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) |
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 |
Item 9.01. | Financial Statements and Exhibits |
Exhibit | ||
Number | Description | |
99.1
|
Press Release dated May 5, 2011 |
CAVCO INDUSTRIES, INC. |
||||
By: | /s/ Daniel L. Urness | |||
Name: | Daniel L. Urness | |||
Title: | Chief Financial Officer | |||
Exhibit | ||
Number | Description | |
99.1
|
Press Release dated May 5, 2011 |
![]() |
For additional information, contact: Joseph Stegmayer Chairman and CEO Phone: 602-256-6263 joes@cavco.com On the Internet: www.cavco.com |
March 31, | March 31, | |||||||
2011 | 2010 | |||||||
(Unaudited) | ||||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 76,513 | $ | 74,988 | ||||
Restricted cash |
436 | 227 | ||||||
Accounts receivable |
6,571 | 9,428 | ||||||
Inventories |
16,036 | 15,751 | ||||||
Prepaid expenses and other current assets |
2,495 | 6,278 | ||||||
Debtor-in-possession note receivable |
40,060 | | ||||||
Deferred income taxes |
4,720 | 6,240 | ||||||
Total current assets |
146,831 | 112,912 | ||||||
Property, plant and equipment, at cost: |
||||||||
Land |
16,046 | 16,194 | ||||||
Buildings and improvements |
19,672 | 20,345 | ||||||
Machinery and equipment |
11,453 | 10,983 | ||||||
47,171 | 47,522 | |||||||
Accumulated depreciation |
(11,178 | ) | (9,933 | ) | ||||
35,993 | 37,589 | |||||||
Inventory finance notes receivable, net |
17,759 | 12,929 | ||||||
Goodwill and other intangibles, net |
68,859 | 68,912 | ||||||
Total assets |
$ | 269,442 | $ | 232,342 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ | 3,495 | $ | 5,375 | ||||
Accrued liabilities |
26,245 | 26,919 | ||||||
Noncontrolling interest note payable |
36,000 | | ||||||
Total current liabilities |
65,740 | 32,294 | ||||||
Deferred income taxes |
17,214 | 19,694 | ||||||
Redeemable noncontrolling interest |
35,819 | 34,578 | ||||||
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 6,817,606 and 6,541,684
shares, respectively |
68 | 65 | ||||||
Additional paid-in capital |
129,211 | 127,152 | ||||||
Retained earnings |
21,390 | 18,559 | ||||||
Total stockholders equity |
150,669 | 145,776 | ||||||
Total liabilities, redeemable
noncontrolling interest and
stockholders equity |
$ | 269,442 | $ | 232,342 | ||||
Three Months Ended | Year Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net sales |
$ | 38,822 | $ | 36,271 | $ | 171,827 | $ | 115,612 | ||||||||
Cost of sales |
33,507 | 33,079 | 147,549 | 104,915 | ||||||||||||
Gross profit |
5,315 | 3,192 | 24,278 | 10,697 | ||||||||||||
Selling, general and
administrative expenses |
5,345 | 4,754 | 21,345 | 16,718 | ||||||||||||
(Loss) income from operations |
(30 | ) | (1,562 | ) | 2,933 | (6,021 | ) | |||||||||
Interest income |
1,071 | 114 | 2,028 | 222 | ||||||||||||
Income (loss) before income taxes |
1,041 | (1,448 | ) | 4,961 | (5,799 | ) | ||||||||||
Income tax benefit (expense) |
692 | 494 | (889 | ) | 2,006 | |||||||||||
Net income (loss) |
1,733 | (954 | ) | 4,072 | (3,793 | ) | ||||||||||
Less: net income
(loss) attributable to
noncontrolling interest |
124 | (225 | ) | 1,241 | (422 | ) | ||||||||||
Net income (loss)
attributable to
Cavco common stockholders |
$ | 1,609 | $ | (729 | ) | $ | 2,831 | $ | (3,371 | ) | ||||||
Net income (loss)
per share attributable to
Cavco common stockholders: |
||||||||||||||||
Basic |
$ | 0.24 | $ | (0.11 | ) | $ | 0.43 | $ | (0.52 | ) | ||||||
Diluted |
$ | 0.23 | $ | (0.11 | ) | $ | 0.41 | $ | (0.52 | ) | ||||||
Weighted average shares
outstanding: |
||||||||||||||||
Basic |
6,817,606 | 6,541,684 | 6,637,270 | 6,516,572 | ||||||||||||
Diluted |
6,903,873 | 6,541,684 | 6,859,457 | 6,516,572 | ||||||||||||
Three Months Ended | Year Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net sales |
||||||||||||||||
Manufacturing |
$ | 37,939 | $ | 35,320 | $ | 166,915 | $ | 112,345 | ||||||||
Retail |
2,614 | 2,096 | 10,247 | 8,218 | ||||||||||||
Less: Intercompany |
(1,731 | ) | (1,145 | ) | (5,335 | ) | (4,951 | ) | ||||||||
Net sales |
$ | 38,822 | $ | 36,271 | $ | 171,827 | $ | 115,612 | ||||||||
Floors sold manufacturing |
1,595 | 1,600 | 7,308 | 4,880 | ||||||||||||
Average sales price per
floor manufacturing |
$ | 23,786 | $ | 22,075 | $ | 22,840 | $ | 23,022 | ||||||||
Homes sold manufacturing |
1,103 | 1,071 | 4,771 | 3,255 | ||||||||||||
Average sales price per
home manufacturing |
$ | 34,396 | $ | 32,979 | $ | 34,985 | $ | 34,515 | ||||||||
Homes sold retail |
32 | 26 | 123 | 114 | ||||||||||||
Capital expenditures |
$ | 279 | $ | 213 | $ | 959 | $ | 391 | ||||||||
Depreciation |
$ | 320 | $ | 327 | $ | 1,304 | $ | 1,170 | ||||||||
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