Legacy Housing Corporation Provides Update on Late SEC Filings and Guidance for First… | New

BEDFORD, Texas, Aug. 16, 2022 (GLOBE NEWSWIRE) — Legacy Housing Corporation (the “Company” or “Legacy”, NASDAQ: LEGH) is committed to restoring compliance with Nasdaq Listing Rule 5250(c)( 1), which requires the timely filing of all required periodic financial reports with the Securities and Exchange Commission. As part of this commitment, Legacy provides the following updates:

  • Legacy filed its Form 10-K for the fiscal year ended December 31, 2021 on August 3, 2022.
  • On August 5, 2022, the Audit Committee of the Legacy Board of Directors removed Weaver and Tidwell, LLP and approved the appointment of Daszkal Bolton LLP as a new registered independent public accounting firm of the society.
  • The Company expects to file its Forms 10-Q1 and 10-Q2 by the end of September 2022.

Duncan Bates, President and CEO, said, “I’m excited about the progress our team has made this summer in returning to NASDAQ compliance and ensuring accurate and timely financial reporting going forward. We have hired several key accounting and internal audit personnel and continue to refine our policies and procedures. »

Orientations for the first half of 2022

The Legacy team is working diligently to file its Forms 10-Q1 and 10-Q2 as soon as possible. In the meantime, the Company announces the following unadjusted earnings guidance for the six months ended June 30, 2022:

  • Revenues of $120-122 million.
  • Profit before taxes of $37 million to $39 million.

Curt Hodgson, Executive Chairman of Legacy, added, “Despite accounting distractions, Legacy continues to perform well in a challenging labor and commodity market environment. I look forward to moving past this frustrating chapter and working with Kenny and Duncan to grow the business and create value for our shareholders.

About Legacy Housing Corporation

Legacy builds, sells and finances manufactured homes and “tiny homes” which are distributed through a network of independent retailers and company-owned stores. The Company also sells directly to manufactured home communities. Legacy is the sixth largest producer of manufactured homes in the United States according to the number of homes manufactured based on information available from the Manufactured Housing Institute. With current operations focused primarily in the southern United States, we offer our clients a range of quality homes ranging from approximately 390 to 2,667 square feet featuring 1 to 5 bedrooms, with 1 to 3 1/ 2 bathrooms. The price of our homes ranges, at retail, from approximately $22,000 to $140,000.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Securities and Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our ability to . control. Accordingly, our actual results or performance may differ materially from anticipated results or performance. Legacy undertakes no obligation to update these forward-looking statements after the date hereof, except as required by law. Investors should not rely on these forward-looking statements.

Investor requests:

Shane Allred, (817) 799-4900

[email protected]

Where

Investor requests:

Duncan Bates, (817) 799-4837

[email protected]

Media inquiries:

Kira Hovancik, (817) 799-4905

[email protected]

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Luisa D. Fuller