Apr 12, 2018 SOURCE: PR NewsWire
Skyline Reports Third Quarter And First Nine Months Results
Skyline Reports Third Quarter And First Nine Months Results
ELKHART, Ind., April 12, 2018 /PRNewswire/ -- For the third quarter of fiscal 2018, Skyline Corporation (NYSE American: SKY) ("Skyline" or the "Corporation") reported the following results:
-- Net sales of $57,978,000, an increase of 12.3% over net sales of
$51,640,000 in the year ago quarter. The current quarter included
approximately $5,000,000 of homes constructed to Federal Emergency
Management Agency ("FEMA") specifications that were sold to an
authorized FEMA contractor. The year ago quarter included net sales of
$7,573,000 attributable to the Elkhart, Indiana and Mansfield, Texas
facilities which closed in the fourth quarter of fiscal 2017.
-- Operating income for fiscal 2018 was $1,233,000 as compared to an
operating loss of $2,362,000 for fiscal 2017. Current year operating
income includes $1,013,000 in non-recurring costs associated with the
pending merger with Champion Enterprise Holdings, LLC ("Champion"). The
prior year's operating loss included a $945,000 loss, excluding
corporate overhead allocation, attributable to the Elkhart and Mansfield
facilities.
-- Net income for fiscal 2018 was $1,218,000 as compared to a net loss of
$2,447,000 for fiscal 2017. On a basic per share basis, net income was
$.15 as compared to a net loss of $.29 for year ago quarter.
For the nine months of fiscal 2018, the Corporation reported the following results:
-- Net sales of $174,205,000, an approximate 1.6 percent decrease from net
sales of $177,042,000 in the year ago period. The first nine months of
fiscal 2017 included net sales of $20,866,000 attributable to the
Elkhart, Indiana and Mansfield, Texas facilities.
-- Operating income for fiscal 2018 was $5,988,000 as compared to an
operating loss of $2,041,000 for fiscal 2017. Current year operating
income includes a $702,000 net gain on the sale of property, plant and
equipment, and $1,203,000 in non-recurring costs associated with the
pending merger with Champion. Prior year's operating loss included a
$3,462,000 loss, excluding corporate overhead allocation, attributable
to the Elkhart and Mansfield facilities.
-- Net income for fiscal 2018 was $5,789,000 as compared to a net loss of
$2,298,000 for fiscal 2017. On a basic per share basis, net income was
$.69 as compared to a net loss of $.27 for the year ago quarter.
Skyline Corporation and Subsidiary Companies
Consolidated Balance Sheets
(Dollars in thousands)
March 4, 2018 May 31, 2017
------------- ------------
(Unaudited)
Current Assets:
Cash $14,090 $11,384
Accounts
receivable 14,345 12,751
Inventories 13,046 12,233
Workers'
compensation
security
deposit 800 371
Other current
assets 820 563
--- ---
Total Current
Assets 43,101 37,302
------ ------
Property, Plant and Equipment, at Cost:
Land 2,016 2,965
Buildings and
improvements 36,092 35,368
Machinery and
equipment 16,715 16,364
------ ------
54,823 54,697
Less
accumulated
depreciation 44,191 43,721
------ ------
10,632 10,976
Other Assets 4,705 7,366
----- -----
Total Assets $58,438 $55,644
======= =======
Current Liabilities:
Accounts
payable, trade $5,240 $3,861
Accrued
salaries and
wages 3,350 3,530
Accrued
marketing
programs 3,306 1,986
Accrued
warranty 3,811 4,757
Customer
deposits 1,480 1,880
Other accrued
liabilities 2,342 2,371
----- -----
Total Current
Liabilities 19,529 18,385
------ ------
Long-Term Liabilities:
Deferred
compensation
expense 4,801 4,848
Accrued
warranty 2,800 2,800
Life insurance
loans - 4,312
--- -----
Total Long-
Term
Liabilities 7,601 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 5,391 5,171
Retained
earnings 91,349 85,560
Treasury stock,
at cost,
2,825,900
shares (65,744) (65,744)
------- -------
Total
Shareholders'
Equity 31,308 25,299
------ ------
Total
Liabilities
and
Shareholders'
Equity $58,438 $55,644
======= =======
Skyline Corporation and Subsidiary Companies
Consolidated Income Statements
For the Three-Months and Nine-Months Ended March 4, 2018 and February 28, 2017
(Dollars in thousands, except share and per share amounts)
Three-Months Ended Nine-Months Ended
2018 2017 2018 2017
---- ---- ---- ----
(Unaudited) (Unaudited)
OPERATIONS
Net sales $57,978 $51,640 $174,205 $177,042
Cost of sales 49,832 48,421 149,762 162,013
------ ------ ------- -------
Gross profit 8,146 3,219 24,443 15,029
Selling and
administrative
expenses 6,913 5,581 19,157 17,070
Net gain on sale of property, plant and
equipment - - 702 -
--- --- --- ---
Operating income
(loss) 1,233 (2,362) 5,988 (2,041)
Interest expense (15) (85) (199) (257)
Income tax expense - - - -
--- --- --- ---
Net income (loss) $1,218 $(2,447) $5,789 $(2,298)
====== ======= ====== =======
Basic income (loss)
per share $.15 $(.29) $.69 $(.27)
==== ===== ==== =====
Diluted income (loss)
per share $.14 $(.29) $.68 $(.27)
==== ===== ==== =====
Weighted average number of common
shares outstanding:
Basic 8,391,244 8,391,244 8,391,244 8,391,244
========= ========= ========= =========
Diluted 8,627,332 8,391,244 8,574,146 8,391,244
========= ========= ========= =========
CONTACT: Jon Pilarski, 1-574-350-2275, jpilarski@skylinecorp.com
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SOURCE Skyline Corporation
