Skyline Champion Corp (SKY) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 28, 2019

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

Exhibit 99.1

SKYLINE CHAMPION ANNOUNCES SECOND QUARTER FISCAL 2020 RESULTS

ELKHART, Indiana, October 30, 2019 / Business Wire/

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

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

•

Net sales decreased 0.3% to $354.5 million

•

U.S. factory built net sales increased 2.0% to $312.8 million

•

Gross profit as a percent of sales expanded by 430 basis points to 20.9%

•

Net income of $17.7 million, compared to a net loss of $77.0 million

•

Earnings per share (“EPS”) of $0.31, compared to a loss of $1.42

•

Excluding non-recurring expenses, Adjusted EPS was $0.34, an increase of 70% compared to $0.20

•

Adjusted EBITDA increased 36% to $32.5 million

•

Adjusted EBITDA margin expanded by 250 basis points to 9.2%

•

Announced the appointment of two additional independent directors to the Skyline Champion Board of Directors

“We continued to deliver expansion of gross margin, EPS, net income, and Adjusted EBITDA through our focused efforts on operational improvements, coupled with lower material costs,” said Mark Yost, Skyline Champion’s Chief Executive Officer. “I am proud of our ability to generate strong profit improvement as we continue to invest in growth and ramp up production at our Leesville, LA facility. As anticipated, consolidated revenue was stable year-over-year with growth in our U.S. and Canadian housing segments offset by continued softness in our trucking business. For the remainder of our fiscal year, we expect year-over-year volumes to improve modestly.”

“During the quarter, we successfully started shipping our new class of homes with specifications compliant with the GSE’s home financing programs. In addition, we are excited to introduce our Genesis® brand of homes, which is designed for the new class of homes, to give builder-developers a strategic alternative to better serve the growing need for attainable housing.”

The following information was filed by Skyline Champion Corp (SKY) on Wednesday, October 30, 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.

View differences made from one quarter to another to evaluate Skyline Champion Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Skyline Champion Corp.

Continue

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/90896/000156459019039143/sky-10q_20190928.htm