Legacy Housing Corporation (NASDAQ:LEGH), a prominent mobile homes manufacturer based in Bedford, Texas, announced the appointment of Skyler M. Howton as a new independent director to its Board, effective November 12, 2024. The appointment follows the resignation of Francisco J. Coll.
Ms. Howton, a seasoned Dallas-based attorney, joins the Board with immediate effect and will stand for election at the company's 2024 Annual Shareholders' Meeting. She will serve on the Compensation Committee, the Nominations and Corporate Governance Committee, and the Audit Committee.
The Board has determined that Ms. Howton meets the independence criteria set by the Securities and Exchange Commission and the NASDAQ Stock Market. With over a decade of legal experience, Ms. Howton brings a wealth of expertise to Legacy Housing, especially in litigation management and product liability claims. Her professional background includes leading the Mass Torts Practice Group at Rogge Dunn Group, PC, and representing a range of clients from small businesses to Fortune 50 companies at AM Law 100 firms.
Ms. Howton's academic credentials include a JD (NASDAQ:JD) from Baylor Law School and an LLM in Litigation Management. She is recognized for her community involvement, having served as a Dallas CASA and holding leadership roles with Attorneys Serving the Community and the Dallas Women Lawyers Association.
Legacy Housing has not disclosed any arrangements or understandings between Ms. Howton and any other persons related to her appointment. There are no known transactions involving Ms. Howton that are reportable under SEC regulations. She will receive compensation consistent with other non-employee directors and has entered into an indemnification agreement with the company.
In other recent news, Legacy Housing Corporation reported mixed results for Q3 2024, with a decrease in product sales of $6.8 million (18.3%) but an increase in interest income from consumer loans by $1.5 million (17.3%). The company's net income also decreased by 1.8% to $15.8 million, and earnings per share fell by $0.01 (1.5%). Despite these results, Legacy Housing remains optimistic about future sales and production improvements, with a significant backlog of orders extending into Q1 2025 and plans to increase production rates in Q4 2024.
The company also sold excess land for $2.7 million and is currently developing 1,100 pads near Austin. As part of its strategic plans, Legacy Housing is opening new dealerships and focusing on adding independent dealers in strategic locations.
InvestingPro Insights
As Legacy Housing Corporation (NASDAQ:LEGH) welcomes Skyler M. Howton to its Board, investors may find value in examining the company's current financial position. According to InvestingPro data, LEGH has a market capitalization of $616.52 million and trades at a P/E ratio of 11.4, suggesting a relatively modest valuation compared to some industry peers.
InvestingPro Tips highlight that Legacy Housing operates with a moderate level of debt and maintains liquid assets that exceed short-term obligations, indicating a stable financial foundation. This financial stability could provide the company with flexibility as it navigates potential challenges in the mobile home manufacturing sector.
However, it's worth noting that analysts anticipate a sales decline in the current year, with revenue growth showing a -29.12% change over the last twelve months. This trend aligns with another InvestingPro Tip revealing that four analysts have revised their earnings downwards for the upcoming period. These insights suggest that Ms. Howton's legal expertise, particularly in litigation management, could be valuable as the company navigates a potentially challenging business environment.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and metrics beyond those mentioned here. In fact, there are 5 more InvestingPro Tips available for LEGH, providing a deeper understanding of the company's financial health and market position.
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