Skyline Reports First Quarter Results
ELKHART, Ind., Oct. 13, 2016 /PRNewswire/ -- For the first quarter of fiscal 2017, Skyline Corporation (NYSE MKT: SKY) ("Skyline" or the "Corporation") reported the following results:
- Net sales from continuing operations of $61,176,000, an increase of approximately 26% over net sales of $48,742,000 from continuing operations in the year ago quarter.
- Income from continuing operations of $744,000 as compared to a loss of $895,000 from continuing operations in the first quarter of fiscal 2016.
- No income or loss from discontinued operations as compared to income of $61,000 from discontinued operations in the first quarter of fiscal 2016.
- Net income of $744,000 or $0.09 per share as compared to a net loss of $834,000 or $0.10 per share in the first quarter of fiscal 2016.
"Our continued focus on growing sales and improving margins through disciplined operations generated favorable year-over-year results in the quarter," commented President and Chief Executive Officer, Richard Florea. "While we are pleased with the progress we are making, we are committed to capitalizing on the opportunities we have."
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SKYLINE CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | ||||
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(Dollars in thousands, except share and per share data) |
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Three Months Ended August 31, (Unaudited) |
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2016 |
2015 |
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Net sales from continuing operations |
$ 61,176 |
$ 48,742 |
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Income (loss) from continuing operations, net of taxes |
744 |
(895) |
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Income from discontinued operations, net of taxes |
$ - |
$ 61 |
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Net income (loss) |
$ 744 |
$ (834) |
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Basic income (loss) per share |
$ .09 |
$ (.10) |
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Number of weighted average common shares outstanding |
8,391,244 |
8,391,244 |
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SKYLINE CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED CONDENSED BALANCE SHEETS | |||
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(Dollars in thousands) |
August 31, 2016 |
May 31, 2016 | |
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(Unaudited) |
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ASSETS |
|||
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Cash |
$ 8,450 |
$ 7,659 | |
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Accounts receivable |
14,834 |
15,153 | |
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Inventories |
11,816 |
11,381 | |
|
Worker's compensation security deposit |
1,038 |
1,294 | |
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Other current assets |
965 |
331 | |
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Total Current Assets |
37,103 |
35,818 | |
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Property, Plant and Equipment, net |
11,963 |
11,645 | |
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Other Assets |
7,493 |
7,515 | |
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Total Assets |
$ 56,559 |
$ 54,978 | |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
|||
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Accounts payable, trade |
$ 4,148 |
$ 3,921 | |
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Accrued liabilities |
14,732 |
14,110 | |
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Total Current Liabilities |
18,880 |
18,031 | |
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Total Non-Current Liabilities |
11,771 |
11,814 | |
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Common stock |
312 |
312 | |
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Additional paid-in capital |
5,041 |
5,010 | |
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Retained earnings |
86,299 |
85,555 | |
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Treasury stock, at cost |
(65,744) |
(65,744) | |
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Total Shareholders' Equity |
25,908 |
25,133 | |
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Total Liabilities and Shareholders' Equity |
$ 56,559 |
$ 54,978 | |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/skyline-reports-first-quarter-results-300344311.html
SOURCE Skyline Corporation