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Skyline Corp. Reports 3Q Revenue, Profits Up

Elkhart, Ind.-based Skyline Corp., a builder of park model RVs and manufactured housing, reported a 12.3% increase in revenue for its fiscal third quarter, which included approximately $5 million of homes constructed for the Federal Emergency Management Agency’s (FEMA) emergency efforts.

Sales totaled $58 million for the quarter, up from $51.6 million in the year-ago period. The quarter included net sales of $7.6 million attributable to Skyline’s Elkhart and Mansfield, Texas, facilities which closed in the fourth quarter of fiscal 2017.

Net income was $1.22 million as compared to a net loss of $2.44 million for fiscal 2017. On a basic per share basis, net income was 15 cents as compared to a net loss of 29 cents for year-ago quarter. Operating income was $1.23 million as compared to an operating loss of $2.362 million a year ago.

Current year operating income includes $1 million in non-recurring costs associated with the pending merger with Champion Enterprise Holdings LLC. The prior year’s operating loss included a $945,000 loss, excluding corporate overhead allocation, attributable to the Elkhart and Mansfield facilities.

For the nine months of fiscal 2018, the Corporation reported the following results:

• Net sales of $174.2 million, an approximate 1.6% decrease from net sales of $177 million in the year-ago period.  The first nine months of fiscal 2017 included net sales of $20.86 million attributable to the Elkhart and Mansfield facilities.

• Operating income for fiscal 2018 was nearly $6 million as compared to an operating loss of $2 million for fiscal 2017. Current year operating income includes a $702,000 net gain on the sale of property, plant and equipment, and $1,203,000 in non-recurring costs associated with the pending merger with Champion. Prior year’s operating loss included a $3.46 million loss, excluding corporate overhead allocation, attributable to the Elkhart and Mansfield facilities.

• Net income for fiscal 2018 was $5.8 million as compared to a net loss of $2.3 million fiscal 2017. On a basic per share basis, net income was 69 cents as compared to a net loss of 27 cents for the year-ago quarter.

To view the entire report click here.

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