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SKYLINE CHAMPION ANNOUNCES FIRST QUARTER FISCAL 2019 RESULTS
ELKHART, Indiana, August 8, 2018 / Business Wire/ Skyline Champion Corporation (NYSE:SKY) (Skyline Champion), today announced earnings for its fiscal first quarter ended June 30, 2018 of the fiscal year ending March 30, 2019 (fiscal 2019).
On June 1, 2018, Skyline Corporation (Skyline) and Champion Enterprises Holdings, LLC (Champion), the parent company of Champion Home Builders, Inc., completed the previously announced combination of their operations (the Combination). The combined company operates as Skyline Champion Corporation and is traded on the New York Stock Exchange under the ticker symbol SKY. Due to the timing of the Combination and the adoption of Champions fiscal year reporting period, the first quarter fiscal 2019 results for Skyline Champion include three months of Champions results and Skylines results for the month of June. Results for the first quarter ended July 1, 2017 of the fiscal year ended March 31, 2018 (fiscal 2018) are the results of Champion.
First Quarter Fiscal 2019 Highlights (compared to First Quarter Fiscal 2018)
Net sales increased 32% to $322.3 million
Total homes sold increased 19% to 4,898
Gross margin expanded by 230 basis points to 17.1%
Net loss of $0.9 million, compared to net income of $5.3 million, the year-over-year decline was due to increased SG&A and tax expense associated with the Combination
Adjusted EBITDA increased 109% to $22.7 million
Adjusted EBITDA margin expanded by 260 basis points to 7.1%
I am excited to be reporting our results for the first time as Skyline Champion. The business performed well during the quarter driven by strong demand in most of our U.S. markets as well as Canada, said Keith Anderson, Skyline Champions Chief Executive Officer. I am pleased with our progress on the integration of our business and with the blending of our complementary cultures, providing a great opportunity to expand our role as one of the industrys leaders. We are making progress toward achieving our targeted synergies.
As we look forward and the market remains healthy, we are well positioned with $222 million in backlog as of the end of June. In addition, we continue to see positive developments on the financing front, with more competitive retail financing programs for both chattel and land home segments that should help drive improved order rates.
First Quarter Fiscal 2019 Results
Net sales for the first quarter fiscal 2019 increased by 32% to $322.3 million compared to the prior-year period. The increase in net sales was driven by an increase in the number of homes sold as well as an increase in average selling price (ASP) per home sold. The number of U.S. factory-built homes sold by Skyline Champion in the first quarter fiscal 2019 increased by 20%
The following information was filed by Skyline Champion Corp (SKY) on Wednesday, August 8, 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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