Legacy Housing Corporation Reports Second Quarter 2022 Financial Results and Regains Compliance with SEC Filings

Rhea-AI Summary

Legacy Housing Corporation (NASDAQ: LEGH) reported significant gains in its financial results for the first half of 2022, showcasing a 40.2% increase in revenue to $124.1 million compared to the same period in 2021. Net income rose by 42.8% to $33.4 million, with fully diluted EPS climbing 40.1% to $1.35. The company aims to regain NASDAQ compliance and plans timely filing of its third-quarter results, potentially impacting investor confidence and future stock performance.

Positive

• Revenue increased by 40.2% to $124.1 million.
• Net income rose by 42.8% to $33.4 million.
• Fully diluted EPS increased by 40.1% to $1.35.

Negative

• Delayed SEC filings may have affected investor confidence.

BEDFORD, Texas, Sept. 23, 2022 (GLOBE NEWSWIRE) -- 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) 799-4900
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

What were Legacy Housing's Q2 2022 financial results?

Legacy Housing reported Q2 2022 revenue of $124.1 million, a 40.2% increase from the previous year, with net income of $33.4 million and EPS of $1.35.

How did Legacy Housing perform compared to last year?

In the first half of 2022, Legacy Housing's revenue increased by 40.2%, net income rose by 42.8%, and EPS grew by 40.1% compared to the first half of 2021.

What plans does Legacy have to regain NASDAQ compliance?

Legacy Housing plans to file its third-quarter results on time and resume quarterly earnings calls to improve NASDAQ compliance and restore investor confidence.

What is the stock symbol for Legacy Housing Corporation?

The stock symbol for Legacy Housing Corporation is LEGH.