Skyline Reports Results For Fiscal 2016 Fourth Quarter And Year End

ELKHART, Ind., Aug. 5, 2016 /PRNewswire/ -- In the fourth quarter of fiscal 2016, Skyline Corporation (NYSE MKT: SKY) ("Skyline" or the "Corporation") reported the following results:

• Net sales from continuing operations of $56,651,000, an increase of 14% over net sales of $49,605,000 from continuing operations in the year ago quarter.
• Income from continuing operations of $1,534,000 as compared to a loss of $149,000 from continuing operations in the fourth quarter of fiscal 2015.  Included in prior year's loss is a $243,000 gain on the sale of idle property, plant and equipment that occurred in the fourth quarter.
• Loss from discontinued operations of $208,000 as compared to a loss of $51,000 from discontinued operations in the fourth quarter of fiscal 2015.
• Net income of $1,326,000 or $0.16 per share as compared to a net loss of $200,000 or $0.02 per share in the fourth quarter of fiscal 2015.  Included in prior year's loss is a $243,000 gain on the sale of idle property, plant and equipment that occurred in the fourth quarter.

In fiscal 2016, the Corporation reported the following results:

• Net sales from continuing operations of $211,774,000, an increase of 13% over net sales of $186,985,000 from continuing operations in fiscal 2015.
• Income from continuing operations of $1,873,000 as compared to a loss of $4,188,000 from continuing operations in fiscal 2015.  Included in prior year's loss is a $243,000 gain on the sale of idle property, plant and equipment that occurred in the fourth quarter.
• Loss from discontinued operations of $195,000 as compared to a loss of $6,226,000 from discontinued operations in fiscal 2015.
• Net income of $1,678,000 or $0.20 per share as compared to a net loss of $10,414,000 or $1.24 per share in fiscal 2015.  Included in prior year's loss is a $243,000 gain on the sale of idle property, plant and equipment that occurred in the fourth quarter.

Commenting on this quarter's results, President and Chief Executive Officer Richard Florea said, "We are pleased that our progress in product development and our overall operational improvements have translated to increased revenue and profits for the fourth quarter and the fiscal year. The recent opening of our manufacturing facility in Elkhart, Indiana reflects the increased demand we are seeing for our quality-built, value-laden products."

SOURCE Skyline Corporation