LYCOS RETRIEVER 
Cavalier Homes
built 642 days ago
Text taken from company’s website, “Cavalier Homes was founded in 1984 by Jerry F. Wilson with a single manufacturing facility in Addison, Alabama. The company was publicly traded first in 1986 on the American Stock Exchange under the symbol "CXV". In 1987, Cavalier acquired operating plants in the Carolinas and Georgia, owned by Brigadier Homes, Inc. A few years later, it expanded a production facility in Hamilton, Alabama. An additional facility was built in Addison. 1994 saw expansion into Fort Worth, Texas, and on December 4 of the same year, the Company began trading on the New York Stock Exchange under the symbol "CAV". In 1997, the company acquired Belmont Homes, Inc and its subsidiaries in MS, AR, and GA. In 2002, the company consolidated its manufacturing operations by creating Cavalier Home Builders, LLC.
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Cavalier Homes is one of Australasia’s largest residential building entities with thousands of homes built and under construction in Australia and New Zealand. The group’s growth has been founded on delivering new home buyers in regional and city locations a complete range of designs to suit every market.
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Cavalier Homes Inc. announced results for the fourth quarter and year ended December 31, 2007. Cavalier's revenue for the fourth quarter of 2007 rose 23% to $53,167,000 from $43,312,000 in the year-earlier period. The net loss for the fourth quarter of 2007 totaled $1,017,000 or $0.06 per diluted share versus a net loss of $867,000 or $0.05 per diluted share in the fourth quarter of 2006. Cavalier's revenue for 2007 was $210,581,000 declined 8% compared with the prior year revenue of $227,937,000. The net loss for 2007 totaled $8,519,000 or $0.46 per diluted share versus net income of $172,000 or $0.01 per diluted share in 2006.
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On September 5, 2007, Cavalier Homes, Inc. announced it will close one of two home manufacturing lines it operates in Millen, Georgia following a review completed by the Company of its present capacity. This action reflects continuing market challenges that have resulted in lower-than-expected volume in the Company's core HUD-code home manufacturing business. Cavalier will reorganize the two manufacturing lines such that part of one line will extend workstations to help make the other manufacturing line more efficient and provide better workflow. Accordingly, the Company will complete the production of all units in process at the line to be closed and restage these workstations to utilize the floor space differently and in conjunction with the stations in the other manufacturing line. After completion of this restructuring, both lines will be operated as one single manufacturing line.
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Cavalier Homes, Inc. (Cavalier), incorporated in 1984, through its subsidiaries, is engaged in the production, sale and financing of manufactured homes. Cavalier has two business segments: home manufacturing and financial services. Under the home manufacturing segment, the Company designs and manufactures a range of low- to medium-priced homes in the South Central and South Atlantic regions of the United States. Through the financial services segment, Cavalier offers retail installment sale financing and related insurance products primarily for manufactured homes sold through its dealer network. As of December 31, 2007, approximately 89% of the Company's sales were attributed to dealers operating in the core states, such as Louisiana (17%), North Carolina (16.5%), Alabama (12.3%), South Carolina (8.7%), Georgia (8.6%), Mississippi (7.4%), Arkansas ( 4.8%), Missouri (4.5%), Florida (3.5%), Tennessee (2.8%) and Oklahoma (2.5%).
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Ray Marlin Crawford purchased a Cavalier Homes mobile home costing more than $75,000 in 1997. While contemplating this purchase, Mr. Crawford made three trips to the Results Oriented lot to examine model homes and discuss the contours of the sales transaction: price, warranties and financing. He was assisted by a salesman, Michael Hamm, and a second man who he believes was the lot owner, Larry Iman. Mr. Hamm told Mr. Crawford that Cavalier Homes were well-manufactured and covered by warranty. The second man prepared the financial numbers and was aware that Mr. Crawford's income limited him to a monthly expenditure of $500. During these discussions, Mr. Crawford was never advised that should problems arise with his new mobile home, he would have to pay for an arbitration proceeding to enforce any remedies to which he was entitled.
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