Attached files
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| 8-K - FORM 8-K - Skyline Champion Corp | d236052d8k.htm |
Exhibit 99.1
ELKHART, INDIANA — AUGUST 5, 2016
SKYLINE REPORTS RESULTS FOR FISCAL 2016 FOURTH QUARTER AND YEAR END
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.”
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share and per share data)
| May 31, (Unaudited) |
Year Ended May 31, |
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| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Net sales from continuing operations |
$ | 56,651 | $ | 49,605 | $ | 211,774 | $ | 186,985 | ||||||||
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| Income (loss) from continuing operations, net of taxes |
1,534 | (149 | )(A) | 1,873 | (4,188 | )(A) | ||||||||||
| Loss from discontinued operations, net of taxes |
$ | (208 | ) | $ | (51 | ) | $ | (195 | ) | $ | (6,226 | ) | ||||
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| Net income (loss) |
$ | 1,326 | $ | (200 | ) | $ | 1,678 | $ | (10,414 | ) | ||||||
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| Basic income (loss) per share |
$ | .16 | $ | (.02 | ) | $ | .20 | $ | (1.24 | ) | ||||||
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| Number of weighted average common |
8,391,244 | 8,391,244 | 8,391,244 | 8,391,244 | ||||||||||||
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(A) Includes $243 gain on sale of idle property, plant and equipment
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
| May 31, | ||||||||
| 2016 | 2015 | |||||||
| ASSETS |
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| Cash |
$ | 7,659 | $ | 4,995 | ||||
| Accounts receivable |
15,153 | 15,288 | ||||||
| Inventories |
11,381 | 9,119 | ||||||
| Worker’s compensation security deposit |
1,294 | 1,732 | ||||||
| Other current assets |
331 | 447 | ||||||
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| Total Current Assets |
35,818 | 31,581 | ||||||
| Property, Plant and Equipment, net |
11,645 | 11,569 | ||||||
| Other Assets |
7,515 | 7,289 | ||||||
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| Total Assets |
$ | 54,978 | $ | 50,439 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Accounts payable, trade |
$ | 3,921 | $ | 3,033 | ||||
| Accrued liabilities |
14,110 | 12,084 | ||||||
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| Total Current Liabilities |
18,031 | 15,117 | ||||||
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| Total Non-Current Liabilities |
11,814 | 11,949 | ||||||
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| Common stock |
312 | 312 | ||||||
| Additional paid-in capital |
5,010 | 4,928 | ||||||
| Retained earnings |
85,555 | 83,877 | ||||||
| Treasury stock, at cost |
(65,744 | ) | (65,744 | ) | ||||
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| Total Shareholders’ Equity |
25,133 | 23,373 | ||||||
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| Total Liabilities and Shareholders’ Equity |
$ | 54,978 | $ | 50,439 | ||||
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