Welcome to our dedicated page for Legacy Housing news (Ticker: LEGH), a resource for investors and traders seeking the latest updates and insights on Legacy Housing stock.
Legacy Housing Corporation (NASDAQ: LEGH) is a manufacturer of community-focused manufactured homes and tiny houses that builds, sells and finances its products across the United States, with operations focused primarily in the southern United States. This news page compiles press releases, earnings announcements and other disclosures that the company issues about its manufacturing, sales and financing activities.
Investors and observers following Legacy Housing’s news can see regular updates on quarterly and annual financial results, including net revenue, income from operations, net income, earnings per share and book value per share, along with commentary from management. The company’s releases often discuss themes such as unit volumes, average selling prices, shipments to manufactured housing communities, inventory finance sales and capital allocation decisions such as share repurchases.
Legacy Housing also uses news releases to describe strategic initiatives and operational changes. Recent announcements have covered the Legacy 250 initiative and the introduction of the Legacy Ultimate Series, which feature design elements such as taller roof pitches, wide floors in their class, vaulted ceilings, storage modules and energy-efficient concealed-duct mini-split heat pumps. Other releases describe a significant company realignment, leadership transitions, and an agreement to acquire the assets of AmeriCasa Solutions, LLC and its FutureHomeX® sales management platform, which is described as leveraging artificial intelligence and automation to streamline the homebuying process.
Corporate governance developments, such as changes in executive leadership, amendments to bylaws and outcomes of annual stockholder meetings, are also reported through Legacy Housing’s current reports and press releases. Readers who follow LEGH news can use this page to review how the company communicates its financial performance, strategic direction, technology initiatives and governance decisions over time.
Legacy Housing Corporation (LEGH) announced progress in regaining NASDAQ compliance after filing its Form 10-K for the year ended December 31, 2021, on August 3, 2022. The Audit Committee appointed Daszkal Bolton LLP as the new public accounting firm following the dismissal of Weaver and Tidwell, LLP. Legacy expects to file Forms 10-Q1 and 10-Q2 by late September 2022, with anticipated revenues of $120 to $122 million and income before taxes of $37 to $39 million for the first half of 2022. Despite recent accounting challenges, Legacy continues to perform well in a tough market.
Legacy Housing Corporation (NASDAQ: LEGH) received a notice from Nasdaq on August 11, 2022, for non-compliance with Listing Rule 5250(c)(1) due to untimely filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2022. This follows a similar notice for the report ending March 31, 2022. Legacy has until September 12, 2022, to provide an update on its compliance plan. While the notice does not immediately affect the company's stock listing, timely filings are critical for regulatory compliance.
Legacy Housing Corporation (NASDAQ: LEGH) announced the appointment of Duncan Bates as President and CEO, effective June 7, 2022. Bates, previously Senior VP of Mergers & Acquisitions at Arcosa, Inc., succeeds Kenny Shipley, who will continue as Founder and Executive VP. The company aims to leverage Bates' extensive experience in corporate finance for strategic growth. Francisco Coll was also appointed as an Independent Director on the same day. Legacy is a leading producer of manufactured homes in the U.S., focusing on quality and affordability.
Legacy Housing Corporation (NASDAQ: LEGH) received a notice from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the failure to timely file its Quarterly Report on Form 10-Q for the period ending March 31, 2022. This follows a previous notice for not filing its Annual Report on Form 10-K for the year ending December 31, 2021. The company has until May 31, 2022, to submit a compliance plan, with a potential extension to regain compliance until September 27, 2022. The notice does not affect the trading of the company’s stock on Nasdaq.
Legacy Housing Corporation (NASDAQ: LEGH) received a notice from Nasdaq for failing to file its Annual Report on Form 10-K for the year ending December 31, 2021. The notice, dated April 1, 2022, indicates non-compliance with Nasdaq Listing Rule 5250(c)(1). The company must submit a plan to regain compliance by May 31, 2022, and if accepted, may have an extension until September 27, 2022. The notice does not currently affect the listing or trading of its stock.
Legacy Housing Corporation (NASDAQ: LEGH) reported impressive financial growth for Q3 2021. Net revenue reached $56.5 million, up 29.1% year-over-year. Gross margin improved by 70% to $14.9 million, reflective of better management against supply chain pressures. Net income rose to $14.7 million, an increase of $6.3 million, driven by higher gross margins and interest revenue. Earnings per share soared by 74.3% to $0.61. The company remains optimistic, reporting a strong backlog and solid demand for products.
Legacy Housing Corporation (NASDAQ: LEGH) reported strong financial results for Q2 2021, with revenue of $48.6 million, reflecting a 5.6% increase from Q2 2020's $46.0 million. Earnings rose 23.8% to $12.4 million, with per-share earnings at $0.51, a 24.4% increase compared to $0.41 in Q2 2020. The company's per-share book value also increased by 17.1% to $11.59. Notably, these growth metrics stemmed from organic growth, with no setbacks attributed to COVID-19.
Legacy Housing Corporation (NASDAQ: LEGH) reported robust financial results for Q1 2021. Net revenue increased by 4.4% to $39.9 million compared to Q1 2020, with net income rising to $9.0 million, boosted by energy efficiency tax credits. Diluted earnings per share improved by 10.1% to $0.37. The company also reduced selling, general and administrative expenses by 14.6% to $4.8 million. Despite challenges from a significant weather event, Legacy remains optimistic with a strong backlog and plans for land development.
Legacy Housing Corporation (NASDAQ: LEGH) reported its financial results for Q4 2020, showcasing a strong performance. Net revenue reached $48.7 million, up 12.5% from Q4 2019. Interest revenue rose 10% to $6.4 million, while selling expenses decreased 20.9% to $4.9 million. Income from operations surged 46.8% to $13.1 million, and net income was $10.5 million, reflecting a 52.9% increase. Diluted EPS increased 57.1% to $.44. The company anticipates continued growth in 2021, with a 17.5% boost in tangible book value.
Legacy Housing Corporation (NASDAQ: LEGH) reported strong financial results for Q3 2020, with revenues reaching $43.7 million, a 4.3% year-over-year increase. Interest income surged to $6.4 million, marking a 13.0% rise from Q3 2019. Income from operations improved by 34.5% to $10.8 million, with a notable increase in net income to $8.4 million or 37.6%. SG&A expenses fell by 28.1% to $4.5 million. Earnings per share rose to $0.35 compared to $0.25 in the prior year. The company continues to see strong demand for mobile housing.