Skyline Champion Corp (SKY) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 29, 2019

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Skyline Champion Corp
Ticker: SKY CIK: 90896

Exhibit 99.1

SKYLINE CHAMPION ANNOUNCES FIRST QUARTER FISCAL 2020 RESULTS

ELKHART, Indiana, July 31, 2019 / Business Wire/

-- Skyline Champion Corporation (NYSE:SKY) (“Skyline Champion”) today announced financial results for its first quarter ended June 29, 2019 of the fiscal year ending March 28, 2020 (“fiscal 2020”).

First Quarter Fiscal 2020 Highlights (compared to First Quarter Fiscal 2019)

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Net sales increased 15% to $371.9 million

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Total U.S. homes sold increased 20% to 5,448

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Gross profit as a percent of sales expanded by 330 basis points to 20.4%

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Net income of $17.4 million, compared to a net loss of $0.9 million

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EPS of $0.31; excluding non-recurring expenses, Adjusted EPS was $0.35

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Adjusted EBITDA increased 41% to $32 million

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Adjusted EBITDA margin expanded by 150 basis points to 8.6%

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Net cash provided by operating activities increased to $26.8 million from $4.3 million

“We are off to a good start to our fiscal year 2020 with double digit topline growth, margin expansion and a significant increase in cash flow,” said Mark Yost, Skyline Champion’s Chief Executive Officer. “Revenue growth combined with our operational initiatives helped drive margin expansion during the quarter. We are excited about the growth prospects for our business and recently announced the grand opening of our Leesville, Louisiana facility, which expands our geographic reach and capacity. We remain well positioned to extend our leadership position in the market as we pursue operational improvement initiatives to better serve the growing need for attainable housing.”

First Quarter Fiscal 2020 Results

Net sales for the first quarter fiscal 2020 increased by 15% to $371.9 million compared to the prior-year period. Net sales growth was driven by an increase in the number of homes sold as well as an increase in average selling price (“ASP”) per home sold. Net sales increased by $50.6 million due to the inclusion of the Skyline operations for all three months in the first quarter of fiscal 2020 compared to the same period of the prior year which only included one month of Skyline operations. The number of U.S. factory-built homes sold by Skyline Champion in the first quarter fiscal 2020 grew by 20% to 5,448 with U.S. ASPs increasing by 4% to approximately $60,900. Unit volume increased due to additional manufacturing capacity and plant operating improvements. ASP increased primarily due to a shift in product mix. The number of Canadian factory-built homes sold in the quarter declined to 285 homes compared to 362 homes in the prior-year period, with the decrease concentrated in the Alberta and British Columbia provinces where manufactured housing demand remains soft. Total backlog for Skyline Champion was $153 million

The following information was filed by Skyline Champion Corp (SKY) on Wednesday, July 31, 2019 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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