Skyline Reports Results For Fiscal 2016 Third Quarter And First Nine Months

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

• Net sales from continuing operations of $47,697,000, an increase of 25% over net sales of $38,109,000 from continuing operations in the year ago quarter.
• Net loss from continuing operations of $514,000 as compared to a net loss of $2,911,000 from continuing operations in the third quarter of fiscal 2015.
• Net loss from discontinued operations of $6,000 as compared to a net loss of $86,000 from discontinued operations in the third quarter of fiscal 2015.
• Net loss of $520,000 or $0.06 per share as compared to a net loss of $2,997,000 or $0.36 per share in the third quarter of fiscal 2015.

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

• Net sales from continuing operations of $155,123,000, an increase of 13% over net sales of $137,380,000 from continuing operations in the year ago quarter.
• Net income from continuing operations of $339,000 as compared to a net loss of $4,039,000 from continuing operations in the first nine months of fiscal 2015.
• Net income from discontinued operations of $13,000 as compared to a net loss of $6,175,000 from discontinued operations in the first nine months of fiscal 2015.
• Net income of $352,000 or $0.04 per share as compared to a net loss of $10,214,000 or $1.22 per share in the first nine months of fiscal 2015.

Commenting on this quarter's results, President and Chief Executive Officer Richard Florea said, "Our quarterly results represent a significant improvement over the prior year's third quarter performance.  We are pleased, but not yet satisfied, with the progress we have made in our operational improvement initiatives.  Our top line continues to improve and we saw sales growth both with our community partners and our independent retailers."

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SOURCE Skyline Corporation