Jan 11, 2018 SOURCE: PR NewsWire
Skyline Reports Second Quarter And First Half Results
ELKHART, Ind., Jan. 11, 2018 /PRNewswire/ -- For the second quarter of fiscal 2018, Skyline Corporation (NYSE MKT: SKY) ("Skyline" or the "Corporation") reported the following results:
-- Net sales of $57,765,000, a decrease of 10.1% over net sales of $64,226,000 from the year ago quarter. The decrease is mainly due to prior period net manufactured housing sales including $8,092,000 attributable to facilities in Elkhart, Indiana and Mansfield, Texas which closed in the fourth quarter of fiscal 2017. Modular housing net sales partially offset the decrease as a result of multiple facilities experiencing increased customer demand for this product. -- Operating income for fiscal 2018 was $3,001,000 as compared to an operating loss of $509,000 for fiscal 2017. Current year operating income includes a $762,000 net gain on the sale of property, plant and equipment. Prior year's operating loss included a $1,362,000 loss, excluding corporate overhead allocation, attributable to the Elkhart and Mansfield facilities. -- Net income of $2,964,000 or $0.35 per share as compared to a net loss of $595,000 or $0.07 per share in the second quarter of fiscal 2017. Included in current year income is a net gain on sale of property, plant and equipment of $762,000.
For the first half of fiscal 2018, the Corporation reported the following results:
-- Net sales of $116,227,000, a decrease of 7.3% over net sales of $125,402,000 from the year ago first half. The decrease is mainly due to prior period net manufactured housing sales including $13,293,000 attributable to the Elkhart and Mansfield facilities. Modular housing net sales partially offset the decrease as a result of multiple facilities experiencing increased customer demand for this product. In addition, park model net sales rose as a result of management's continuing initiative to increase this product's exposure at substantially all of the Corporation's facilities. -- Operating income for fiscal 2018 was $4,755,000 as compared to operating income of $321,000 for fiscal 2017. Current year operating income includes a $702,000 net gain on the sale of property, plant and equipment. Prior year's operating income included a $2,517,000 loss, excluding corporate overhead allocation, attributable to the Elkhart and Mansfield facilities. -- Net income of $4,571,000 or $0.54 per share as compared to a net income of $149,000 or $0.02 per share in the six months of fiscal 2017. Included in current year income is a net gain on sale of property, plant and equipment of $702,000.
Skyline Corporation and Subsidiary Companies Consolidated Balance Sheets (Dollars in thousands) December 3, 2017 May 31, 2017 ---------------- ------------ (Unaudited) Current Assets: Cash $12,287 $11,384 Accounts receivable 14,802 12,751 Inventories 12,929 12,233 Workers' compensation security deposit 371 371 Other current assets 995 563 --- --- Total Current Assets 41,384 37,302 ------ ------ Property, Plant and Equipment, at Cost: Land 2,016 2,965 Buildings and improvements 35,615 35,368 Machinery and equipment 16,872 16,364 ------ ------ 54,503 54,697 Less accumulated depreciation 44,092 43,721 ------ ------ 10,411 10,976 Other Assets 7,242 7,366 ----- ----- Total Assets $59,037 $55,644 ======= ======= Current Liabilities: Accounts payable, trade $4,056 $3,861 Accrued salaries and wages 2,942 3,530 Accrued marketing programs 3,220 1,986 Accrued warranty 3,916 4,757 Customer deposits 1,977 1,880 Other accrued liabilities 2,596 2,371 ----- ----- Total Current Liabilities 18,707 18,385 ------ ------ Long-Term Liabilities: Deferred compensation expense 4,808 4,848 Accrued warranty 2,800 2,800 Life insurance loans 2,707 4,312 ----- ----- Total Long-Term Liabilities 10,315 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 5,316 5,171 Retained earnings 90,131 85,560 Treasury stock, at cost, 2,825,900 shares (65,744) (65,744) ------- ------- Total Shareholders' Equity 30,015 25,299 ------ ------ Total Liabilities and Shareholders' Equity $59,037 $55,644 ======= =======
Skyline Corporation and Subsidiary Companies Consolidated Income Statements For the Three-Months and Six-Months Ended December 3, 2017 and November 30, 2016 (Dollars in thousands, except share and per share amounts) Three-Months Ended Six-Months Ended 2017 2016 2017 2016 ---- ---- ---- ---- Unaudited) (Unaudited) OPERATIONS Net sales $57,765 $64,226 $116,227 $125,402 Cost of sales 49,394 58,996 99,930 113,592 ------ ------ ------ ------- Gross profit 8,371 5,230 16,297 11,810 Selling and administrative expenses 6,132 5,739 12,244 11,489 Net gain on sale of property, plant and equipment 762 - 702 - --- --- --- --- Operating income (loss) 3,001 (509) 4,755 321 Interest expense (37) (86) (184) (172) Income tax expense - - - - --- --- --- --- Net income (loss) $2,964 $(595) $4,571 $149 ====== ===== ====== ==== Basic and diluted income (loss) per share $.35 $(.07) $.54 $.02 ==== ===== ==== ==== Weighted average number of common shares outstanding: Basic 8,391,244 8,391,244 8,391,244 8,391,244 ========= ========= ========= ========= Diluted 8,562,899 8,391,244 8,531,191 8,512,903 ========= ========= ========= =========
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SOURCE Skyline Corporation