Cavco Industries Reports Fiscal Second Quarter Results

PHOENIX, Oct. 28, 2010 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq:CVCO) today announced financial results for the second quarter and first six months of its fiscal year 2011 ended September 30, 2010.

Net sales for the second quarter of fiscal 2011 totaled $45,888,000, up 56% from $29,377,000 for the second quarter of fiscal year 2010. The current quarter results include the Fleetwood Homes operations which, as previously reported, were acquired on August 17, 2009, and from that date forward were included in the results of the second quarter of fiscal year 2010.

Net income attributable to Cavco stockholders for the fiscal 2011 second quarter was $680,000 compared to a net loss of $163,000 reported in the same quarter one year ago. Net income per share based on basic and diluted weighted average shares outstanding was $0.10 versus basic and diluted net loss per share of $0.03 last year.

For the first six months of fiscal 2011, net sales increased 117% to $93,393,000 from $42,972,000 for the comparable prior year period. Net income attributable to Cavco stockholders for the first half of fiscal 2011 was $1,198,000 compared to a net loss of $1,612,000 last year. For the six months ended September 30, 2010, net income per share based on basic and diluted weighted average shares outstanding was $0.18 versus basic and diluted net loss per share of $0.25 for the prior year period.

Referring to the fiscal second quarter results, Joseph Stegmayer, Chairman, President and Chief Executive Officer, said, "We achieved profitability in a very difficult market environment. Consistent with industry trends, Cavco's incoming order rates were soft during the quarter and order backlogs were reduced.  We have placed a consistent focus on developing synergies among all operations to improve sales and margins since the Fleetwood Homes business combination one year ago.  This quarter's margin was 15.6%, nearly an 11% improvement over the gross margin of 14.1% in the same quarter last year, and approximately 15% higher than the most recent June 2010 quarter margin of 13.6%."

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