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<SEC-DOCUMENT>0000950153-05-002078.txt : 20050817
<SEC-HEADER>0000950153-05-002078.hdr.sgml : 20050817
<ACCEPTANCE-DATETIME>20050817144908
ACCESSION NUMBER:		0000950153-05-002078
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050811
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050817
DATE AS OF CHANGE:		20050817

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAVCO INDUSTRIES INC
		CENTRAL INDEX KEY:			0000278166
		STANDARD INDUSTRIAL CLASSIFICATION:	MOBILE HOMES [2451]
		IRS NUMBER:				860214910
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08822
		FILM NUMBER:		051033199

	BUSINESS ADDRESS:	
		STREET 1:		1001 N. CENTRAL AVE
		STREET 2:		SUITE 800
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		602-256-6263

	MAIL ADDRESS:	
		STREET 1:		1001 N. CENTRAL AVE
		STREET 2:		SUITE 800
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>p71104e8vk.htm
<DESCRIPTION>8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Date of Report (Date of earliest event reported):</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>August&nbsp;11, 2005</B></DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Cavco Industries, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>000-08822</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>56-2405642</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>1001 North Central Avenue, Suite&nbsp;800, Phoenix, Arizona</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>85004</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Registrant&#146;s telephone number including area code: <B>(602)&nbsp;256-6263</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Not applicable</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Former name or former address if changed from last report)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)<BR></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</TD>
</TR>
</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;1.01. Entry into a Material Definitive Agreement." -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information set forth under Item&nbsp;5.02 of this Current Report on Form 8-K relating to an
agreement between Sean K. Nolen and Cavco Industries, Inc. is hereby incorporated in this Item&nbsp;1.01
by reference.
</DIV>
<!-- link2 "Item&nbsp;1.02. Termination of a Material Definitive Agreement." -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.02. Termination of a Material Definitive Agreement.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information set forth under Item&nbsp;5.02 of this Current Report on Form 8-K relating to the
termination of Sean K. Nolen&#146;s employment agreement with Cavco Industries, Inc. is hereby
incorporated in this Item&nbsp;1.02 by reference.
</DIV>
<!-- link2 "Item&nbsp;5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers." -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;15, 2005, Cavco Industries, Inc. (the &#147;Company&#148;) announced that Sean K. Nolen, Vice
President, Chief Financial Officer, Treasurer and Secretary of the Company, had resigned as an
officer of the Company to pursue other opportunities. The resignation was effective August&nbsp;11,
2005. The Company also announced that Daniel Urness, Corporate Controller of the Company, will
assume the role of interim Chief Financial Officer of the Company until a permanent replacement is
named. The appointment of Mr. Urness as interim Chief Financial Officer was effective August 12, 2005.
A copy of the Company&#146;s press release is attached as Exhibit&nbsp;99.1 to this Current Report on
Form 8-K and is incorporated by reference herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;11, 2005, in connection with Mr.&nbsp;Nolen&#146;s resignation, the Company and Mr.&nbsp;Nolen
entered into an agreement whereby: (a)&nbsp;Mr.&nbsp;Nolen&#146;s employment agreement with the Company dated
June&nbsp;30, 2003 (a copy of which is filed as exhibit 10.3 to the Company&#146;s Annual Report on Form 10-K
for the fiscal year ended March&nbsp;31, 2004) was terminated effective as of the date of his
resignation, (b)&nbsp;Mr.&nbsp;Nolen will continue as an employee of the Company from the date of resignation
through December&nbsp;31, 2005, and will be paid a base salary of $13,125 per month during that period,
(c)&nbsp;Mr.&nbsp;Nolen agreed to provide consulting services to the Company upon its request during the
three-month period following the termination of his employment on December&nbsp;31, 2005, and will be
paid at a rate of $13,125 per month for such consulting services, and (d)&nbsp;Mr.&nbsp;Nolen agreed not to
compete with the Company during the term of his employment with the Company and for a period of 15
months thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daniel Urness, 37, joined the Company in May&nbsp;1999 as Manufacturing Controller. Mr.&nbsp;Urness
left the Company in June&nbsp;2002 and served as a financial consultant to several businesses including
the Company. In June&nbsp;2004, he returned to the Company on a full-time basis and was directly
responsible for the implementation of and compliance with Sarbanes-Oxley Section&nbsp;404. In May&nbsp;2005,
Mr.&nbsp;Urness was named Corporate Controller of the Company. Prior to joining the Company, Mr.&nbsp;Urness
was a certified public accountant with Deloitte &#038; Touche LLP from 1993 until May&nbsp;1999.
</DIV>
<!-- link2 "Item&nbsp;9.01. Financial Statements and Exhibits." -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;Exhibits
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release issued August&nbsp;15, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CAVCO INDUSTRIES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/&nbsp;Joseph H. Stegmayer</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Joseph H. Stegmayer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: August&nbsp;17, 2005
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>p71104exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;99.1
</DIV>

<P><DIV style="position: relative; float: left; width: 60%">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="p71104p7110404.gif" alt="(CAVCO LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Helvetica,Arial,sans-serif">



<DIV align="left" style="font-size: 14pt; margin-top: 12pt"><B>N e w s</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>R e l e a s e</B>
</DIV>

</FONT></DIV>


</DIV>
<DIV style="position: relative; float: right; width: 39%">

<DIV align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Helvetica,Arial,sans-serif">


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="99%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 2px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>For additional information, contact:</I></B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 2px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 2px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Joseph Stegmayer</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 2px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chairman and CEO</DIV></TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 2px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Phone: 602.256.6263</DIV></TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 2px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>joes@cavco.com</U></DIV></TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 2px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 2px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>On the internet:</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 2px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">www.cavco.com</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


</FONT></DIV>


</DIV>
<BR clear="all"><BR>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B><I>FOR IMMEDIATE RELEASE</I></B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAVCO INDUSTRIES ANNOUNCES MANAGEMENT CHANGES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>PHOENIX, AZ </B>&#151; (August&nbsp;15, 2005) &#151; Cavco Industries, Inc. (NASDAQ:CVCO) today announced
that Sean K. Nolen, Vice President, Chief Financial Officer, Treasurer and Secretary of Cavco, has
resigned to pursue other opportunities. In addition, Cavco announced that Daniel Urness, Corporate
Controller of Cavco, will assume the role of interim Chief Financial Officer until a permanent
replacement is named.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Speaking on behalf of Cavco&#146;s Board of Directors, Joseph Stegmayer, Chairman of the Board,
President and Chief Executive Officer, said &#147;We want to thank Sean for his valuable contributions
to Cavco&#146;s success. He was instrumental in taking Cavco public and his efforts have helped us
maintain strong internal controls and establish sound public reporting practices which have enabled
us to fulfill all of the requirements of Sarbanes-Oxley Section&nbsp;404 on a timely basis. We are
pleased that Sean will continue to work with us through the end of the current fiscal year as we
make this transition.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Stegmayer continued, &#147;We are beginning our search for a new CFO immediately and, while we
expect to move quickly, we will take whatever time is required to select the best person for that
position. During this time, Dan Urness, who joined the company in 1999 following six years as a
certified public accountant with a big four accounting firm, has the professional experience and
knowledge of our business to perform well as interim CFO.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cavco Industries, Inc., headquartered in Phoenix, is the largest producer of manufactured
homes in Arizona, based on wholesale shipments. Cavco is also a leading producer of park model
homes and vacation cabins in the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Certain statements contained in this release are forward-looking statements within the meaning
of Section&nbsp;27A of the Securities Act of 1933, Section&nbsp;21E of the Securities 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 industry; 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, the
cyclical nature of our business, limitations on our ability to raise capital, curtailment of
available financing in the manufactured housing industry, competition, our ability to maintain
relationships with retailers, pricing and availability of raw materials and our lack of recent
operating history as an independent public company, together with all of the other risks described
in our filings with the Securities and Exchange Commission. 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.</I>
</DIV>


<P align="center" style="font-size: 10pt">
</DIV>


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