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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Skyline Corp. (delisted) | AMEX:SKY | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 33.39 | 0.00 | 01:00:00 |
ELKHART, Ind., Jan. 12, 2017 /PRNewswire/ -- For the second quarter of fiscal 2017, Skyline Corporation (NYSE MKT: SKY) ("Skyline" or the "Corporation") reported the following results:
For the first half of fiscal 2017, the Corporation reported the following results:
"Our second quarter and year to date results were negatively impacted by higher than expected startup costs and general inefficiencies in our new facility. We also experienced higher labor costs associated with hiring and training employees to meet the demands of increased production in a number of our facilities," commented President and Chief Executive Officer, Richard Florea. "We are redoubling our efforts to bolster our cost control environment to ensure that our labor and material costs meet our expectations despite these challenges."
Skyline Corporation and Subsidiary Companies | |||
Consolidated Balance Sheets | |||
(Dollars in thousands) | |||
November 30, 2016 |
May 31, 2016 | ||
(Unaudited) |
|||
Current Assets: |
|||
Cash |
$ 8,902 |
$ 7,659 | |
Accounts receivable |
15,823 |
15,153 | |
Inventories |
11,956 |
11,381 | |
Workers' compensation security deposit |
690 |
1,294 | |
Other current assets |
1,048 |
331 | |
Total Current Assets |
38,419 |
35,818 | |
Property, Plant and Equipment, at Cost: |
|||
Land |
2,996 |
2,996 | |
Buildings and improvements |
37,207 |
36,624 | |
Machinery and equipment |
17,142 |
16,977 | |
57,345 |
56,597 | ||
Less accumulated depreciation |
45,423 |
44,952 | |
11,922 |
11,645 | ||
Other Assets |
7,386 |
7,515 | |
Total Assets |
$ 57,727 |
$ 54,978 | |
Current Liabilities: |
|||
Accounts payable, trade |
$ 4,013 |
$ 3,921 | |
Accrued salaries and wages |
3,507 |
3,557 | |
Accrued marketing programs |
3,638 |
1,767 | |
Accrued warranty |
5,379 |
4,817 | |
Customer deposits |
1,332 |
1,521 | |
Other accrued liabilities |
2,756 |
2,448 | |
Total Current Liabilities |
20,625 |
18,031 | |
Long-Term Liabilities: |
|||
Deferred compensation expense |
4,946 |
5,002 | |
Accrued warranty |
2,500 |
2,500 | |
Life insurance loans |
4,312 |
4,312 | |
Total Long-Term Liabilities |
11,758 |
11,814 | |
Shareholders' Equity: |
|||
Common stock, $.0277 par value, 15,000,000 shares |
|||
authorized; issued 11,217,144 shares |
312 |
312 | |
Additional paid-in capital |
5,072 |
5,010 | |
Retained earnings |
85,704 |
85,555 | |
Treasury stock, at cost, 2,825,900 shares |
(65,744) |
(65,744) | |
Total Shareholders' Equity |
25,344 |
25,133 | |
Total Liabilities and Shareholders' Equity |
$57,727 |
$ 54,978 |
Skyline Corporation and Subsidiary Companies Consolidated Statements of Operations | |||||||||
For the Three-Months and Six-Months Ended November 30, 2016 and 2015 | |||||||||
(Dollars in thousands, except share and per share amounts) | |||||||||
Three-Months Ended |
Six-Months Ended | ||||||||
2016 |
2015 |
2016 |
2015 | ||||||
(Unaudited) |
(Unaudited) | ||||||||
OPERATIONS |
|||||||||
Net sales |
$ 64,226 |
$ 58,684 |
$125,402 |
$107,426 | |||||
Cost of sales |
58,996 |
51,457 |
113,592 |
95,556 | |||||
Gross profit |
5,230 |
7,227 |
11,810 |
11,870 | |||||
Selling and administrative expenses |
5,739 |
5,400 |
11,489 |
10,859 | |||||
Operating (loss) income |
(509) |
1,827 |
321 |
1,011 | |||||
Interest expense |
(86) |
(79) |
(172) |
(158) | |||||
(Loss) income from continuing operations |
|||||||||
before income taxes |
(595) |
1,748 |
149 |
853 | |||||
Income tax expense |
- |
- |
- |
- | |||||
(Loss) income from continuing operations |
(595) |
1,748 |
149 |
853 | |||||
(Loss) income from discontinued operations, |
|||||||||
net of taxes |
- |
(42) |
- |
19 | |||||
Net (loss) income |
$ (595) |
$ 1,706 |
$ 149 |
$ 872 | |||||
Basic and diluted (loss) income per share |
$ (.07) |
$ .20 |
$ .02 |
$ .10 | |||||
Basic and diluted (loss) income per share |
|||||||||
from continuing operations |
$ (.07) |
$ .21 |
$ .02 |
$ .10 | |||||
Basic and diluted income (loss) per share |
|||||||||
from discontinued operations |
$ - |
$ (.01) |
$ - |
$ - | |||||
Weighted average number of common shares |
|||||||||
outstanding: |
|||||||||
Basic |
8,391,244 |
8,391,244 |
8,391,244 |
8,391,244 | |||||
Diluted |
8,391,244 |
8,391,244 |
8,512,903 |
8,391,244 | |||||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/skyline-reports-second-quarter-and-first-half-results-300390152.html
SOURCE Skyline Corporation
Copyright 2017 PR Newswire
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1 Month Skyline Corp. Chart |
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