Phoenix-based Cavco Industries, a full-service builder of park model RVs as well as manufactured homes and other structures, said its net revenue for the fourth quarter of the fiscal year was $255 million, up from $241 million during the same period a year ago, an increase of nearly 6 per cent. The company credited improved sales volume as well as higher selling prices compared to a year ago.
That $255 million included homes sold from its acquisition last summer of Georgia-based manufactured homebuilder Destiny Homes.
For the most recent fiscal year, which ended on March 28, the company reported revenue of $1.06 billion and net income of $75 million, compared with revenue of $963 million and net income of $69 million for the previous fiscal year.
As for COVID-19, the company says it has been able to keep most of its facilities up and running during recent weeks, even its retail locations, but it said customer foot traffic was way down. And as a result of steps taken to comply with CDC guidelines, fewer personnel are working in its facilities at any given time, leading to a drop in production. The company also said it must close its Lexington, Mississippi plant.
“It is important to recognize the Company’s very strong performance in fiscal year 2020, despite COVID-19, which impacted fourth quarter results,” said Bill Boor, president and CEO. “We achieved new milestones in net revenue, net income and total number of homes sold. The (most recent) quarter presented a new challenge in responding to the pandemic and accompanying uncertainty. I’m exceedingly proud of how our people have responded by staying committed to serving customers while working safely.
“… While the timing and pace of future business is impossible to predict, the deficit of affordable housing has not gone away and we remain very positive about the future of the company and the industry.”
