Legacy Housing Corporation Provides Update on Delayed SEC Filings and Guidance for the First Half of 2022
Legacy Housing Corporation (LEGH) announced progress in regaining NASDAQ compliance after filing its Form 10-K for the year ended December 31, 2021, on August 3, 2022. The Audit Committee appointed Daszkal Bolton LLP as the new public accounting firm following the dismissal of Weaver and Tidwell, LLP. Legacy expects to file Forms 10-Q1 and 10-Q2 by late September 2022, with anticipated revenues of $120 to $122 million and income before taxes of $37 to $39 million for the first half of 2022. Despite recent accounting challenges, Legacy continues to perform well in a tough market.
- Filed Form 10-K for FY 2021, showing commitment to financial compliance.
- New accounting firm Daszkal Bolton LLP appointed, signifying a proactive approach.
- Projected revenues of $120 million to $122 million for H1 2022.
- Expected income before taxes between $37 million and $39 million.
- Previously missed deadlines for required periodic financial reports.
- Dismissal of prior accounting firm may indicate past financial management issues.
BEDFORD, Texas, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (the "Company” or “Legacy", NASDAQ: LEGH) is committed to regaining compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission. As part of that commitment, Legacy provides the following updates:
- Legacy filed its Form 10-K for the year ended December 31, 2021 on August 3, 2022.
- On August 5, 2022, the Audit Committee of the Board of Directors of Legacy dismissed Weaver and Tidwell, LLP and approved the appointment of Daszkal Bolton LLP as the Company’s new independent registered public accounting firm.
- The Company anticipates filing its Form 10-Q1 and Form 10-Q2 by late September 2022.
Duncan Bates, President and Chief Executive Officer, stated: “I am excited about the progress our team has made this summer toward regaining NASDAQ compliance and ensuring timely and accurate financial reporting in the future. We have hired several key accounting and internal audit personnel and continue to refine our policies and procedures.”
First Half of 2022 Guidance
Legacy’s team is working diligently to file its Form 10-Q1 and Form 10-Q2 as soon as possible. In the meantime, the Company announces the following unadjusted earnings guidance for the six months ended June 30, 2022:
- Revenues of
$120 million to$122 million . - Income before taxes of
$37 million to$39 million .
Curt Hodgson, Executive Chairman of Legacy, added: “Despite the accounting distractions, Legacy continues to perform well in a challenging commodity and labor market environment. I look forward to moving past this frustrating chapter and working with Kenny and Duncan to grow the business and create value for our shareholders.”
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
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) 799-4900
investors@legacyhousingcorp.com
or
Investor Inquiries:
Duncan Bates, (817) 799-4837
duncanbates@legacyhousingcorp.com
Media Inquiries:
Kira Hovancik, (817) 799-4905
pr@legacyhousingcorp.com
FAQ
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