Sales for the fourth quarter of Skyline Corp.’s 2009 fiscal year ending May 31 were $32.5 million, compared to $70.9 million last year, the company reported in a news release.
Sales for fiscal 2009 were $166.68 million, compared to $301.77 million a year earlier.
Net loss for the fourth quarter of fiscal 2009 was $2.36 million, compared to net earnings of $191,000 for the same period a year ago. Net loss for fiscal 2009 was $15.4 million, compared to a net loss of $5.56 million for fiscal 2008. Net loss per share for fiscal 2009 and fiscal 2008 includes a gain on the sale of idle property, plant and equipment.
For Skyline’s RV group, sales for fiscal 2009 were $42.7 million compared to $86.97 million of fiscal 2008. The RV group’s sales for fiscal 2009′s fourth quarter were $9.9 million compared to $25.4 million inthe fourth quarter of fiscal 2008.
The company also has filed its Form 10-K for the 2009 Fiscal Year. During the fiscal year, Skyline shipped 2,564 travel trailers, which represented 2.9% of the travel trailer market, while shipping 188 fifth-wheels for a 0.5% market share.
During the year, Skyline consolidated RV operations in Hemet, Calif., and Elkhart, Ind.
Skyline Corp. reported fiscal 2009 third quarter sales were $24.4 million, compared to $57.3 million for the third quarter of fiscal 2008. For the first nine months of fiscal 2009, sales were $134,.2 million vs. $230.9 million for fiscal 2008.
The Elkhart, Ind.-based RV and manufactured housing builder reported a net loss for the third quarter of $4.8 million compared to a net loss of $4.6 million for the third quarter of fiscal 2008. For the first nine months of fiscal 2009, net loss was $13.1 million, compared to a net loss of $5.7 million a year ago.
For the recreational vehicle group, sales amounted to $6.6 million for fiscal 2009′s third quarter compared to $18.7 million for the third quarter of fiscal 2008. For the first nine months of fiscal 2009, sales by the RV group were $32.8 million vs. $61.6 million for the same period a year ago.
Wall Street is soaring, propelling the Dow Jones industrials up nearly 500 points, as investors get the good news they want on the economy’s biggest problems: banks and housing.
Investors have reignited a two-week rally, cheering the government’s plan to help banks remove bad assets from their books. They’re also pleased with a report showing a surprising increase in existing home sales last month, according to Associated Press.
The stocks of public companies engaged in the RV industry that are traded on major markets rode the rally, enjoying their best day in months.
Winnebago Industries Inc. rose 15.9%, Thor Industries Inc. rose 13.5%, Drew Industries Inc. rose 16.9%, Skyline Corp. rose 10%, Patrick Industries Inc. rose 5.5%, Spartan Motors Inc. rose 8.3% and Flexsteel Industries Inc. rose 1.4%.
Equity LifeStyle Properties Inc., a real estate investment trust that serves the campground industry, rose a whopping $5.50 a share to close up 14.9%.
The Dow closed up more than 497 points, its best day in more than four months.
The Treasury Department’s bad asset cleanup program would tap money from the government’s $700 billion financial rescue fund and also involve help from the Federal Reserve, the Federal Deposit Insurance Corp. and the participation of private investors. The housing report, meanwhile, is overwhelmingly positive because it’s a sign that the glut in homes for sale may be easing.