Cavco Industries Inc. reports record fourth-quarter financial results.PHOENIX--(BUSINESS WIRE)--Nov. 20, 1996--Cavco Industries Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CVCO) Wednesday Wednesday: see week. reported record financial results for the fourth quarter and fiscal year ended Sept. 30, 1996. For the fourth quarter, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $33,057,634, a 14 percent improvement over the $28,932,163 reported for the fourth quarter last year. Net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $2,429,847, or 73 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , a 62 percent increase over the $1,498,060, or 44 cents per share, reported for the same period last year. Net income including discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. for the fourth quarter was $2,152,276, or 64 cents per share, an 86 percent improvement over the $1,154,313, or 34 cents per share, reported for the same period last year. Net loss from discontinued operations in the fourth quarter was $277,571, or 9 cents per share, compared with a loss of $343,747, or 10 cents per share, for the comparable period last year. During 1996 the company completed a review of the estimated lives of its lease fleet and determined that for purposes of calculating depreciation expense it would be appropriate to extend the useful lives of the Leasing subsidiary fleet assets to more closely match the economic life of the assets. Accordingly, the company made a change in estimate for depreciation for its Leasing subsidiary which reduced depreciation expense for the fiscal year ended Sept. 30, 1996, by $531,000 and increased net income from continuing operations by $318,600, or 9 cents per share. This change was reported in the fourth quarter of fiscal year 1996. For the fiscal year ended Sept. 30, 1996, net sales were $130,105,136, a 15 percent increase over the $112,682,132 reported last year. Net income from continuing operations was $6,932,958, or $2.05 per share, a 49 percent increase compared with the $4,643,662, or $1.37 per share, reported for the same period last year. The fiscal 1996 net income including discontinued operations was $6,237,461, or $1.84 per share, compared with the $4,237,651, or $1.25 per share, for same fiscal 1995. The net loss from discontinued operations for the fiscal year ended Sept. 30, 1996, was $695,497, or 21 cents per share, compared with a net loss of $406,011, or 12 cents per share, for fiscal 1995. Cavco Industries is a diversified company diversified company A company engaged in varied business operations not directly related to one another. A diversified company is less likely to suffer either a collapse or a spectacular gain in earnings compared with a firm concentrating its operations in a that produces manufactured homes and, through its National Security Containers Inc. subsidiary, sells and leases storage containers. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The matters discussed in this news release other than historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that may be subject to risks and uncertainties that could cause the actual results to differ materially from those projected, including fluctuations in interest rates and economic conditions, raw materials pricing, government regulation, manufacturing efficiencies and other risks detailed from time to time in the company's SEC reports. The company assumes no obligation to update the information in this release. -0-
CAVCO INDUSTRIES INC.
Summary of Financial Results
Three-Month Period Ended
Sept. 30,
1996 1995
Net sales $33,057,634 28,932,163
Earnings before income taxes 4,052,947 2,577,080
Income taxes 1,623,100 1,079,020
Income from continuing operations 2,429,847 1,498,060
Loss from discontinued operations (277,571) (343,747)
Net income $ 2,152,276 1,154,313
Earnings per share from
continuing operations 73 cents 44 cents
Loss per share from discontinued
operations (9 cents) (10 cents)
Earnings per share 64 cents 34 cents
-0-
Fiscal Year Ended
Sept. 30,
1996 1995
Net sales $130,105,136 112,682,132
Earnings before income taxes 11,557,758 7,759,082
Income taxes 4,624,800 3,115,420
Income from continuing operations 6,932,958 4,643,662
Loss from discontinued operations (695,497) (406,011)
Net income $ 6,237,461 4,237,651
Earnings per share from
continuing operations $ 2.05 1.37
Loss per share from discontinued
operations (21 cents) (12 cents)
Earnings per share $ 1.84 1.25
CONTACT: Cavco Industries Inc., Phoenix Robert Ward Robert Ward (born September 13, 1917 in Cleveland, Ohio) is an American composer. Early work and education Ward was one of five children of the owner of a moving and storage company. As a boy he sang in church choirs and local opera theaters. , 602/256-6263 or Western Financial Group Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Kleemann Kleemann A/S is an after-market tuning company for Mercedes-Benz sports cars, sedans, and SUVs headquartered in Farum, Denmark. Kleemann's slogan is "Comfort Power," referring to its low-boost, high-output engines that create substantially more power than standard Mercedes , 805/964-9518 |
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