Financial highlights include the following:
- Net revenue for the fourth quarter of fiscal year 2015 totaled $141.2 million, up 7.7% from $131.2 million for the fourth quarter of fiscal year 2014. Net revenue for fiscal year 2015 was $566.7 million, an increase of 6.2% from $533.3 million for the prior fiscal year.
- Income before income taxes was $9.1 million for the 2015 fourth fiscal quarter, a $2.6 million increase over $6.5 million reported in last year’s fourth fiscal quarter. For the fiscal year ended March 28, 2015, income before income taxes increased $9.5 million to $37.3 million versus $27.8 million for the prior fiscal year.
- Net income attributable to Cavco stockholders was $6.0 million for the fourth quarter of fiscal year 2015, compared to $4.2 million reported in the same quarter of the prior year. For the fiscal year ended March 28, 2015, net income attributable to Cavco stockholders was $23.8 million, compared to $16.2 million for the year ended March 29, 2014. Results for the prior fiscal year include a deduction of $2.5 million from net income attributable to redeemable noncontrolling interest, which was eliminated beginning in July 2013 in relation to the buyout of the redeemable noncontrolling interest, as previously reported.
- Net income per share attributable to Cavco stockholders for the fourth quarter of fiscal 2015, based on basic and diluted weighted average shares outstanding, was $0.67 and $0.66, respectively, versus $0.48 and $0.47, respectively for the quarter ended March 29, 2014. Net income per share attributable to Cavco stockholders for the year ended March 28, 2015, based on basic and diluted weighted average shares outstanding, was $2.69 and $2.64, respectively, versus $1.97 and $1.94, respectively, for the prior year.
Commenting on the results, Joseph Stegmayer, chairman, president and CEO, noted, “We are pleased to report positive results for the final quarter of this fiscal year. Although the winter quarter following the holidays typically has lower sales volume compared to the rest of the year, we experienced a more consistent rate of new home orders during this quarter than the same quarter last year. We believe this is an indication of a modestly strengthening market environment in which consumer confidence levels and employment rates have been reported as improving.
“Meanwhile, we have been working to increase our overall market coverage. Cavco is beginning fiscal year 2016 with factories now producing manufactured homes for most key domestic regions, including the Midwest and certain Canadian provinces served by the recently added operations of Fairmont Homes. We have also strengthened our presence and capabilities in the park model RV industry with the purchase of Chariot Eagle in Florida. Our combined operations provide a solid platform to continue to produce homes that are responsive to ongoing developments in regional and national affordable housing markets.”
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