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Cavco Industries

Cavco Income From Continuing Operations Increases 80% -- Stock Up 83.8%

04/28/2004 Cavco Industries today reported that income from continuing operations increased 80%. Sales increased 25%. Subscribers who bought the stock when we sent out our buy signal have made a gain of 83.8%. Below is an excerpt from the company's earnings statement:

PHOENIX, April 28 /PRNewswire-FirstCall/ -- Cavco Industries, Inc. (Nasdaq: CVCO) today announced financial results for the fourth quarter and fiscal year ended March 31, 2004. Cavco, headquartered in Phoenix, Arizona, is the largest producer of manufactured homes in Arizona, based on wholesale shipments. The company is also the largest producer of park model homes in the United States.

Net sales for the fourth quarter of fiscal 2004 increased 25% to $35,033,000 versus $27,971,000 last year. Net income for the fourth quarter this year increased to $1,554,000 compared with a net loss of $6,845,000 for the same period a year ago, which did not include any income tax effect. Last year's net loss includes losses of $8,282,000 from the Company's discontinued manufacturing and retail operations which included two idled manufacturing facilities no longer held by the Company and retail sales centers to be disposed of in fiscal 2004 and 2005.

Net income per share for the fourth quarter this year was $0.49 based on basic weighted average shares outstanding and $0.48 per share based on diluted weighted average shares versus a proforma net loss per share of $1.33 last year based on the 3,089,269 shares distributed by Centex on June 30, 2003.

Pre-tax income from continuing operations for the fourth quarter of this year was $2,593,000 compared with $1,437,000 for the fourth quarter last year. After-tax income from continuing operations increased 80% to $1,554,000 or $0.49 per share versus $862,000 or $0.28 per share for the same period last year assuming a proforma income tax provision.

Commenting on the results, Joseph Stegmayer, President and Chief Executive Officer, said, "We are gratified with the results of our manufacturing operations, particularly in view of industry conditions that remain challenging. The pursuit of new markets, the introduction of innovative products and our focus on quality and production efficiency continued to benefit our bottom line."

Mr. Stegmayer continued, "Although industry shipments for the first two months of calendar 2004 continued to decline from the prior year, we anticipate some positive trends developing as the year progresses, based on the reduction we see in retailer inventories and the potential for slight improvement in the availability of consumer financing. The most significant immediate concern is with the sharp and rapid increases we are experiencing in the price of raw materials, particularly wood, steel and gypsum. While we have initiated sales price increases to reflect the higher construction costs, the timing of these changes and competitive factors will make unavoidable some adverse impact to our profit margins in the first quarter. Because of the unpredictability of raw material prices and availability going forward, we are unable to assess the duration or extent of this issue's impact on our performance for fiscal 2005." Stegmayer concluded.

Commenting on the company's financial condition, Sean Nolen, Chief Financial Officer, said, "For fiscal 2004, we generated approximately $8 million or $2.50 per share in after-tax cash flow, which along with strict control over our balance sheet, increased our available cash to nearly $31 million. We concluded the fiscal year with no debt outstanding."

Certain statements contained in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities and Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In general, all statements that are not historical in nature are forward-looking. Forward-looking statements are typically included, for example, in discussions regarding the manufactured housing industry; our financial performance and operating results; and the expected effect of certain risks and uncertainties on our business, financial condition and results of operations. All forward-looking statements are subject to 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. Factors that could cause such differences to occur include, but are not limited to, adverse industry conditions, the cyclical nature of our business, limitations on our ability to raise capital, curtailment of available financing in the manufactured housing industry; competition, our ability to maintain relationships with retailers, availability of raw materials and our lack of recent operating history as an independent public company, together with all of the other risks described in our filing with the Securities and Exchange Commission. Cavco expressly disclaims any obligation to update any forward-looking statements contained in this release whether as a result of new information, future events or otherwise. Investors should not place any reliance on any such forward- looking statements.

For further information, please contact: Joseph Stegmayer, Chairman and CEO of Cavco Industries, Inc., +1-602-256-6263, joes@cavco.com.

SOURCE: Cavco Industries, Inc.

 




 

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