Cavco Releases Financial Results

In its report of fiscal 2013 second quarter financial results, Phoenix-based Cavco Industries , Inc. (Nasdaq: CVCO), reports net sales fell 15.3 percent, to $110,084,000 from the comparable period of 2012 when sales hit $130,008,000. GlobeNewsWire says net income for Q2 2013 dropped to $2,681,000 from $3,172,000 for the same period in the previous fiscal year. Net sales for the first six months of fiscal 2013 totaled $228,865,000 as compared to $228,989,000 for the first six months in the previous year. Net income for the first six months of fiscal 2012 fell from $11,907,000 to $2,114,000 for the comparable period of fiscal 2013. Joeph Stegmayer, president, chairman and CEO of Cavco attributes the drop in earnings for Q2 2013 to fewer overall homes sold, lower average sales prices from lower price-point homes, and increased competition. While revenues declined, gross margins improved comparing Q2 2013 to the same fiscal period of 2012. He says, “To counteract these challenges, we have continued to expand our sales in niche market areas including, among others: workforce housing, homes for rental use in planned communities, multi-family developments, and camping cabins. The Company’s acquisitions in recent years have helped successfully expand our competencies on numerous homebuilding platforms.” As MHProNews has learned, Cavco is the second largest producer of manufactured housing in the U.S. A conference call will be held Fri., Nov. 2 at 12:00 eastern time to discuss these results. For access, go to and click on the Investor Relations link. Cavco closed up +3.70% at $50. Nov. 1.

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