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Legacy Housing Files for IPO, Plus Manufactured Housing Industry Market Updates

CNNmoney11.9.2018ManufacturedHomeStocksMarketsReportsMHProNewsLegacy Housing has announced that it has filed a form S-1 with the U.S. Securities and Exchange Commission (SEC) regarding its Initial Public Offering (IPO). That IPO and some related insights will be our featured report for this evening.

 

If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further belowafter the newsmaker bullets and major indexes closing tickers.

 

The evolving Daily Business News market report sets the manufactured home industry’s stocks in the broader context of the overall markets.  Headlines – at home and abroad – often move the markets.  So, this is an example of “News through the lens of manufactured homes, and factory-built housing.” ©

Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.

Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.

This is an exclusive evening or nightly example of MH “Industry News, Tips and Views, Pros Can Use.” © It is fascinating to see just how similar, and different, these two lists of headlines can be.

Want to know more about the left-right media divide from third party research?  ICYMI – for those not familiar with the “Full Measure,” ‘left-center-right’ media chart, please click here.

MediaBiasChartSharylAttkissonLeftRightPostedDailyBusinessNewsMHProNews
Full Measure’s Sharyl Attiksson’s media bias chart is useful in sorting out the agendas behind various headlines and news sources.

Select bullets from CNN Money…

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Select Bullets from Fox Business

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  • Home Depot creates 3,000 multimillionaires, co-founder says

Today’s markets and stocks, at the closing bell…

 

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Manufactured Housing Composite Value (MHCV)

 

YahooFinanceManufacturedHousingCompValue11.9.2018DailyBusinessNewsStocksMarketsDataReportsMHProNews-387x768

Today’s Big Movers

For all the scores and highlights on tracked manufactured home connected stocks today, see thBloomberg graphic, posted below.

Today’s MH Market Spotlight Report –

 

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Legacy Housing has announced that it has filed a form S-1 with the U.S. Securities and Exchange Commission (SEC) regarding its Initial Public Offering (IPO). That IPO and some related insights will be our featured report for this evening.

Legacy Housing Filed today their form S-1 U.S. Securities and Exchange Commission (SEC) regarding its Initial Public Offering (IPO).  Some of the information below are drawn from that document, which was obtained by the Daily Business News on MHProNews.

Legacy was co-founded by Curt Hodgson and Kenny Shipley, shown in the featured image above.  They are among the top independent producers of HUD Code manufactured housing in the nation, by units and sales volume.

Legacy recently used MHProNews to promote to successful September and October events. Their S1 says they have the greatest order backlog in their history.  As a flashback, one of those promotions is linked below.

Fall Manufactured Housing Show Features Free Education, Fun, Special Financing, & More

24-7 Wall Street said, “With current operations focused primarily in the southern United States, it offers customers an array of quality homes ranging in size from about 390 to 2,667 square feet consisting of one to five bedrooms, with one to three and a half bathrooms. These homes range in price, at retail, from roughly $22,000 to $95,000. In 2017, the firm sold 3,274 home sections (which are entire modules or single floors).

During the first nine months of 2018, Legacy has sold 3,045 home sections. Legacy commenced operations in 2005 and has experienced strong sales growth and increased equity holders’ capital at a compound annual growth rate of approximately 25% between 2009 and 2017. The firm currently has the largest backlog of orders in the company’s 13-year history.”

Some pull quotes and graphics from the Legacy S1.

LegacyHousingSampleInventoryManufacturedHousingIndustryDailyBusinessNewsMHProNews-446x430
From Legacy Housing (LEGH) S1. See full Legacy Housing SEC form S1 as a download, from the link here.

Our Growth Strategy 

We have a strong operating history of investing in successful growth initiatives over the past 13 years. We believe that the solution we are able to provide for our customers, as a result of the vertical integration of our company, enhances our brand recognition as a leading producer, results in higher and more efficient utilization of our manufacturing factories and expands our direct-to-consumer outreach for our wide variety of customizable homes. This operational focus has provided us with sustained net sales and net income growth over the years. Our growth strategy includes the following key initiatives:

Broaden and Deepen Our Retail Presence in Key Geographic Areas.  We currently distribute our products primarily across 15 states through a combination of 11 company-owned retail locations and 117 independent retail locations. We believe that a more robust network of company-owned retail locations will allow us to be more responsive and improve the customer experience at all stages, from manufacturing and design to sales, financing and customer service. We believe our company-owned stores will, on average, be more productive than our independent retail locations and generate higher gross margins due to our ability to select attractive markets and develop highly-trained sales representatives who possess a deep understanding of our business and customer needs.

Expand Financing Solutions for Our Customers.  We recognize that offering financing solutions to our customers is an important component of being a vertically integrated company that provides affordable manufactured housing. Providing financing improves our responsiveness to the needs of prospective purchasers while also providing us with opportunities for loan origination and servicing revenues, which act as additional drivers of net revenue for us. With a portion of the net proceeds of this offering, we intend to expand our financing solutions to manufactured housing community-owner customers, in a manner than includes developing new sites for products in or near urban locations where there is a shortage of sites to place our products.

Continue to Focus on Innovation and Customization for Core Customer Groups.  Our production strategy is focused on continually developing the resources necessary to efficiently build homes that incorporate unique, varied and innovative customer preferences. We are constantly seeking ways to directly source materials to be used in the manufacturing process, which allows us to ensure we utilize and employ quality materials that can be customized to meet our customers’ needs. Our principal focus is on designing and building highly functional and durable products that appeal to families of all sizes.

Seek Additional Agreements with Owners of Manufactured Home Communities.  Community housing developments provide us with large, concentrated sales opportunities. These projects vary in size and density but generally include 30 to 300 homes. We believe there are significant growth opportunities to work with our development partners on such projects and view these opportunities as an important driver for both the sale of additional manufactured homes and for financing bulk purchases of those homes by community owners.

Pursue Selective Acquisitions.  We seek to grow through selective acquisitions in both existing markets and new markets that exhibit strong and reliable long-term fundamentals. We also regularly evaluate opportunities tangentially related to our affordable housing business in our geographic markets. We have no current agreements or understandings regarding an acquisition.

 

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The full S-1, which includes more graphics and financial details are found at this link here.

 

MHProNews congratulates the Legacy team on this announcement.  As a disclosure, with other stocks, MHProNews holds no positions in the company, which their details reveal has been a strong contender, that has reportedly moved to the number 4 position in the industry, behind Clayton, Cavco and Skyline-Champion.

 

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Data from Legacy Housing’s recent IPO filing, which can be found as a download from a report linked here. Legacy and others in MHVille know that their is far more sales possible than are currently being accomplished.

In unrelated developments on a busy news day, see another tracked stock news item below.

 

Other Tracked Stocks Reports:

Cavco Chairman Joseph H. Stegmayer Steps Down Under SEC Cloud, “Personal, Confidential” SEC Document, Cavco Industries’ Statement

Prosperity Now, Protests, Indivisible Project, Warren Buffett, George Soros, POTUS Donald Trump, MHAction and Manufactured Housing – Following the Money

Prosperity Now. MHAction. Indivisible Project. Billionaires George Soros and Warren Buffett. Each of those are all interconnected. Each of those are involved in protests against manufactured home businesses, President Donald J. Trump, and his supporters. Who says? Let’s follow the facts, evidence, and the money trail. 1) The billionaire George Soros funded “……”

 

 

Bloomberg Closing Ticker for MHProNews…

NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services.

NOTE: The chart below covers a number of stocks NOT reflected in the Yahoo MHCV, shown above.

NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).

11.9.2018DailyBusinessNewsManufacturedHousingConnectedMarketReportsBloombergMHProNews

 

 

Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.

LCI Industries, Patrick, UFPI and LP all supply manufactured housing.

AMG, CG and TAVFX have investments in manufactured housing related businesses.

Your link to industry praise for our coverage, is found here.

For the examples of our kudos linked above…plus well over 1,000 positive, public comments, we say – “Thank You for your vote of confidence.”

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(Image credits and information are as shown above, and when provided by third parties, are shared under fair use guidelines.)

Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

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