ELKHART, Ind., April 14, 2016 /PRNewswire/ -- In the third
quarter of fiscal 2016, Skyline Corporation (NYSE MKT: SKY)
("Skyline" or the "Corporation") reported the following
results:
- Net sales from continuing operations of $47,697,000, an increase of 25% over net sales of
$38,109,000 from continuing
operations in the year ago quarter.
- Net loss from continuing operations of $514,000 as compared to a net loss of
$2,911,000 from continuing operations
in the third quarter of fiscal 2015.
- Net loss from discontinued operations of $6,000 as compared to a net loss of $86,000 from discontinued operations in the third
quarter of fiscal 2015.
- Net loss of $520,000 or
$0.06 per share as compared to a net
loss of $2,997,000 or $0.36 per share in the third quarter of fiscal
2015.
In the first nine months of fiscal 2016, the Corporation
reported the following results:
- Net sales from continuing operations of $155,123,000, an increase of 13% over net sales
of $137,380,000 from continuing
operations in the year ago quarter.
- Net income from continuing operations of $339,000 as compared to a net loss of
$4,039,000 from continuing operations
in the first nine months of fiscal 2015.
- Net income from discontinued operations of $13,000 as compared to a net loss of $6,175,000 from discontinued operations in the
first nine months of fiscal 2015.
- Net income of $352,000 or
$0.04 per share as compared to a net
loss of $10,214,000 or $1.22 per share in the first nine months of
fiscal 2015.
Commenting on this quarter's results, President and Chief
Executive Officer Richard Florea
said, "Our quarterly results represent a significant improvement
over the prior year's third quarter performance. We are
pleased, but not yet satisfied, with the progress we have made in
our operational improvement initiatives. Our top line
continues to improve and we saw sales growth both with our
community partners and our independent retailers."
|
SKYLINE
CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
February
29,
|
|
February
28,
|
|
February
29,
|
|
February
28,
|
|
(Unaudited)
|
|
(Unaudited)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Net sales from
continuing operations
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$ 47,697
|
|
$ 38,109
|
|
$ 155,123
|
|
$137,380
|
|
(Loss) income from
continuing operations, net of taxes
|
(514)
|
|
(2,911)
|
|
339
|
|
(4,039)
|
|
(Loss) income from
discontinued operations, net of taxes
|
(6)
|
|
(86)
|
|
13
|
|
(6,175)
|
|
Net (loss)
income
|
$ (520)
|
|
$ (2,997)
|
|
$
352
|
|
$(10,214)
|
|
Basic (loss) income
per share
|
$
(.06)
|
|
$ (.36)
|
|
$
.04
|
|
$ (1.22)
|
|
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)
|
|
|
|
|
February
29,
|
|
May 31,
|
|
2016
|
|
2015
|
|
ASSETS
|
(Unaudited)
|
|
|
|
|
|
|
|
Cash
|
$ 6,260
|
|
$ 4,995
|
|
Accounts
receivable
|
12,738
|
|
15,288
|
|
Inventories
|
10,923
|
|
9,119
|
|
Workers' compensation
security deposit
|
1,749
|
|
1,732
|
|
Other current
assets
|
424
|
|
447
|
|
Total Current Assets
|
32,094
|
|
31,581
|
|
|
|
|
|
Property, Plant and
Equipment, net
|
11,103
|
|
11,569
|
|
|
|
|
|
Other
Assets
|
7,325
|
|
7,289
|
|
|
|
|
|
Total Assets
|
$ 50,522
|
|
$ 50,439
|
|
|
|
|
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LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Accounts payable,
trade
|
$ 2,381
|
|
$ 3,033
|
|
Accrued
liabilities
|
12,575
|
|
12,084
|
|
Total Current Liabilities
|
14,956
|
|
15,117
|
|
|
|
|
|
Total Non-Current Liabilities
|
11,784
|
|
11,949
|
|
|
|
|
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Common
stock
|
312
|
|
312
|
|
Additional paid-in
capital
|
4,985
|
|
4,928
|
|
Retained
earnings
|
84,229
|
|
83,877
|
|
Treasury stock, at
cost
|
(65,744)
|
|
(65,744)
|
|
|
|
|
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Total Shareholders' Equity
|
23,782
|
|
23,373
|
|
|
|
|
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Total Liabilities and Shareholders' Equity
|
$ 50,522
|
|
$ 50,439
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/skyline-reports-results-for-fiscal-2016-third-quarter-and-first-nine-months-300251675.html
SOURCE Skyline Corporation