Skyline Champion Corp (SKY) SEC Filing 10-K Annual report for the fiscal year ending Saturday, March 28, 2020

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Skyline Champion Corp
Ticker: SKY CIK: 90896

Exhibit 99.1

SKYLINE CHAMPION ANNOUNCES FOURTH QUARTER AND FULL YEAR FISCAL 2020 RESULTS

Troy, Michigan, May 20, 2020 / Business Wire/

-- Skyline Champion Corporation (NYSE:SKY) (“Skyline Champion”), today announced financial results for its fourth quarter and full year ended March 28, 2020 (“fiscal 2020”) and provided an update on business conditions as it responds to the impact of COVID-19.

“Our people and our partners have proven their agility and resiliency as they embraced unique and difficult challenges over the last two months,” said Mark Yost, Skyline Champion’s President and Chief Executive Officer. “I am very pleased with how we have navigated and performed through this period of near-term uncertainty. Importantly, our people have operated effectively and safely.”

“We entered the pandemic from a position of strength as we grew fourth quarter sales orders by 14% through the first eleven weeks of the quarter, even as the geographies we serve were softer. In response to COVID-19, we have been carefully managing our expenses by reducing non-essential spending, and furloughing certain employees, with many now taking advantage of benefits provided by the CARES Act. We previously announced temporary facility closures and have seen a decline in demand as a result of stay-at-home restrictions and the temporary closure of a myriad of our independent retailers. We are encouraged that we were able to reopen many of those closed locations in late April, at reduced production levels due to social distancing protocols and decreased demand. We will continue to manage our footprint and be prepared to reopen additional facilities as restrictions are eased and when demand warrants.”

“While the economic impact of COVID-19 on Skyline Champion’s fiscal 2021 results is uncertain at this time, we are confident about the long-term demand for attainable and sustainable housing. During this period, we are continuing to invest in strategic initiatives such as simplifying and digitizing our product offerings that we believe will add value to our customers and further enhance our performance. With our solid liquidity position and decisive actions taken across the organization, we believe we are well positioned to manage through the current environment and prepared to grow when conditions improve.”

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

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Net sales decreased 8.1% to $301.1 million

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U.S. factory-built homes sold decreased 4.8% to 4,603

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Gross profit as a percent of sales declined by 40 basis points to 19.9%

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Net income decreased by 34.5% to $6.0 million

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Earnings per share (“EPS”) decreased to $0.11 from $0.16

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Excluding non-recurring expenses, Adjusted EPS decreased to $0.14 from $0.26

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Adjusted EBITDA decreased 17.0% to $20.1 million

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Adjusted EBITDA margin decreased by 70 basis points to 6.7%

The following information was filed by Skyline Champion Corp (SKY) on Wednesday, May 20, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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