Cavco Industries Inc was formed on June 30, 2003 as a successor corporation to previous Cavco entities operating since 1965. The Company designs and produces factory-built homes, primarily distributed through a network of independent and company-owned retailers, planned community operators and residential developers. It also produces modular homes, including single and multi-section/modular ranch-style dwellings; split-level homes; Cape Cod style homes; two and three story homes; and multi-family units, such as apartments and duplexes. In addition, the Company manufactures park model homes and vacation cabins, as well as commercial structures, including apartment buildings, condominiums, hotels, schools, and housing for U.S. military troops. Further, the Company, through CountryPlace, provides conforming mortgages to purchasers of factory-built and site-built homes; and property and casualty insurance to owners of manufactured homes. It constructs homes using an assembly-line process in which each module or floor section is assembled in stages. The Company sells its products under the Cavco Homes, Fleetwood Homes, and Palm Harbor Homes brands. The Company currently operates in two segments - factory-built housing and Financial services. The Factory-built housing segment engages in the wholesale and retail of systems-built housing operations. The Financial services segment provides insurance and financial services to manufactured housing consumers. As of March 30, 2013, the Company operated fifteen homebuilding facilities located in the Pacific, Mountain, South Central and South Atlantic regions. As of March 30, 2013, it distributed homes through 50 Company-owned retail outlets and a network of approximately 980 independent distribution points in 44 states, Canada, Mexico and Japan. The Company competes with approximately 44 other producers of manufactured homes, as well as companies offering for sale homes repossessed from wholesalers or consumers. In addition, manufactured homes compete with new and existing site-built homes, as well as apartments, townhouses and condominiums.