Company Quick10K Filing
Cavco Industries
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 9 $1,440
10-Q 2019-10-30 Quarter: 2019-09-28
10-Q 2019-07-30 Quarter: 2019-06-29
10-K 2019-05-29 Annual: 2019-03-30
10-Q 2019-02-05 Quarter: 2018-12-29
10-Q 2018-11-08 Quarter: 2018-09-29
10-Q 2018-08-08 Quarter: 2018-06-30
10-K 2018-05-30 Annual: 2018-03-31
10-Q 2018-02-07 Quarter: 2017-12-30
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-08 Quarter: 2017-07-01
10-K 2017-06-13 Annual: 2017-04-01
10-Q 2017-02-07 Quarter: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-10-01
10-Q 2016-08-10 Quarter: 2016-07-02
10-K 2016-06-21 Annual: 2016-04-02
10-Q 2016-02-04 Quarter: 2015-12-26
10-Q 2015-11-05 Quarter: 2015-09-26
10-Q 2015-08-06 Quarter: 2015-06-27
10-K 2015-06-10 Annual: 2015-03-28
10-Q 2015-02-03 Quarter: 2014-12-27
10-Q 2014-11-05 Quarter: 2014-09-27
10-Q 2014-08-06 Quarter: 2014-06-28
10-K 2014-06-11 Annual: 2014-03-29
10-Q 2014-02-06 Quarter: 2013-12-28
10-Q 2013-11-06 Quarter: 2013-09-28
10-Q 2013-08-06 Quarter: 2013-06-29
10-K 2013-06-11 Annual: 2013-03-30
10-Q 2013-02-06 Quarter: 2012-12-29
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-K 2012-06-12 Annual: 2012-03-31
10-Q 2012-02-08 Quarter: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-K 2011-06-03 Annual: 2011-03-31
10-Q 2011-02-09 Quarter: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-K 2010-05-21 Annual: 2010-03-31
10-Q 2010-02-09 Quarter: 2009-12-31
8-K 2020-01-13 Other Events
8-K 2019-10-28 Earnings, Exhibits
8-K 2019-07-29 Earnings, Exhibits
8-K 2019-07-09 Officers, Shareholder Vote
8-K 2019-06-21 Officers
8-K 2019-05-29 Enter Agreement, Officers, Exhibits
8-K 2019-05-23 Earnings, Exhibits
8-K 2019-03-29 Enter Agreement, Officers, Other Events, Exhibits
8-K 2019-02-22 Enter Agreement, Officers, Other Events, Exhibits
8-K 2019-02-05 Enter Agreement, Officers, Exhibits
8-K 2019-02-04 Earnings, Exhibits
8-K 2019-01-08 Enter Agreement, Officers, Other Events, Exhibits
8-K 2018-12-11 Amend Bylaw, Other Events, Exhibits
8-K 2018-11-08 Earnings, Exhibits
8-K 2018-08-31 Officers
8-K 2018-08-06 Earnings, Exhibits
8-K 2018-07-11 Officers, Shareholder Vote
8-K 2018-05-29 Earnings, Exhibits
8-K 2018-02-06 Earnings, Exhibits
CVCO 2019-09-28
Part 1. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 5. Other Information
Item 6. Exhibits
EX-31.1 a2019928-exhibit311.htm
EX-31.2 a2019928-exhibit312.htm
EX-32 a2019928-exhibit32.htm

Cavco Industries Earnings 2019-09-28

CVCO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
MDC 2,040 3,086 1,425 882 0 203 288 2,569 0% 8.9 7%
MTH 2,023 3,467 1,669 0 0 206 298 1,615 5.4 6%
LGIH 1,815 1,486 761 1,555 379 145 215 1,777 24% 8.3 10%
IBP 1,657 916 710 1,416 393 60 136 2,018 28% 14.9 7%
TPH 1,610 3,878 1,791 3,101 235 191 283 1,438 8% 5.1 5%
SKY 1,486 722 290 1,410 266 -40 -2 1,392 19% -683.3 -6%
CVCO 1,440 756 206 980 215 70 98 1,227 22% 12.5 9%
WGO 1,177 1,083 480 1,991 308 110 189 1,439 15% 7.6 10%
JOE 982 906 364 92 0 18 43 865 0% 20.3 2%
MHO 795 2,089 1,185 2,395 130 110 166 775 5% 4.7 5%

Document
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us-gaap:FairValueMeasurementsRecurringMember 2019-09-28 0000278166 cvco:ForwardCommitmentsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-28 0000278166 us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-28 0000278166 2019-08-02 iso4217:USD cvco:Credit_Quality_Indicator cvco:store xbrli:pure iso4217:USD xbrli:shares xbrli:shares cvco:factories cvco:Segment cvco:Loans

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 28, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to

Commission File Number 000-08822
 
CAVCO INDUSTRIES INC.
(Exact name of registrant as specified in its charter)
Delaware
56-2405642
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
 
 
 
 
 
3636 North Central Ave, Ste 1200
 
Phoenix
Arizona
85012
 
(Address of principal executive offices, including zip code)
(602) 256-6263
(Registrant's telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.01
CVCO
The Nasdaq Stock Market LLC
 
 
(Nasdaq Global Select Market)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer
Accelerated Filer
Non-accelerated Filer
Smaller Reporting Company
Emerging Growth Company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No 
As of October 25, 2019, 9,133,716 shares of Registrant's Common Stock, $.01 par value, were outstanding.
 




CAVCO INDUSTRIES, INC.
FORM 10-Q
September 28, 2019
TABLE OF CONTENTS

 
Page
 
 
 


Table of Contents

PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
CAVCO INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
 
September 28,
2019
 
March 30,
2019
 
(Unaudited)
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
190,478

 
$
187,370

Restricted cash, current
14,981

 
12,148

Accounts receivable, net
44,908

 
40,701

Short-term investments
13,375

 
12,620

Current portion of consumer loans receivable, net
35,482

 
30,058

Current portion of commercial loans receivable, net
17,694

 
15,234

Inventories
115,205

 
116,203

Assets held for sale

 
3,061

Prepaid expenses and other current assets
54,509

 
44,654

Total current assets
486,632

 
462,049

Restricted cash
350

 
351

Investments
32,381

 
32,137

Consumer loans receivable, net
53,470

 
56,727

Commercial loans receivable, net
28,565

 
27,772

Property, plant and equipment, net
70,199

 
63,484

Goodwill and other intangibles, net
90,509

 
82,696

Operating lease right-of-use assets
11,732

 

Total assets
$
773,838

 
$
725,216

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
29,886

 
$
29,305

Accrued liabilities
137,936

 
125,181

Current portion of securitized financings and other
1,875

 
19,522

Total current liabilities
169,697

 
174,008

Operating lease liabilities
8,735

 

Deferred income taxes
8,043

 
7,002

Securitized financings and other
14,359

 
14,618

 
 
 
 
Stockholders' equity:
 
 
 
Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding

 

Common stock, $0.01 par value; 40,000,000 shares authorized; Outstanding 9,127,466 and 9,098,320 shares, respectively
91

 
91

Additional paid-in capital
250,584

 
249,447

Retained earnings
322,245

 
280,078

Accumulated other comprehensive income (loss)
84

 
(28
)
Total stockholders' equity
573,004

 
529,588

Total liabilities and stockholders' equity
$
773,838

 
$
725,216

See accompanying Notes to Consolidated Financial Statements

1

Table of Contents

CAVCO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)

 
Three Months Ended
 
Six Months Ended
 
September 28,
2019
 
September 29,
2018
 
September 28,
2019
 
September 29,
2018
Net revenue
$
268,675

 
$
241,530

 
$
532,717

 
$
487,933

Cost of sales
210,208

 
192,114

 
413,952

 
387,041

Gross profit
58,467

 
49,416

 
118,765

 
100,892

Selling, general and administrative expenses
36,083

 
30,035

 
71,347

 
59,248

Income from operations
22,384

 
19,381

 
47,418

 
41,644

Interest expense
(302
)
 
(941
)
 
(788
)
 
(1,913
)
Other income, net
5,173

 
1,077

 
7,987

 
3,922

Income before income taxes
27,255

 
19,517

 
54,617

 
43,653

Income tax expense
(6,370
)
 
(3,941
)
 
(12,450
)
 
(8,386
)
Net income
$
20,885

 
$
15,576

 
$
42,167

 
$
35,267

 
 
 
 
 
 
 
 
Comprehensive income:
 
 
 
 
 
 
 
Net income
$
20,885

 
$
15,576

 
$
42,167

 
$
35,267

Reclassification adjustment for securities sold or matured

 
24

 
2

 
24

Applicable income taxes

 
(5
)
 
(1
)
 
(5
)
Net change in unrealized position of investments held
29

 
(57
)
 
140

 
(51
)
Applicable income taxes
(6
)
 
12

 
(29
)
 
11

Comprehensive income
$
20,908

 
$
15,550

 
$
42,279

 
$
35,246

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Basic
$
2.29

 
$
1.72

 
$
4.63

 
$
3.89

Diluted
$
2.25

 
$
1.67

 
$
4.56

 
$
3.80

Weighted average shares outstanding:
 
 
 
 
 
 
 
Basic
9,119,835

 
9,079,679

 
9,111,260

 
9,064,007

Diluted
9,266,085

 
9,304,188

 
9,241,834

 
9,287,730


See accompanying Notes to Consolidated Financial Statements

2

Table of Contents

CAVCO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
 
Six Months Ended
 
September 28,
2019
 
September 29,
2018
OPERATING ACTIVITIES
 
 
 
Net income
$
42,167

 
$
35,267

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
2,648

 
2,274

Provision for credit losses
30

 
459

Deferred income taxes
1,011

 
863

Stock-based compensation expense
1,448

 
2,115

Non-cash interest income, net
(694
)
 
(409
)
Gain on sale of property, plant and equipment, net
(3,370
)
 
(51
)
Gain on investments and sale of loans, net
(7,683
)
 
(5,457
)
Changes in operating assets and liabilities:
 
 
 
Accounts receivable
(3,300
)
 
(3,057
)
Consumer loans receivable originated
(80,259
)
 
(64,479
)
Proceeds from sales of consumer loans
77,182

 
62,245

Principal payments on consumer loans receivable
4,759

 
6,522

Inventories
6,506

 
(2,350
)
Prepaid expenses and other current assets
322

 
(4,703
)
Commercial loans receivable
(1,409
)
 
(17,321
)
Accounts payable and accrued liabilities
4,235

 
5,890

Net cash provided by operating activities
43,593

 
17,808

INVESTING ACTIVITIES
 
 
 
Purchases of property, plant and equipment
(3,944
)
 
(3,876
)
Payments for Destiny Homes, net
(15,937
)
 

Proceeds from sale of property, plant and equipment and assets held for sale
64

 
64

Purchases of investments
(2,751
)
 
(4,042
)
Proceeds from sale of investments
4,260

 
4,684

Net cash used in investing activities
(18,308
)
 
(3,170
)
FINANCING ACTIVITIES
 
 
 
Payments from exercise of stock options
(311
)
 
(173
)
Proceeds from secured financings and other
75

 
226

Payments on securitized financings and other
(19,109
)
 
(4,254
)
Net cash used in financing activities
(19,345
)
 
(4,201
)
Net increase in cash, cash equivalents and restricted cash
5,940

 
10,437

Cash, cash equivalents and restricted cash at beginning of the fiscal year
199,869

 
199,258

Cash, cash equivalents and restricted cash at end of the period
$
205,809

 
$
209,695

Supplemental disclosures of cash flow information:
 
 
 
Cash paid for income taxes
$
13,073

 
$
12,381

Cash paid for interest
$
473

 
$
1,300

Supplemental disclosures of noncash activity:
 
 
 
Right-of-use assets recognized
$
13,464

 
$

Operating lease obligations incurred
$
13,489

 
$

See accompanying Notes to Consolidated Financial Statements

3

Table of Contents

CAVCO INDUSTRIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
The accompanying unaudited Consolidated Financial Statements of Cavco Industries, Inc. and its subsidiaries (collectively, the "Company" or "Cavco") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations.
In the opinion of management, these financial statements include all adjustments, including normal recurring adjustments, that Cavco believes are necessary to fairly state the results for the periods presented. Certain prior period amounts have been reclassified to conform to current period classification. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC, and there were no disclosable subsequent events. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the Company's 2019 Annual Report on Form 10-K for the year ended March 30, 2019, filed with the SEC on May 28, 2019 ("Form 10-K").
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements ("Notes"). Actual results could differ from those estimates. The Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the interim periods are not necessarily indicative of the results or cash flows for the full year. The Company operates on a 52-53 week fiscal year ending on the Saturday nearest to March 31st of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest to March 31st. The Company's current fiscal year will end on March 28, 2020.
The Company operates principally in two segments: (1) factory-built housing, which includes wholesale and retail systems-built housing operations, and (2) financial services, which includes manufactured housing consumer finance and insurance. The Company designs and builds a wide variety of affordable manufactured homes, modular homes and park model RVs in 20 factories located throughout the United States, which are sold to a network of independent distributors, through the Company's 39 Company-owned retail stores and to community owners and developers. Our financial services group is comprised of a finance subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), and an insurance subsidiary, Standard Casualty Co. ("Standard Casualty"). CountryPlace is an approved Federal National Mortgage Association and Federal Home Loan Mortgage Corporation seller/servicer and a Government National Mortgage Association mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Standard Casualty provides property and casualty insurance primarily to owners of manufactured homes.
Adoption of New Accounting Standards.
In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases ("Topic 842"). This guidance amends previous accounting considerations and treatments for leases to increase transparency and comparability among organizations by requiring the recognition of right-of-use ("ROU") assets and lease liabilities on the balance sheet for both finance leases and operating leases. For finance leases, the lessee recognizes interest expense and amortization of the ROU asset and for operating leases, the lessee recognizes straight-line lease expense.

4


Effective March 31, 2019, the Company adopted Topic 842 using the modified retrospective transition approach. This approach provides a method for recording existing leases at adoption, without restating comparative periods. The Company also elected to adopt the package of practical expedients provided in the guidance, which allowed the Company to retain the historical classification for each lease, and provided relief from reviewing existing or expired contracts to determine if they contain leases under the new guidance. In addition, an accounting policy election was made to account for non-lease and lease components as a single lease component for all asset classes. The Company also made an accounting policy election to exclude ROU assets and lease liabilities for leases with an initial term of twelve months or less from the Consolidated Balance Sheet.
Adoption of the new standard resulted in an addition of net operating lease ROU assets and lease liabilities of $13.0 million and $13.5 million, respectively, to the Company’s Consolidated Balance Sheet as of March 31, 2019. The difference between the additional lease assets and lease liabilities reflects existing accrued rent balances that were reclassified to the operating lease ROU asset as of March 31, 2019. The standard did not materially impact our consolidated Net income and had no impact on cash flows. See Note 9 for additional information.
Accounting Standards Issued But Not Yet Adopted.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, which will now require a forward-looking impairment model based on expected losses rather than incurred losses. The guidance also requires increased disclosures. ASU 2016-13 will be effective beginning with the first quarter of the Company's fiscal year 2021 and will be applied using a modified retrospective transition method. While early adoption is permitted, the Company does not plan to early adopt the guidance. The Company is currently evaluating the effect ASU 2016-13 will have on the Company's Consolidated Financial Statements and disclosures.
From time to time, new accounting pronouncements are issued by the FASB and other regulatory bodies that are adopted by the Company as of the specified effective dates. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company's Consolidated Financial Statements upon adoption.
For a description of other significant accounting policies used by the Company in the preparation of its Consolidated Financial Statements, please refer to Note 1 of the Notes to Consolidated Financial Statements included in the Form 10-K.

5


2. Revenue from Contracts with Customers
The following table summarizes customer contract revenues disaggregated by reportable segment and the source of revenue for the three and six months ended September 28, 2019 and September 29, 2018 (in thousands):
 
Three Months Ended
 
Six Months Ended
 
September 28, 2019
 
September 29, 2018
 
September 28, 2019
 
September 29, 2018
Factory-built housing
 
 
 
 
 
 
 
     U.S. Housing and Urban Development code homes
$
207,556

 
$
184,687

 
$
410,035

 
$
371,003

     Modular homes
19,412

 
23,901

 
38,819

 
46,348

     Park model RVs
11,751

 
5,979

 
24,612

 
17,706

     Other (1)
13,971

 
12,527

 
27,992

 
24,799

       Net revenue from factory-built housing
252,690

 
227,094

 
501,458

 
459,856

Financial services
 
 
 
 
 
 
 
     Insurance agency commissions received from third-party insurance companies
274

 
643

 
1,429

 
1,275

     Other (2)
15,711

 
13,793

 
29,830

 
26,802

       Net revenue from financial services
15,985

 
14,436

 
31,259

 
28,077

Total Net revenue
$
268,675

 
$
241,530

 
$
532,717

 
$
487,933

(1)
Other factory-built housing revenue from ancillary products and services including freight, used homes and other services.
(2)
Other financial services revenue relates to consumer finance and insurance revenue that is not within the scope of ASU 2014-09, Revenue from Contracts with Customers ("Topic 606").
3. Restricted Cash
Restricted cash consisted of the following (in thousands):
 
September 28,
2019
 
March 30,
2019
Cash related to CountryPlace customer payments to be remitted to third parties
$
13,948

 
$
10,426

Cash related to CountryPlace customer payments on securitized loans to be remitted to bondholders

 
634

Other restricted cash
1,383

 
1,439

 
$
15,331

 
$
12,499


Corresponding amounts were recorded in accounts payable and accrued liabilities for customer payments and deposits, respectively.

6

Table of Contents

The following table provides a reconciliation of Cash and cash equivalents and Restricted cash reported within the accompanying Consolidated Balance Sheets to the combined amounts shown on the Consolidated Statements of Cash Flows (in thousands):
 
September 28,
2019
 
March 30,
2019
 
September 29,
2018
 
March 31,
2018
Cash and cash equivalents
$
190,478

 
$
187,370

 
$
195,488

 
$
186,766

Restricted cash, current
14,981

 
12,148

 
13,754

 
11,228

Restricted cash
350

 
351

 
453

 
1,264

Cash, cash equivalents and restricted cash per statement of cash flows
$
205,809

 
$
199,869

 
$
209,695

 
$
199,258


4. Investments
Investments consisted of the following (in thousands):
 
September 28,
2019
 
March 30,
2019
Available-for-sale debt securities
$
12,181

 
$
13,408

Marketable equity securities
12,649

 
11,073

Non-marketable equity investments
20,926

 
20,276

 
$
45,756

 
$
44,757


The Company's investments in marketable equity securities consist of investments in the common stock of industrial and other companies.
As of September 28, 2019 and March 30, 2019, non-marketable equity investments included contributions of $15.0 million to equity-method investments in community-based initiatives that buy and sell our homes and provide home-only financing to residents of certain manufactured home communities. Other non-marketable equity investments included investments in other distribution operations.
The Company records investments in fixed maturity securities classified as available-for-sale at fair value and records the difference between fair value and cost in Accumulated other comprehensive income (loss).
The following tables summarize the Company's available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):
 
September 28, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Residential mortgage-backed securities
$
6,168

 
$
22

 
$
(48
)
 
$
6,142

State and political subdivision debt securities
3,706

 
139

 
(3
)
 
3,842

Corporate debt securities
1,901

 
4

 
(8
)
 
1,897

U.S. Treasury and government debt securities
300

 

 

 
300

 
$
12,075

 
$
165

 
$
(59
)
 
$
12,181


7

Table of Contents


 
March 30, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Residential mortgage-backed securities
$
6,625

 
$
3

 
$
(119
)
 
$
6,509

State and political subdivision debt securities
4,883

 
117

 
(17
)
 
4,983

Corporate debt securities
1,635

 
3

 
(19
)
 
1,619

U.S. Treasury and government debt securities
300

 

 
(3
)
 
297

 
$
13,443

 
$
123

 
$
(158
)
 
$
13,408


The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position (in thousands):
 
September 28, 2019
 
Less than 12 Months
 
12 Months or Longer
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Residential mortgage-backed securities
$
669

 
$

 
$
3,197

 
$
(48
)
 
$
3,866

 
$
(48
)
State and political subdivision debt securities
302

 
(1
)
 
103

 
(2
)
 
405

 
(3
)
Corporate debt securities

 

 
1,096

 
(8
)
 
1,096

 
(8
)
 
$
971

 
$
(1
)
 
$
4,396

 
$
(58
)
 
$
5,367

 
$
(59
)

 
March 30, 2019
 
Less than 12 Months
 
12 Months or Longer
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Residential mortgage-backed securities
$
1,066

 
$
(9
)
 
$
5,206

 
$
(110
)
 
$
6,272

 
$
(119
)
State and political subdivision debt securities
353

 

 
2,319

 
(17
)
 
2,672

 
(17
)
Corporate debt securities
243

 
(8
)
 
1,073

 
(11
)
 
1,316

 
(19
)
U.S. Treasury and government debt securities

 

 
297

 
(3
)
 
297

 
(3
)
 
$
1,662

 
$
(17
)
 
$
8,895

 
$
(141
)
 
$
10,557

 
$
(158
)

Based on the Company's ability and intent to hold the investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider any investments to be other-than-temporarily impaired as of September 28, 2019.

8

Table of Contents

The amortized cost and fair value of the Company's investments in available-for-sale debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities differ from contractual maturities as borrowers may have the right to call or prepay obligations, with or without penalties.
 
September 28, 2019
 
Amortized
Cost
 
Fair
Value
Due in less than one year
$
507

 
$
507

Due after one year through five years
3,215

 
3,218

Due after five years through ten years
263

 
283

Due after ten years
1,922

 
2,031

Mortgage-backed securities
6,168

 
6,142

 
$
12,075

 
$
12,181


The Company recognizes investment gains and losses on available-for-sale debt securities when it sells or otherwise disposes of securities using the specific identification method. There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three and six months ended September 28, 2019 or September 29, 2018.
The Company recognizes unrealized gains and losses on marketable equity securities from changes in market prices during the period as a component of earnings in the Consolidated Statements of Comprehensive Income. Net investment gains and losses on marketable equity securities for the three and six months ended September 28, 2019 and September 29, 2018 were as follows (in thousands):
 
Three Months Ended
 
Six Months Ended
 
September 28,
2019
 
September 29,
2018
 
September 28,
2019
 
September 29,
2018
Marketable equity securities:
 
 
 
 
 
 
 
      Net gains (losses) on securities held
$
350

 
$
(312
)
 
$
1,302

 
$
1,298

      Net losses on securities sold
(1
)
 
(13
)
 
(2
)
 
(53
)
      Total net gain (loss) on marketable equity securities
$
349

 
$
(325
)
 
$
1,300

 
$
1,245


5. Inventories
Inventories consisted of the following (in thousands):
 
September 28,
2019
 
March 30,
2019
Raw materials
$
35,330

 
$<