Skyline Corp (SKY) SEC Filing 10-Q Quarterly report for the period ending Tuesday, February 28, 2017

Earnings Press Release
10-Q Quarterly Report
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Skyline Champion Corp
Ticker: SKY CIK: 90896

Exhibit 99.1


		NEWS RELEASE
		Skyline Corporation 2520 By-Pass Road P.O. Box 743 Elkhart, Indiana 46515-0743 (574) 294-6521

Subject: THIRD QUARTER REPORT		Approved by: JON S. PILARSKI

ELKHART, INDIANA — APRIL 14, 2017

SKYLINE REPORTS THIRD QUARTER AND FIRST NINE MONTHS RESULTS

For the third quarter of fiscal 2017, Skyline Corporation (NYSE MKT: SKY) (“Skyline” or the “Corporation”) reported the following results:

•

Net sales from continuing operations of $51,640,000, an increase of 8.3% over net sales of $47,697,000 from continuing operations in the year ago quarter. In June 2016, Skyline commenced operation of a leased facility in Elkhart, Indiana which contributed $4,300,000 of net sales and incurred a loss of $323,000 in the current quarter.

•

Loss from continuing operations of $2,447,000 as compared to a loss of $514,000 from continuing operations in the third quarter of fiscal 2016. Operating results were adversely affected by increased manufacturing labor costs associated with hiring and training employees at facilities which are increasing production output. In addition, newly-hired, inexperienced employees contributed to an increase in higher workers’ compensation and warranty costs for the period.

•

No income or loss from discontinued operations as compared to a loss of $6,000 from discontinued operations in the third quarter of fiscal 2016.

•

Net loss of $2,447,000 or $0.29 per share as compared to a net loss of $520,000 or $0.06 per share in the third quarter of fiscal 2016.

For the first nine months of fiscal 2017, the Corporation reported the following results:

•

Net sales from continuing operations of $177,042,000, an increase of 14.1% over net sales of $155,123,000 from continuing operations in the year ago first three quarters. Net sales attributable to the Elkhart facility during this period were $10,554,000 while losses at the Elkhart operations were $1,605,000.

•

Losses from continuing operations of $2,298,000 as compared to income of $339,000 from continuing operations in the first nine months of fiscal 2016. Similar to the third quarter, operating results were adversely affected by increased manufacturing labor costs

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The following information was filed by Skyline Champion Corp (SKY) on Friday, April 14, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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