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Skyline reports fourth quarter, year-end results

Skyline reports fourth quarter, year-end results

ELKHART, Ind. — For the fourth quarter of fiscal 2017, Skyline Corporation reported the following results:

  • Net sales from continuing operations of $59,462,000, an increase of 5.0% over net sales of $56,651,000 from continuing operations in the year ago quarter. In June 2016, Skyline commenced operation of a leased facility in Elkhart, Indiana which contributed $415,000 of net sales and incurred a loss of $478,000 in the current quarter.
  • Income from continuing operations of $2,303,000 as compared to income of $1,534,000 from continuing operations in the fourth quarter of fiscal 2016. Included in current year income is a $1,280,000 net gain on the sale of property, plant and equipment.
  • No income or loss from discontinued operations as compared to a loss of $208,000 from discontinued operations in the fourth quarter of fiscal 2016.
  • Net income of $2,303,000 or $0.27 per share as compared to a net income of $1,326,000 or $0.16 per share in the fourth quarter of fiscal 2016.

For fiscal 2017, the corporation reported the following results:

  • Net sales from continuing operations of $236,504,000, an increase of 11.7% over net sales of $211,774,000 from continuing operations in the prior year. Net sales attributable to the Elkhart facility during this period were $10,969,000 while losses at the Elkhart operations were $2,083,000.
  • Income from continuing operations of $5,000 as compared to income of $1,873,000 from continuing operations in fiscal 2016. Included in current year income from continuing operations is a $1,280,000 gain on the sale of property, plant and equipment.
  • No income or loss from discontinued operations as compared to a loss of $195,000 from discontinued operations in fiscal 2016.
  • Net income of $5,000 or $0.00 per share as compared to a net income of $1,678,000 or $0.20 per share in the fiscal 2016.

“We are pleased to have returned to profitability in the fourth quarter, but our operating and financial performance continued to be adversely impacted by the Elkhart and Mansfield facilities,” said CEO Richard Florea. “With those closures behind us we are focusing our resources on driving profitable sales in our core business. We are encouraged by the overall demand for our products and manufactured housing in general.”

SOURCE: Skyline press release

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About Rebecca Smith

Rebecca Smith is a Wisconsin native currently living in Illinois with her husband, Eric, and two dogs, Maggie and Grace. She enjoys hiking, biking, kayaking and, of course, camping in cabins and park models.

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