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Legacy Housing Corporation (LEGH-2.26%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in product sales to $129,345,000 from $145,100,000 in the previous year. The decrease is attributed to a reduction in unit volumes shipped, primarily in direct sales and inventory finance sales categories.
Consumer, MHP, and dealer loans interest income increased to $41,182,000 from $37,420,000, due to growth in the loan portfolios.
Other revenue increased to $13,664,000 from $6,624,000, primarily due to land sales related to the Forest Hollow mobile home community and the property in Marble Falls, Texas.
Cost of product sales decreased to $90,071,000 from $99,692,000, reflecting a decrease in units sold.
Selling, general, and administrative expenses decreased to $23,222,000 from $24,279,000, primarily due to a decrease in warranty costs and consulting fees.
Net income for the year was $61,642,000, up from $54,460,000 in the previous year.
Cash provided by operating activities was $35,993,000, while cash used in investing and financing activities was $6,714,000 and $28,878,000, respectively.
Legacy had a working capital of $124,306,000 as of December 31, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details a settlement agreement related to prior debt, resulting in a gain of $5.4 million.
Legacy does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting due to insufficient documentation and review of control activities, among other issues.
Legacy continues to focus on expanding its financing solutions and maintaining its competitive production strategies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Legacy Housing Corporation annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.