Cavco Industries Inc. (CVCO, Financial) filed Quarterly Report for the period ended 2012-06-30.
Cavco Industries, Inc. has a market cap of $338 million; its shares were traded at around $47.93 with a P/E ratio of 57.9 and P/S ratio of 0.8.
Net Sales. Total net sales increased 20.0% to $118.8 million for the three months ended June 30, 2012 compared to $99.0 million for the comparable quarter last year. The quarter ended June 30, 2011 included only 68 days of Palm Harbor activity, as the Palm Harbor operations were principally acquired on April 23, 2011, and from that date forward were included in the results of fiscal year 2012.
Factory-built housing net sales increased 16.8% to $108.4 million from $92.8 million for the comparable quarter last year. The financial services segment, consisting of CountryPlace and Standard, contributed $10.3 million and $6.1 million in net sales for the three months ended June 30, 2012 and 2011, respectively.
Gross Profit. Gross profit as a percent of sales increased to 20.3% for the three months ended June 30, 2012 from 16.3% for the same period last year. The percentage increase arose mainly from the retail and finance businesses obtained in the Palm Harbor transaction, which have inherently higher gross margins, and the timing of the Palm Harbor purchase last year. Higher home sales enabled the Company to benefit somewhat from production overhead leverage in our manufacturing business that produced homes at a capacity utilization rate of approximately 37% this quarter. Partially offsetting these benefits this quarter was a higher proportion of lower price-point homes in our product mix. The Companys combined factory-built housing operations sold 2,239 homes during the three months ended June 30, 2012 compared to 1,851 homes during the comparable period last year.
Selling, General and Administrative Expenses. Selling, general and administrative expenses increased 17.6%, or $3.0 million, to $20.0 million, or 16.8% of net sales, for the three months ended June 30, 2012 versus $17.0 million, or 17.2% of net sales, for the same period last year. The dollar increase is primarily a result of the timing of the Palm Harbor transaction last year. The decrease in selling, general and administrative expenses as a percentage of net sales is from greater leverage of fixed costs during the quarter.
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Cavco Industries, Inc. has a market cap of $338 million; its shares were traded at around $47.93 with a P/E ratio of 57.9 and P/S ratio of 0.8.
Highlight of Business Operations:
The Company operated with low backlogs during the first quarter of fiscal year 2013. The backlog of sales orders at June 30, 2012 varied among our fifteen factories, but in total was $20.5 million, or approximately three weeks of current production levels, compared to $20.0 million at June 30, 2011.Net Sales. Total net sales increased 20.0% to $118.8 million for the three months ended June 30, 2012 compared to $99.0 million for the comparable quarter last year. The quarter ended June 30, 2011 included only 68 days of Palm Harbor activity, as the Palm Harbor operations were principally acquired on April 23, 2011, and from that date forward were included in the results of fiscal year 2012.
Factory-built housing net sales increased 16.8% to $108.4 million from $92.8 million for the comparable quarter last year. The financial services segment, consisting of CountryPlace and Standard, contributed $10.3 million and $6.1 million in net sales for the three months ended June 30, 2012 and 2011, respectively.
Gross Profit. Gross profit as a percent of sales increased to 20.3% for the three months ended June 30, 2012 from 16.3% for the same period last year. The percentage increase arose mainly from the retail and finance businesses obtained in the Palm Harbor transaction, which have inherently higher gross margins, and the timing of the Palm Harbor purchase last year. Higher home sales enabled the Company to benefit somewhat from production overhead leverage in our manufacturing business that produced homes at a capacity utilization rate of approximately 37% this quarter. Partially offsetting these benefits this quarter was a higher proportion of lower price-point homes in our product mix. The Companys combined factory-built housing operations sold 2,239 homes during the three months ended June 30, 2012 compared to 1,851 homes during the comparable period last year.
Selling, General and Administrative Expenses. Selling, general and administrative expenses increased 17.6%, or $3.0 million, to $20.0 million, or 16.8% of net sales, for the three months ended June 30, 2012 versus $17.0 million, or 17.2% of net sales, for the same period last year. The dollar increase is primarily a result of the timing of the Palm Harbor transaction last year. The decrease in selling, general and administrative expenses as a percentage of net sales is from greater leverage of fixed costs during the quarter.
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