Q1 2024 Legacy Housing Corp Earnings Call Transcript
Key Points
- Interest income increased by $2.9 million or 38% due to growth in loan portfolios, reflecting strong financial performance in this area.
- Legacy Housing Corp repurchased 91,187 shares for $1.9 million during the quarter, demonstrating confidence in the company's stock value.
- Book value per basic share outstanding increased by 13.1% from the same period in 2023, indicating an increase in the company's underlying value.
- Cost of product sales decreased by $8.5 million or 29.3%, showing improved cost efficiency.
- Net income, despite a decrease, remained robust at $15.1 million for the quarter.
- Product sales decreased by $12.5 million or 28.8% due to a drop in unit volume shipped, particularly affecting direct sales and mobile home park sales.
- Other revenue decreased by $0.1 million or 3.1%, driven by a decrease in dealer finance fees and commercial lease rents.
- Selling, general, and administrative expenses increased by $0.5 million or 8.8%, primarily due to increased warranty costs and legal expenses.
- Basic earnings per share decreased by $0.05 per share or 7.5%, reflecting lower profitability per share.
- The company's cash position slightly decreased from $0.7 million as of December 31, 2023, to $0.6 million as of March 31, 2024.
Good day, and thank you for standing by. Welcome to the Legacy Housing Corporation quarter one 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Duncan Bates, CEO. Please go ahead.
Good morning. This is Duncan Bates, Legacy's President and CEO. Thank you for joining our first quarter 2024 conference call. Max Africk, Legacy's General Counsel, will read the Safe Harbor disclosure before getting started. Max?
Thanks Duncan. Before we begin, I will remind our listeners that management's prepared remarks today will contain forward-looking statements, which are subject to risks. The uncertainties and management may make additional forward-looking statements in response to your question.
Therefore, the company claims the protection of the
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