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Home > Analysis, Analysis and Commentary, Announcements, Business, Company News, Stocks > Skyline Reports Results, Including FEMA Manufactured Home Sales, Costs of Pending Champion Deal

Skyline Reports Results, Including FEMA Manufactured Home Sales, Costs of Pending Champion Deal

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.

SkylineCorpMarch42018ConsolidatedIncomeStatementDailyBusinessNewsMHproNews

  • 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.

SkylineCorpMarch42018ConsolidatedLiabilitiesStatementDailyBusinessNewsMHproNews

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.

SkylineCorpMarch42018ConsolidatedBalanceSheetStatementDailyBusinessNewsMHproNews

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.

Tonight’s closing numbers on Skyline, along with other tracked stocks, are linked here. ## (News, analysis and commentary.)

(Third party images are provided under fair use guidelines.)

Related Reports:

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$

Terry Decio, Skyline Homes, “The Secret” – The Rest of the Story

 

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