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Manufactured housing and park model RV builder Cavco Industries Inc. announced financial results for the fourth quarter and fiscal year ended March 30, 2019.

Highlights for the three months include:

• Net revenue was $241.1 million, down 0.6% from $242.5 million in the prior year period. Net revenue includes subcontracted pass-through services of $6.2 million, which are now recognized on a gross basis rather than net of associated costs. Current period revenue was lower from reduced home sales volume, largely offset by price increases and product mix. In the prior year period, the company recognized $14.8 million of home sales revenue from early commercial loan payoffs received under Cavco’s wholesale lending programs, in addition to completion of disaster-relief units for the Federal Emergency Management Agency.

• Income before income taxes was $26.1 million, a 15% decrease from $30.7 million. During the period, the company experienced higher gross profit margins from increased prices coupled with declining home production materials input costs. Additionally, gross profit margins were enhanced by improved earnings in the financial services segment. In the prior year quarter, the company recognized $4.5 million of other income from gains realized on the sale of corporate investments.

Highlights for the 12 months include:

• Net revenue was $962.7 million, up 10.5% from $871.2 million in the prior year. The improvement was from higher gross profit margins from home sales, as well as improved earnings in the financial services segment. In the prior year, the company received a $3.4 million favorable dispute settlement resolution that reduced cost of sales and also recognized $4.5 million of other income from gains realized on the sale of corporate investments. During the current year period, items ancillary to our core operations had the following impact on the results (in millions). None of these items occurred in the prior year.

• Income before income taxes increased 10.4% to $86.7 million as compared to $78.5 million. The improvement was from higher gross profit margins from home sales, as well as improved earnings in the financial services segment. In the prior year, the company received a $3.4 million favorable dispute settlement resolution that reduced cost of sales and also recognized $4.5 million of other income from gains realized on the sale of corporate investments.