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): August 5, 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 August 5, 2010, Cavco Industries, Inc., a Delaware corporation (the “Corporation”), announced financial results for its fiscal first quarter ended June 30, 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 August 5, 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: August 5, 2010

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release dated August 5, 2010

EX-99.1

Exhibit 99.1

	For additional information, contact:
	Joseph Stegmayer
	Chairman and CEO
	Phone: 602-256-6263
	joes@cavco.com
	On the Internet:
News Release	www.cavco.com

FOR IMMEDIATE RELEASE

CAVCO INDUSTRIES REPORTS FISCAL FIRST QUARTER RESULTS
Sales $47.5 million; Net income $0.5 million

PHOENIX, August 5, 2010 — Cavco Industries, Inc. (NASDAQ: CVCO) today announced financial results for the first quarter of its fiscal year 2011 ended June 30, 2010.

Net sales for the first quarter of fiscal 2011 totaled $47,505,000, up 249% from $13,595,000 for the first quarter of fiscal year 2010. The first quarter 2011 results include the Fleetwood Homes operations which, as previously reported, were acquired during the second quarter of fiscal year 2010.

Net income attributable to Cavco stockholders for the fiscal 2011 first quarter was $518,000 compared to net loss of $1,449,000 reported in the same quarter one year ago. Net income per share based on basic and diluted weighted average shares outstanding was $0.08 versus basic and diluted net loss per share of $0.22 last year.

“We are pleased to report positive earnings for the first quarter of the new fiscal year, however there remain a number of impediments to the company’s achievement of sustained, satisfactory operating results. Incoming order rates are still turbulent, limiting our factories’ opportunities to increase production levels and hampering efficient production planning and execution. Additionally, gross margins continue to be adversely impacted by a product mix favoring smaller, less amenitized homes,” said Joseph Stegmayer, Chairman, President and Chief Executive Officer, while commenting on the quarter.

Mr. Stegmayer continued, “Challenges pertaining to consumer manufactured home lending abound including restrictive underwriting guidelines, irregular appraisal processes, and limited secondary market availability for manufactured home loans. To address these negative forces, we and the industry as a whole continue to work with lenders and regulators on ways to improve the prospects for the borrowing needs of buyers of affordable factory built housing.”

“The second quarter of fiscal year 2011 that we have now begun marks the one-year anniversary of the Fleetwood Homes business combination. We believe the integration of Fleetwood Homes has gone well, and that we are properly positioned to take advantage of opportunities to further improve our operating performance,” Mr. Stegmayer concluded.

Cavco’s senior management will hold a conference call to review these results tomorrow, August 6, 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; unfavorable zoning ordinances; our ability to successfully integrate Fleetwood Homes and any future acquisition or attain the anticipated benefits; 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 2010 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)

	June 30,			March 31,
	2010			2010
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	75,635		$	74,988
Restricted cash		123			227
Accounts receivable		9,379			9,428
Inventories		15,829			15,751
Prepaid expenses and other current assets		5,766			6,278
Deferred income taxes		6,037			6,240
Total current assets		112,769			112,912
Property, plant and equipment, at cost:
Land		16,194			16,194
Buildings and improvements		20,249			20,345
Machinery and equipment		11,054			10,983
		47,497			47,522
Accumulated depreciation		(10,242	)		(9,933	)
		37,255			37,589
Inventory finance notes receivable, net		17,335			12,929
Goodwill and other intangibles, net		68,899			68,912
Total assets	$	236,258		$	232,342
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	5,721		$	5,375
Accrued liabilities		29,508			26,919
Total current liabilities		35,229			32,294
Deferred income taxes		19,687			19,694
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 6,541,841 and 6,541,684 shares, respectively		65			65
Additional paid-in capital		127,290			127,152
Retained earnings		19,077			18,559
Total Cavco Industries, Inc. stockholders’ equity		146,432			145,776
Noncontrolling interest		34,910			34,578
Total equity		181,342			180,354
Total liabilities and stockholders’ equity	$	236,258		$	232,342

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

	Three Months Ended
	June 30,
	2010			2009
Net sales	$	47,505		$	13,595
Cost of sales		41,064			13,501
Gross profit		6,441			94
Selling, general and administrative expenses		5,236			2,469
Income (loss) from operations		1,205			(2,375	)
Interest income		180			27
Income (loss) before income taxes		1,385			(2,348	)
Income tax (expense) benefit		(535	)		899
Net income (loss)		850			(1,449	)
Less: net income attributable to noncontrolling interest		332			—
Net income (loss) attributable to Cavco Industries, Inc. common stockholders	$	518		$	(1,449	)
Net income (loss) per share attributable to Cavco Industries, Inc. common stockholders:
Basic	$	0.08		$	(0.22	)
Diluted	$	0.08		$	(0.22	)
Weighted average shares outstanding:
Basic		6,541,739			6,506,898
Diluted		6,753,265			6,506,898

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

	Three Months Ended
	June 30,
	2010			2009
Net sales
Manufacturing	$	46,019		$	12,966
Retail		2,870			2,017
Less: Intercompany		(1,384	)		(1,388	)
Net sales	$	47,505		$	13,595
Floors sold — manufacturing		2,049			512
Average sales price per floor — manufacturing	$	22,459		$	25,324
Homes sold — manufacturing		1,313			378
Average sales price per home — manufacturing	$	35,049		$	34,302
Homes sold — retail		30			33
Capital expenditures	$	239		$	10
Depreciation	$	325		$	284

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