Skyline Reports Second Quarter And First Half Results

ELKHART, Ind., Jan. 11, 2018 /PRNewswire/ -- For the second quarter of fiscal 2018, Skyline Corporation (NYSE MKT: SKY) ("Skyline" or the "Corporation") reported the following results:

• Net sales of $57,765,000, a decrease of 10.1% over net sales of $64,226,000 from the year ago quarter.  The decrease is mainly due to prior period net manufactured housing sales including $8,092,000 attributable to facilities in Elkhart, Indiana and Mansfield, Texas which closed in the fourth quarter of fiscal 2017.  Modular housing net sales partially offset the decrease as a result of multiple facilities experiencing increased customer demand for this product.
• Operating income for fiscal 2018 was $3,001,000 as compared to an operating loss of $509,000 for fiscal 2017.  Current year operating income includes a $762,000 net gain on the sale of property, plant and equipment.  Prior year's operating loss included a $1,362,000 loss, excluding corporate overhead allocation, attributable to the Elkhart and Mansfield facilities.
• Net income of $2,964,000 or $0.35 per share as compared to a net loss of $595,000 or $0.07 per share in the second quarter of fiscal 2017.  Included in current year income is a net gain on sale of property, plant and equipment of $762,000.

For the first half of fiscal 2018, the Corporation reported the following results:

• Net sales of $116,227,000, a decrease of 7.3% over net sales of $125,402,000 from the year ago first half.  The decrease is mainly due to prior period net manufactured housing sales including $13,293,000 attributable to the Elkhart and Mansfield facilities.  Modular housing net sales partially offset the decrease as a result of multiple facilities experiencing increased customer demand for this product.  In addition, park model net sales rose as a result of management's continuing initiative to increase this product's exposure at substantially all of the Corporation's facilities.
• Operating income for fiscal 2018 was $4,755,000 as compared to operating income of $321,000 for fiscal 2017.  Current year operating income includes a $702,000 net gain on the sale of property, plant and equipment.  Prior year's operating income included a $2,517,000 loss, excluding corporate overhead allocation, attributable to the Elkhart and Mansfield facilities.
• Net income of $4,571,000 or $0.54 per share as compared to a net income of $149,000 or $0.02 per share in the six months of fiscal 2017.  Included in current year income is a net gain on sale of property, plant and equipment of $702,000.

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SOURCE Skyline Corporation