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Skyline Swings To Profit in 2Q; Revenue Off 10.1%

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January 12, 2018 by   Leave a Comment

Skyline Corp., a builder of manufactured housing and park model RVs, reported a decline in sales for its fiscal 2018 second quarter while the Elkhart, Ind.-based company posted a gain in net income compared with a loss in the comparable quarter last year.

Highlights included:

  • Net sales of $57.76 million, a decrease of 10.1% from net sales of $64.2 million a year ago. The decrease is mainly due to prior period net manufactured housing sales including $8 million attributable to facilities in Elkhart 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 million 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 $1.36 million loss, excluding corporate overhead allocation, attributable to the Elkhart and Mansfield facilities.
  • Net income of $2.96 million, or 35 cents per share, as compared to a net loss of $595,000 or 7 cents 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, Skyline reported the following results:

  • Net sales of $116.2 million, a decrease of 7.3% over net sales of $125.4 million from the year ago first half. The decrease is mainly due to prior period net manufactured housing sales including $13.3 million attributable to the Elkhart and Mansfield facilities. Modular housing net sales partially offset the decrease while park model net sales rose as a result of management’s continuing initiative to increase this product’s exposure at substantially all of the company’s facilities.
  • Operating income for fiscal 2018 was $4.75 million 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 $2.5 million loss, excluding corporate overhead allocation, attributable to the Elkhart and Mansfield facilities.
  • Net income of $4.6 million, or 54 cents per share, as compared to a net income of $149,000 or 2 cents 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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