Skyline Reports Results For First Quarter
ELKHART, Ind., Oct. 15, 2014 /PRNewswire/ -- Skyline's net sales for the first quarter of fiscal year 2015 were $57,429,000 as compared to $48,994,000 in the first quarter of fiscal 2014.
Net sales for Skyline's housing segment were $47,740,000 in the first quarter of fiscal 2015 as compared to $36,434,000 in the first quarter of fiscal 2014.
Net sales for Skyline's recreational vehicle segment were $9,689,000 in fiscal 2015's first quarter as compared to $12,560,000 in the first quarter of fiscal 2014.
Skyline reported a net loss of $3,773,000 in the first quarter of fiscal 2015 as compared to net loss of $1,379,000 in the first quarter of fiscal 2014. On a per share basis, net loss was $.45 as compared to net loss of $.16 for the same period a year ago.
| SKYLINE CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
|
||
| (Dollars in thousands, except per share and per share data) |
||
| Three Months Ended |
||
| August 31, (Unaudited) |
||
| 2014 |
2013 |
|
| Net sales |
$ 57,429 |
$ 48,994 |
| Loss before income taxes |
(3,773) |
(1,379) |
| Benefit from income taxes |
- |
- |
| Net loss |
$ (3,773) |
$ (1,379) |
| Basic loss per share |
$ (.45) |
$ (.16) |
| Number of weighted average common shares outstanding |
8,391,244 |
8,391,244 |
| SKYLINE CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED CONDENSED BALANCE SHEETS
|
||
| (Dollars in thousands) |
||
| August 31, (Unaudited) |
||
| ASSETS |
2014 |
2013 |
| Cash, restricted cash and temporary cash investments |
$ 2,995 |
$ 16,732 |
| Accounts receivable |
17,172 |
12,993 |
| Note receivable, current |
50 |
47 |
| Inventories |
12,952 |
9,851 |
| Workers' compensation security deposit |
2,688 |
2,597 |
| Other current assets |
897 |
464 |
| Total Current Assets |
36,754 |
42,684 |
| Note receivable, long-term |
1,568 |
1,619 |
| Property, Plant and Equipment, net |
15,580 |
17,772 |
| Other Assets |
6,560 |
6,326 |
| Total Assets |
$ 60,462 |
$ 68,401 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |
||
| Accounts payable, trade |
$ 3,856 |
$ 3,721 |
| Accrued liabilities |
12,937 |
12,536 |
| Total Current Liabilities |
16,793 |
16,257 |
| Long-Term Liabilities |
13,655 |
7,872 |
| Common stock |
312 |
312 |
| Additional paid-in capital |
4,928 |
4,928 |
| Retained earnings |
90,518 |
104,776 |
| Treasury stock, at cost |
(65,744) |
(65,744) |
| Total Shareholders' Equity |
30,014 |
44,272 |
| Total Liabilities and Shareholders' Equity |
$ 60,462 |
$ 68,401 |
SOURCE Skyline Corporation
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