Cavco Industries Inc. reports record third-quarter and nine-month financial results.PHOENIX--(BUSINESS WIRE)--Aug. 6, 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) Tuesday Tuesday: see week. reported record financial results for the third quarter and nine-month periods ended June June: see month. 30, 1996. For the third 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 $33,016,732, a 29 percent improvement over the $25,683,252 reported 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 $1,424,925, or 41 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 173 percent increase over the $521,852, or 16 cents per share, reported for the similar 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 third quarter was $1,131,310, or 33 cents per share, compared with the $494,024, or 15 cents per share, reported for the same period last year. During the 1996 third quarter the company recorded an 8 cents per share net loss from discontinued operations which consisted of a reserve of $243,071, or 7 cents per share, for the proposed sale and discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of its Action Healthcare Management Inc. (``Action'') subsidiary and a $50,544, or 1 cent per share operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. from discontinued operations (including Action and the company's former CVC See CSC. Leasing division). These results from discontinued operations compare with a $27,828, or 1 cent per share loss in last year's third quarter. Through the nine months ended June 30, 1996, net sales were $97,047,502, a 16 percent increase over the $83,749,969 reported last year. Net income from continuing operations was $4,503,111, or $1.32 per share, compared with the $3,145,602, or 93 cents per share reported for the same period last year. The 1996 nine-month net income including discontinued operations was $4,085,185, or $1.20 per share, compared with the $2,882,518, or 85 cents per share, for the similar period last year. The net loss from discontinued operations for the first nine months of 1996 was $417,926, or 12 cents per share (which includes the third-quarter reserve of $243,071, or 7 cents per share for Action), compared with a net loss of $263,084, or 8 cents per share, for the same period last year. Al Ghelfi, Cavco's chairman, pointed to increased production efficiencies and the company's strengthened distribution network as reasons for the positive results. ``We are very pleased with our results through the first three quarters of 1996, and attribute them in large measure to our improved production efficiencies and our increased distribution in key markets,'' Ghelfi said. ``We anticipate a strong fourth quarter, and we look forward to continued growth and momentum into 1997.'' Cavco 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'' 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 may be considered 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 June 30,
1996 1995
Net sales $33,016,732 $25,683,252 Earnings before income taxes 2,387,125 805,252 Income taxes 962,200 283,400 Income from continuing operations 1,424,925 521,852 Income (loss) from discontinued operations (50,544) (27,828) Loss on sale/disposal of Action (243,071) -- Net income 1,131,310 494,024 Earnings per share from continuing operations 0.41 0.16 Earnings (loss) per share from discontinued operations (0.01) (0.01) Loss per share from sale/disposal of Action (0.07) -- Earnings per share 0.33 0.15
Nine-Month Period
Ended June 30,
1996 1995
Net sales $97,047,502 $83,749,969 Earnings before income taxes 7,504,811 5,182,002 Income taxes 3,001,700 2,036,400 Income from continuing operations 4,503,111 3,145,602 Income (loss) from discontinued operations (174,855) (263,084) Loss on sale/disposal of Action (243,071) -- Net income 4,085,185 2,882,518 Earnings per share from continuing operations 1.32 0.93 Earnings (loss) per share from discontinued operations (0.05) (0.08) Loss per share from sale/disposal of Action (0.07) -- Earnings per share 1.20 0.85 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. , 602/265-0580 or Western Financial Group Steve Kleemann, 805/964-9518 |
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