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CavcoCavco Industries Inc. announced its financial results for its third fiscal quarter, which ended Dec. 26, and the park model RV and manufactured housing maker saw big jumps in net revenue, net income and pre-tax income. Part of the boost came from Cavco’s 2015 acquisitions of Chariot Eagle and Fairmont Homes.

According to the release from the Phoenix-based company, financial highlights include the following:

  • Net revenue for the third quarter of fiscal year 2016 totaled $181.4 million, up 23.5% from $146.9 million for the third quarter of fiscal year 2015. Net revenue for the first nine months of fiscal 2016 was $535.1 million, 25.8% higher than $425.4 million for the comparable prior year period. The increase was primarily from homes sold by newly acquired businesses this fiscal year as well as additional home sales volume at pre-existing operations.
  • Income before income taxes was $12.0 million for the third quarter of fiscal 2016, a 29.0% increase from $9.3 million income before income taxes, as adjusted to exclude a net gain from asset sales, in the comparable quarter last year. For the first nine months of fiscal 2016, income before income taxes increased 23.5% to $33.1 million compared to adjusted income before income taxes of $26.8 million for the comparable period in the prior year.
  • Net income was $8.1 million for the third quarter of fiscal year 2016, compared to adjusted net income of $5.8 million in the same quarter of the prior year, a 39.7% increase. For the nine months ended December 26, 2015, net income was $21.6 million, up 27.1% from adjusted net income of $17.0 million for the first nine months of fiscal 2015.
  • Net income per share for the third quarter of fiscal 2016, based on basic and diluted weighted average shares outstanding, was $0.91 and $0.89, respectively, versus adjusted basic and diluted net income per share of $0.66 and $0.65, respectively, for the comparable quarter last year. Net income per share for the nine months ended December 26, 2015, based on basic and diluted weighted average shares outstanding, was $2.43 and $2.38, respectively, versus adjusted basic and diluted net income per share of $1.92 and $1.88, respectively, for the prior year nine month period.

Joseph Stegmayer, chairman, president and CEO, said, “Our operations benefited this quarter from somewhat higher demand for manufactured homes. The company was also strengthened from acquisitions completed earlier this fiscal year. The addition of Fairmont Homes and Chariot Eagle will advance our position in the domestic systems-built housing market for the long term. This quarter began the typical slower winter period for some of our operations, which is expected to continue into the final fiscal quarter. Meanwhile, we are focused on continued business integration efforts and improvement and remain optimistic about the year ahead.”