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 |
12,233 |
|
| Workers' compensation security deposit |
371 |
371 |
|
| Other current assets |
1,156 |
563 |
|
| Total Current Assets |
39,123 |
37,302 |
|
| Property, Plant and Equipment, at Cost: |
|||
| Land |
2,486 |
2,965 |
|
| Buildings and improvements |
35,356 |
35,368 |
|
| Machinery and equipment |
16,864 |
16,364 |
|
| 54,706 |
54,697 |
||
| Less accumulated depreciation |
43,916 |
43,721 |
|
| 10,790 |
10,976 |
||
| Other Assets |
7,230 |
7,366 |
|
| Total Assets |
$57,143 |
$55,644 |
|
| Current Liabilities: |
|||
| Accounts payable, trade |
$3,859 |
$3,861 |
|
| Accrued salaries and wages |
3,002 |
3,530 |
|
| Accrued volume rebates |
2,643 |
1,986 |
|
| Accrued warranty |
4,088 |
4,757 |
|
| Customer deposits |
1,885 |
1,880 |
|
| Other accrued liabilities |
2,773 |
2,371 |
|
| Total Current Liabilities |
18,250 |
18,385 |
|
| Long-Term Liabilities: |
|||
| Deferred compensation expense |
4,807 |
4,848 |
|
| Accrued warranty |
2,800 |
2,800 |
|
| Life insurance loans |
4,312 |
4,312 |
|
| Total Long-Term Liabilities |
11,919 |
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 |
5,239 |
5,171 |
|
| Retained earnings |
87,167 |
85,560 |
|
| Treasury stock, at cost, 2,825,900 shares |
(65,744) |
(65,744) |
|
| Total Shareholders' Equity |
26,974 |
25,299 |
|
| Total Liabilities and Shareholders' Equity |
$57,143 |
$55,644 |
|
| Skyline Corporation and Subsidiary Companies |
|||
| Consolidated Statements of Operations |
|||
| 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) |
|||
| Three-Months Ended |
|||
| 2017 |
2016 |
||
| 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 |
|
| Loss on sale of property, plant and |
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| equipment |
(60) |
- |
|
| Operating income |
1,754 |
830 |
|
| Interest expense |
(147) |
(86) |
|
| Income tax expense |
- |
- |
|
| Net income |
$1,607 |
$744 |
|
| Basic and diluted income per share |
$ .19 |
$ .09 |
|
| Weighted average number of common shares |
|||
| outstanding: |
|||
| Basic |
8,391,244 |
8,391,244 |
|
| Diluted |
8,483,935 |
8,498,192 |
|
SOURCE Skyline Corporation
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