LGI Homes, Inc. Announces Appreciation Bonus For Frontline Employees

Rhea-AI Summary

On October 16, 2020, LGI Homes (NASDAQ: LGIH) announced a $1.5 million special appreciation bonus to approximately 760 frontline employees for their dedication during the COVID-19 pandemic. Each eligible employee will receive a $2,000 cash bonus in recognition of their efforts. CEO Eric Lipar expressed gratitude for their commitment, highlighting that these workers enabled the company to provide homes for over 4,000 families since March. LGI Homes, one of the largest residential builders in the U.S., continues to demonstrate strong performance despite challenging conditions.

Positive

• Special $1.5 million bonus for 760 frontline employees, enhancing morale.
• Production of over 4,000 homes since March indicates strong demand.

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• None.

THE WOODLANDS, Texas, Oct. 16, 2020 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ: LGIH) today announced the payment of a special appreciation bonus, totaling $1.5 million, to approximately 760 eligible “frontline” employees whose roles and responsibilities require that they directly interact with the public on a daily basis. The bonus is a recognition of the extraordinary efforts of these workers during the COVID-19 pandemic.

Eric Lipar, LGI Homes’ Chief Executive Officer noted, “I am incredibly proud of and grateful for the dedication of all of our employees during this unpredictable time. While some of our employees had the ability to fulfil their roles from home, approximately 760 LGI team members were needed in the field daily to support our operations as an essential business. These frontline workers, made up of our Office Managers, Sales Managers, New Home Consultants, Construction Managers and Customer Service Managers, are responsible for directly engaging with our customers, trade partners and other parties. Every day, these dedicated individuals left the comfort and safety of their own homes to make homeownership possible for others.

“In line with the announcement made during our earnings call in August, effective today, we are recognizing each of our frontline employees with a special $2,000 cash bonus as a token of our gratitude. Their unwavering commitment allowed us to provide homes for over 4,000 families since March. Without this remarkable group of individuals, we could not have met the early uncertainties of the pandemic or the unprecedented demand we have experienced since May.”

About LGI Homes, Inc.

Headquartered in The Woodlands, Texas, LGI Homes, Inc. engages in the design, construction and sale of homes in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia and Virginia. Since 2018, LGI Homes has been ranked as the 10^th largest residential builder in the United States based on units closed. The Company has a notable legacy of more than 17 years of homebuilding operations, over which time it has closed more than 40,000 homes. For more information about the Company and its new home developments, please visit the Company’s website at www.LGIHomes.com.

CONTACT:
Investor Relations
Joshua Fattor, (281) 210-2619
InvestorRelations@LGIHomes.com

FAQ

What was the special bonus announced by LGI Homes on October 16, 2020?

LGI Homes announced a $1.5 million special appreciation bonus to approximately 760 frontline employees, with each receiving $2,000.

Why did LGI Homes issue a bonus to its employees?

The bonus was issued in recognition of the extraordinary efforts of frontline employees during the COVID-19 pandemic.

How many homes has LGI Homes provided since March 2020?

LGI Homes has provided homes for over 4,000 families since March 2020.

What is the significance of the bonus for LGI Homes employees?

The bonus acknowledges the critical role frontline employees played in the company's operations during the pandemic.