PHOENIX, May 23, 2024 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (NASDAQ:CVCO) today announced financial results for the fourth quarter and fiscal year ended March 30, 2024. Quarterly Highlights Net revenue and Net income of $420 million and $34 million, respectively. Gross profit as a percentage of Net revenue was 23.6% with factory-built housing Gross profit as a percentage of Net revenue at 22.4%, down 170 bps and 200 bps, respectively, from last year's fourth quarter. Net income per diluted share attributable to Cavco common stockholders was $4.03 compared to $5.39 in last year's fourth quarter. Full Fiscal Year Highlights Net revenue was $1,795 million, down $348 million or 16.2% compared to $2,143 million last year. Factory-built housing Gross profit as a percentage of Net revenue was 23.2%, compared to 25.3% in the prior year. Income before income taxes was $199 million, down $108 million or 35.2% compared to $307 million in the prior year Net income per diluted share attributable to Cavco common stockholders was $18.37 compared to $26.95 last year. Backlogs at March 30, 2024 were $191 million, up $31 million or 19.4% compared to $160 million three months ago and down from $244 million at April 1, 2023. Stock repurchases were approximately $110 million in the year. Commenting on the results, Bill Boor, President and Chief Executive Officer, said, "The quarter started with several plants missing operating days due to thin backlogs coming out of the holidays. However, as the quarter progressed, order rates improved and almost all plants were back to 5-day operations." He continued, "Against the backdrop of higher interest rates and economic challenges, our team continued to deliver solid margins and cash flow. During the year, we significantly increased capacity through the successful integration of the Solitaire acquisition and the Hamlet and Glendale plant startups; we expanded our retail distribution footprint; we rolled out our new Anthem series, the first nationally available HUD-approved manufactured duplex; and we responsibly managed our balance sheet with approximately $110 million of share repurchases. Affordable housing remains a pressing need and our ability to provide affordable homes for families has never been stronger." Three months ended March 30, 2024 compared to three months ended April 1, 2023   Three Months Ended         ($ in thousands, except revenue per home sold) March 30,2024   April 1,2023   Change Net revenue               Factory-built housing $ 398,493   $ 456,058   $ (57,565 )   (12.6 )% Financial services   21,625     20,322     1,303     6.4 %   $ 420,118   $ 476,380   $ (56,262 )   (11.8 )%                 Factory-built modules sold   6,231     7,236     (1,005 )   (13.9 )%                 Factory-built homes sold (consisting of one or more modules)   3,938     4,477     (539 )   (12.0 )%                 Net factory-built housing revenue per home sold $ 101,192   $ 101,867   $ (675 )   (0.7 )% In the factory-built housing segment, the decrease in Net revenue was primarily due to lower sales volume. Financial services segment Net revenue increased primarily due to more insurance policies in force in the current period compared to the prior year, partially offset by reduced revenue from loan sales.   Three Months Ended         ($ in thousands) March 30,2024   April 1,2023   Change Gross profit               Factory-built housing $ 89,288     $ 111,355     $ (22,067 )   (19.8 )% Financial services   9,727       9,286       441     4.7 %   $ 99,015     $ 120,641     $ (21,626 )   (17.9 )%                 Gross profit as % of Net revenue               Consolidated   23.6 %     25.3 %     N/A     (1.7 )% Factory-built housing   22.4 %     24.4 %     N/A     (2.0 )% Financial services   45.0 %     45.7 %     N/A     (0.7 )%                 Selling, general and administrative expenses               Factory-built housing $ 55,937     $ 61,208     $ (5,271 )   (8.6 )% Financial services   5,485       5,181       304     5.9 %   $ 61,422     $ 66,389     $ (4,967 )   (7.5 )%                 Income from operations               Factory-built housing $ 33,351     $ 50,147     $ (16,796 )           (33.5 )% Financial services   4,242       4,105       137             3.3 %   $ 37,593     $ 54,252     $ (16,659 )           (30.7 )% In the factory-built housing segment, Gross profit decreased from lower sales volume. Selling, general and administrative expenses decreased primarily as a result of decreases in non-recurring expenses related to third-party consultants fees for energy efficient home tax credits, lower costs in the current year related to the ongoing litigation between an indemnified former officer and the Securities and Exchange Commission (the "SEC"), Solitaire acquisition costs in the prior year period, as well as lower compensation on reduced earnings. In the financial services segment, Gross profit increased primarily due to higher revenue from more insurance policies in force in the current period compared to the prior year and fewer weather related events compared to the prior year.   Three Months Ended           ($ in thousands, except per share amounts) March 30,2024   April 1,2023   Change Net income attributable to Cavco common stockholders $ 33,934   $ 47,312   $         (13,378 )           (28.3 )% Diluted net income per share $ 4.03   $ 5.39   $         (1.36 )           (25.2 )% Items ancillary to our core operations had the following impact on the results of operations:     Three Months Ended ($ in millions) March 30,2024   April 1,2023 Net revenue Unrealized gains recognized during the period on marketable equity securities held in the financial services segment $ 0.9     $ 0.4   Selling, general and administrative expenses Expenses incurred in engaging third-party consultants in relation to the non-recurring energy efficient home tax credits   —               (2.2 ) Legal and other expense related to the SEC inquiry, including indemnified costs of a former officer   (0.4 )             (1.9 ) Acquisition related transaction costs   —               (1.9 ) Other income, net Corporate unrealized gains recognized during the period on securities held   —       2.0   Income tax expense Energy efficient home tax credits, net   —       3.0   Tax benefits from stock option exercises   0.2       0.5   Year ended March 30, 2024 compared to the year ended April 1, 2023   Year Ended          ($ in thousands, except revenue per home sold) March 30,2024   April 1,2023   Change Net revenue               Factory-built housing $ 1,716,607   $ 2,069,450   $ (352,843 )   (17.1 )% Financial services   78,185     73,263     4,922     6.7 %