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SKYLINE CHAMPION ANNOUNCES SECOND QUARTER FISCAL 2019 RESULTS
ELKHART, Indiana, November 5, 2018 / Business Wire/ Skyline Champion Corporation (NYSE:SKY) (Skyline Champion), today announced financial results for its second quarter ended September 29, 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. The second quarter of fiscal 2019 includes a full quarter of results for both the Skyline and Champion businesses while the six-month period ended September 29, 2018 includes only four months of results from the Skyline operations. Results for the three and six months ended September 30, 2017 of the fiscal year ended March 31, 2018 (fiscal 2018) include only the results of Champion.
Second Quarter Fiscal 2019 Highlights (compared to Second Quarter Fiscal 2018)
Net sales increased 37% to $355.4 million
Total homes sold increased 26% to 5,350
Gross profit as a percent of sales expanded by 70 basis points to 16.6%
Net loss of $77.0 million, compared to net income of $7.4 million, the year-over-year decline includes $85.8 million in non-cash, equity-based compensation expense
EPS was a net loss of $1.42; excluding non-recurring expenses, Adjusted EPS was net income of $0.23
Adjusted EBITDA increased 58% to $23.8 million
Adjusted EBITDA margin expanded by 90 basis points to 6.7%
The second quarter fiscal 2019 was another strong period for Skyline Champion as we continued to benefit from a healthy market and increased demand for our products, said Keith Anderson, Skyline Champions Chief Executive Officer. I am encouraged by the results we are seeing and the progress that we have made toward achieving synergies from the combined businesses. As we look forward, demand for manufactured homes remains healthy and Skyline Champion is strategically adding capacity to meet the needs of the market.
Second Quarter Fiscal 2019 Results
Net sales for the second quarter fiscal 2019 increased by 37% to $355.4 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 second quarter fiscal 2019 increased by 29% to 5,038 with U.S. ASPs increasing by 16% to $60,900. Unit volume increased due to additional manufacturing capacity as well as plant operating improvements. Home sales prices increased primarily in order to offset rising material cost inflation while remaining price
The following information was filed by Skyline Champion Corp (SKY) on Monday, November 5, 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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