Cavco Industries Inc., a builder of park models and manufactured housing, announced financial results for its second fiscal quarter ended Oct. 1, 2016.
Net revenue for the second quarter totaled $188.3 million, down 1.9% from $192 million a year ago. The decrease is mainly from a decline in quarterly home sales of approximately 1%.
Net revenue for the first six months of fiscal 2017 was $373.5 million, up 5.6% from $353.6 million for the comparable prior year period, primarily from 7.6% higher sales volume. This period also contains one additional month of Fairmont Homes operations versus the same period last year, as Fairmont Homes was purchased on May 1, 2015.
Net income was $9.3 million, or $1.03 per diluted share, for the second quarter compared to net income of $8.1 million, or 89 cents per share, in the same quarter of the prior year, a 14.8% increase. This increase includes $755,000 of certain research and development tax credits that became realizable by the company during the quarter. For the six months, net income was $14.8 million, up 9.6% from net income of $13.5 million for the first six months of fiscal 2016.
Chairman, president and CEO Joseph Stegmayer stated, “We are pleased to report improved profitability this quarter while still operating in a highly competitive housing market. We remain encouraged by the continued housing recovery and our solid backlogs. Interest from manufactured home retailers, developers and community operators for our product offerings remains strong heading into the winter season.”
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