Skyline Corp (SKY) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 4, 2018

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
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 12, 2018

SKYLINE REPORTS THIRD QUARTER AND FIRST NINE MONTHS RESULTS

For the third quarter of fiscal 2018, Skyline Corporation (NYSE American: SKY) (“Skyline” or the “Corporation”) reported the following results:

•

Net sales of $57,978,000, an increase of 12.3% over net sales of $51,640,000 in the year ago quarter. The current quarter included approximately $5,000,000 of homes constructed to Federal Emergency Management Agency (“FEMA”) specifications that were sold to an authorized FEMA contractor. The year ago quarter included net sales of $7,573,000 attributable to the Elkhart, Indiana and Mansfield, Texas facilities which closed in the fourth quarter of fiscal 2017.

•

Operating income for fiscal 2018 was $1,233,000 as compared to an operating loss of $2,362,000 for fiscal 2017. Current year operating income includes $1,013,000 in non-recurring costs associated with the pending merger with Champion Enterprise Holdings, LLC (“Champion”). The prior year’s operating loss included a $945,000 loss, excluding corporate overhead allocation, attributable to the Elkhart and Mansfield facilities.

•

Net income for fiscal 2018 was $1,218,000 as compared to a net loss of $2,447,000 for fiscal 2017. On a basic per share basis, net income was $.15 as compared to a net loss of $.29 for year ago quarter.

For the nine months of fiscal 2018, the Corporation reported the following results:

•

Net sales of $174,205,000, an approximate 1.6 percent decrease from net sales of $177,042,000 in the year ago period. The first nine months of fiscal 2017 included net sales of $20,866,000 attributable to the Elkhart, Indiana and Mansfield, Texas facilities.

•

Operating income for fiscal 2018 was $5,988,000 as compared to an operating loss of $2,041,000 for fiscal 2017. Current year operating income includes a $702,000 net gain on the sale of property, plant and equipment, and $1,203,000 in non-recurring costs associated with the pending merger with Champion. Prior year’s operating loss included a $3,462,000 loss, excluding corporate overhead allocation, attributable to the Elkhart and Mansfield facilities.

•

Net income for fiscal 2018 was $5,789,000 as compared to a net loss of $2,298,000 for fiscal 2017. On a basic per share basis, net income was $.69 as compared to a net loss of $.27 for the year ago quarter.

BRINGING AMERICA HOME. BRINGING AMERICA FUN.

The following information was filed by Skyline Champion Corp (SKY) on Thursday, April 12, 2018 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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