AZCentral tells MHJProNews.com that Phoenix-based Cavco Industries, Inc. reported at its earnings webcast Feb. 2 its profits mushroomed compared to last year. Net income for the third quarter 2012 which ended Dec. 31 was $1.68 million, or .24 cents a share, as opposed to $24,000 for the same period a year ago, or one-half a cent a share. Cavco attributes the increase to its purchase of Palm Harbor in 2011 by Fleetwood Homes, Inc. Fleetwod is owned half and half by Cavco and Third Avenue Value Fund. Cavco is the second largest producer of manufactured homes in the U.S., marketing park models, modular homes, vacation cabins and commercial buildings. Cavco President and CEO Joe Stegmayer is also Chairman of the Manufactured Housing Institute (MHI).
(Photo credit: MHProNews.com/Joe Stegmayer)