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25.03.17
ROUNDUP: Gesundheitsgesetz gescheitert - Trump will sich Steuerreform zuwenden

Skyline Reports Second Quarter And First Half Results

Donnerstag, 12.01.2017 23:30 von

PR Newswire

ELKHART, Ind., Jan. 12, 2017 /PRNewswire/ -- For the second quarter of fiscal 2017, Skyline Corporation (NYSE MKT: SKY) ("Skyline" or the "Corporation") reported the following results:

  • Net sales from continuing operations of $64,226,000, an increase of 9.4% over net sales of $58,684,000 from continuing operations in the year ago quarter. 
  • Loss from continuing operations of $595,000 as compared to income of $1,748,000 from continuing operations in the second quarter of fiscal 2016.  Net income in the year ago quarter included a $250,000 payment on an account that had previously been fully reserved.
  • No income or loss from discontinued operations as compared to a loss of $42,000 from discontinued operations in the second quarter of fiscal 2016.
  • Net loss of $595,000 or $0.07 per share as compared to a net income of $1,706,000 or $0.20 per share in the second quarter of fiscal 2016.
  • Skyline commenced operation of a new facility in June of 2016 which contributed $4,168,000 of sales and incurred $4,718,000 of expenses in the current quarter.

For the first half of fiscal 2017, the Corporation reported the following results:

  • Net sales from continuing operations of $125,402,000, an increase of 16.7% over net sales of $107,426,000 from continuing operations in the year ago first half. 
  • Income from continuing operations of $149,000 as compared to income of $853,000 from continuing operations in the first six months of fiscal 2016.  Net income in the year ago first half included a $250,000 payment on an account that had been previously reserved.
  • No income or loss from discontinued operations as compared to income of $19,000 from discontinued operations in the first two quarters of fiscal 2016.
  • Net income of $149,000 or $0.02 per share as compared to a net income of $872,000 or $0.10 per share in the first half of fiscal 2016.
  • Skyline commenced operation of a new facility in June of 2016 which contributed $6,254,000 of sales and incurred $7,535,000 of expenses in the first half of fiscal 2017.

"Our second quarter and year to date results were negatively impacted by higher than expected startup costs and general inefficiencies in our new facility.  We also experienced higher labor costs associated with hiring and training employees to meet the demands of increased production in a number of our facilities," commented President and Chief Executive Officer, Richard Florea.    "We are redoubling our efforts to bolster our cost control environment to ensure that our labor and material costs meet our expectations despite these challenges."

                                        

Skyline Corporation and Subsidiary Companies

Consolidated Balance Sheets

(Dollars in thousands)



November 30, 2016


May 31, 2016


(Unaudited)



Current Assets:




Cash

$    8,902


$    7,659

Accounts receivable

15,823


15,153

Inventories

11,956


11,381

Workers' compensation security deposit

690


1,294

Other current assets

1,048


331





Total Current Assets

38,419


35,818





Property, Plant and Equipment, at Cost:




Land

2,996


2,996

Buildings and improvements

37,207


36,624

Machinery and equipment

17,142


16,977


57,345


56,597

Less accumulated depreciation

45,423


44,952


11,922


11,645





Other Assets

7,386


7,515





Total Assets

$  57,727


$  54,978





Current Liabilities:




Accounts payable, trade

$    4,013


$    3,921

Accrued salaries and wages

3,507


3,557

Accrued marketing programs

3,638


1,767

Accrued warranty

5,379


4,817

Customer deposits

1,332


1,521

Other accrued liabilities

2,756


2,448





Total Current Liabilities

20,625


18,031





Long-Term Liabilities:




Deferred compensation expense

4,946


5,002

Accrued warranty

2,500


2,500

Life insurance loans

4,312


4,312

Total Long-Term Liabilities

11,758


11,814





Shareholders' Equity:




Common stock, $.0277 par value, 15,000,000 shares




authorized; issued 11,217,144 shares

312


312

Additional paid-in capital

5,072


5,010

Retained earnings

85,704


85,555

Treasury stock, at cost, 2,825,900 shares

(65,744)


(65,744)

Total Shareholders' Equity

25,344


25,133





Total Liabilities and Shareholders' Equity

$57,727


$ 54,978

 

Skyline Corporation and Subsidiary Companies

Consolidated Statements of Operations

For the Three-Months and Six-Months Ended November 30, 2016 and 2015

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



Three-Months Ended


Six-Months Ended


2016


2015


2016


2015


(Unaudited)


(Unaudited)









OPERATIONS








Net sales

$  64,226


$  58,684


$125,402


$107,426

Cost of sales

58,996


51,457


113,592


95,556

Gross profit

5,230


7,227


11,810


11,870

Selling and administrative expenses

5,739


5,400


11,489


10,859

Operating (loss) income

(509)


1,827


321


1,011

Interest expense

(86)


(79)


(172)


(158)

(Loss) income from continuing operations








before income taxes

(595)


1,748


149


853

Income tax expense

-


-


-


-

(Loss) income from continuing operations

(595)


1,748


149


853

(Loss) income from discontinued operations,








net of taxes

-


(42)


-


19

Net (loss) income

$     (595)


$    1,706


$       149


$       872

Basic and diluted (loss) income per share

$      (.07)


$        .20


$        .02


$        .10

Basic and diluted (loss) income per share








from continuing operations

$      (.07)


$        .21


$        .02


$        .10

Basic and diluted income (loss) per share








from discontinued operations

$           -


$      (.01)


$           -


$           -

Weighted average number of common shares








outstanding:








Basic

8,391,244


8,391,244


8,391,244


8,391,244

Diluted

8,391,244


8,391,244


8,512,903


8,391,244









 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/skyline-reports-second-quarter-and-first-half-results-300390152.html

SOURCE Skyline Corporation