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Skyline Reports First Quarter Results

ELKHART, Ind., Oct. 6, 2017 /PRNewswire/ -- For the first quarter of fiscal 2018, Skyline Corporation (NYSE American: SKY) ("Skyline" or the "Corporation") reported the following results:

  • Net sales of $58,462,000, a decrease of 4.4% over net sales of $61,176,000 from the year ago quarter.
  • Net income of $1,607,000 or $0.19 per share as compared to a net income of $744,000 or $0.09 per share in the first quarter of fiscal 2017. Included in current year net income is a $60,000 non-recurring loss on the sale of property, plant and equipment.

Forward-Looking Statements

Information contained in this press release contains "forward-looking statements," which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, general business and economic conditions, and other factors, risks, and uncertainties contained in the Corporation's other filings with the Securities and Exchange Commission. For a further list and description of such risks, see the reports and other filings made by the Corporation with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended May 31, 2017. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Skyline Corporation and Subsidiary Companies

Consolidated Balance Sheets

(Dollars in thousands)


September 3, 2017


May 31, 2017


(Unaudited)



Current Assets:




Cash

$12,635


$11,384

Accounts receivable

13,562


12,751

Inventories

11,399


12,233

Workers' compensation security deposit

371


371

Other current assets

1,156


563





Total Current Assets

39,123


37,302





Property, Plant and Equipment, at Cost:




Land

2,486


2,965

Buildings and improvements

35,356


35,368

Machinery and equipment

16,864


16,364


54,706


54,697

Less accumulated depreciation

43,916


43,721


10,790


10,976





Other Assets

7,230


7,366





Total Assets

$57,143


$55,644





Current Liabilities:




Accounts payable, trade

$3,859


$3,861

Accrued salaries and wages

3,002


3,530

Accrued volume rebates

2,643


1,986

Accrued warranty

4,088


4,757

Customer deposits

1,885


1,880

Other accrued liabilities

2,773


2,371





Total Current Liabilities

18,250


18,385





Long-Term Liabilities:




Deferred compensation expense

4,807


4,848

Accrued warranty

2,800


2,800

Life insurance loans

4,312


4,312

Total Long-Term Liabilities

11,919


11,960





Shareholders' Equity:




Common stock, $.0277 par value, 15,000,000 shares




authorized; issued 11,217,144 shares

312


312

Additional paid-in capital

5,239


5,171

Retained earnings

87,167


85,560

Treasury stock, at cost, 2,825,900 shares

(65,744)


(65,744)

Total Shareholders' Equity

26,974


25,299





Total Liabilities and Shareholders' Equity

$57,143


$55,644

Skyline Corporation and Subsidiary Companies

Consolidated Statements of Operations

For the Three-Months Ended September 3, 2017 and August 31, 2016

(Dollars in thousands, except share and per share amounts)




Three-Months Ended


2017


2016









OPERATIONS




Net sales

$58,462


$61,176

Cost of sales

50,536


54,596

Gross profit

7,926


6,580

Selling and administrative expenses

6,112


5,750

Loss on sale of property, plant and




equipment

(60)


-

Operating income

1,754


830

Interest expense

(147)


(86)

Income tax expense

-


-

Net income

$1,607


$744

Basic and diluted income per share

$ .19


$ .09

Weighted average number of common shares




outstanding:




Basic

8,391,244


8,391,244

Diluted

8,483,935


8,498,192

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SOURCE Skyline Corporation