Cavco Revenue Increases in Q2 Fiscal 2014

Cavco Industries, Inc. reports net revenue for the second quarter fiscal 2014 totaled $129.8 million, an increase of 17.9 percent over the $110.1 million for the comparable quarter of fiscal 2013. Net income for Q2 fiscal 2014 was $4.7 million, $2.0 million more than in the same quarter a year ago. As marketwatch reports, for fiscal 2014 second quarter net income attributable to stockholders was $4.3 million, compared to net income of $1.3 million for the same period last year. During Q2 2014, Cavco completed the purchase of all noncontrolling interests in Fleetwood Homes, Inc., paying $91.4 million in common stock for the 50 percent it did not own, increasing the number of outstanding shares by 1,867,370. The Cavco subsidiary owns Fleetwood Homes, Palm Harbor Homes, CountryPlace Mortgage and Standard Casualty Company. Joseph Stegmayer, Chairman, President and Chief Executive Officer, says, “We expect the Company’s improved financial statement condition will support further growth in all facets of our business: home building, retail sales of homes, mortgage lending, and insurance services.” MHProNews knows Cavco is one of the largest producers of manufactured and modular homes in North America.

(Image credit: Cavco Industries, Inc.)

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