Via a media release do the Daily Business News, Skyline Corporation (NYSE:SKY) (“Skyline” or the “Corporation”) reported the following results for the third quarter of fiscal 2018.
- Net sales of $57,978,000, an increase of 12.3% over net sales of $51,640,000 in the year ago quarter.
- The current quarter included approximately $5,000,000of homes constructed to Federal Emergency Management Agency (“FEMA”) specifications that were sold to an authorized FEMA contractor.
- The year ago quarter included net sales of $7,573,000 attributable to the Elkhart, Indiana and Mansfield, Texas facilities which closed in the fourth quarter of fiscal 2017.
- Operating income for fiscal 2018 was $1,233,000 as compared to an operating loss of $2,362,000 for fiscal 2017.
- Current year operating income includes $1,013,000 in non-recurring costs associated with the pending merger with Champion Enterprise Holdings, LLC (“Champion”).
- The prior year’s operating loss included a $945,000 loss, excluding corporate overhead allocation, attributable to the Elkhart and Mansfield facilities.
- Net income for fiscal 2018 was $1,218,000 as compared to a net loss of $2,447,000 for fiscal 2017.
- On a basic per share basis, net income was $.15 as compared to a net loss of $.29 for year ago quarter.
For the nine months of fiscal 2018, the Corporation reported the following results:
- Net sales of $174,205,000, an approximate 1.6 percent decrease from net sales of $177,042,000 in the year ago period.
- The first nine months of fiscal 2017 included net sales of $20,866,000 attributable to the Elkhart, Indiana and Mansfield, Texas facilities.
- Operating income for fiscal 2018 was $5,988,000 as compared to an operating loss of $2,041,000 for fiscal 2017.
- Current year operating income includes a $702,000 net gain on the sale of property, plant and equipment, and $1,203,000 in non-recurring costs associated with the pending merger with Champion.
- Prior year’s operating loss included a $3,462,000 loss, excluding corporate overhead allocation, attributable to the Elkhart and Mansfield facilities.
- Net income for fiscal 2018 was $5,789,000 as compared to a net loss of $2,298,000 for fiscal 2017. On a basic per share basis, net income was $.69 as compared to a net loss of $.27 for the year ago quarter.
Links to prior reports on the Skyline-Champion deals are found in the resources, including the legal action aimed at that deal, are linked below under related reports.
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Skyline – Champion Merger Suit, Real ‘Class Action,’ or “Ambulance Chaser” Legal Shakedown?
Skyline Corp, Champion Homebuilders Conference Call Presentation Facts, Figures, Forward-Looking Statements, Planned Merger Detail$
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Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.
Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.