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Skyline Corp.’s Q3 Sales Rise, So Does Loss

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April 11, 2011 by   Comments Off on Skyline Corp.’s Q3 Sales Rise, So Does Loss

Skyline Corp.’s sales for the third quarter of fiscal year 2011 were $31,776,000 as compared to $25,415,000 in the third quarter of fiscal 2010, the company reported.

For the first nine months of fiscal 2011, sales were $114,224,000 as compared to $95,535,000 in the first nine months of fiscal 2010.

Sales for Skyline’s recreational vehicle segment were $13,279,000 in fiscal 2011’s third quarter as compared to $10,063,000 for the third quarter of fiscal 2010. For the nine months ending Feb. 28, 2011, sales were $40,541,000 as compared to $29,480,000 for the same period a year ago.

Sales for Skyline’s manufactured and modular housing segment were $18,497,000 in the third quarter of fiscal 2011 as compared to $15,352,000 in the third quarter of fiscal 2010. For the first three quarters of fiscal 2011, sales were $73,683,000 as compared to $66,055,000 for the first three quarters of fiscal 2010.

Fiscal 2011’s third quarter loss before income taxes was $8,742,000 as compared to fiscal 2010’s third quarter loss before income taxes of $5,554,000. The loss before income taxes for the first nine months of fiscal 2011 was $22,563,000 as compared to $17,789,000 in the first nine months of fiscal 2010. Included in prior year’s pretax loss for the third quarter and first nine months was a $1,544,000 gain on the sale of idle property, plant and equipment. In addition, prior year’s pretax loss for the first nine months included $412,000 of income from life insurance proceeds.

Skyline established in the fourth quarter of fiscal 2010 a full valuation allowance against its deferred tax assets, and continued to maintain a full valuation allowance during the third quarter of fiscal 2011. As a result, Skyline has not recognized any benefit from income taxes in fiscal 2011.

Skyline, however, did recognize in prior year’s third quarter and first nine months a benefit from income taxes of $1,857,000 and $6,377,000, respectively. If the corporation, after considering future negative and positive evidence regarding the realization of deferred tax assets, determines that a lesser valuation allowance is warranted, it would record a reduction to income tax expense and the valuation allowance in the period of determination.

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