Skyline Reports Third Quarter And First Nine Months Results
ELKHART, Ind., April 12, 2018 /PRNewswire/ -- For the third quarter of fiscal 2018, Skyline Corporation (NYSE American: 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 |
|||
SOURCE Skyline Corporation
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