Skyline Reports Fiscal 2016 Second Quarter And First Half Results

ELKHART, Ind., Jan. 14, 2016 /PRNewswire/ -- In the second quarter of fiscal 2016, Skyline Corporation (NYSE MKT: SKY) ("Skyline" or the "Corporation") reported the following results:

• Net sales from continuing operations of $58,684,000, an increase of 18% over net sales of $49,667,000 from continuing operations in the year ago quarter.
• Net income from continuing operations of $1,748,000 as compared to net income of $81,000 from continuing operations in the second quarter of fiscal 2015.
• Net loss from discontinued operations of $42,000 as compared to a net loss of $3,525,000 from discontinued operations in the second quarter of fiscal 2015.
• Net income of $1,706,000 or $0.20 per share as compared to a net loss of $3,444,000 or $0.41 per share in the second quarter of fiscal 2015.

In the first half of fiscal 2016, the Corporation reported the following results:

• Net sales from continuing operations of $107,426,000, an increase of 8% over net sales of $99,271,000 from continuing operations in the year ago quarter.
• Net income from continuing operations of $853,000 as compared to a net loss of $1,128,000 from continuing operations in the first half of fiscal 2015.
• Net income from discontinued operations of $19,000 as compared to a net loss of $6,089,000 from discontinued operations in the first half of fiscal 2015.
• Net income of $872,000 or $0.10 per share as compared to a net loss of $7,217,000 or $0.86 per share in the first half of fiscal 2015.

Commenting on the quarter, Richard W. Florea, Chief Executive Officer, said, "We continue our focus on driving profitable sales in our business and we are pleased with the profitability we achieved in the quarter.  At the same time, we remain fully committed to building long-term shareholder value through increasingly profitable sales."

SOURCE Skyline Corporation

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