Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Clipping is a handy way to collect and organize the most important slides from a presentation. Jim Shea, chief executive officer of Fairmont, commented, “The opportunity for Fairmont to join with Cavco is a truly exciting development for our dedicated associates and great customers. Fairmont homes and park model RVs will continue to be marketed under the Fairmont, Friendship, Harmony and Century brand names.
Cavco Homes and Cavco Park Models along with subsidiaries Fleetwood Homes, Palm Harbor Homes, Nationwide Homes, and Chariot Eagle are among the strongest brand names in the industry. Our board has established a special committee tasked to evaluate strategic initiatives and make recommendations to the full board. We are disappointed and find it counterproductive that Cavco issued its press release and published its letter.  Contrary to the statements set forth in the release, the first time our board received a proposal with any semblance of specificity from Cavco was Sept.
Upon receiving Cavco’s letter, the board promptly advised Cavco that it needed more time to consider the proposals.  Following this communication, Cavco chose to publish its letter just four days after delivering the letter to Skyline, and on the same day that Skyline had previously announced it signed a letter of interest for EverGreen Recreational Vehicles LLC to acquire substantially all of the assets of the company’s recreational vehicle division. The annual Florida RV SuperShow taking place in Tampa this week will offer attendees a look at the latest RV products, including park model RVs, the cottagelike units that are used as winter homes in Florida and across the Sunbelt. According to a press release, other upcoming RV and home shows in Florida will also serve as important venues, including the Ft. New units on display at the Tampa SuperShow and other upcoming RV and home shows include Palm Harbor’s 2014 Coastal Lodge and Coastal Cottage models, whose interiors feature laminate wood flooring, smooth painted drywall, cathedral ceilings and optional clerestory windows. Sales from these shows translate into jobs at Palm Harbor’s Plant City factory, which has increased its workforce by 25% during the past year to more than 200 employees.
Randy Cater, district sales manager for Palm Harbor in Plant City, added that the company’s park models fill a unique niche in the marketplace. Subsequent to the end of the first fiscal 2014 quarter and as previously disclosed, Cavco completed the purchase of all noncontrolling interests in Fleetwood Homes Inc., a jointly-owned corporation formed in 2009 by the company and Third Avenue Value Fund. Commenting on the quarter, Joseph Stegmayer, chairman, president and CEO, said, “Positive quarterly sales and earnings growth reported for the first quarter of fiscal year 2014 was reflective of a somewhat healthier business environment and improved production efficiencies. Cavco’s management will hold a conference call to review these results today at noon  EDT.
Cavco will issue shares of its common stock to Third Avenue and its affiliate for consideration for the shares of Fleetwood Homes Inc. Joseph Stegmayer, chairman, president and CEO, said, “We believe that the opportunity to obtain full ownership of these operations is attractive at this time.
Commenting on the results, Joseph Stegmayer, chairman, president and CEO, said, “We are pleased to report improved results for the fourth quarter compared to the same period last year. He continued, “Several new product designs from each of our main housing brands, namely Cavco Homes, Fleetwood Homes, and Palm Harbor Homes, were individually recognized recently by receiving design awards from the Manufactured Housing Institute. Net sales for the second quarter of fiscal 2013 totaled $110 million, down 15.3% from $130 million for the second quarter of fiscal year 2012.
Net income per share based on basic and diluted weighted average shares outstanding for the quarter was 18 cents, versus basic and diluted net income per share the previous year of 24 cents. For the first six months of fiscal 2013, net sales totaled $228.8 million versus $229 million for the comparable prior year period.
Referring to the fiscal 2013 second quarter results, Joseph Stegmayer, chairman, president and CEO, said, “Net sales were lower for the second quarter of fiscal year 2013 compared to the same quarter in the prior year for various reasons. Phoenix-based Cavco, which builds manufactured homes and RVs, and its Palm Harbor Homes division filed the initial copyright suit in U.S. Joseph Kesterson, a resident of Denton County, Texas, who formerly worked at Palm Harbor Homes and now works for Champion, is also a plaintiff in the countersuit. Moreover, plaintiffs deny that the designs and floorplans at issue constitute copyrightable work.
The Stockton Delta KOA is the first KOA campground in the western United States to sell the new Deluxe Cabins. The 400-square-foot park models are manufactured by Phoenix-based Cavco, which has been building park model cabins and cottages for use as private vacation cottages in campgrounds for nearly 20 years. While park models have been used as vacation cottages in campgrounds throughout much of Arizona, Texas and Florida as well as the Midwest and East Coast regions, they are just now being introduced in campgrounds in the West, and even then mostly as rental accommodations. Consumers who purchase the units will also need to pay a lease fee to keep their units at the KOA.
The Stockton KOA has 400 campsites, including 21 Deluxe Cabins and three Airstream trailers. Net sales for the fourth quarter of fiscal 2012 totaled $99,513,000, up 156% from $38,822,000 for the fourth quarter of fiscal year 2011, according to a news release.
As previously reported, Fleetwood Homes Inc., a subsidiary owned 50% by Cavco and 50% by Third Avenue Value Fund, completed the acquisition of substantially all of the assets and assumption of certain liabilities of Palm Harbor Homes Inc. Net income for the fiscal 2012 fourth quarter was $2,888,000, compared to $1,733,000 reported in the same quarter one year ago. During the fiscal 2012 fourth quarter, the company made an election pursuant to section 338(h)(10) of the Internal Revenue Code, allowing the company to step up the tax basis of the Palm Harbor insurance group’s assets to fair value.
For the fiscal year ended March 31, 2012, net sales increased 158% to $443,066,000 from $171,827,000 for fiscal year 2011. Net income attributable to Cavco stockholders for fiscal 2012 was $15,237,000 compared to $2,831,000 last year.
Stegmayer continued, “Current economic and market headwinds including low consumer confidence levels, high unemployment rates, significant underemployment, and strict mortgage underwriting standards have not changed our optimistic long-term perspective. Cavco’s management will hold a conference call to review these results today (May 30) at noon (Eastern Time). The staccato of nail guns echoes across a cavernous building as workers for Nampa, Idaho-based Fleetwood Homes piece together manufactured houses with easy-to-clean linoleum floors and rugged interiors for muddy oil-field workers.
Were it not for the new demand for oil-field housing, factory manager Jeff Chrisman says he would be handing out furloughs, not overtime. Chrisman said he had no clue about the energy boom until he received a call from a planned 300-unit housing development in Williston, N.D. Palm Harbor had been in the business of manufacturing and marketing factory-built housing and providing related consumer financing and insurance products. Net income for the fiscal 2012 third quarter was nearly $3 million compared to $290,000 reported in the same quarter one year ago.
For the first nine months of fiscal 2012, sales increased 158% to $343.5 million from $133 million for the comparable prior year period.
Net sales for the second quarter of fiscal 2012 totaled $130 million, up 183% from $45.9 million for the second quarter of fiscal year 2011, according to a news release. As previously reported, Fleetwood Homes Inc., a subsidiary owned 50% by Cavco and 50% by Third Avenue Value Fund (TAVFX), completed the acquisition of substantially all of the assets and assumption of certain liabilities of Palm Harbor Homes Inc.


Interest expense of $1,916,000 was recognized during the second quarter of fiscal 2012, primarily related to securitized financings and a mortgage construction lending facility of the finance subsidiaries acquired. Net income attributable to Cavco stockholders for the fiscal 2012 second quarter was $1.6 million compared to $680,000 reported in the same quarter one year ago. For the first six months of fiscal 2012, net sales increased 145% to nearly $229 million from $93.4 million for the comparable prior year period.
Until recently, Cavco Industries Inc.’s marketing reach was largely confined to the Western half of the United States, with most of its park model sales occurring within a few hundred miles of its factory in Phoenix. According to a press release, it wasn’t until 2006 that Cavco opened a factory in Texas, which gave it access to the Texas market. But with its recent acquisitions of Fleetwood Homes and Palm Harbor Homes, Cavco said it now has more production facilities than any other company in the park model business. Cavco’s Rocky Mount, Va., factory was the first to broaden its product lines to include park models, which it did last year. This has helped Cavco increase its business with KOA, which holds its annual convention in Las Vegas next week. If you’re an experienced Access user, you can use these step-by-step instructions to create the dropdown that lets your users select the criteria for their reports.
When your user clicks the Business Unit Demo button, it opens a new form like this one, which displays a blank field with a dropdown arrow that will let the user select the Business Unit to be used as the criteria for the report.
In this example, our universe of possible values is Collections, Human Resources, and Marketing. If you design Access reports or support end users who do, this tip gives you the ability to create a report interface that lets your users select criteria (set parameters) for their reports without the burden of knowing how to correctly spell and data-enter the report criteria. If you liked this edition of Jeff’s Quick Tips, please share it with the Microsoft Office users in your organization.
IT Project Manager and Compliance Consultant Jeff Davis has been an IT professional for over 20 years, with experience working and consulting for law firms, hospitals, and financial institutions.
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Once you place your order, you can access your download links and order history from your My Account area. After an extended period of discussions, we recognized that Cavco shares a business philosophy similar to our own.
Brian Cira, president of Fairmont Homes and a 28-year veteran of the company, will remain in the same role with responsibility for all operations of the Fairmont business.
Including Fairmont, the company employs approximately 3,700 people and operates 19 manufacturing plants as well as retail home centers, finance and insurance businesses in the United States. In this regard, Skyline’s board of directors regularly considers initiatives to help optimize shareholder value over the long term. As part of its work, that committee, with input from our management team and advisors, plans to thoroughly evaluate all potential strategic proposals and other initiatives to further improve operations and strengthen our capitalization.
The board believes this transaction with EverGreen is aligned with our strategic objectives and is in the best interest of shareholders.
Fleetwood Homes Inc., a Cavco subsidiary, owns Fleetwood Homes, Palm Harbor Homes, CountryPlace Mortgage and Standard Casualty Co. As of July 22, 2013, Cavco owns 100% of these businesses and is therefore entitled to all of the associated earnings from that date forward.
We were gratified to have received supportive shareholder response to the transaction by way of favorable proxy voting turnout and results. Although the manufactured housing industry remains challenged by overall economic conditions, we are encouraged by recent reports of improved general housing demand, consumer confidence, and unemployment levels. We realized a 15.1% increase in home sales to 2,176, up from 1,890 homes sold in the fourth quarter of fiscal 2012. These include fewer homes sold this quarter, lower average sales prices from a product mix skewed toward lower price-point homes, and competitive pricing pressures. Federal Court against Champion, claiming Champion violated the copyright law and misappropriated trade secrets regarding manufactured home designs and floorplans.
Annual site lease costs range from $900 to $1,900 for the first year, but will jump to $3,960 to $5,400 for each year thereafter, Haar said, adding that the rent will include water, sewer, Wi-Fi and trash pickup as well as security at the park.
Net income attributable to Cavco stockholders for the fiscal 2012 fourth quarter was $1,653,000 compared to $1,609,000 reported in the same quarter one year ago. This election offset income tax expense by $1,241,000, resulting in a net tax benefit of $502,000 for the company in the quarter. Home sales were adversely impacted this quarter by seasonally slow winter home buying activity; however, we began to see some modest improvement in consumer interest and traffic levels at the end of the quarter. Cavco has accomplished a strategically eventful fiscal year in which the company grew considerably in size as well as in capability.
He traveled there in 2010 and saw well-paid workers sleeping in their cars in a local Wal-Mart parking lot during winter because of the lack of housing.
The aggregate gross purchase price, exclusive of transaction costs, specified liabilities assumed and post-closing adjustments, was $83.9 million.
Net income attributable to Cavco stockholders for the fiscal 2012 third quarter was $1.7 million compared to $24,000 reported in the same quarter one year ago. The aggregate gross purchase price, exclusive of transaction costs, specified liabilities assumed and post-closing adjustments, was $83.9. During the quarter, the company incurred $120,000 in acquisition-related costs for the purchase of the Palm Harbor Homes assets and expects to have additional transaction-related expenses during the remainder of fiscal year 2012. Cavco benefited from higher order rates during the quarter, which translated into improved results compared to recent quarters and demonstrates the operating leverage we believe exists in the Cavco group of companies,” said Joseph Stegmayer, chairman, president and CEO, while commenting on the quarter.
Net income per share based on basic and diluted weighted average shares outstanding was 24 cents versus basic and diluted net income per share of 10 cents last year. Net income for the first half of fiscal 2012 was $23.8 million compared to $2 million last year. This year, however, Cavco is also producing park models in Woodburn, Ore., Napa, Idaho, Austin, Texas, and Plant City, Fla.
It also enables the company to participate in upcoming tradeshows elsewhere in the country, including the Recreation Vehicle Industry Association’s (RVIA) National RV Trade Show, which takes place Nov. Less  experienced Access uses can follow along using the detailed instructions and screen shots in the Detailed Instructions below. Create a form to use as the Reports Menu and put a button on it labeled with your report name.


Create a second form that contains a combo box that displays the possible values for your report criteria. In the criteria for the query that populates your report, enter the expression [Forms]![form name]![combo box name]. Let’s start with a form named Demo Reports from which your users can launch their reports. Your users can simply click on the dropdown arrow, select a parameter, and then run the report! For a report query to produce accurate results, the search criteria needs to be accurate and what a better way than to use a drop down box, especially when multiple users will be using the application.
Each week, our "in-the-trenches" IT management experts will provide you with new management ideas, tips, and FREE TOOLS to help you do your job better and faster! Miner's Monkey Business presents a unit which is a yearlong methodic unit that introduces popcorn words to kindergarten children.
It follows the McMillan McGraw Treasures sequence of introducing high frequency words (or sight words) to kindergarten children, so it is research based. It is an organization that will provide our customers and employees much opportunity for continued growth and success. 26 announcement of its “interest in acquiring” the longtime Elkhart, Ind.-based manufactured housing and RV builder. 22 letter significantly undervalues Skyline’s stock, the special committee and the board will thoroughly review Cavco’s proposals and respond in due course. 2) announced financial results for the first quarter ended June 29, 2013, of fiscal year 2014. As consideration for the 50% interest that it did not already own, the company agreed to pay $91.4 million in Cavco common stock.
We expect that the potential for earnings and equity accretion from the purchase will prove beneficial to our shareholders and the company going forward. This transaction is consistent with the original intention of the company and Third Avenue at the outset of their partnership in forming Fleetwood Homes Inc. We have been fully responsible for operating the Fleetwood Homes business since August 2009 and the Palm Harbor Homes and related finance and insurance businesses since 2011. Net income attributable to Cavco stockholders for fiscal year 2012 included one-half (or approximately $11.0 million) of the bargain purchase gain recognized from the Palm Harbor transaction, which occurred on April 23, 2011.
On an annual basis, the average sales price per home decreased to approximately $48,594 compared to $51,760 in fiscal year 2012, as demand rose for small size and lower price point homes. Adversely impacting the number of homes sold was a larger proportion of internally financed wholesale sales, up 49.8% this quarter versus the second quarter last year, resulting in delayed recognition of the related revenue, consistent with applicable accounting principles.
Federal Court in Sherman, Texas, Troy, Mich.-based Champion and Kesterson deny they violated the copyright law. They also seek a judgment that the designs and floorplans are not copyrightable material of the defendants.
According to a press release, a dozen units are currently being sold at prices ranging from the mid-$40,000 to the mid-$60,000 range. The results of these new operations have been included in Cavco’s Consolidated Financial Statements since acquisition. Included in net income for fiscal 2012 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 fiscal year ended March 31, 2012, includes one half of the bargain purchase gain recognized, consistent with Cavco’s ownership percentage of Fleetwood Homes. The Palm Harbor transaction this year expanded the geographic reach of the company as well as the diversity of our home products and provided the introduction of related mortgage and insurance business lines. Fleetwood Homes, a subsidiary of Cavco Industries Inc., has increased production by 25% since last fall at its Nampa factory, hiring 40 workers and adding hours for employees. The use of new drilling techniques to tap oil and gas in shale rocks far underground helped add about 158,500 new oil and gas jobs over the past five years, and economists think it has created even more jobs in companies supplying the energy industry and in the broader service industry.
Shannon Smith returned to her job caulking tiles and cleaning up the houses before they are loaded onto trucks. The results of the Palm Harbor operations have been included in Cavco’s financial statements since acquisition.
Net income per share based on basic and diluted weighted average shares outstanding was 24 cents, versus basic and diluted net income of four-tenths of one cent per share last year.
Included in net income for the nine months was a gain on bargain purchase of $22 million resulting from the Palm Harbor transaction, calculated in accordance with the accounting standards for business combinations. 3) announced financial results for the second quarter and first six months of its fiscal year 2012 ended Sept. The results of the Palm Harbor operations have been included in the consolidated financial statements since acquisition.
When you run the query, Access will display a rudimentary dialog box like the one shown below. The keyword [Forms] tells Access “Look on [form name] and fetch the value named [combo box name]. Click here to view Cavco’s statement, which was issued shortly after news of a tentative agreement for Skyline to sell its RV interests to EverGreen Recreational Vehicles LLC. The resulting issuance of 1,867,370 shares increased the company’s total number of common shares outstanding to 8,837,324. We believe the steady integration of these operations with each other and with Cavco’s legacy business units has developed well.
This bargain purchase gain allocation was consistent with Cavco’s ownership percentage of Palm Harbor.
30, 2011, included one-half (or approximately $11 million) of the bargain purchase gain recognized from the Palm Harbor transaction, which closed on April 23, 2011. Net income attributable to Cavco stockholders for the quarter ended March 31, 2012, includes one half of the $1,241,000 tax benefit from this election, consistent with Cavco’s ownership percentage of Fleetwood Homes.
30, 2011, was a gain on bargain purchase of $22 million resulting from the acquisition of Palm Harbor, as adjusted during the fiscal 2012 second quarter and calculated in accordance with the accounting standards for business combinations.
Although certain buyout terms were included in the shareholders’ agreement between the parties, this transaction was successfully separately negotiated approximately one year earlier than the buyout provisions in the shareholders’ agreement were to become effective. This bargain purchase gain allocation was consistent with Cavco’s ownership percentage of Palm Harbor.
The aggregate gross purchase price, exclusive of transaction costs, specified liabilities assumed and post-closing adjustments, was $83,900,000.



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