Skyline Reports First Quarter Results

Skyline Corporation and Subsidiary Companies

Consolidated Balance Sheets

 (Dollars in thousands)

(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