Welcome to our dedicated page for Legacy Housing Corporation news (Ticker: LEGH), a resource for investors and traders seeking the latest updates and insights on Legacy Housing Corporation stock.
Legacy Housing Corporation (NASDAQ: LEGH) is a premier builder, seller, and financier of high-quality manufactured homes and tiny houses in the United States. The company operates a robust network of independent retailers and company-owned stores to distribute its homes. Additionally, Legacy sells directly to manufactured housing communities, cementing its place as an industry leader.
Legacy Housing is renowned for offering comfortable and well-built homes at competitive prices. Their homes, ranging from approximately 395 to 2,667 square feet, feature 1 to 5 bedrooms and 1 to 3 1/2 bathrooms. Prices at retail range from about $33,000 to $180,000, making them a favored choice among thousands of homeowners across America. The company's American-made homes stand out for their quality materials and craftsmanship.
Recent achievements underscore Legacy's commitment to growth and customer satisfaction. The company announced its financial results for the second quarter of 2023, highlighting strong performance despite industry-wide shipment declines. President and CEO Duncan Bates noted that retail traffic and loan applications have surged, hitting a 12-month high in July 2023.
Legacy Housing's financial stability is further bolstered by a new Revolving Credit Facility, providing flexibility for growth. The company's focus on sales and cost management continues to pay off. Notably, the 2023 Fall Show was one of the most successful in Legacy's history, marking impressive strides in both production and sales expansion, particularly in the Southeast.
In leadership news, Legacy welcomed Jeff Fiedelman as its Chief Financial Officer in September 2023. Fiedelman's expertise in finance, accounting, and operations promises to drive Legacy's strategic initiatives forward. The company remains committed to enhancing processes, recruiting top talent, and maintaining a strong financial footing.
Legacy Housing ranks among the top producers of manufactured homes in the U.S., with current operations primarily in the southern states. As of late 2023, the company is the fourth largest producer according to the Manufactured Housing Institute. Legacy's homes continue to attract a broad customer base seeking affordable and high-quality housing solutions.
For investors and stakeholders, Legacy Housing Corporation remains a pivotal player in the manufactured housing market, providing a consistent track record of performance, innovation, and customer satisfaction.
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.
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.
Legacy Housing Corporation (NASDAQ: LEGH) received a notice from Nasdaq on August 11, 2022, for non-compliance with Listing Rule 5250(c)(1) due to untimely filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2022. This follows a similar notice for the report ending March 31, 2022. Legacy has until September 12, 2022, to provide an update on its compliance plan. While the notice does not immediately affect the company's stock listing, timely filings are critical for regulatory compliance.
Legacy Housing Corporation (NASDAQ: LEGH) announced the appointment of Duncan Bates as President and CEO, effective June 7, 2022. Bates, previously Senior VP of Mergers & Acquisitions at Arcosa, Inc., succeeds Kenny Shipley, who will continue as Founder and Executive VP. The company aims to leverage Bates' extensive experience in corporate finance for strategic growth. Francisco Coll was also appointed as an Independent Director on the same day. Legacy is a leading producer of manufactured homes in the U.S., focusing on quality and affordability.
Legacy Housing Corporation (NASDAQ: LEGH) received a notice from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the failure to timely file its Quarterly Report on Form 10-Q for the period ending March 31, 2022. This follows a previous notice for not filing its Annual Report on Form 10-K for the year ending December 31, 2021. The company has until May 31, 2022, to submit a compliance plan, with a potential extension to regain compliance until September 27, 2022. The notice does not affect the trading of the company’s stock on Nasdaq.
Legacy Housing Corporation (NASDAQ: LEGH) received a notice from Nasdaq for failing to file its Annual Report on Form 10-K for the year ending December 31, 2021. The notice, dated April 1, 2022, indicates non-compliance with Nasdaq Listing Rule 5250(c)(1). The company must submit a plan to regain compliance by May 31, 2022, and if accepted, may have an extension until September 27, 2022. The notice does not currently affect the listing or trading of its stock.
Legacy Housing Corporation (NASDAQ: LEGH) reported impressive financial growth for Q3 2021. Net revenue reached $56.5 million, up 29.1% year-over-year. Gross margin improved by 70% to $14.9 million, reflective of better management against supply chain pressures. Net income rose to $14.7 million, an increase of $6.3 million, driven by higher gross margins and interest revenue. Earnings per share soared by 74.3% to $0.61. The company remains optimistic, reporting a strong backlog and solid demand for products.
Legacy Housing Corporation (NASDAQ: LEGH) reported strong financial results for Q2 2021, with revenue of $48.6 million, reflecting a 5.6% increase from Q2 2020's $46.0 million. Earnings rose 23.8% to $12.4 million, with per-share earnings at $0.51, a 24.4% increase compared to $0.41 in Q2 2020. The company's per-share book value also increased by 17.1% to $11.59. Notably, these growth metrics stemmed from organic growth, with no setbacks attributed to COVID-19.
Legacy Housing Corporation (NASDAQ: LEGH) reported robust financial results for Q1 2021. Net revenue increased by 4.4% to $39.9 million compared to Q1 2020, with net income rising to $9.0 million, boosted by energy efficiency tax credits. Diluted earnings per share improved by 10.1% to $0.37. The company also reduced selling, general and administrative expenses by 14.6% to $4.8 million. Despite challenges from a significant weather event, Legacy remains optimistic with a strong backlog and plans for land development.
Legacy Housing Corporation (NASDAQ: LEGH) reported its financial results for Q4 2020, showcasing a strong performance. Net revenue reached $48.7 million, up 12.5% from Q4 2019. Interest revenue rose 10% to $6.4 million, while selling expenses decreased 20.9% to $4.9 million. Income from operations surged 46.8% to $13.1 million, and net income was $10.5 million, reflecting a 52.9% increase. Diluted EPS increased 57.1% to $.44. The company anticipates continued growth in 2021, with a 17.5% boost in tangible book value.
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