corporation
Legacy builds, sells and finances homes and “tiny houses” sold through a network of independent retailers and company-owned stores. We also sell directly to manufactured housing communities. Legacy is the No. 6 manufactured home manufacturer in the United States, ranked by number of manufactured homes based on information available from the Manufactured Housing Association and the Building Technology and Safety Institute. Our current operations are primarily concentrated in the southern United States, providing quality homes with 1 to 5 bedrooms and 1 to 3 1/2 bathrooms ranging in size from approximately 395 to 2,667 square feet. I am. Our homes retail for approximately $33,000 to $180,000.
__________________________________
1 Book value per share is a non-GAAP financial measure and we define book value per share as total stockholders' equity divided by the basic weighted average common shares outstanding.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the Securities 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 the scope of the Company. Control. As a result, our actual results or performance may differ materially from our 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 such forward-looking statements.
Investor inquiries:
Duncan Bates, (817) 799-4837
duncanbates@legacyhousingcorp.com
Media inquiries:
Kira Hovancik, (817) 799-4905
pr@legacyhousingcorp.com
