Skyline Reports First Quarter Results
14 October 2016 - 8:30AM
PR Newswire (US)
ELKHART, Ind., Oct. 13, 2016 /PRNewswire/ -- For the first
quarter of fiscal 2017, Skyline Corporation (NYSE MKT: SKY)
("Skyline" or the "Corporation") reported the following
results:
- Net sales from continuing operations of $61,176,000, an increase of approximately 26%
over net sales of $48,742,000 from
continuing operations in the year ago quarter.
- Income from continuing operations of $744,000 as compared to a loss of $895,000 from continuing operations in the first
quarter of fiscal 2016.
- No income or loss from discontinued operations as compared to
income of $61,000 from discontinued
operations in the first quarter of fiscal 2016.
- Net income of $744,000 or
$0.09 per share as compared to a net
loss of $834,000 or $0.10 per share in the first quarter of fiscal
2016.
"Our continued focus on growing sales and improving margins
through disciplined operations generated favorable year-over-year
results in the quarter," commented President and Chief Executive
Officer, Richard Florea.
"While we are pleased with the progress we are making, we are
committed to capitalizing on the opportunities we have."
SKYLINE
CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED
CONDENSED STATEMENTS OF OPERATIONS
|
|
|
|
(Dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
Three Months
Ended
August 31, (Unaudited)
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
Net sales from
continuing operations
|
$
61,176
|
|
$
48,742
|
|
Income (loss) from
continuing operations, net of taxes
|
744
|
|
(895)
|
|
Income from
discontinued operations, net of taxes
|
$
-
|
|
$
61
|
|
Net income
(loss)
|
$
744
|
|
$
(834)
|
|
Basic income (loss)
per share
|
$
.09
|
|
$
(.10)
|
|
Number of weighted
average common shares
outstanding
|
8,391,244
|
|
8,391,244
|
|
SKYLINE
CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED
CONDENSED BALANCE SHEETS
|
|
|
|
|
(Dollars in
thousands)
|
August 31,
2016
|
|
May 31,
2016
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Cash
|
$
8,450
|
|
$
7,659
|
Accounts
receivable
|
14,834
|
|
15,153
|
Inventories
|
11,816
|
|
11,381
|
Worker's
compensation security deposit
|
1,038
|
|
1,294
|
Other current
assets
|
965
|
|
331
|
Total Current
Assets
|
37,103
|
|
35,818
|
|
|
|
|
|
|
|
|
Property,
Plant and Equipment, net
|
11,963
|
|
11,645
|
|
|
|
|
Other
Assets
|
7,493
|
|
7,515
|
|
|
|
|
Total Assets
|
$
56,559
|
|
$
54,978
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Accounts
payable, trade
|
$
4,148
|
|
$
3,921
|
Accrued
liabilities
|
14,732
|
|
14,110
|
Total Current
Liabilities
|
18,880
|
|
18,031
|
|
|
|
|
Total Non-Current
Liabilities
|
11,771
|
|
11,814
|
|
|
|
|
Common
stock
|
312
|
|
312
|
Additional
paid-in capital
|
5,041
|
|
5,010
|
Retained
earnings
|
86,299
|
|
85,555
|
Treasury
stock, at cost
|
(65,744)
|
|
(65,744)
|
|
|
|
|
Total Shareholders'
Equity
|
25,908
|
|
25,133
|
|
|
|
|
Total Liabilities and Shareholders' Equity
|
$
56,559
|
|
$
54,978
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/skyline-reports-first-quarter-results-300344311.html
SOURCE Skyline Corporation
Copyright 2016 PR Newswire
Skyline Corp. (AMEX:SKY)
Historical Stock Chart
From Apr 2024 to May 2024
Skyline Corp. (AMEX:SKY)
Historical Stock Chart
From May 2023 to May 2024
Real-Time news about Skyline Corp. (delisted) (American Stock Exchange): 0 recent articles
More Skyline Corporation News Articles