PHOENIX, Feb. 07, 2019 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (NASDAQ: CVCO) ("Cavco" or the "Company") today
announced that the Company has named Mickey R. Dragash ("Mick") as Executive Vice President, General Counsel, Chief Compliance
Officer, and Corporate Secretary effective February 6, 2019.
In his new role, Mr. Dragash will lead Cavco's legal and compliance functions. Mr. Dragash will also serve as a
member of the Company's Executive Management team and will report to Dan Urness, President and Acting Chief Executive Officer.
"Mick is an excellent addition to our leadership team," commented Dan Urness, President and Acting Chief Executive
Officer. "He is a proven executive with extensive experience in leading legal and compliance functions and supporting strategic
initiatives across an organization. Mick's thoughtful judgment and business-focused approach will be an asset as we continue to
execute our growth strategy."
"I am very pleased to have the opportunity to lead Cavco's legal team and compliance function," added Mr. Dragash.
"I look forward to working closely with Dan, the leadership team, and the Board of Directors to build on the Company's long-term
success."
Mickey R. Dragash's Background
Mr. Dragash brings significant legal, compliance and operational experience to Cavco. From June 2015 to September
2017, Mr. Dragash served as Executive Vice-President, General Counsel and Corporate Secretary of Swift Transportation, Inc. (n/k/a
Knight-Swift Transportation Holdings Inc. ("Swift")). Prior to joining Swift, Mr. Dragash was Executive Vice-President, General
Counsel and Chief Compliance Officer for Gordon Trucking, Inc. (n/k/a Heartland Express, Inc.) from 2013 to 2015. Mr. Dragash also
served as Associate General Counsel for DHL Supply Chain Solutions from 2010 to 2013 and Assistant General Counsel at Walmart
Stores, Inc. from 2004 to 2010. Mr. Dragash also worked in private legal practice as an Associate for the Ohio-based law firm
Roetzel & Andress, LPA. Before entering the legal profession, Mr. Dragash worked in various business and operational capacities for
both Yellow Freight Systems, Inc. and Roadway Express, Inc. (n/k/a YRC Worldwide, Inc.)
Mr. Dragash received his Bachelor of Arts degree from Baldwin-Wallace University (Ohio), obtained a Master of
Science degree in Transportation Systems and Logistics Management from the University of Denver and acquired his Juris Doctorate
from Ohio Northern University. Mr. Dragash is admitted to practice law in all state and federal courts of Indiana and Ohio. He is
also admitted to the State Bar of Arizona as in-house counsel.
About Cavco Industries, Inc.
Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products
primarily distributed through a network of independent and Company-owned retailers. The Company is one of the largest producers of
manufactured homes in the United States, based on reported wholesale shipments, marketed under a variety of brand names including
Cavco Homes, Fleetwood Homes, Palm Harbor Homes, Fairmont Homes, Friendship Homes, Chariot Eagle and Lexington Homes.
The Company is also a leading producer of park model RVs, vacation cabins, and systems-built commercial structures,
as well as modular homes built primarily under the Nationwide Homes brand. Cavco's mortgage subsidiary, CountryPlace Mortgage, is
an approved Fannie Mae and Freddie Mac seller/servicer, a Ginnie Mae mortgage-backed securities issuer that offers conforming
mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard
Casualty, provides property and casualty insurance to owners of manufactured homes.
Forward-Looking Statements
Certain statements contained in this release are forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, Section 21E of the Securities and Exchange Act of 1934 and the Private Securities Litigation Reform
Act of 1995. In general, all statements that are not historical in nature are forward-looking. Forward-looking statements are
typically included, for example, in discussions regarding the manufactured housing and site-built housing industries; our financial
performance and operating results; and the expected effect of certain risks and uncertainties on our business, financial condition
and results of operations. All forward-looking statements are subject to risks and uncertainties, many of which are beyond our
control. As a result, our actual results or performance may differ materially from anticipated results or performance. Factors that
could cause such differences to occur include, but are not limited to: adverse industry conditions; our ability to successfully
integrate past acquisitions and any future acquisition or the ability to attain the anticipated benefits of such acquisitions; the
risk that any past or future acquisition may adversely impact our liquidity; involvement in vertically integrated lines of
business, including manufactured housing consumer finance, commercial finance and insurance; a constrained consumer financing
market; curtailment of available financing for retailers in the manufactured housing industry; our participation in certain
wholesale and retail financing programs for the purchase of our products by industry distributors and consumers may expose us to
additional risk of credit loss; significant warranty and construction defect claims; our contingent repurchase obligations related
to wholesale financing; market forces and housing demand fluctuations; net losses were incurred in certain prior periods and there
can be no assurance that we will generate income in the future; a write-off of all or part of our goodwill; the cyclical and
seasonal nature of our business; limitations on our ability to raise capital; competition; our ability to maintain relationships
with independent distributors; our business and operations being concentrated in certain geographic regions; labor shortages;
pricing and availability of raw materials; unfavorable zoning ordinances; loss of any of our executive officers; organizational
document provisions delaying or making a change in control more difficult; volatility of stock price; general deterioration in
economic conditions and continued turmoil in the credit markets; increased costs of healthcare benefits for employees; government
shutdowns; information technology failures and data security breaches; extensive regulation affecting manufactured housing;
potential financial impact on the Company from the subpoenas we received from the SEC; the risk of potential litigation or
regulatory action arising from the SEC subpoenas; potential reputational damage that the Company may suffer as a result of the
matters that are the subject of the subpoenas from the SEC, as well as the results of the investigation being carried out by the
Audit Committee of the Board of Directors; losses not covered by our Director and Officer insurance may be large; together with all
of the other risks described in our filings with the Securities and Exchange Commission. Readers are specifically referred to the
Risk Factors described in Item 1A of the 2018 Form 10-K, as may be amended from time to time, which identify important risks that
could cause actual results to differ from those contained in the forward-looking statements. Cavco expressly disclaims any
obligation to update any forward-looking statements contained in this release, whether as a result of new information, future
events or otherwise. Investors should not place any reliance on any such forward-looking statements.
Media Contact:
John Lovallo
Phone: 917-612-8419
Email: jlovallo@levick.com