Skyline Reports Results For Fiscal 2016 Fourth Quarter And Year End
August 05 2016 - 5:30PM
PR Newswire (US)
ELKHART, Ind., Aug. 5, 2016 /PRNewswire/ -- In the fourth
quarter of fiscal 2016, Skyline Corporation (NYSE MKT: SKY)
("Skyline" or the "Corporation") reported the following
results:
- Net sales from continuing operations of $56,651,000, an increase of 14% over net sales of
$49,605,000 from continuing
operations in the year ago quarter.
- Income from continuing operations of $1,534,000 as compared to a loss of $149,000 from continuing operations in the fourth
quarter of fiscal 2015. Included in prior year's loss is a
$243,000 gain on the sale of idle
property, plant and equipment that occurred in the fourth
quarter.
- Loss from discontinued operations of $208,000 as compared to a loss of $51,000 from discontinued operations in the
fourth quarter of fiscal 2015.
- Net income of $1,326,000 or
$0.16 per share as compared to a net
loss of $200,000 or $0.02 per share in the fourth quarter of fiscal
2015. Included in prior year's loss is a $243,000 gain on the sale of idle property, plant
and equipment that occurred in the fourth quarter.
In fiscal 2016, the Corporation reported the following
results:
- Net sales from continuing operations of $211,774,000, an increase of 13% over net sales
of $186,985,000 from continuing
operations in fiscal 2015.
- Income from continuing operations of $1,873,000 as compared to a loss of $4,188,000 from continuing operations in fiscal
2015. Included in prior year's loss is a $243,000 gain on the sale of idle property, plant
and equipment that occurred in the fourth quarter.
- Loss from discontinued operations of $195,000 as compared to a loss of $6,226,000 from discontinued operations in fiscal
2015.
- Net income of $1,678,000 or
$0.20 per share as compared to a net
loss of $10,414,000 or $1.24 per share in fiscal 2015. Included in
prior year's loss is a $243,000 gain
on the sale of idle property, plant and equipment that occurred in
the fourth quarter.
Commenting on this quarter's results, President and Chief
Executive Officer Richard Florea
said, "We are pleased that our progress in product development and
our overall operational improvements have translated to increased
revenue and profits for the fourth quarter and the fiscal year. The
recent opening of our manufacturing facility in Elkhart, Indiana reflects the increased demand
we are seeing for our quality-built, value-laden products."
SKYLINE
CORPORATION AND SUBSIDIARY COMPANIES
|
CONSOLIDATED
CONDENSED STATEMENTS OF OPERATIONS
|
|
(Dollars in
thousands, except share and per share data)
|
|
May 31,
(Unaudited)
|
|
Year Ended
May 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Net sales from
continuing operations
|
$
56,651
|
|
$
49,605
|
|
$
211,774
|
|
$ 186,985
|
|
Income (loss) from
continuing operations, net of taxes
|
1,534
|
|
(149)
|
(A)
|
1,873
|
|
(4,188)
|
(A)
|
Loss from
discontinued operations, net of taxes
|
$
(208)
|
|
$
(51)
|
|
$
(195)
|
|
$
(6,226)
|
|
Net income
(loss)
|
$
1,326
|
|
$
(200)
|
|
$
1,678
|
|
$ (10,414)
|
|
Basic income (loss)
per share
|
$
.16
|
|
$
(.02)
|
|
$
.20
|
|
$
(1.24)
|
|
Number of weighted
average common
shares
outstanding
|
8,391,244
|
|
8,391,244
|
|
8,391,244
|
|
8,391,244
|
|
|
(A) Includes $243
gain on sale of idle property, plant and
equipment
|
SKYLINE
CORPORATION AND SUBSIDIARY COMPANIES
|
CONSOLIDATED
CONDENSED BALANCE SHEETS
|
|
(Dollars in
thousands)
|
May 31,
|
|
2016
|
|
2015
|
ASSETS
|
|
|
|
|
|
|
|
Cash
|
$
7,659
|
|
$
4,995
|
Accounts
receivable
|
15,153
|
|
15,288
|
Inventories
|
11,381
|
|
9,119
|
Worker's compensation
security deposit
|
1,294
|
|
1,732
|
Other current
assets
|
331
|
|
447
|
Total Current Assets
|
35,818
|
|
31,581
|
|
|
|
|
Property, Plant and
Equipment, net
|
11,645
|
|
11,569
|
|
|
|
|
Other
Assets
|
7,515
|
|
7,289
|
|
|
|
|
Total Assets
|
$
54,978
|
|
$
50,439
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Accounts payable,
trade
|
$
3,921
|
|
$
3,033
|
Accrued
liabilities
|
14,110
|
|
12,084
|
Total Current Liabilities
|
18,031
|
|
15,117
|
|
|
|
|
Total Non-Current Liabilities
|
11,814
|
|
11,949
|
|
|
|
|
Common
stock
|
312
|
|
312
|
Additional paid-in
capital
|
5,010
|
|
4,928
|
Retained
earnings
|
85,555
|
|
83,877
|
Treasury stock, at
cost
|
(65,744)
|
|
(65,744)
|
|
|
|
|
Total Shareholders' Equity
|
25,133
|
|
23,373
|
|
|
|
|
Total Liabilities and Shareholders' Equity
|
$
54,978
|
|
$
50,439
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/skyline-reports-results-for-fiscal-2016-fourth-quarter-and-year-end-300309931.html
SOURCE Skyline Corporation
Copyright 2016 PR Newswire
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