Exhibit 99.1
Legacy Housing Corporation Reports First Quarter 2023 Financial Results
May 9, 2023
BEDFORD, Texas, - Legacy Housing Corporation (the "Company” or “Legacy", NASDAQ: LEGH) today announced its financial results for the first quarter ended March 31, 2023.
Financial Highlights
| ◾ | Net revenue for the first quarter of 2023 was $52.9 million, a decrease of 11.8% from the first quarter of 2022. |
| ◾ | Income from operations for the first quarter of 2023 was $18.4 million, an increase of 0.5% from the first quarter of 2022. |
| ◾ | Net income for the first quarter of 2023 was $16.3 million, an increase of 1.1% from the first quarter of 2022. |
| ◾ | Basic earnings per share for the first quarter of 2023 was $0.67, an increase of 1.0% from the first quarter of 2022. |
| ◾ | Book value for the first quarter of 2023 was $397.9 million, an increase of 4.1% from the fourth quarter of 2022. |
| ◾ | Book value per share for the first quarter of 2023 was $16.32, an increase of 4.0% from the fourth quarter of 2022. |
Duncan Bates, President and Chief Executive Officer, stated: “I am proud of our team’s accomplishments this quarter. The market is challenging. We kept our heads down and focused on sales. Long-time customers have stepped up with orders to extend our backlog. Our loan portfolios continue to perform well, and we are deploying capital into our industry at high rates of return while other financing sources pull back. Georgia production and shipments were below historical levels during the first quarter but have recently gained momentum. Reducing costs and streamlining processes are our top priority. Since its inception, Legacy has operated in a conservative manner with low leverage and a laser focus on the bottom line. We will maintain this approach and invest as opportunities arise.”
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.
Conference Call Information
Management will host a conference call to discuss the results at 10:00 a.m. Central Time on Wednesday, May 10, 2023. To access the conference call, please pre-register using this link. Registrants will receive confirmation with dial-in details. A live webcast of the call can be accessed using this link.
About Legacy Housing Corporation
Legacy builds, sells, and finances manufactured homes and "tiny houses" that are distributed through a network of independent retailers and company-owned stores. The Company also sells directly to
