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Cavco Industries Inc. (CVCO) filed Quarterly Report for the period ended 2011-09-30.
Cavco Industries Inc. has a market cap of $324.1 million; its shares were traded at around $47.03 with and P/S ratio of 1.8.
This is the annual revenues and earnings per share of CVCO over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CVCO.
Highlight of Business Operations:
Net Sales. Total net sales increased 183.3% to $130.0 million for the three months ended September 30, 2011 compared to $45.9 million for the comparable quarter last year. For the six months ended September 30, 2011, sales increased 145.2% to $229.0 million from $93.4 million for the same period last year. The fiscal year 2012 results include the Palm Harbor operations, which were acquired on April 23, 2011, and from that date forward are included in the results of fiscal year 2012.Factory-built housing net sales increased 160.8% to $119.7 million from $45.9 million for the comparable quarter last year. For the six months ended September 30, 2011, factory-built housing net sales increased 127.6% to $212.5 million from $93.4 million for the same period last year. The financial services segment, consisting of CountryPlace and Standard, contributed $10.3 million and $16.5 million in net sales for the three and six months ended September 30, 2011, respectively.
Gross Profit. Gross profit as a percent of sales increased to 21.7% for the three months ended September 30, 2011 from 15.6% for the same period last year and increased to 19.4% for the six months ended September 30, 2011 from 14.6% last year. Including the Palm Harbor operations, the Company’s combined factory-built housing operations sold 2,147 and 3,998 homes during the three and six months ended September 30, 2011, respectively, compared to 1,236 and 2,552 homes during the comparable periods last year. While the average sales price per home improved, the improvement in gross profit was mainly the result of the added Palm Harbor finance and insurance subsidiaries, which are generally higher-margin businesses.
Selling, General and Administrative Expenses. Selling, general and administrative expenses increased 293.3% or $16.1 million to $21.6 million, or 16.6% of net sales, for the three months ended September 30, 2011 versus $5.5 million or 12.0% of net sales, for the same period last year. For the six-month period ended September 30, 2010, selling, general and administrative expenses increased 259.7% or $27.9 million to $38.6 million from $10.7 million last year. The increase is primarily a result of the addition of the Palm Harbor businesses. Costs related to the acquisition of Palm Harbor Florida were $120,000 and $864,000 for the three and six months ended September 30, 2011, respectively, and were expensed as incurred.
Projected cash to be provided by or used in operations in the coming year is largely dependent on sales volume. Operating activities provided $11.6 million of cash during the six months ended September 30, 2011, compared to requiring the use of $3.6 million during the same period last year. Cash provided by operating activities during the current period was primarily the result of cash generated by the new finance subsidiaries including proceeds from sales of consumer loans and collecting principal payments on consumer loans originated. These increases were supplemented by increases of accounts payable and accrued liabilities, offset in part by the volume of consumer loans originated and increases in inventories, prepaid assets and accounts receivable. Cash used by operating activities during the six months ended September 30, 2010 was primarily the result of net funding of inventory finance initiatives and decreases in accounts payable, offset in part by operating income before non-cash charges and collections of trade receivables.
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