SKYLINE CORPORATION ELKHART, Ind., Jan. 14, 2016 /PRNewswire/ -- In the second quarter of fiscal 2016, Skyline Corporation (NYSE MKT: SKY) ("Skyline" or the "Corporation") reported the following results:
-- Net sales from continuing operations of $58,684,000, an increase of 18%
over net sales of $49,667,000 from continuing operations in the year ago
quarter.
-- Net income from continuing operations of $1,748,000 as compared to net
income of $81,000 from continuing operations in the second quarter of
fiscal 2015.
-- Net loss from discontinued operations of $42,000 as compared to a net
loss of $3,525,000 from discontinued operations in the second quarter of
fiscal 2015.
-- Net income of $1,706,000 or $0.20 per share as compared to a net loss of
$3,444,000 or $0.41 per share in the second quarter of fiscal 2015.
In the first half of fiscal 2016, the Corporation reported the following results:
-- Net sales from continuing operations of $107,426,000, an increase of 8%
over net sales of $99,271,000 from continuing operations in the year ago
quarter.
-- Net income from continuing operations of $853,000 as compared to a net
loss of $1,128,000 from continuing operations in the first half of
fiscal 2015.
-- Net income from discontinued operations of $19,000 as compared to a net
loss of $6,089,000 from discontinued operations in the first half of
fiscal 2015.
-- Net income of $872,000 or $0.10 per share as compared to a net loss of
$7,217,000 or $0.86 per share in the first half of fiscal 2015.
Commenting on the quarter, Richard W. Florea, Chief Executive Officer, said, "We continue our focus on driving profitable sales in our business and we are pleased with the profitability we achieved in the quarter. At the same time, we remain fully committed to building long-term shareholder value through increasingly profitable sales."
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share and per share data)
Three Months Ended Six Months Ended
November 30, November 30,
(Unaudited) (Unaudited)
---------- ----------
2015 2014 2015 2014
---- ---- ---- ----
Net sales from continuing operations $58,684 $49,667 $107,426 $99,271
------- ------- -------- -------
Income (loss) from continuing operations, net of taxes 1,748 81 853 (1,128)
Income (loss) from discontinued operations, net of taxes (42) (3,525) 19 (6,089)
--- ------ --- ------
Net income (loss) $1,706 $(3,444) $872 $(7,217)
====== ======= ==== =======
Basic income (loss) per share $.20 $(.41) $.10 $(.86)
==== ===== ==== =====
Number of weighted average common shares outstanding 8,391,244 8,391,244 8,391,244 8,391,244
========= ========= ========= =========
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars
in
thousands)
November 30, May 31,
2015 2015
---- ----
ASSETS (Unaudited)
Cash $6,804 $4,995
Accounts
receivable 14,309 15,288
Inventories 10,759 9,119
Workers'
compensation
security
deposit 792 1,732
Other
current
assets 1,370 447
----- ---
Total
Current
Assets 34,034 31,581
Property,
Plant
and
Equipment,
net 11,296 11,569
Other
Assets 7,319 7,289
----- -----
Total
Assets $52,649 $50,439
======= =======
LIABILITIES
AND
SHAREHOLDERS'
EQUITY
Accounts
payable,
trade $3,144 $3,033
Accrued
liabilities 13,413 12,084
------ ------
Total
Current
Liabilities 16,557 15,117
------ ------
Total
Non-
Current
Liabilities 11,812 11,949
------ ------
Common
stock 312 312
Additional
paid-
in
capital 4,963 4,928
Retained
earnings 84,749 83,877
Treasury
stock,
at cost (65,744) (65,744)
------- -------
Total
Shareholders'
Equity 24,280 23,373
------ ------
Total
Liabilities
and
Shareholders'
Equity $52,649 $50,439
======= =======
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SOURCE Skyline Corporation
