Skyline Reports Fiscal 2016 Second Quarter And First Half Results

- Quarterly Net Income of $1,706,000 or $0.20 Per Share Marks the Most Profitable Quarter Since the Fourth Quarter of Fiscal 2007.

14 Jan, 2016, 17:30 ET from Skyline Corporation

ELKHART, Ind., Jan. 14, 2016 /PRNewswire/ -- In the second quarter of fiscal 2016, Skyline Corporation (NYSE MKT: SKY) ("Skyline" or the "Corporation") reported the following results:

  • Net sales from continuing operations of $58,684,000, an increase of 18% over net sales of $49,667,000 from continuing operations in the year ago quarter.
  • Net income from continuing operations of $1,748,000 as compared to net income of $81,000 from continuing operations in the second quarter of fiscal 2015.
  • Net loss from discontinued operations of $42,000 as compared to a net loss of $3,525,000 from discontinued operations in the second quarter of fiscal 2015.
  • Net income of $1,706,000 or $0.20 per share as compared to a net loss of $3,444,000 or $0.41 per share in the second quarter of fiscal 2015.

In the first half of fiscal 2016, the Corporation reported the following results:

  • Net sales from continuing operations of $107,426,000, an increase of 8% over net sales of $99,271,000 from continuing operations in the year ago quarter.
  • Net income from continuing operations of $853,000 as compared to a net loss of $1,128,000 from continuing operations in the first half of fiscal 2015.
  • Net income from discontinued operations of $19,000 as compared to a net loss of $6,089,000 from discontinued operations in the first half of fiscal 2015.
  • Net income of $872,000 or $0.10 per share as compared to a net loss of $7,217,000 or $0.86 per share in the first half of fiscal 2015.

Commenting on the quarter, Richard W. Florea, Chief Executive Officer, said, "We continue our focus on driving profitable sales in our business and we are pleased with the profitability we achieved in the quarter.  At the same time, we remain fully committed to building long-term shareholder value through increasingly profitable sales."

 

SKYLINE CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS


(Dollars in thousands, except share and per share data)



Three Months Ended


Six Months Ended


November 30,


November 30,


(Unaudited)


(Unaudited)


2015


2014


2015


2014









Net sales from continuing operations

$  58,684


$  49,667


$ 107,426


$   99,271

Income (loss) from continuing operations, net of taxes

1,748


81


853


(1,128)

Income (loss) from discontinued operations, net of taxes

(42)


(3,525)


19


(6,089)

Net income (loss)

$    1,706


$  (3,444)


$       872


$   (7,217)

Basic income (loss) per share

$       .20


$      (.41)


$        .10


$       (.86)

Number of weighted average common shares outstanding

8,391,244


8,391,244


8,391,244


8,391,244

   

SKYLINE CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED CONDENSED BALANCE SHEETS





(Dollars in thousands)









November 30,


May 31,


2015


2015

ASSETS

(Unaudited)







Cash

$    6,804


$    4,995

Accounts receivable

14,309


15,288

Inventories

10,759


9,119

Workers' compensation security deposit

792


1,732

Other current assets

1,370


447

    Total Current Assets

34,034


31,581





Property, Plant and Equipment, net

11,296


11,569





Other Assets

7,319


7,289





    Total Assets

$  52,649


$  50,439





LIABILITIES AND SHAREHOLDERS' EQUITY








Accounts payable, trade

$    3,144


$    3,033

Accrued liabilities

13,413


12,084

    Total Current Liabilities

16,557


15,117





    Total Non-Current Liabilities

11,812


11,949





Common stock

312


312

Additional paid-in capital

4,963


4,928

Retained earnings

84,749


83,877

Treasury stock, at cost

(65,744)


(65,744)





    Total Shareholders' Equity

24,280


23,373





    Total Liabilities and Shareholders' Equity

$  52,649


$  50,439

 

SOURCE Skyline Corporation



RELATED LINKS

http:///www.skylinecorp.com