Cavco Industries, Inc. (NASDAQ:CVCO) Q1 2021 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 01:00 pm ET


Cavco Industries, Inc. (NASDAQ:CVCO) Q1 2021 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the First Quarter of Fiscal Year 2021 Cavco Industries, Inc Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to one of your speakers today, Mr. Mark Fusler, Director of Financial Reporting and Investor Relations. Sir, please go ahead.

Mark Fusler

Thanks. Good day and thank you for joining us for Cavco Industries first quarter of fiscal year 2021 earnings conference call. During this call, you'll be hearing from Bill Boor, President and Chief Executive Officer; Dan Urness, Executive Vice President and Chief Financial Officer; and Paul Bigbee, Chief Accounting Officer.

Before we begin, we'd like to remind you that the comments made during this conference call by management may contain forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995, including statements of expectations or assumptions about Cavco's financial and operational performance, revenues, earnings per share, cash flow or use, cost savings, operational efficiencies, current or future volatility in the credit markets or future market conditions. All forward-looking statements involve risks and uncertainties, which could affect Cavco's actual results and could cause its actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of Cavco. I encourage you to review Cavco's filings with the Securities and Exchange Commission including, without limitation, the company's most recent Forms 10-K and 10-Q, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.

Some factors that may affect the company's results include, but are not limited to, the impact of local or national emergencies, including the COVID-19 pandemic and such impacts from state and federal regulatory action that restricts our ability to operate our business in the ordinary course, and impacts on our customer demand and the availability of financing for our products, our supply chain and the availability of raw materials for manufacturer of our products, the availability of labor, and the health and safety of our workforce, our liquidity and access to capital markets, the risk of litigation or regulatory action, potential reputational damage that Cavco may suffer as a result of matters under inquiry, adverse industry conditions, our involvement in vertically integrated lines of business including manufactured housing, consumer finance, commercial finance, and insurance, market forces and housing demand fluctuations, our business and operations in concentrated and certain geographic regions, loss of any of our executive officers, additional federal government shutdowns, and the regulations affecting manufactured housing.

This conference call also contains time-sensitive information that is only accurate as of the date of this live broadcast, Friday, July 31, 2020. Cavco undertakes no obligation to revise or update any forward-looking statements, whether written or oral, to reflect events or circumstances after the date of the conference call, except as required by law.

So now, I'd like to turn the call over to Bill Boor, President and Chief Executive Officer. Bill?

William C. Boor

Welcome everyone. Thank you for