Cavco Industries Reports Fiscal 2013 Fourth Quarter And Year End Results

PHOENIX, May 23, 2013 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq:CVCO) today announced financial results for the fiscal fourth quarter and year ended March 30, 2013.

Net revenue for the fourth quarter of fiscal 2013 totaled $108.8 million, up 9.4% from $99.5 million for the fourth quarter of fiscal year 2012. Income before income taxes for the fourth quarter improved to $4.2 million from $2.4 million for the fiscal 2012 fourth quarter. Net income was $3.0 million for the fiscal 2013 fourth quarter compared to $2.9 million, which included a $1.2 million income tax benefit related to an election made for the acquired Palm Harbor insurance group's assets, as reported in the same quarter one year ago.

Net income attributable to Cavco stockholders for the fiscal 2013 fourth quarter was $1.4 million, compared to $1.7 million for the fourth quarter of fiscal 2012, which included one half of the $1.2 million income tax benefit from last year's tax election discussed above, consistent with Cavco's ownership percentage of Palm Harbor. Net income per share based on basic and diluted weighted average shares outstanding for the quarter ended March 30, 2013 was $0.20, versus basic and diluted net income per share of $0.24 for the quarter ended March 31, 2012.

For the fiscal year ended March 30, 2013, net revenue increased 2.1% to $452.3 million from $443.1 million for fiscal year 2012. Net income attributable to Cavco stockholders for fiscal year 2013 was $5.0 million compared to $15.2 million last year. Net income attributable to Cavco stockholders for fiscal year 2012 included one-half (or approximately $11.0 million) of the bargain purchase gain recognized from the Palm Harbor transaction, which occurred on April 23, 2011. This bargain purchase gain allocation was consistent with Cavco's ownership percentage of Palm Harbor. For fiscal year 2013, net income per share based on basic and diluted weighted average shares outstanding was $0.71, versus basic and diluted net income per share of $2.22 and $2.19, respectively, for the prior year period.

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