- THE MAGAZINE
ADDISON, Ala.--Cavalier Homes, Inc. (NYSE:CAV) said improved results for its fourth quarter ended Dec. 31, 2001 included continued improvement in home manufacturing net sales as floor shipments increased 9 percent over the third quarter of 2001, and 67 percent over the fourth quarter of 2000.
The trend, coupled with higher gross profit margins and a lower level of selling, general and administrative expenses relative to total revenue, enabled Cavalier (www.cavhomesinc.com) to return to profitability in the fourth quarter.
"Since reversing the downward trend in floor shipments earlier in 2001, we are pleased to report a steady increase in our volume for three successive quarters," said Cavalier President CEO David Roberson.
Underscoring the extent of Cavalier's improving floor shipments, which takes into account changes in product mix, Roberson contrasted the company's figures for the fourth quarter (up 67 percent) and year (up 15 percent) to industry wholesale shipments for those same periods, as reported by the Manufactured Housing Institute. Industry shipments increased 4 percent in the fourth quarter of 2001 and declined 21 percent for the year. In the company's core 11-state marketing region, fourth quarter industry shipments increased 9 percent while Cavalier's shipments rose 65 percent. Industry shipments to the core-marketing region fell 25 percent in 2001 while Cavalier's shipments rose 12 percent.
Cavalier Homes, Inc. and its subsidiaries produce, sell, and finance manufactured housing. It markets its homes primarily through independent dealers, including exclusive dealers that carry only Cavalier products, and provides financial services primarily to retail purchasers of manufactured homes sold through its dealer network.