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CAVCO INDUSTRIES - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

CAVCO INDUSTRIES INC (ISIN: US1495681074, WKN: 812972) Kursdatum: 21.07.2017 Kurs: 130,050 USD
Beschreibung Daten
Symbol CVCO
Marktkapitalisierung 1.184.201.472,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.
Sektor Bauindustrie
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2005-02-01 - 2:1 |
Internet
Letztes Bilanz Update 21.06.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
29,98 26,44 0,00% 6,25 64,94 31,19 1,53 3,00

Firmenbeschreibung

Quarterly Financial Data (Unaudited)The following tables set forth certain unaudited quarterly financial information for fiscal years 2016 and 2015. FirstQuarter SecondQuarter ThirdQuarter FourthQuarter TotalFiscal year ended April 2, 2016         Net revenue$161,668 $191,964 $181,427 $177,293 $712,352Gross profit31,834 39,555 36,390 36,666 144,445Net income attributable to Cavco common stockholders5,385 8,070 8,098 6,988 28,541Net income per share attributable to Cavco common stockholders:         Basic$0.61 $0.91 $0.91 $0.78 $3.21Diluted$0.60 $0.89 $0.89 $0.77 $3.15Fiscal year ended March 28, 2015         Net revenue$139,164 $139,315 $146,932 $141,248 $566,659Gross profit31,718 31,597 31,801 31,020 126,136Net income attributable to Cavco common stockholders5,759 5,467 6,638 5,953 23,817Net income per share attributable to Cavco common stockholders:         Basic$0.65 $0.62 $0.75 $0.67 $2.69Diluted$0.64 $0.61 $0.74 $0.66 $2.64

Firmenstrategie

Principles of Consolidation. These Consolidated Financial Statements include the accounts of Cavco Industries, Inc. and its consolidated subsidiaries (collectively, the "Company" or "Cavco"). All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to current period classification. The Company has evaluated subsequent events after the balance sheet date of April 2, 2016, through the date of the filing of this report with the Securities and Exchange Commission ("SEC"). Subsequent to period end, there was an increase in homeowner insurance claims in our financial services segment, the result of severe adverse Spring weather activity in Texas. The total impact of these events is not yet known, as the Company is still adjusting the claims and determining recoveries from reinsurance for catastrophic losses.In fiscal year 2010, the Company and its investment partners, Third Avenue Value Fund and an affiliate (collectively, "Third Avenue"), formed a jointly-owned corporation, Fleetwood Homes, Inc. ("Fleetwood") and purchased certain manufactured housing assets and liabilities of Fleetwood Enterprises, Inc. (the "Fleetwood Acquisition"). Third Avenue Management LLC is an investment adviser to Third Avenue Value Fund and is a related party to the Company, as described further in Note 21 to the Consolidated Financial Statements.Fleetwood, through its wholly-owned subsidiary, Palm Harbor Homes, Inc., a Delaware corporation ("Palm Harbor"), acquired certain manufactured housing assets and liabilities of Palm Harbor Homes, Inc., a Florida corporation, and certain of its subsidiaries including CountryPlace Acceptance Corp. ("CountryPlace") on April 23, 2011 (the "Palm Harbor Acquisition Date"). Subsequently, the stock of Standard Casualty Co. ("Standard Casualty") was acquired on June 10, 2011 after regulatory approval was received from the Texas Department of Insurance.Since the Fleetwood Acquisition, financial information for Fleetwood has been included in the Consolidated Financial Statements and the related Notes in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, Consolidation ("ASC 810"). Management determined that, under U.S. generally accepted accounting principles ("GAAP"), although Fleetwood was previously only 50 percent owned by the Company, Cavco had a controlling interest and was required to fully consolidate the results of Fleetwood. Third Avenue’s financial interest in Fleetwood was considered a "redeemable noncontrolling interest" and was designated as such in the Consolidated Financial Statements (see Note 20).On July 22, 2013, Cavco purchased all noncontrolling interests in Fleetwood pursuant to a Stock Purchase Agreement, which was filed with the SEC on June 14, 2013 as an exhibit to the Company's Periodic Report on Form 8-K (see Note 21). The transaction was accounted for as an equity transaction and eliminated the need for noncontrolling interest accounting. As a result of the transaction, Cavco owns 100 percent of Fleetwood and its holdings, including Fleetwood Homes, Palm Harbor Homes, CountryPlace and Standard Casualty.On March 30, 2015, the Company purchased certain manufactured housing assets and liabilities of Chariot Eagle, LLC, which produces park model RVs and manufactured homes distributed in the southeastern United States. On May 1, 2015, the Company also purchased certain manufactured housing assets and liabilities of Fairmont Homes, a premier builder of manufactured and modular homes and park model RVs serving the Midwest, western Great Plains states, the Northeast and several provinces in Canada. These operations include manufactured housing production facilities in Ocala, Florida; Nappanee, Indiana; an

RevenueRecognitionPolicyTextBlock

Factory-Built Housing Revenue Recognition. Revenue from homes sold to independent retailers is generally recognized when the home is shipped, at which time title passes to the independent retailer and collectability is reasonably assured. Homes sold to independent retailers are generally either paid for prior to shipment or floor plan financed by the independent retailer through standard industry arrangements, which can include repurchase agreements. Manufacturing sales financed under repurchase agreements are reduced by a provision for estimated repurchase obligations (see Note 15). Revenue from homes sold under commercial loan programs involving funds provided by the Company is either deferred until such time that payment for the related commercial loan receivable is received by the Company or recognized when the home is shipped, depending on the nature of the program and borrower (see Note 6 for discussion of Commercial loans receivable). Retail sales by Company-owned retail locations are generally recognized when the customer has entered into a legally binding sales contract, the home is delivered and permanently located at the customer's site, accepted by the customer, title has transferred and funding is reasonably assured.

Some of the Company’s independent retailers operate multiple sales outlets. No independent retailer accounted for 10% or more of our factory-built housing revenue during any fiscal year within the three-year period ended April 2, 2016.

SegmentReportingDisclosureTextBlock

23. Business Segment Information

The Company operates principally in two segments: (1) factory-built housing, which includes wholesale and retail systems-built housing operations and (2) financial services, which includes manufactured housing consumer finance and insurance. The following table details net revenue and income before income taxes by segment (in thousands):

EarningsPerSharePolicyTextBlock

Net Income Per Share Attributable to Cavco Common Stockholders. Basic earnings per common share attributable to Cavco common stockholders is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share attributable to Cavco common stockholders is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company’s stock-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method (see Note 17).

Basic earnings per common share is computed based on the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed based on the combination of dilutive common share equivalents, comprised of shares issuable under the Company’s stock-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money options to purchase shares, which is calculated based on the average share price for each period using the treasury stock method.

 
Fiscal Year Ended
 
April 2,
2016
 
March 28,
2015
 
March 29,
2014
Net revenue:
 
 
 
 
 
Factory-built housing
$
655,148

 
$
513,707

 
$
485,897

Financial services
57,204

 
52,952

 
47,442

 
$
712,352

 
$
566,659

 
$
533,339

Net revenue for financial services consists of:
 
 
 
 
 
Consumer finance
$
20,240

 
$
19,571

 
$
19,617

Insurance
36,964

 
33,381

 
27,825

 
$
57,204

 
$
52,952

 
$
47,442

Income before income taxes:
 
 
 
 
 
Factory-built housing
$
35,440

 
$
25,133

 
$
16,223

Financial services
8,588

 
12,194

 
11,582

 
$
44,028

 
$
37,327

 
$
27,805

Depreciation:
 
 
 
 
 
Factory-built housing
$
3,376

 
$
2,307

 
$
2,551

Financial services
92

 
71

 
69

 
$
3,468

 
$
2,378

 
$
2,620

Amortization:
 
 
 
 
 
Factory-built housing
$
253

 
$
1,178

 
$
1,179

Financial services
201

 
201

 
201

 
$
454

 
$
1,379

 
$
1,380

Income tax expense:
 
 
 
 
 
Factory-built housing
$
12,369

 
$
9,160

 
$
5,012

Financial services
3,118

 
4,350

 
4,087

 
$
15,487

 
$
13,510

 
$
9,099

Capital expenditures: