Skyline Reports First Quarter Results

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

 

View original content:http://www.prnewswire.com/news-releases/skyline-reports-first-quarter-results-300532740.html

SOURCE Skyline Corporation

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