Market Overview

Skyline Reports Third Quarter And First Nine Months Results

Share:

Skyline Reports Third Quarter And First Nine Months Results

PR Newswire

ELKHART, Ind., April 12, 2018 /PRNewswire/ -- For the third quarter of fiscal 2018, Skyline Corporation (NYSE: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









 

Cision View original content:http://www.prnewswire.com/news-releases/skyline-reports-third-quarter-and-first-nine-months-results-300629114.html

SOURCE Skyline Corporation

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com