$LEGH

Legacy Housing Corp

CIK:0001436208|SEC Filings

STATEMENTS OF INCOME - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Net revenue:

Product sales

$ 53,760

$ 38,387

$ 75,310

$ 62,677

Consumer, MHP and dealer loans interest

11,474

10,883

22,792

21,538

Other revenue

1,114

891

2,612

1,616

Total net revenue

66,348

50,161

100,714

85,831

Operating expenses:

Cost of product sales

33,521

25,941

48,457

43,133

Cost of other sales

628

1,233

1,143

Selling, general and administrative expenses

6,906

5,701

11,357

11,595

Provision for loan loss (income)

^[1]

(569)

1,074

820

1,552

Total operating expenses

39,890

33,344

61,867

57,423

Income from operations

26,458

16,817

38,847

28,408

Other income (expense):

Nonoperating interest income

218

499

574

966

Miscellaneous, net

(213)

489

1,164

Interest expense

(17)

(29)

(46)

(34)

Total other income (loss)

(12)

959

623

2,096

Income before income tax expense

26,446

17,776

39,470

30,504

Income tax expense

(2,965)

(3,081)

(5,061)

(5,533)

Net income

$ 23,481

$ 14,695

$ 34,409

$ 24,971

Weighted average shares outstanding:

Basic (in shares)

23,781,601

24,050,252

23,795,389

24,091,086

Diluted (in shares)

23,813,873

24,600,720

23,826,244

24,648,705

Earnings per share:

Basic (in dollars per share)

$ 0.99

$ 0.61

$ 1.45

$ 1.04

Diluted (in dollars per share)

$ 0.99

$ 0.6

$ 1.44

$ 1.01

[1]	Provision for loan loss is broken out from SG&A this period. Prior period amounts were reclassified.

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Operating activities:
Net income				$ 34,409	$ 24,971
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense				1,355	858
Amortization of deferred revenue				(674)	(709)
Amortization of lines of credit cost				34
Provision for accounts and notes receivable				271	1,585
Gain from sale of property				(164)	(92)
Gain on foreclosure of property					(329)
Non-cash operating lease expense					(9)
Writeoff of investment in Corpus AmeriCasa				560
Provision for inventories				(30)	35
Amortization of operating lease right of use asset				233
Deferred income taxes				(350)
Share based compensation expense				(115)	344
Changes in operating assets and liabilities:
Accounts receivable				3,853	(500)
Interest receivable, net				(283)
Consumer loans activity, net				(3,604)	(12,573)
Notes receivable MHP activity, net				(12,069)	3,504
Dealer inventory loan activity, net				3,615	20
Inventories, net				(4,058)	(3,017)
Prepaid expenses and other current assets				(91)	106
Other assets - leased mobile homes				380	271
Other assets				(1,764)	(2,558)
Accounts payable and accrued liabilities				(8,028)	(3,080)
Right of use activity, net				(230)
Customer deposits				10,709	489
Escrow liability				1,446	1,553
Dealer incentive liability				(1,006)	101
Net cash provided by operating activities				24,399	10,970
Investing activities:
Purchases of property, plant and equipment				(6,637)	(3,636)
Proceeds from sale of property				1,281	194
Issuance of notes receivable				(752)	(1,336)
Notes receivable collections				3,724	1,574
Purchases of loans					(113)
Collections from purchased loans				128	179
Net cash used in investing activities				(2,256)	(3,138)
Financing activities:
Purchases of treasury stock	$ (1,100)	$ (5,800)	$ (700)	(666)	(6,492)	$ (7,600)
Proceeds from lines of credit				26,262	2,544
Payments on lines of credit				(27,252)	(2,402)
Net cash used in financing activities				(1,656)	(6,350)
Net increase in cash				20,487	1,482
Cash at beginning of period			$ 1,149	8,478	1,149	1,149
Cash at end of period	$ 8,478	$ 2,631		28,965	2,631	$ 8,478
Supplemental disclosure of cash flow information:
Cash paid for interest				12
Cash paid for taxes				$ 3,598	$ 5,120

BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash	$ 28,965	$ 8,478
Accounts receivable, net	7,022	5,467
Interest receivable from loan portfolios, net	3,587	3,517
Income tax refund receivable		5,617
Dealer financed receivables, net	23,153	26,685
Consumer loans receivable, current portion, net	9,798	9,458
Notes receivable from mobile home parks ("MHP"), current portion, net	61,856	59,632
Other notes receivable, current	1,772	4,868
Inventories, net	43,941	39,853
Prepaid expenses and other current assets	1,150	1,081
Total current assets	181,244	164,656
Property, plant and equipment, net	65,405	60,497
Consumer loans receivable, net	192,376	189,356
Notes receivable from mobile home parks ("MHP"), net	147,161	136,906
Other notes receivable, net	1,476	1,226
Other assets - leased mobile homes	3,166	3,804
ROU assets - operating leases	1,080	1,313
Other assets	15,215	13,911
Deferred income taxes, net	1,348	998
Intangible assets, net	4,713	5,198
Goodwill	2,472	2,472
Total assets	615,656	580,337
Current liabilities:
Accounts payable	5,883	6,443
Accrued liabilities	17,596	25,063
Customer deposits	12,472	1,764
Escrow liability	14,554	13,109
Operating lease obligation, current	459	479
Total current liabilities	50,964	46,858
Longterm liabilities:
Operating lease obligation, net	650	860
Lines of credit		1,200
Dealer incentive liability	1,800	2,805
Total liabilities	53,414	51,723
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $.001 par value, 10,000,000 shares authorized: no shares issued or outstanding
Common stock, $.001 par value, 90,000,000 shares authorized; 24,866,342 issued and 23,781,601 and 23,812,341 outstanding at June 30, 2026 and December 31, 2025, respectively	32	32
Treasury stock at cost, 1,084,741 and 1,054,001 shares at June 30, 2026 and December 31, 2025, respectively	(18,150)	(17,484)
Additional paid-in-capital	182,742	182,857
Retained earnings	397,618	363,209
Total stockholders' equity	562,242	528,614
Total liabilities and stockholders' equity	$ 615,656	$ 580,337