8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2010

Cavco Industries, Inc.

(Exact name of registrant as specified in its charter)

Delaware	000-08822	56-2405642
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1001 North Central Avenue, Suite 800, Phoenix, Arizona	85004
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (602) 256-6263

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

On April 29, 2010, Cavco Industries, Inc., a Delaware corporation (the “Corporation”), announced its financial results for its fiscal fourth quarter and fiscal year ended March 31, 2010. A copy of the Corporation’s press release announcing these financial results is attached as Exhibit 99.1 hereto and incorporated in this Item 2.02 by reference.

Item 9.01. Financial Statements and Exhibits

Exhibit
Number	Description
99.1	Press Release dated April 29, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CAVCO INDUSTRIES, INC.
By:	/s/ Daniel L. Urness
	Name:	Daniel L. Urness
	Title:	Chief Financial Officer

Date: April 29, 2010

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release dated April 29, 2010

EX-99.1

Exhibit 99.1

News Release For additional information, contact:

Joseph Stegmayer
Chairman and CEO
Phone: 602-256-6263
joes@cavco.com

On the Internet:
www.cavco.com

FOR IMMEDIATE RELEASE

CAVCO INDUSTRIES REPORTS FISCAL FOURTH QUARTER AND YEAR END RESULTS

PHOENIX, April 29, 2010 — Cavco Industries, Inc. (NASDAQ: CVCO) today announced financial results for the fourth quarter and fiscal year ended March 31, 2010.

Net sales for the fourth quarter of fiscal 2010 totaled $36,271,000, up 146% from $14,730,000 for the fourth quarter of fiscal year 2009. The fourth quarter 2010 results include the Fleetwood Homes operations which, as previously reported, were acquired during the second quarter of the current fiscal year.

Net loss attributable to Cavco stockholders for the fiscal 2010 fourth quarter was $729,000 compared to net loss of $1,023,000 reported in the same quarter one year ago. Net loss per share based on basic and diluted weighted average shares outstanding was $0.11 versus $0.16 last year.

For the fiscal year ended March 31, 2010, net sales increased 10% to $115,612,000 from $105,362,000 for fiscal year 2009. Net loss attributable to Cavco stockholders for fiscal year 2010 was $3,371,000 compared to net income of $458,000 last year. For fiscal 2010, net loss per share based on basic and diluted weighted average shares outstanding was $0.52, versus basic and diluted net income per share of $0.07, for the prior year.

Referring to the fiscal fourth quarter results, Joseph Stegmayer, Chairman, President and Chief Executive Officer, said, “We continue to face significant headwinds including a scarcity of mortgage financing, excess home inventories, unemployment and a lack of consumer confidence in the economy. However, we have begun to recognize sporadic improvement in sales activity. We believe it will take time to determine whether these initial indications form into meaningful trends; nevertheless, we are working aggressively to cultivate any signs of improvement to increase sales and market share.”

Mr. Stegmayer continued, “The fourth fiscal quarter marks the end of a difficult and turbulent year, but also a year which included a significant expansion of our company. During fiscal 2010, we acquired seven operating Fleetwood Homes factories from one of the oldest and largest companies in the industry. The highly recognized and respected Fleetwood Homes brand name and well-managed factories offer significant potential and have already been instrumental in rounding out our company’s product offerings and ability to serve customers from coast to coast.”

“We were recently named the 2010 Manufacturer of the Year by the Manufactured Housing Institute, the factory-built home industry’s national trade organization. We appreciate the recognition this award brings our company as we share the honor with our valued employees, customers and vendors,” Mr. Stegmayer concluded.

Cavco’s senior management will hold a conference call to review these results tomorrow, April 30, 2010, at 12:00 noon (Eastern Time). Interested parties can access a live webcast of the conference call on the Internet at www.cavco.com under the Investor Relations link, or the web site www.opencompany.info. An archive of the webcast and presentation will be available for 90 days at www.cavco.com under the Investor Relations link.

Cavco Industries, Inc., headquartered in Phoenix, Arizona, is one of the largest producers of HUD code manufactured homes in the United States, based on reported wholesale shipments of both Cavco and Fleetwood Homes. The Company is also a leading producer of park model homes and vacation cabins in the United States.

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 and site-built housing industries; 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; general deterioration in economic conditions and continued turmoil in the credit markets; a write-off of all or part of our goodwill, which could adversely affect operating results and net worth; the cyclical and seasonal nature of our business; limitations on our ability to raise capital; curtailment of available financing in the manufactured housing industry; our contingent repurchase obligations related to wholesale financing; competition; our ability to maintain relationships with retailers; labor shortages; pricing and availability of raw materials and unfavorable zoning ordinances; our ability to successfully integrate Fleetwood Homes and any future acquisition or attain the anticipated benefits and the risk that the acquisition of Fleetwood Homes and other future acquisitions may adversely impact our liquidity; our participation in certain wholesale financing programs for the purchase of our products by industry retailers may expose us to additional risk of credit loss; together with all of the other risks described in our filings with the Securities and Exchange Commission. Readers are specifically referred to the Risk Factors described in Item 1A of the 2009 Form 10-K, as may be amended from time to time, which identify important risks that could cause actual results to differ from those contained in the forward-looking statements. 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.

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CAVCO INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

	March 31,			March 31,
	2010			2009
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	74,988		$	70,557
Short-term investments		—			4,464
Restricted cash		227			244
Accounts receivable		9,428			6,234
Inventories		15,751			9,333
Prepaid expenses and other current assets		6,278			3,676
Deferred income taxes		6,240			3,434
Total current assets		112,912			97,942
Property, plant and equipment, at cost:
Land		16,194			6,580
Buildings and improvements		20,345			7,355
Machinery and equipment		10,983			8,203
		47,522			22,138
Accumulated depreciation		(9,933	)		(9,279	)
		37,589			12,859
Inventory finance notes receivable, net		12,929			484
Goodwill and other intangibles, net		68,912			67,346
Total assets	$	232,342		$	178,631
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	5,375		$	739
Accrued liabilities		26,919			13,753
Total current liabilities		32,294			14,492
Deferred income taxes		19,694			16,099
Commitments and contingencies
Cavco Industries, Inc. stockholders’ equity
Preferred Stock, $.01 par value; 1,000,000 shares authorized; No shares issued or outstanding		—			—
Common Stock, $.01 par value; 20,000,000 shares authorized; Outstanding 6,541,684 and 6,506,843 shares, respectively		65			65
Additional paid-in capital		127,152			126,045
Retained earnings		18,559			21,930
Total Cavco Industries, Inc. stockholders’ equity		145,776			148,040
Noncontrolling interest		34,578			—
Total equity		180,354			148,040
Total liabilities and stockholders’ equity	$	232,342		$	178,631

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CAVCO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)

	Three Months Ended						Year Ended
	March 31,						March 31,
	2010			2009			2010			2009
Net sales	$	36,271		$	14,730		$	115,612		$	105,362
Cost of sales		33,079			14,501			104,915			94,591
Gross profit		3,192			229			10,697			10,771
Selling, general and administrative expenses		4,754			2,108			16,718			11,213
Loss from operations		(1,562	)		(1,879	)		(6,021	)		(442	)
Interest income		114			34			222			764
(Loss) income before income taxes		(1,448	)		(1,845	)		(5,799	)		322
Income tax benefit		494			822			2,006			136
Net (loss) income		(954	)		(1,023	)		(3,793	)		458
Less: net loss attributable to noncontrolling interest		(225	)		—			(422	)		—
Net (loss) income attributable to Cavco Industries, Inc. common stockholders	$	(729	)	$	(1,023	)	$	(3,371	)	$	458
Net (loss) income per share attributable to Cavco Industries, Inc. common stockholders:
Basic	$	(0.11	)	$	(0.16	)	$	(0.52	)	$	0.07
Diluted	$	(0.11	)	$	(0.16	)	$	(0.52	)	$	0.07
Weighted average shares outstanding:
Basic		6,541,684			6,506,843			6,516,572			6,487,665
Diluted		6,541,684			6,506,843			6,516,572			6,692,932

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CAVCO INDUSTRIES, INC.
OTHER OPERATING DATA — CONTINUING OPERATIONS
(Dollars in thousands, except average sales price amounts)
(Unaudited)

	Three Months Ended						Year Ended
	March 31,						March 31,
	2010			2009			2010			2009
Net sales
Manufacturing	$	35,320		$	13,414		$	112,345		$	101,373
Retail		2,096			2,035			8,218			8,807
Less: Intercompany		(1,145	)		(719	)		(4,951	)		(4,818	)
Net sales	$	36,271		$	14,730		$	115,612		$	105,362
Floors sold — manufacturing		1,600			556			4,880			3,917
Average sales price per floor — manufacturing	$	22,075		$	24,126		$	23,022		$	25,880
Homes sold — manufacturing		1,071			393			3,255			2,603
Average sales price per home — manufacturing	$	32,979		$	34,132		$	34,515		$	38,945
Homes sold — retail		26			25			114			117
Capital expenditures	$	213		$	76		$	391		$	986
Depreciation	$	327		$	194		$	1,170		$	817

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