Skyline Reports Second Quarter And First Half Results
January 12 2017 - 5:30PM
PR Newswire (US)
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
Copyright 2017 PR Newswire
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