ELKHART, Ind., Oct. 6, 2017 /PRNewswire/ -- For the first
quarter of fiscal 2018, Skyline Corporation (NYSE American: SKY)
("Skyline" or the "Corporation") reported the following
results:
- Net sales of $58,462,000, a
decrease of 4.4% over net sales of $61,176,000 from the year ago quarter.
- Net income of $1,607,000 or
$0.19 per share as compared to a net
income of $744,000 or $0.09 per share in the first quarter of fiscal
2017. Included in current year net income is a $60,000 non-recurring loss on the sale of
property, plant and equipment.
Forward-Looking Statements
Information contained in this press release contains
"forward-looking statements," which are based on current
expectations, forecasts, and assumptions that involve risks and
uncertainties that could cause actual outcomes and results to
differ materially. These risks and uncertainties
include, but are not limited to, general business and economic
conditions, and other factors, risks, and uncertainties contained
in the Corporation's other filings with the Securities and Exchange
Commission. For a further list and description of such risks,
see the reports and other filings made by the Corporation with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the year ended May 31,
2017. The Corporation disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
|
Skyline
Corporation and Subsidiary Companies
|
|
Consolidated
Balance Sheets
|
|
(Dollars in
thousands)
|
|
September
3, 2017
|
|
May 31,
2017
|
|
(Unaudited)
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash
|
$12,635
|
|
$11,384
|
|
Accounts
receivable
|
13,562
|
|
12,751
|
|
Inventories
|
11,399
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|
12,233
|
|
Workers' compensation
security deposit
|
371
|
|
371
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|
Other current
assets
|
1,156
|
|
563
|
|
|
|
|
|
Total
Current Assets
|
39,123
|
|
37,302
|
|
|
|
|
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Property, Plant
and Equipment, at Cost:
|
|
|
|
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Land
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2,486
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|
2,965
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Buildings and
improvements
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35,356
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|
35,368
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Machinery and
equipment
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16,864
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16,364
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|
54,706
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|
54,697
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|
Less accumulated
depreciation
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43,916
|
|
43,721
|
|
10,790
|
|
10,976
|
|
|
|
|
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Other
Assets
|
7,230
|
|
7,366
|
|
|
|
|
|
Total
Assets
|
$57,143
|
|
$55,644
|
|
|
|
|
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Current
Liabilities:
|
|
|
|
|
Accounts payable,
trade
|
$3,859
|
|
$3,861
|
|
Accrued salaries and
wages
|
3,002
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|
3,530
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Accrued volume
rebates
|
2,643
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|
1,986
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Accrued
warranty
|
4,088
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|
4,757
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Customer
deposits
|
1,885
|
|
1,880
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Other accrued
liabilities
|
2,773
|
|
2,371
|
|
|
|
|
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Total
Current Liabilities
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18,250
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|
18,385
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|
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Long-Term
Liabilities:
|
|
|
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Deferred compensation
expense
|
4,807
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|
4,848
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|
Accrued
warranty
|
2,800
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|
2,800
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Life insurance
loans
|
4,312
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|
4,312
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Total
Long-Term Liabilities
|
11,919
|
|
11,960
|
|
|
|
|
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Shareholders'
Equity:
|
|
|
|
|
Common stock, $.0277
par value, 15,000,000 shares
|
|
|
|
|
authorized; issued
11,217,144 shares
|
312
|
|
312
|
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Additional paid-in
capital
|
5,239
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|
5,171
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Retained
earnings
|
87,167
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|
85,560
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Treasury stock, at
cost, 2,825,900 shares
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(65,744)
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(65,744)
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Total
Shareholders' Equity
|
26,974
|
|
25,299
|
|
|
|
|
|
Total
Liabilities and Shareholders' Equity
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$57,143
|
|
$55,644
|
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Skyline
Corporation and Subsidiary Companies
|
|
Consolidated
Statements of Operations
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For the
Three-Months Ended September 3, 2017 and August 31,
2016
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(Dollars in
thousands, except share and per share amounts)
|
|
|
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Three-Months
Ended
|
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2017
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2016
|
|
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OPERATIONS
|
|
|
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Net
sales
|
$58,462
|
|
$61,176
|
|
Cost of
sales
|
50,536
|
|
54,596
|
|
Gross
profit
|
7,926
|
|
6,580
|
|
Selling and
administrative expenses
|
6,112
|
|
5,750
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Loss on sale of
property, plant and
|
|
|
|
|
equipment
|
(60)
|
|
-
|
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Operating
income
|
1,754
|
|
830
|
|
Interest
expense
|
(147)
|
|
(86)
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Income tax
expense
|
-
|
|
-
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Net
income
|
$1,607
|
|
$744
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Basic and diluted
income per share
|
$ .19
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$ .09
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Weighted average number
of common shares
|
|
|
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outstanding:
|
|
|
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Basic
|
8,391,244
|
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8,391,244
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Diluted
|
8,483,935
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8,498,192
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content:http://www.prnewswire.com/news-releases/skyline-reports-first-quarter-results-300532740.html
SOURCE Skyline Corporation