Exhibit 99.1
Legacy Housing Corporation Reports Third Quarter 2021 Financial Results
BEDFORD, Texas, November 9, 2021 (GLOBE NEWSWIRE) -- Legacy Housing Corporation (NASDAQ: LEGH) today announced its financial results for the third quarter ended September 30, 2021.
Financial Highlights:
| ● | Net revenue for the third quarter of 2021 was $56.5 million. This was a 29.1% or $12.7 million increase from the third quarter of 2020. |
| ● | Interest revenue from our consumer and mobile home park portfolios for the third quarter of 2021 was $7.3 million. This was a 12.9% or $0.8 million increase from the third quarter of 2020. |
| ● | Gross margin for the third quarter of 2021 was $14.9 million or 30.9% of product sales compared to $8.7 million or 23.9% of product sales from the third quarter of 2020. |
| ● | Income from operations during the third quarter of 2021 was $17.6 million compared to the $10.8 million recorded in the third quarter of 2020. |
| ● | Net income in the third quarter of 2021 was $14.7 million. Compared to the third quarter of 2020, net income increased by $6.3 million. The improvement in net income was the result of stronger gross margins, increased interest revenue, and a lowered effective tax rate. |
| ● | Diluted earnings per share for the third quarter of 2021 were $0.61. Compared to the third quarter of 2020, this was an increase of 74.3% or $0.26. |
Curtis D. Hodgson, Executive Chairman of the Board, commented, “We are quite pleased with our excellent third quarter results. The growth in our gross margins illustrates how we continue to proactively manage our business in the face of supply chain challenges and inflationary conditions. The demand for our product remains solid and our backlog is very strong. Our future is bright as we move strategically to create long-term value for our shareholders.”
This shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Management Conference Call - Wednesday, November 10 at 9:30 AM (Central Time)
Senior management will discuss the results of the third quarter of 2021 in a live webcast and conference call on Wednesday, November 10th, 2021 at 9:30 AM Central Time. To register and participate in the webcast, please go to https://edge.media-server.com/mmc/p/ckbfsadk, which will also be accessible via www.legacyhousingusa.com under the Investors link. In order to dial in, please call in at 866-952-6347
