The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.
Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .
Wed Aug 9, 2017
PHOENIX - Cavco Industries, Inc. has announced financial results for the first fiscal quarter ended July 1. On Apr. 3, the company completed the acquisition of Lexington Homes, Inc., which operates a manufactured and modular housing plant in Lexington, Mississippi. Since the acquisition date, the financial impact and fiscal quarter results from this new business are included in Cavco's consolidated financial statements presented herein.
Net revenue for the first quarter of fiscal year 2018 totaled $206.8 million, up 11.7 percent from $185.1 million for the comparable prior year period. The increase was primarily from improved home sales volume and a larger proportion of higher priced homes sold.
Income before income taxes was $15.7 million for the first quarter of fiscal 2018, an 86.9 percent increase from $8.4 million income before income taxes in the comparable quarter last year. The improvement was from increased home sales as well as stronger earnings in the financial services segment compared to last year’s first fiscal quarter, as the segment's prior year results were significantly impacted by high insurance claims activity.
Income tax expense was $3.9 million with an effective tax rate of 24.9 percent for the first quarter of fiscal year 2018 compared to $3 million and an effective tax rate of 35.4 percent in the same quarter of the prior year.
Net income was $11.8 million for the first quarter of fiscal year 2018, compared to net income of $5.4 million in the same quarter of the prior year, a 118.5 percent increase.
"It is gratifying to report improvement in the company's performance this quarter," Cavco Chairman, President and CEO Joseph Stegmayer says. "Our manufacturing facilities have worked to increase production rates as a result of higher levels of incoming home sales orders, while remaining focused on home quality, design and value. We are also pleased with our geographic market expansion in Mississippi and surrounding states via the acquisition of Lexington Homes. The integration process is underway and we look forward to positive contributions from this new addition in the future."