PR Newswire
ELKHART, Ind., Jan. 11, 2018
ELKHART, Ind., Jan. 11, 2018 /PRNewswire/ -- For the second
quarter of fiscal 2018, Skyline Corporation (NYSE MKT: SKY) ("Skyline" or the "Corporation") reported the following results:
- Net sales of $57,765,000, a decrease of 10.1% over net sales of $64,226,000 from the year ago quarter. The decrease is mainly due to prior period net manufactured
housing sales including $8,092,000 attributable to facilities in Elkhart, Indiana and Mansfield, Texas which closed in the fourth quarter
of fiscal 2017. Modular housing net sales partially offset the decrease as a result of multiple facilities experiencing
increased customer demand for this product.
- Operating income for fiscal 2018 was $3,001,000 as compared to an operating loss of
$509,000 for fiscal 2017. Current year operating income includes a $762,000 net gain on the sale of property, plant and equipment. Prior year's operating loss included a
$1,362,000 loss, excluding corporate overhead allocation, attributable to the Elkhart and Mansfield facilities.
- Net income of $2,964,000 or $0.35 per share as compared to a
net loss of $595,000 or $0.07 per share in the second quarter of
fiscal 2017. Included in current year income is a net gain on sale of property, plant and equipment of $762,000.
For the first half of fiscal 2018, the Corporation reported the following results:
- Net sales of $116,227,000, a decrease of 7.3% over net sales of $125,402,000 from the year ago first half. The decrease is mainly due to prior period net manufactured
housing sales including $13,293,000 attributable to the Elkhart
and Mansfield facilities. Modular housing net sales partially offset the decrease as a
result of multiple facilities experiencing increased customer demand for this product. In addition, park model net sales
rose as a result of management's continuing initiative to increase this product's exposure at substantially all of the
Corporation's facilities.
- Operating income for fiscal 2018 was $4,755,000 as compared to operating income of
$321,000 for fiscal 2017. Current year operating income includes a $702,000 net gain on the sale of property, plant and equipment. Prior year's operating income included
a $2,517,000 loss, excluding corporate overhead allocation, attributable to the Elkhart and Mansfield facilities.
- Net income of $4,571,000 or $0.54 per share as compared to a
net income of $149,000 or $0.02 per share in the six months of
fiscal 2017. Included in current year income is a net gain on sale of property, plant and equipment of $702,000.
Skyline Corporation and Subsidiary Companies
Consolidated Balance Sheets
(Dollars in thousands)
|
|
|
|
|
|
December 3, 2017
|
|
May 31, 2017
|
|
(Unaudited)
|
|
|
Current Assets:
|
|
|
|
Cash
|
$ 12,287
|
|
$ 11,384
|
Accounts receivable
|
14,802
|
|
12,751
|
Inventories
|
12,929
|
|
12,233
|
Workers' compensation security deposit
|
371
|
|
371
|
Other current assets
|
995
|
|
563
|
|
|
|
|
Total Current Assets
|
41,384
|
|
37,302
|
|
|
|
|
Property, Plant and Equipment, at Cost:
|
|
|
|
Land
|
2,016
|
|
2,965
|
Buildings and improvements
|
35,615
|
|
35,368
|
Machinery and equipment
|
16,872
|
|
16,364
|
|
54,503
|
|
54,697
|
Less accumulated depreciation
|
44,092
|
|
43,721
|
|
10,411
|
|
10,976
|
|
|
|
|
Other Assets
|
7,242
|
|
7,366
|
|
|
|
|
Total Assets
|
$ 59,037
|
|
$ 55,644
|
|
|
|
|
Current Liabilities:
|
|
|
|
Accounts payable, trade
|
$ 4,056
|
|
$ 3,861
|
Accrued salaries and wages
|
2,942
|
|
3,530
|
Accrued marketing programs
|
3,220
|
|
1,986
|
Accrued warranty
|
3,916
|
|
4,757
|
Customer deposits
|
1,977
|
|
1,880
|
Other accrued liabilities
|
2,596
|
|
2,371
|
|
|
|
|
Total Current Liabilities
|
18,707
|
|
18,385
|
|
|
|
|
Long-Term Liabilities:
|
|
|
|
Deferred compensation expense
|
4,808
|
|
4,848
|
Accrued warranty
|
2,800
|
|
2,800
|
Life insurance loans
|
2,707
|
|
4,312
|
Total Long-Term Liabilities
|
10,315
|
|
11,960
|
|
|
|
|
Shareholders' Equity:
|
|
|
|
Common stock, $.0277 par value, 15,000,000 shares
|
|
|
|
authorized; issued 11,217,144 shares
|
312
|
|
312
|
Additional paid-in capital
|
5,316
|
|
5,171
|
Retained earnings
|
90,131
|
|
85,560
|
Treasury stock, at cost, 2,825,900 shares
|
(65,744)
|
|
(65,744)
|
Total Shareholders' Equity
|
30,015
|
|
25,299
|
|
|
|
|
Total Liabilities and Shareholders' Equity
|
$59,037
|
|
$ 55,644
|
Skyline Corporation and Subsidiary Companies
Consolidated Income Statements
For the Three-Months and Six-Months Ended December 3, 2017 and November
30, 2016
(Dollars in thousands, except share and per share amounts)
|
|
|
|
|
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|
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Three-Months Ended
|
|
Six-Months Ended
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Unaudited)
|
|
(Unaudited)
|
OPERATIONS
|
|
|
|
|
|
|
|
Net sales
|
$ 57,765
|
|
$ 64,226
|
|
$116,227
|
|
$125,402
|
Cost of sales
|
49,394
|
|
58,996
|
|
99,930
|
|
113,592
|
Gross profit
|
8,371
|
|
5,230
|
|
16,297
|
|
11,810
|
Selling and administrative expenses
|
6,132
|
|
5,739
|
|
12,244
|
|
11,489
|
Net gain on sale of property, plant and
|
|
|
|
|
|
|
|
equipment
|
762
|
|
-
|
|
702
|
|
-
|
Operating income (loss)
|
3,001
|
|
(509)
|
|
4,755
|
|
321
|
Interest expense
|
(37)
|
|
(86)
|
|
(184)
|
|
(172)
|
Income tax expense
|
-
|
|
-
|
|
-
|
|
-
|
Net income (loss)
|
$ 2,964
|
|
$ (595)
|
|
$ 4,571
|
|
$ 149
|
Basic and diluted income (loss) per share
|
$ .35
|
|
$ (.07)
|
|
$ .54
|
|
$ .02
|
Weighted average number of common
|
|
|
|
|
|
|
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shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
8,391,244
|
|
8,391,244
|
|
8,391,244
|
|
8,391,244
|
Diluted
|
8,562,899
|
|
8,391,244
|
|
8,531,191
|
|
8,512,903
|
|
|
|
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|
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SOURCE Skyline Corporation