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Posts Tagged ‘Skyline Corporation’

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

April 13th, 2018 Comments off

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.)

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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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Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

Skyline – Champion Merger Suit, Real ‘Class Action,’ or “Ambulance Chaser” Legal Shakedown?

March 10th, 2018 Comments off

SkylineCorpSKYLogoChampionHomebuildersLogoMonteverdeAssocLogoDailyBusinessNewsMHProNews

 

Monteverde & Associates PC are headquartered in the Empire State Building in New York City, NY. Their press release and  engagement letter says they have thoroughly investigated the Skyline Homes (SKY) and Champion Homes merger/acquisition.

 

Per Monteverde press release, they are investigating “potential securities laws violations and/or breaches of fiduciary duties in connection with the Share Contribution & Exchange Agreement with Champion Enterprises Holdings, LLC for its factory-built housing company (the “Exchange Agreement”).”

 

Skyline Stockholder Reacts

Kevin Sowers with Aplomb Capital is a Skyline stockholder.

He is also a fierce critic of Skyline’s management. In that light, it’s worth noting that Sowers is dismissive of this legal action.

To understand Sowers’ deep interest in the issue, he researched and published information provided to MHProNews in 2017 about his concerns over Skyline. He’s also, per sources, engaged others – including fellow Skyline shareholders – in an effort to get Skyline Corporation to do a turnaround and/or merge with anyone that, in Sowers’ view, could advance Skyline.

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Sample pages from Aplomb’s presentation of concerns over Skyline Corp’s management and BOD.

 

As Sowers described his desire to MHProNews last year as, an institutional shareholder trying to force the company to make some changes. Presumably, the competitors, dealers, community operators would have some interest,” in his research and views as a SKY stock holder.

That research by Sowers’ Aplomb, is linked here as a download.  It’s interesting to note that Sowers’ 49 page presentation opens with a Warren Buffett quote.

A Skyline management reacted off-the-record to the Apolmb concerns at that time with, I understand his frustration if he bought in as the stock was raising dramatically last year.  He also knows that I can only tell him things that are already in the public domain and the things he wants to know I can’t tell him for risk of violating SEC Reg FD.”

That Skyline source added, “Is he asking you to publish this in your newsletter?  I am available to these guys whenever they call, there just isn’t much we can tell them that we haven’t publicly disclose[d].”

MHProNews did not publish Sowers research at that time, and takes no editorial position on the issues raised in this report.

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All told, Kevin Sowers power point contains some 49 pages, including references to their source materials for his research. To download the entire presentation, click here.

 

“Ambulance Chaser”

Sowers tells the Daily Business News that Monteverde’s announcement “is nothing but an ambulance chaser looking for some money.”

Sowers says you can pull up any merger/buyout between two companies and you’ll “see a handful of lawsuits filed.”

Sowers says “the hope [of the suit] is that the companies will pay off the law firms to go away.”  He cites examples outside of manufactured housing. “BBRG…it’s a restaurant, was bought this morning, already a few law firms have filed suit “the company wronged shareholders by selling too cheaply.” “ESRX…same thing…lawsuits…par for the course.”

Perhaps due to non-disclosure agreements, Skyline and Champion management which were contacted for this report, have not yet commented on the allegations being raised by Monteverde.

 

The NYC “Super Lawyers”

In their release, the Empire State based firm touts its credentials in the following fashion.

Monteverde & Associates PC is a national class action securities and consumer litigation law firm that has recovered millions of dollars and is committed to protecting shareholders and consumers from corporate wrongdoing.  Monteverde & Associates PC lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions, whereby they protect investors by recovering money and remedying corporate misconduct.  Mr. Monteverde, who leads the legal team at the firm, has been recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013 and 2017, an award given to less than 2.5% of attorneys in a particular field.  He has also been selected by Martindale-Hubbell as a 2017 Top Rated Lawyer.”

Their standard engagement letter was provided to MHProNews, and is available as a download, linked here.

Per their engagement letter, the handle such cases on contingency, which suggests both confidence and expertise, in many situations.

 

Shareholder View

I’m very bulled up on the merger,” Sowers’ said in a recent email to MHProNews. “Skyline management was garbage and company was too small to compete. Now the employees and shareholders win as you get a legitimate #2 player. [T]he cost savings are going to be better than they have laid out…plus all the inflation in lumber and labor act as a price umbrella since it hurts site built more than MH.”

Industry readers and investors should note that Skyline and Champion both have solid Better Business Bureau (BBB) ratings.

The announcement of the class action investigation appeared to have no noteworthy impact on Skyline stocks, which ticked up both Thursday and Friday.  Yesterday’s closing numbers, are linked as part of the broader markets report, linked here.

Cases such as this often disappear from the news, because a settlement is reached, and non-discloses are signed, according to guidance from legal experts tell MHProNews. But if more hits the wires or added insights are learned, this story may be updated. Stay tuned.

We Provide, You Decide.” © ## (News, analysis, and commentary.)

Related:

Skyline Corp, Champion Homebuilders Conference Call Presentation Facts, Figures, Forward-Looking Statements, Planned Merger Detail$

What’s Happened Since the Skyline (SKY) Champion Homes Deal Was Announced? Plus MH Market Update$

Skyline and Champion 30 Day Snapshot, Plus Manufactured Housing Market UPdate$

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SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-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.

Skyline, Champion Announce Thursday 1.25.2018, Conference Call – Details, & Insights Beyond their Press Release

January 24th, 2018 Comments off

SkylineCorpChampionHomeBuildersLogosMHProNewsDailyBusinessNewsMHProNews

In a press release to the Daily Business News and others in media, Skyline Corporation and Champion Home Builder’s have announced a joint conference call scheduled for 1.25.2018.

Before getting into their press release about the conference call and other details, sources tell MHProNews that Keith Anderson, president of Champion, told several attendees at the recent Louisville Manufactured Housing Show that he didn’t get “much pushback” from Clayton Homes after their recent announcement.

Another informed source told MHProNews that fairly typical non-disclosure agreements (NDA) exist between Skyline and Champion regarding their pending deal.

What’s Happened Since the Skyline (SKY) Champion Homes Deal Was Announced? Plus MH Market Update$

There are certainly contingencies, per sources, which could cause their announced deal not to go through. Therefore, it is “Not yet a done deal.”

The stock rocked north upon the initial news, but has since retreated, as last night’s closing numbers reveal.  How much of that retreat by investors may be due to whispers surrounding the deal is not entirely clear.

 

The Bain Connection

Part of the release references Champion’s connections to Bain Capital.  For those who may not recall, “The company [Bain Capital], and its actions during its first 15 years, became the subject of political and media scrutiny as a result of co-founder Mitt Romney’s later political career, especially his 2012 presidential campaign,” states Wikipedia.

That same source said, “Bain Capital is a global alternative investment firm based in Boston, Massachusetts. It specializes in private equityventure capital and credit products. Bain Capital invests across a range of industry sectors and geographic regions. As of June 2014, the firm managed more than $75 billion of investor capital across its various investment platforms.”

The firm [Bain] was founded in 1984 by partners from the consulting firm Bain & Company.[2] Since inception it has invested in or acquired hundreds of companies including AMC Theatres, Artisan Entertainment, Aspen Education Group, Brookstone, Burger King, Burlington Coat Factory, Canada Goose, DIC Entertainment, Domino’s Pizza, DoubleClick, Dunkin’ Donuts, D&M Holdings, Guitar Center, Hospital Corporation of America (HCA), iHeartMedia, Sealy, Sports Authority, Staples, Toys “R” Us, Warner Music Group, Fingerhut, The Weather Channel, and Apple Leisure Group, which includes AMResorts and Apple Vacations.”

As of 2014, Bain Capital employs more than 900 people.[citation needed] Bain Capital is headquartered at the 200 Clarendon Street in Boston, Massachusetts with additional offices in New York City, Chicago, Palo Alto, San Francisco, Dublin, London, Luxembourg, Munich, Hong Kong, Shanghai, Mumbai, Tokyo and Melbourne.”

 

Centerbridge

Centerbridge Partners,” says Wikipedia, “is a multi-strategy private investment firm focused on leveraged buyouts and distressed securities.

The firm manages over $25 billion of assets[1] and is based in New York City, with an additional office in London. The firm invests in both control (private equity and public debt with a “loan-to-own” strategy) and non-control (public market debt, public market equities, and other publicly traded securities) opportunities.

The firm [2] was founded in 2005 by Jeffrey Aronson and Mark Gallogly.”

 

MAK

MAK Capital was also cited by the Skyline/Cision release as an investor in Champion.

Per Bloomberg, “MAK Capital One, LLC is an employee owned hedge fund sponsor. The firm primarily provides its services to pooled investment vehicles. It manages separate client focused portfolios. The firm invests in the public equity, fixed income, and alternative investment markets. It also employs event driven investing to make its investments. MAK Capital One, LLC was founded in May 2002 and is based in New York City.”

According to the MAK website, MAK Partners’ aim is to successfully help define and implement customized strategies for investing in US and European commercial and residential real estate.”

 

Per The Skyline/Cision Release…

ELKHART, Ind., Skyline Corporation (“Skyline” or the “Company”) will hold a conference call at 9:00 am Eastern Time on Thursday, January 25, 2018 to discuss the previously announced definitive agreement to combine operations with Champion Enterprises Holdings, LLC (“Champion”). 

Members of executive management of Champion also will participate in the conference call. 

To participate in the live conference call, dial 1-877-407-0784 (U.S. and Canada) or 1-201-689-8560 (International).  Presentation slides to accompany the call will be available,” stated their release.

Quoting verbatim the balance of their release…

About Skyline Corporation:

Skyline Corporation and its consolidated subsidiaries design, produce, and market manufactured housing, modular housing, and park models to independent dealers, developers, campgrounds, and manufactured housing communities located throughout the United States and Canada. The company has eight manufacturing facilities in seven states. Skyline Corporation was originally incorporated in Indiana in 1959, as successor to a business founded in 1951, and is one of the largest producers of manufactured and modular housing in the United States. For more information, visit http://www.skylinecorp.com.

About Champion Enterprises Holdings, LLC:

Champion Enterprises Holdings, LLC was formed in 2010 as the parent company of Champion Home Builders, Inc. which was founded in 1953.  Champion Home Builders specializes in a wide variety of manufactured and modular homes, park-model RVs and modular buildings for the multi-family, hospitality, senior and workforce housing sectors. The company operates 28 manufacturing facilities throughout North America. Additionally, Champion operates a factory-direct retail business, Titan Factory Direct, with 21 retail locations spanning the southern U.S., and Star Fleet Trucking, providing transportation services to the manufactured housing industry from 10 dispatch locations across the United States. Champion is majority owned by funds affiliated with Bain Capital Credit (https://www.baincapitalcredit.com), Centerbridge Partners, L.P. (https://www.centerbridge.com), and MAK Capital.  For more information, visit https://www.championhomes.com.

Forward-Looking Statements

Except for historical information contained herein, this document expresses “forward-looking statements” which are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995, as amended. Such matters include forward-looking statements regarding the prospective effects and timing of the proposed share contribution and exchange transaction with Champion (the “Exchange”).  Generally, the words “believe,” “expect,” “intend,” “estimate,” “project,” “will,” and similar expressions indicate forward-looking statements.  Those statements, including statements, projections, estimates, or assumptions concerning future events or performance, and other statements that are other than statements of historical fact, are subject to material risks and uncertainties.  Skyline cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made.  Skyline may make other written or oral forward-looking statements from time to time.  Readers are advised that various important factors could cause Skyline’s actual results or circumstances for future periods to differ materially from those anticipated or projected in such forward-looking statements.  Such factors, among others, include, but are not limited to: potential failure to obtain shareholder approval of the Exchange-related matters to be submitted to Skyline’s shareholders (the “Company Shareholder Approval Matters”); potential failure to obtain regulatory approval for the Exchange or to satisfy other conditions to the consummation of the Exchange on the proposed terms and within the proposed timeframes; costs or difficulties relating to integration matters might be greater than expected; material adverse changes in Skyline’s operations or earnings; changes in laws, regulations, or accounting principles generally accepted in the United States; the effect of the recently enacted Tax Cuts and Jobs Act on Skyline and its subsidiaries; Skyline’s competitive position within the markets it serves; unforeseen downturns in the local, regional, or national economies or in the specific regions in which Skyline has market concentrations; and other risks discussed in Skyline’s filings with the SEC, including its Annual Report on Form 10-K, which filings are available from the SEC.  Skyline undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

Additional Information for Shareholders

In connection with the Company Shareholder Approval Matters and the proposed Exchange, Skyline will prepare a proxy statement to be filed with the SEC.  When completed, a definitive proxy statement and a form of proxy will be mailed to the shareholders of Skyline.  The proxy statement will contain important information about the Company Shareholder Approval Matters and the proposed Exchange and related matters.  SKYLINE’S SHAREHOLDERS ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE DEFINITIVE PROXY STATEMENT REGARDING THE PROPOSED EXCHANGE (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS) CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY SHAREHOLDER APPROVAL MATTERS AND THE PROPOSED EXCHANGE.  Skyline’s shareholders will be able to obtain, without charge, a copy of the proxy statement (when available) and other relevant documents filed with the SEC from the SEC’s website at http://www.sec.gov.  Skyline’s shareholders also will be able to obtain, without charge, a copy of the proxy statement and other relevant documents (when available) by directing a request by mail or telephone to Skyline Corporation, 2520 By-Pass Road, P.O. Box 743, Elkhart, Indiana 46514, Attention: Corporate Secretary, or by calling (574) 294-6521, or from Skyline’s website at http://www.skylinecorp.com under the tab “Investors – SEC Filings.”  The information available through Skyline’s website is not and shall not be deemed part of this Current Report on Form 8-K or incorporated by reference into other filings Skyline makes with the SEC.  This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.

This communication is not a solicitation of proxies in connection with the proposed Exchange.  However, Skyline and its directors and officers may be deemed to be participants in the solicitation of proxies from Skyline’s shareholders with respect to the special meeting of shareholders that will be held to consider the Company Shareholder Approval Matters in connection with the Exchange.  Information concerning the ownership of Skyline securities by Skyline’s directors and executive officers is included in their SEC filings on Forms 3, 4, and 5 and additional information about Skyline’s directors and executive officers and their ownership of Skyline’s common stock is set forth in the proxy statement for Skyline’s 2017 annual meeting of shareholders, as filed with the SEC on Schedule 14A on August 22, 2017.  Shareholders may obtain additional information regarding the interests of Skyline and its directors and executive officers in the proposed Exchange, which may be different than those of Skyline’s shareholders generally, by reading the proxy statement and other relevant documents regarding the proposed Exchange, when filed with the SEC.  These documents can be obtained free of charge from the sources indicated above.

SOURCE: Skyline Corporation.”

— 30 —

Both firms are members of the Manufactured Housing Institute (MHI). A recent report on MHI, is linked below.

Busted! “Failure Bonus” Paid-Richard “Dick” Jennison, CEO Manufactured Housing Institute-per MHI Document$

Disclosure. MHProNews has no positions and makes no recommendations about the firms being reported. Last night’s closing numbers are linked here.   “We Provide, You Decide.” © ## (News, analysis, and commentary.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-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.

Skyline Announces Q1 2017 Results

October 15th, 2016 Comments off
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Image collage and text by MHProNews, individual image credits are those of Skyline Homes, and are used here under fair use guidelines.

Skyline Corporation (NYSE:SKY), one of the larger and oldest independent producers of HUD Code manufactured homes, announced its results for Quarter 1 2017 this week.

The company reported net sales from continuing operations of $61,176,000, states their official report. That includes an increase of approximately 26% over net sales of $48,742,000 from continuing operations over the same quarter one year ago.

Additionally, they reported 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 – over a $1.5-million-dollar positive swing.

skylinehomescorp-creditpostedmanufacturedhousingindustrydailybusinessnewsmhpronews

Skyline Homes produces park model, modular homes and manufactured homes that are built to the federally preemptive standards of the HUD Code for manufactured housing. This stands in stark contrast to the mobile homes of yesteryear, to learn more, click here.

Skyline reported no income or loss from discontinued operations as compared to income of $61,000 from discontinued operations in the first quarter of fiscal 2016, and 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.

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A park model home by Skyline Homes. Park models are being used by some retailers and producers to target the ‘tiny house’ movement. These homes – depending on their size and configuration – may be built to the ANSI or HUD Code, so have advantages over tiny houses, which may be built to no code at all.

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Photo collage by MHProNews, original Rich Florea photo credit, LinkedIn. Skyline logo is their intellectual property, and is used here under fair use guidelines.

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.

Seeking Alpha and others have tracked their results, as has the Daily Business News.  MHProNews manufactured housing market report readers are already aware from our Daily Business News coverage that Skyline’s activity has yielded a 278% stock price increase YTD and the company’s stock price hitting a 52-week high.

That performance has drawn positive interest from hedge funds and private equity investors, see the links above.

SkylineCorpModularHome-postedDailyBusinessNews-MHProNews

Skyline modular home, photo credit Skyline.  As factory-built housing industry professionals know, modular homes are built to state or local conventional housing building codes. A report contrasting modular and manufactured homes is linked here.

Skyline is one of the industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews.  For yesterday’s closing numbers on all MH industry-connected tracked stocks, please click here. ##

(Editor’s Note: for our interview with Skyline’s Terry Decio, please click here.)

Skyline’s recent report – as a downloadable resource:

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News, MHProNews.

Why are Equities Impressed by Skyline Homes?

October 11th, 2016 Comments off
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Credits: Wikipedia, Binary Options, Equites.com

Skyline Corporation (NYSE:SKY) has seen its stock price on the rise recently, hitting a 52-week high of $12.72 last month. Daily Business News readers will recall that we covered the rise of Skyline’s stock in a recent story, here.

According to a story from equities, Skyline’s stock is up 278 percent, year to date.

Shares of Skyline have more than tripled from the $3.50-$4.50 per share range. The company has an average daily volume of 31,395 shares.

Skyline has a market capitalization of $114.37 million and a 52-week range between $2.37 and $13.89 per share.

skyline-homes-park-model-tiny-house-postedManufacturedHousingIndustryDailyBusinessNewsMHProNews

A park model home by Skyline Homes.

Equities also notes that in August, Skyline reported its financial results for the fourth quarter and fiscal year that ended May 31, 2016. Net sales from continuing operations for the fourth quarter were $56,651,000, an increase of 14 percent over net sales of $49,605,000 from the same quarter last year.

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Skyline 1 year view. Credit: Bloomberg.

Net income for the fourth quarter was $1,326,000 or $0.16 per share, compared to a net loss of $200,000 or $0.02 per share in the final quarter of fiscal 2015.

Net sales from continuing operations for fiscal 2016 were $211,774,000, an increase of 13 percent over net sales of $186,985,000 the year before. Net income for fiscal 2016 was $1,678,000 or $0.20 per share, compared to a net loss of $10,414,000 or $1.24 per share in fiscal 2015.

We are pleased that our progress in the product development and our overall operational improvements have translated to increased revenue and profits for the fourth quarter and the fiscal year,” Skyline President and Chief Executive Officer Richard Florea said in a statement.

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Skyline Homes logo, kitchen and CEO’s photo, credits – Skyline Homes.

The recent opening of our manufacturing facility in Elkhart, Indiana reflects the increased demand we are seeing for quality-built, value-laden products.

The next Skyline earnings call is scheduled for October 20th.

As previously reported by the Daily Business News, current SKY stakeholders include:

Skyline designs, produces and markets manufactured and modular housing models, as well as park models in the U.S. and Canada.  The company has been in the business since 1951. Another recent market report on Skyline is linked here. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News, MHProNews.

 

 

 

 

 


 

Skyline Corporation Hits 52-Week High. Is Near-Term Analysis Positive?

September 27th, 2016 Comments off
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Skyline Homes logo, manufactured home model kitchen and CEO’s photo, credits – Skyline Homes.

The stock of Skyline Corporation (NYSE: SKY) hit a 52-week high of $12.72 last week, according to a recent report from BarChart.

While the stock price has had its ups and downs throughout 2016, Skyline executives have kept a positive tone and goal-oriented approach, which has clearly paid off.  Their president stated their firm’s conviction that recent changes at the company mean ongoing, positive growth.

We are pleased that our progress in the product development and our overall operational improvements have translated to increased revenue and profits for the fourth quarter and the fiscal year,” Skyline President and Chief Executive Officer Richard Florea said in a statement.

The recent opening of our manufacturing facility in Elkhart, Indiana reflects the increased demand we are seeing for quality-built, value-laden products.”

Those efforts and their team’s positive approach appears to be paying solid dividends. According to Kentucky Post News, the 52-week high is a key milestone for every stock, because it shows positive momentum and is the time when some buyers make a move to come in.

Skyline Corporations’ stock price now has a target of $23.91, which is 88% above the $12.71 share price reported last week.

That bullish target indicates low risk for the company currently valued at $110 million dollars. An increase to the target price of $23.91 could add an additional $97.07 million dollars of value for investors.

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1 Year Ssnapshot of Skyline stock performance. Credit: Bloomberg.

The next Skyline earnings call is scheduled for October 20th.

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Skyline modular home, credit Skyline.

 

Current SKY stakeholders include Venator Capital Management (524,492 shares), Gendell Jeffrey L (759,591), Robotti Robert (64,700, which also has a hefty stake in Cavco), California-based Eam Investors, LLC (0.2% of the stock) and New York-based fund Teton Advisors, Inc. (47,796).

As regular Daily Business News readers already know, Skyline designs, produces and markets manufactured and modular housing models, as well as park models in the U.S. and Canada.  The company has been in the business since 1951. Another recent market report on Skyline is linked here. ##

(Image credits are as shown above.)

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RC WIlliams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News, MHProNews.

 

 

Skyline Corporation – Management Fund’s Major Move – Manufactured Housing Market Watch

September 12th, 2016 Comments off

ventormajormoveskylinecorpposteddailybusinessnewsmhpronewsVenator Capital Management Ltd has purchased up 466,541 additional shares in Skyline Corporation during the most recent quarter end, the firm said in a disclosure report filed with the SEC, reports TheFoundersDaily.

Venator’s website describes themselves in these terms, “Venator Capital Management Ltd. is a Toronto-based investment firm that strives to generate superior, risk-adjusted returns over time.”

Founder’s says that, “The investment management firm now holds a total of 524,492 shares of Skyline Corporation which is valued at $5,166,246.Skyline Corporation makes up approximately 4.41% of Venator Capital Management Ltd.’s portfolio.”

The Holdings Channel lists Skyline among the top 10 stocks Venator Capital Management Ltd. Has invested in.  That certainly signals Ventor’s confidence in Skyline.  Note that Ventor also reportedly has a somewhat larger position in manufactured housing industry supplier Patrick (PATK).

New Jersey Better Educational Savings Trust sold out all of its stake in SKY during the most recent quarter.

But other hedge funds that have stakes in Skyline Corporation (SKY) include:

  • Spark Investment Management – purchased 10,100 company shares during the most recent quarter which is valued at $99,485.
  • Eam Investors added SKY to its portfolio by purchasing 144,440 company shares during the most recent quarter which is valued at $1,425,623.

Skyline’s Friday closing results as reported by Bloomberg on the Daily Business News’ most recent stock report are as shown below.

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Bloomberg Ticker on the Daily Business News Market Report for Friday, 9.9.2016. To see the entire report, click here or the image above.

As manufactured housing industry professionals, investors and aficionados know, Skyline Corporation is one of the oldest and larger independent producers of manufactured, modular and park model homes.

Another recent market report on Skyline is linked here. ##

(Image credits as shown.)

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L. A. ‘Tony’ Kovach is the publisher of MHProNews.com and MHLivingNews.com.

Submitted by L. A. ‘Tony’ Kovach to the Daily Business News, MHProNews.com.

CVCO, NRF slide, Carlyle Group, LPX glide higher, Politics/Economics Mix

September 8th, 2016 Comments off

cnnmoneydowticker982016-posteddaiybusinessnews-mhpronewsOn items that CNN Money finds of interest as part of their market reports for the day: Wells Fargo fires 5,300 for creating fake accounts, Hillary Clinton finally holds a press conference and Airbnb is cracking down on discrimination. MarketWatch notes: iPhone 7 fails to impress, but Apple predicts sellout. Fed asks Congress to limit bank commodity activities, Libertarian presidential candidate Gary Johnson asks: ‘And what is Aleppo?’ In Clinton vs. Trump, “forecasters say anything could happen.”

The three major U.S. market indexes at the close today:

S&P 500: 2,181.30 -4.86 (-0.22%).

Dow JIA: 18,479.91 -46.23 (-0.25%).

Nasdaq: 5,259.48 -24.44 (-0.46%).

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Yahoo! Manufactured Housing Composite Value at the close, 1,396.71 -32.05 (-2.24%).

Manufactured Housing Composite Value Ticker

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Graphic credit, Yahoo.

Among manufactured housing industry connected tracked stocks, the big losers for today: CVCO  and NRF slide.  Among the gainers, Carlyle Group and LPX.  See chart below.

Note: The Manufactured Housing Composite Value (MHCV) does not include many of the stocks in the report below.

 

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Graphic credit, Bloomberg Ticker for Daily Business News Manufactured Housing Industry Connected Stock Market Report, MHProNews.

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Graphic credit, Bloomberg Ticker for Daily Business News Manufactured Housing Industry Connected Stock Market Report, MHProNews.

Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.  Drew, Patrick, UFPI and LP all supply manufactured housing, while AMG, CG and TAVFX have investments in manufactured housing related businesses. ##

(Image credits are as shown.)

l-a-tony-kovach-daily-business-news-mhpronews-

L. A. ‘Tony’ Kovach is the publisher of MHProNews.com and MHLivingNews.com.

Manufactured Housing Industry Connected Stock Market Report by L. A. “Tony” Kovach, to the Daily Business News for MHProNews.

Sun & Third Ave lead, Deer Valley, UMH, LPX & MHCV recede

September 6th, 2016 Comments off

DowTickerCNNMoneyPostedDailyBusinessNewsMHProNews-CNN Money headlines included Donald Trump’s assertion that the Fed has created a “false economy,” and that Americans don’t believe unemployment rate (see in-depth labor and economic charts/graphics and report, linked here.) Meanwhile, MarketWatch warns – Clouds gathering on U.S. economy? And without action, a government shutdown looms in three weeks – a budget deal is needed.

The three major U.S. market indexes at the close today:

Dow Jones Industrial Avg. – 18,538.12 – 46.16 (0.25%).

S&P 500 – 2,186.48 – 6.50 (0.30%).

Nasdaq – 5,275.91 – 26.01 (0.50%).

S&P500DowJIATickerNasdaq-Yahoo-postedDailyBusinessNews-MHProNews

Graphic credit, Yahoo.

Yahoo! Manufactured Housing Composite Value at the close, 1,417.45-5.50 (-0.39%).

Manufactured Housing Composite Value Ticker

YahooManufacturedHousingCompositeIndex=postedDailyBusinessNewsMHProNews-

Note – for the first time, we are bringing readers the 1 day and the 5 day rolling on the MHCV, credit Yahoo.

 

DVLY was the largest loser on the day, while Cavco was the biggest gainer. For our recent deeper dive into Skyline, click here.  To see Joe Dyton’s head-to-head comparison of Sun Communities vs. apartment giant, MAA, please click here.

*Note: the chart below includes stocks not included in the MHCV

Bloomberg-ManufacturedHomeConnectedStocks-DailyBusinessNewsMHProNews-

Graphic credit, Bloomberg Ticker for Daily Business News Manufactured Housing Industry Connected Stock Market Report, MHProNews.

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Graphic credit, Bloomberg Ticker for Daily Business News Manufactured Housing Industry Connected Stock Market Report, MHProNews.

Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.  Drew, Patrick, UFPI and LP all supply manufactured housing, while AMG, CG and TAVFX have investments in manufactured housing related businesses. ##

(Image credits are as shown.)

l-a-tony-kovach-daily-business-news-mhpronews-

L. A. ‘Tony’ Kovach is the publisher of MHProNews.com and MHLivingNews.com.

ICYMI, Matthew Silver is taking some much needed and well-earned time off, and L. A. “Tony” Kovach will be helping fill the Daily Business News role in the interim).

Manufactured Housing Industry Connected Stock Market Report by L. A. “Tony” Kovach, to the Daily Business News for MHProNews.

Skyline Stock in Focus Report; Markets Closed for Labor Day

September 5th, 2016 Comments off

TakingStockofSkylineRichardFlorea-postedDailyBusinessNewsMHProNewsSkyline Corporation (NYSEMKT: SKY) saw its stock decrease by 10.78% in short interest, states consumer and financial news company, Consumer Eagle.

Skyline designs, produces and markets manufactured and modular housing models as well as park models, as MH industry pros know. The company had a total short interest of 344,200 shares in September, per FINRA.

Because SKY has 36,200 shares average volume, short sellers will need about 10 days to cover their positions. The short interest to the company’s float is currently 5.59%, while the stock price closed at $12 during the last session, linked here.

Skyline has made a number of major moves that have largely paid off. They sold off their RV division, opened a new factory-built housing plant and have over a year under the belt of their new president.

In a recent statement, reported by Yahoo, their CEO said, “We are pleased that our progress in the product development and our overall operational improvements have translated to increased revenue and profits for the fourth quarter and the fiscal year,” Skyline President and Chief Executive Officer Richard Florea said in a statement.

SkylineCorpModularHome-postedDailyBusinessNews-MHProNews

Skyline modular home.

The recent opening of our manufacturing facility in Elkhart, Indiana reflects the increased demand we are seeing for quality-built, value-laden products.”

Although their stock is down 175.86% since late January of this year, SKY stock has been uptrending by outperforming the S&P 500 by 161.20%.

Institutional sentiment has been mixed, but has been overall positive.  Eight funds sold all Skyline shares that were owned, while six reduced positions. Meanwhile, six funds purchased stakes and 12 increased positions. The shift results in 4.31 million shares are owned; 23.87% more than were owned in Q1 2016.

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Ticker credit, Bloomberg, for Daily Business News, MHProNews. To see the full manufactured housing connected stock report for the day, please click here or above.

Current SKY stakeholders include Venator Capital Management (524,492 shares), Gendell Jeffrey L (759,591) Robotti Robert (64,700, which also has a hefty stake in Cavco), California-based Eam Investors, LLC (0.2% of the stock) and New York-based fund Teton Advisors, Inc. (47,796).

Founded in 1951, Skyline Homes builds manufactured and modular homes for independent retailers and manufactured communities in the United States and Canada. Its models are marked under trademarks like Kensington, Shore Park, Stone Harbor and Vacation Villa. The firm has been praised by Modular Today, after they interviewed distributors of their homes.

For a prior Daily Business News report on Skyline, click here.  For background on Richard Florea, click here. ##

(Photo credits, LinkedIn, Skyline, Elkhart Truth and MHProNews text graphics.)

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Joe Dyton, for the Daily Business News, MHProNews.

Submitted by Joe Dyton, to the Daily Business News, MHProNews.com.