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ELKHART, Ind., Oct. 6, 2017 /PRNewswire/ -- For the first quarter of fiscal 2018, Skyline Corporation (NYSE: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)
