MarketWatch says Phoenix-based Cavco Industries, Inc. (CVCO: +3.63% Aug. 2) reported net sales for the first quarter of fiscal year (FY) 2013 totaled $118,781,000, representing a 20% increase over the $98,981,000 net sales for the first quarter of FY 2012. First quarter 2013 net income was $1,618,000 as compared to $20,688,000 for the same period in 2012. Included in net income for the first quarter of FY 2012 was $22,009,000 representing Cavco’s ownership percentage of the Palm Harbor transaction that occurred April 23, 2011. Commenting on the first quarter results, Vice president and Chief Financial Officer Dan Urness said, “Gross profit as a percentage of net sales increased 4.0% to 20.3% for the first quarter of fiscal 2013 versus 16.3% for the same quarter in the prior year. The increase is primarily attributable to having the full quarter benefit of the generally higher margin Palm Harbor retail and finance businesses versus a partial quarter last year, given the transaction closing date of April 23, 2011.” Cavco will hold a conference call Fri. Aug 3, 2012 at 12:00 noon eastern time to discuss these results. As MHProNews has learned, Cavco designs and produces manufactured and modular homes as well as park model homes, vacation cabins, and commercial structures, and also provides financial services to consumers. Cavco gained +0.25% on the stock market today.
(Image credit: Cavco Industries, Inc.)