Skyline Reports First Quarter Results

Donnerstag, 13.10.2016 23:30 von

PR Newswire

ELKHART, Ind., Oct. 13, 2016 /PRNewswire/ -- For the first quarter of fiscal 2017, Skyline Corporation (NYSE MKT: SKY) ("Skyline" or the "Corporation") reported the following results:

  • Net sales from continuing operations of $61,176,000, an increase of approximately 26% over net sales of $48,742,000 from continuing operations in the year ago quarter.
  • Income from continuing operations of $744,000 as compared to a loss of $895,000 from continuing operations in the first quarter of fiscal 2016.
  • No income or loss from discontinued operations as compared to income of $61,000 from discontinued operations in the first quarter of fiscal 2016.
  • Net income of $744,000 or $0.09 per share as compared to a net loss of $834,000 or $0.10 per share in the first quarter of fiscal 2016.

"Our continued focus on growing sales and improving margins through disciplined operations generated favorable year-over-year results in the quarter," commented President and Chief Executive Officer, Richard Florea.  "While we are pleased with the progress we are making, we are committed to capitalizing on the opportunities we have."

 

SKYLINE CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS




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







Three Months Ended
August 31, (Unaudited)








2016


2015







Net sales from continuing operations

$   61,176


$   48,742


Income (loss) from continuing operations, net of taxes

744


(895)


Income from discontinued operations, net of taxes

$            -


$          61


Net income (loss)

$        744


$      (834)


Basic income (loss) per share

$         .09


$       (.10)


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, 2016


May 31, 2016


 (Unaudited)  



  ASSETS








  Cash

$    8,450


$     7,659

  Accounts receivable

14,834


15,153

  Inventories

11,816


11,381

  Worker's compensation security deposit

1,038


1,294

  Other current assets

965


331

     Total Current Assets

37,103


35,818









  Property, Plant and Equipment, net

11,963


11,645





  Other Assets

7,493


7,515





     Total Assets

$   56,559


$   54,978





  LIABILITIES AND SHAREHOLDERS' EQUITY








  Accounts payable, trade

$     4,148


$     3,921

  Accrued liabilities

14,732


14,110

     Total Current Liabilities

18,880


18,031





     Total Non-Current Liabilities

11,771


11,814





  Common stock

312


312

  Additional paid-in capital

5,041


5,010

  Retained earnings

86,299


85,555

  Treasury stock, at cost

(65,744)


(65,744)





     Total Shareholders' Equity

25,908


25,133





     Total Liabilities and Shareholders' Equity

$    56,559


$   54,978

 

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SOURCE Skyline Corporation