Skyline Reports First Quarter Results
ELKHART, Ind., Oct. 6, 2017 /PRNewswire/ -- For the first quarter of fiscal 2018, Skyline Corporation (NYSE American: SKY) ("Skyline" or the "Corporation") reported the following results:
-- Net sales of $58,462,000, a decrease of 4.4% over net sales of
$61,176,000 from the year ago quarter.
-- Net income of $1,607,000 or $0.19 per share as compared to a net income
of $744,000 or $0.09 per share in the first quarter of fiscal 2017.
Included in current year net income is a $60,000 non-recurring loss on
the sale of property, plant and equipment.
Forward-Looking Statements
Information contained in this press release contains "forward-looking statements," which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, general business and economic conditions, and other factors, risks, and uncertainties contained in the Corporation's other filings with the Securities and Exchange Commission. For a further list and description of such risks, see the reports and other filings made by the Corporation with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended May 31, 2017. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Skyline Corporation and Subsidiary Companies
Consolidated Balance Sheets
(Dollars in thousands)
September 3, 2017 May 31, 2017
----------------- ------------
(Unaudited)
Current Assets:
Cash $12,635 $11,384
Accounts receivable 13,562 12,751
Inventories 11,399 12,233
Workers' compensation
security deposit 371 371
Other current assets 1,156 563
----- ---
Total Current Assets 39,123 37,302
------ ------
Property, Plant and Equipment, at Cost:
Land 2,486 2,965
Buildings and
improvements 35,356 35,368
Machinery and
equipment 16,864 16,364
------ ------
54,706 54,697
Less accumulated
depreciation 43,916 43,721
------ ------
10,790 10,976
Other Assets 7,230 7,366
----- -----
Total Assets $57,143 $55,644
======= =======
Current Liabilities:
Accounts payable,
trade $3,859 $3,861
Accrued salaries and
wages 3,002 3,530
Accrued volume
rebates 2,643 1,986
Accrued warranty 4,088 4,757
Customer deposits 1,885 1,880
Other accrued
liabilities 2,773 2,371
----- -----
Total Current
Liabilities 18,250 18,385
------ ------
Long-Term Liabilities:
Deferred compensation
expense 4,807 4,848
Accrued warranty 2,800 2,800
Life insurance loans 4,312 4,312
----- -----
Total Long-Term
Liabilities 11,919 11,960
------ ------
Shareholders' Equity:
Common stock, $.0277 par value, 15,000,000 shares
authorized; issued
11,217,144 shares 312 312
Additional paid-in
capital 5,239 5,171
Retained earnings 87,167 85,560
Treasury stock, at
cost, 2,825,900
shares (65,744) (65,744)
------- -------
Total Shareholders'
Equity 26,974 25,299
------ ------
Total Liabilities and
Shareholders' Equity $57,143 $55,644
======= =======
Skyline Corporation and Subsidiary Companies
Consolidated Statements of Operations
For the Three-Months Ended September 3, 2017 and August 31, 2016
(Dollars in thousands, except share and per share amounts)
Three-Months Ended
2017 2016
---- ----
OPERATIONS
Net sales $58,462 $61,176
Cost of sales 50,536 54,596
------ ------
Gross profit 7,926 6,580
Selling and administrative
expenses 6,112 5,750
Loss on sale of property, plant and
equipment (60) -
--- ---
Operating income 1,754 830
Interest expense (147) (86)
Income tax expense - -
--- ---
Net income $1,607 $744
====== ====
Basic and diluted income
per share $.19 $.09
==== ====
Weighted average number of common shares
outstanding:
Basic 8,391,244 8,391,244
========= =========
Diluted 8,483,935 8,498,192
========= =========
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SOURCE Skyline Corporation
