Cavco Industries announced financial results for the first fiscal quarter ended July 1 with a net revenue totaling $206.8 million, up from 11.7 percent from the same period last year. Income before income taxes was $15.7 million, an 86.9 percent increase from last year’s comparable quarter.
On April 3, the company completed the acquisition of Lexington Homes, which operates a manufactured and modular housing plant in Lexington, Miss. Since the acquisition date, the financial impact and fiscal quarter results from this new business are included in Cavco’s consolidated financial statements presented herein.
“Our manufacturing facilities have worked to increase production rates as a result of higher levels of incoming home sales orders, while remaining focused on home quality, design and value,” said Joseph Stegmayer, chairman, president, and CEO of Cavco. “We are also pleased with our geographic market expansion in Mississippi and surrounding states via the acquisition of Lexington Homes. The integration process is underway and we look forward to positive contributions from this new addition in the future.”
Cavco Industries, headquartered in Phoenix, designs and produces factory-built housing products primarily distributed through a network of independent and company-owned retailers. Cavco is also a leading producer of park model RVs.