• Net revenue for the first quarter of fiscal year 2019 totaled $246.4 million, up 19.1% from $206.8 million in the
first quarter of fiscal year 2018. The increase was primarily from improved home sales volume and higher home
selling prices from input cost inflation and modestly larger home sizes. Current quarter net revenue also includes
$6.5 million from this quarters required implementation of accounting standards whereby subcontracted pass-
through services, such as the preparation of a home site or other home enhancements, are now recognized on a
gross basis rather than net of associated costs.
• Income before income taxes was $24.1 million for the first quarter of fiscal year 2019, a 53.5% increase from
$15.7 million in the comparable quarter last year. As part of this increase, $1.5 million in unrealized gains on
corporate investments from this quarter's implementation of new accounting standards was recorded in other
income, net. Unrealized gains and losses are now required to be reported on the Consolidated Statement of
Comprehensive Income instead of recording these amounts in accumulated other comprehensive income on the
Consolidated Balance Sheet.
• Income tax expense was $4.4 million, resulting in an effective tax rate of 18.4% for the first quarter of fiscal year
2019 compared to $3.9 million and an effective tax rate of 24.9% in the same quarter of the prior year. The current
fiscal quarter was benefited by the Tax Cuts and Jobs Act (the "Tax Act"), which was enacted on December 22,
2017. The Tax Act reduced the federal corporate tax rate to 21% for our fiscal year ending March 30, 2019. In
addition, the current quarter includes a deduction of $1.2 million related to excess tax benefits from exercises of
stock options, compared to $1.4 million deducted in the prior year period.
• Net income was $19.7 million for the first quarter of fiscal year 2019, compared to net income of $11.8 million
in the same quarter of the prior year, a 66.9% increase. Diluted net income per share for the first quarter of fiscal
2019 was $2.12 compared to diluted net income per share of $1.28 for the comparable quarter last year.
Cavco Industries, Inc. | Investor Relations | Press Releases | Cavco Industries Reports Fiscal 2019 First Quarter Results | Cavco
