 BEDFORD, Texas, Aug. 13, 2020 GLOBE NEWSWIRE -- Legacy Housing Corporation NASDAQ: LEGH today announced its financial results for the second quarter ended June 30, 2020. Financial Highlights: Revenue for the second quarter of 2020 was 46.0 million, which was a slight improvement from the net revenue of 45.8 million in the second quarter of 2019. Interest income in the second quarter of 2020 was 6.1 million, a nearly 20 increase from the 5.1 million recorded in the second quarter of 2019. Income from operations in the second quarter of 2020 was 11.2 million, which was substantially unchanged from the 11.5 million in the second quarter of 2019. Selling, general and administrative expense in the second quarter of 2020 was 4.1 million, a 33.9 decrease from the 6.1 million in the second quarter of 2019. This was due to a reduction in payroll costs, advertising and dealer show expenses, and warranty service costs as well as certain second quarter 2019 retail store expenses that were subsequently reclassified and recorded into cost of sales in the latter part of 2019. Total inventory reduced by 6.1 million or 13.6 to 38.9 million in the second quarter of 2020 compared to 45.0 million in the second quarter of 2019. The manufactured home park loan portfolio increased by 16.8 million or 16.3 to 120.1 million for second quarter 2020 compared to 103.3 million for first quarter 2020. The consumer loan portfolio increased to 107.2 million, inclusive of the allowance for loan loss and other discounts, compared to 105.6 million for the first quarter 2020. Net income in the second quarter of 2020 was consistent with the second quarter of 2019 with both quarters delivering earnings of 8.6 million. Year to date net income has increased by 1.8 million or 11.2 to 17.6 million for the six months ended June 30, 2020 compared to 15.8 million for the same period last year. Earnings per share for the second quarter of 2020, based on diluted weighted average shares outstanding, was 0.36 on 24,201,823 diluted outstanding shares versus 0.35 on 24,369,890 diluted outstanding shares for the comparable quarter in 2019. Similarly, earnings per share for the six months ended June 30, 2020 were 0.73 compared to 0.65 for the same period last year.Curtis D. Hodgson, Executive Chairman of the Board, commented, We are pleased with the results of the second quarter of 2020, which included a continuation of the strong growth in financed sales to manufactured home parks. Additionally, the company took proactive steps during the first and second quarter of 2020 to navigate the COVID-19 environment by reducing costs and gaining operational flexibility in our manufacturing operations. Over the last six months we have increased the tangible book value of the company by approximately 8 for our shareholders despite the headwinds of the current economy. We believe that manufactured housing presents a compelling, long-term solution for the ongoing lack of affordable housing in the United States, and the Company is well-positioned to take advantage of this market.This shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Companys securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.Management Conference Call- August 14 at 10 AM Central TimeSenior management will discuss the results of the second quarter of 2020 in a live webcast and conference call on Friday, August 14, 2020 at 10:00 AM Central Time. To register and participate in the webcast, please go to which will also be accessible via under the Investors link. In order to dial in, please call in at 866 952-6347 and enter Conference ID 4267224 when prompted. Please try to join the webcast or call at least ten minutes prior to the scheduled start time.About Legacy Housing CorporationLegacy Housing Corporation builds, sells and finances manufactured homes and tiny houses that are distributed through a network of independent retailers and company-owned stores and are sold directly to manufactured housing communities. We are the fourth largest producer of manufactured homes in the United States as ranked by number of homes manufactured based on the information available from the Manufactured Housing Institute. With current operations focused primarily in the southern United States, we offer our customers an array of quality homes ranging in size from approximately 390 to 2,667 square feet consisting of 1 to 5 bedrooms, with 1 to 3 12 bathrooms. Our homes range in price, at retail, from approximately 22,000 to 120,000.Forward Looking StatementsThis 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 control. As a result, our actual results or performance may differ materially from anticipated results or performance. Legacy Housing undertakes no obligation to update any such forward-looking statements after the date hereof, except as required by law. Investors should not place any reliance on any such forward-looking statements.Investor Inquiries: Shane Allred, Director of Financial Reporting, 817 799-4903 Inquiries: Casey Mack, 817 799-4904 LEGACY HOUSING CORPORATION BALANCE SHEETS in thousands Unaudited June 30 December 31, 2020 2019 Assets Cash and cash equivalents 1,024 1,724 Inventories 26,377 27,228 Prepaid expenses and other current assets 22,103 24,015 Total current assets 49,504 52,967 Property, plant and equipment, net 21,320 21,038 Consumer loans, net of deferred financing fees and allowance for loan losses 102,166 99,048 Notes receivable from mobile home parks MHP 108,274 81,375 Other assets and non-current inventory 30,920 29,192 Total assets 312,184 283,620 Liabilities and Stockholders Equity Total current liabilities, excluding debt 28,556 23,073 Total long-term debt, including current portion 37,535 30,861 Other long-term liabilities 7,367 7,297 Total stockholders equity 238,726 222,389 Total liabilities and stockholders equity 312,184 283,620 LEGACY HOUSING CORPORATION STATEMENTS OF OPERATIONS in thousands, except share and per share data Unaudited Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net revenue: Product sales 39,179 39,766 70,375 71,316 Consumer and MHP loans interest 6,067 5,112 12,491 10,642 Other 760 883 1,414 1,757 Total net revenue 46,006 45,761 84,280 83,715 Operating expenses: Cost of product sales 30,557 27,876 52,416 49,760 Selling, general administrative expenses 4,064 6,144 9,676 12,635 Dealer incentive 186 239 380 449 Income from operations 11,199 11,502 21,808 20,871 Other expense 13 81 997 229 Income before income tax expense 11,186 11,421 22,805 20,642 Income tax expense 2,590 2,788 5,186 4,796 Net income 8,596 8,633 17,619 15,846 Weighted average shares outstanding: Basic 24,201,220 24,369,890 24,260,274 24,442,921 Diluted 24,201,823 24,369,890 24,260,938 24,457,967 Net income per share: Basic 0.36 0.35 0.73 0.65 Diluted 0.36 0.35 0.73 0.65 