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Why Skyline Champion Corp's Stock Is Trading Lower Today

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Skyline Champion Corp (NYSE: SKY) shares are trading lower on Monday, after the company suspended operations at some of its facilities in response to the coronavirus outbreak.

Skyline Champion is a factory-built housing company. The company offers manufactured and modular homes, park-models and modular buildings for the multi-family and hospitality.

The company has 38 manufacturing facilities in the U.S. and Canada. Thirteen of those facilities are located in California, Pennsylvania, Louisiana, Kentucky and New York that have ordered a suspension of operations for many businesses as part of their efforts to mitigate the spread of COVID-19.

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"Foremost, Skyline Champion is focused on the safety and well-being of our employees, distributors and customers we serve, and the communities in which we operate, while simultaneously ensuring business continuity across our operations," said Mark Yost, President and CEO of Skyline Champion Corp in a statement. "We are well-positioned to navigate the uncertainty of the current environment due to our strong liquidity position, highly flexible, low cash-cost operating model, as well as our diversified customer channels and geographic mix."

The company reassures liquidity remains strong and, in order to maximize financial flexibility, the company last week drew the remaining $38 million of its $100 million revolver, increasing cash availability to approximately $200 million.

The stock was trading down 5.36% at $13.59 on Monday. The stock has a 52-week high of $37.03 and a 52-week low of $10.82.

 

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