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Cavco Industries Reports Fiscal Third Quarter Results

Cavco Industries, Inc. (Nasdaq:CVCO) announced financial results for the third quarter and first nine months of its fiscal year 2012 ended December 31, 2011.

Net sales for the third quarter of fiscal 2012 totaled $114,564,000, up 189% from $39,612,000 for the third quarter of fiscal year 2011.

Net income for the fiscal 2012 third quarter was $2,980,000, compared to $290,000 reported in the same quarter one year ago. Net income attributable to Cavco stockholders for the fiscal 2012 third quarter was $1,677,000 compared to $24,000 reported in the same quarter one year ago. Net income per share based on basic and diluted weighted average shares outstanding was $0.24, versus basic and diluted net income of four-tenths of one cent per share last year.

For the first nine months of fiscal 2012, net sales increased 158% to $343,553,000 from $133,005,000 for the comparable prior year period. Net income for the first nine months of fiscal 2012 was $26,840,000 compared to $2,339,000 for the prior year period. Included in net income for the nine months ended December 31, 2011 was a gain on bargain purchase of $22,009,000 resulting from the Palm Harbor transaction, calculated in accordance with the accounting standards for business combinations. Net income attributable to Cavco stockholders for the first nine months of fiscal 2012 was $13,584,000 compared to $1,222,000 last year. For the nine months ended December 31, 2011, net income per share based on basic and diluted weighted average shares outstanding was $1.98 and $1.96, respectively, versus $0.19 and $0.18 for the prior year period, respectively. Net income attributable to Cavco stockholders for the nine months ended December 31, 2011 includes one half of the bargain purchase gain recognized, consistent with Cavco's ownership percentage of Fleetwood Homes.

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and company-owned retailers.

More about CVCO at www.cavco.com

Read full article at: http://stock-pr.com/21383/stock-alerts/cvco-hero-gblhf-mmlp-wlb-featured...

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