Legacy Housing Corporation (NASDAQ:LEGH) Q2 2024 Earnings Conference Call August 9, 2024 11:00 AM ET

Company Participants

Duncan Bates - President & Chief Executive Officer
Max Africk - General Counsel
Jeffrey Fiedelman - Chief Financial Officer

Conference Call Participants

Daniel Moore - CJS Securities.
Mark Smith - Lake Street
Jay McCanless - Wedbush
George Melas-Kyriazi - MKH Management
Alex Rygiel - B. Riley Securities

Operator

Good day, and thank you for standing by. Welcome to the Legacy Housing Corp. Second Quarter 2020 Earnings Call. At this time, all participants are in listen-only mode. After speakers presentation there will be a question-and-answer session. [Operator Instructions].

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Duncan Bates. Please go ahead.

Duncan Bates

Good morning. This is Duncan Bates, Legacy's President and CEO. Thanks for joining our second quarter 2024 conference call. Max Africk, Legacy's General Counsel, will read the safe harbor disclosure before getting started. Max?

Max Africk

Thanks, Duncan. At the outset, I will remind our listeners that management's prepared remarks today will contain forward-looking statements, which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions. Therefore, the company claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995.

Actual results may differ from management's current expectations and therefore, we refer you to a more detailed discussion of the risks and uncertainties in the company's annual report filed with the Securities and Exchange Commission. In addition, any projections as to the company's future performance represents management's best estimates as of today's call, Legacy Housing assumes no obligation to update these projections in the future, unless otherwise required by applicable law.

Duncan Bates

Thanks, Max. I'm joined today by Jeff Fiedelman, Legacy's Chief Financial Officer. Jeff will discuss our second quarter financial performance then I will provide additional corporate updates and open the call for Q&A. Jeff?

Jeffrey Fiedelman

Thanks, Duncan. Product sales primarily consist of direct sales, commercial sales, inventory finance sales and retail store sales. Product sales decreased $10.7 million or 25.2% during the three months ended June 30, 2024, as compared to the same period in 2023.

This decrease was driven by a decrease in unit volumes shipped primarily in direct sales, mobile home park sales in inventory finance sales categories. The decrease was partially offset by increased sales at our company-owned retail stores. For the three months ended June 30, 2024, our net revenue per unit sold decreased 1.3% to $61,600 as compared to the same period in 2023, primarily due to a shift in product mix to smaller units.