Legacy Housing
| Nasdaq: LEGH} | |
| Industry | Construction, Manufacturing |
| Founded | May 2005 |
| Headquarters | |
Area served | Southern United States[1] |
Key people | |
| Products | Mobile homes |
Legacy Housing Corporation is a mobile home manufacturer based in Bedford, Texas. They have manufacturing facilities in Commerce, Texas, Fort Worth, Texas, and Eatonton, Georgia. Legacy also directly sells homes through 13 retail stores and funds loans for their homes.
Legacy Housing was founded in 2005 by Curtis Drew Hodgson (Chairman of the Board) and Kenneth E. Shipley (President and CEO) as Legacy Housing, Ltd.[2] It is traded on NASDAQ as LEGH, after an IPO on December 14, 2018. The company repurchased over $3 million in stock in April 2019. The company has approximately 800 employees.[3] As of 9 December 2020, Legacy Housing Corporation had a market capitalization of over $361 million.[4]
In 2019 the company's gross revenue was $169 million, versus $162 million in 2018. Approximately half of their sales are in Texas. Their consumer (chattel) loan portfolio was worth $105 million at an average APR of 14%. They also had $92.3 million in manufactured home park loans at variable rates, typically 4% over prime.[5][3]
In 2018–2019, Legacy acquired five plots of land to develop into manufactured home communities, including 400 acres near Austin, Texas for $4.4 million in April 2018.[3]
During the COVID-19 pandemic, in April 2020, Legacy announced a $25 million addition to their credit line, then announced receiving $6.5 million in federally backed small business loans as part of the Paycheck Protection Program. The company received scrutiny over this loan, which was aimed at small businesses.[6][7][3][8] Legacy Housing returned the loan a day after the New York Times story broke.[9]
References
[edit]- ^ "Legacy Housing Corporation Reports Amended 2020 Second Quarter Results". Associated Press.
- ^ "LEGH | Legacy Housing Corp. Company Profile & Executives - WSJ". www.wsj.com. Retrieved 2020-12-09.
- ^ a b c d "SEC Filing 10-K - Legacy Housing Corporation". investors.legacyhousingcorp.com. Retrieved 28 April 2020.
- ^ "Legacy Housing Corporation Common Stock (TX) (LEGH)". NASDAQ.
- ^ "Legacy Housing Corporation Reports Fourth Quarter and Fiscal Year 2019 Results | Legacy Housing Corporation". Legacy Housing Corporation. Retrieved 28 April 2020.
- ^ "Large, Troubled Companies Got Bailout Money in Small-Business Loan Program". The New York Times. Retrieved 28 April 2020.
- ^ "Legacy Housing Corporation Announces New Credit Facility | Legacy Housing Corporation". Legacy Housing Corporation. Retrieved 28 April 2020.
Legacy Housing Corporation Announces New Credit Facility
- ^ "SEC Filing 8K - Legacy Housing Corporation". investors.legacyhousingcorp.com. Retrieved 28 April 2020.
- ^ "Publicly traded Bedford tiny house maker returns $6.5 million PPP loan". Dallas News. Retrieved 29 April 2020.
CEO Kenny Shipley said the company made the "difficult decision to return the funds" based on new guidance from the U.S. Small Business Administration that requires companies to return the money if they had alternate sources of capital.