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 $1.22 per share in the first nine months of fiscal 2015.
Commenting on this quarter's results, President and Chief Executive Officer Richard Florea said, "Our quarterly results represent a significant improvement over the prior year's third quarter performance. We are pleased, but not yet satisfied, with the progress we have made in our operational improvement initiatives. Our top line continues to improve and we saw sales growth both with our community partners and our independent retailers."
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SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
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(Dollars in thousands, except share and per share data)
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Three Months Ended
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Nine Months Ended
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February 29,
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February 28,
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February 29,
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February 28,
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(Unaudited)
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(Unaudited)
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2016
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2015
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2016
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2015
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Net sales from continuing operations
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$ 47,697
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$ 38,109
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$ 155,123
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$137,380
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(Loss) income from continuing operations, net of taxes
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(514)
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(2,911)
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339
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(4,039)
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(Loss) income from discontinued operations, net of taxes
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(6)
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(86)
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13
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(6,175)
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Net (loss) income
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$ (520)
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$ (2,997)
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$ 352
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$(10,214)
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Basic (loss) income per share
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$ (.06)
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$ (.36)
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$ .04
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$ (1.22)
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Number of weighted average common shares outstanding
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8,391,244
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8,391,244
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8,391,244
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8,391,244
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SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
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(Dollars in thousands)
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February 29,
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May 31,
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2016
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2015
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ASSETS
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(Unaudited)
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Cash
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$ 6,260
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$ 4,995
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Accounts receivable
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12,738
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15,288
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Inventories
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10,923
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9,119
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Workers' compensation security deposit
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1,749
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1,732
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Other current assets
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424
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447
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Total Current Assets
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32,094
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31,581
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Property, Plant and Equipment, net
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11,103
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11,569
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Other Assets
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7,325
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7,289
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Total Assets
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$ 50,522
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$ 50,439
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Accounts payable, trade
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$ 2,381
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$ 3,033
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Accrued liabilities
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12,575
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12,084
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Total Current Liabilities
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14,956
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15,117
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Total Non-Current Liabilities
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11,784
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11,949
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Common stock
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312
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312
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Additional paid-in capital
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4,985
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4,928
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Retained earnings
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84,229
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83,877
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Treasury stock, at cost
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(65,744)
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(65,744)
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Total Shareholders' Equity
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23,782
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23,373
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Total Liabilities and Shareholders' Equity
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$ 50,522
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$ 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
