Exhibit 99.1

 

SKYLINE CHAMPION ANNOUNCES FIRST QUARTER FISCAL 2021 RESULTS

Troy, Michigan, July 29, 2020 / Business Wire/

-- Skyline Champion Corporation (NYSE:SKY) (“Skyline Champion”), today announced financial results for its first quarter ended June 27, 2020 for the fiscal year ending April 3, 2021 (“fiscal 2021”).

 

First Quarter Fiscal 2021 Highlights (compared to First Quarter Fiscal 2020)

 

Net sales decreased 26.5% to $273.3 million

 

U.S. factory-built homes sold decreased 26.1% to 4,028

 

Gross profit as a percent of sales declined by 60 basis points to 19.8%  

 

Net income decreased by 31.5% to $11.9 million

 

Earnings per share (“EPS”) decreased to $0.21 from $0.31

 

Excluding non-recurring expenses, Adjusted EPS decreased to $0.22 from $0.35

 

Adjusted EBITDA decreased 29.7% to $22.5 million

 

Adjusted EBITDA margin decreased by 40 basis points to 8.2%

 

Net cash provided by operating activities improved by 20.3% to $32.2 million

 

“I am proud of the continued commitment that our team has demonstrated throughout this period as they work hard to execute our strategy and deliver homes to our customers. Our actions to manage costs and leverage our variable cost structure allowed us to generate strong margins, profitability, and cash flow despite the softening of demand and volume due to the impact of the pandemic on our operations,” said Mark Yost, Skyline Champion’s Chief Executive Officer. “We have seen strong order levels in recent weeks and are encouraged by the overall strength in housing demand.  In addition, we continue to invest in our product and digital offerings that will drive more business for our partners. While uncertainty remains, we believe we are well positioned to manage through this environment and participate in the recovery as our production levels continue to ramp up and our team remains highly focused on serving our customers.”

 

First Quarter Fiscal 2021 Results

Net sales for the first quarter fiscal 2021 decreased 26.5% to $273.3 million compared to the prior-year period. The number of U.S. factory-built homes sold in the first quarter fiscal 2021 decreased 26.1% to 4,028 compared to the prior year first quarter, as a result of reduced demand and production levels resulting from the initial reaction and response to COVID-19. The average selling price (“ASP”) per U.S. home sold increased 1.5% to $61,800. ASP increased primarily due to a shift in sales mix. The number of Canadian factory-built homes sold in the quarter declined to 192 homes compared to 285 homes in the prior-year period primarily resulting from oil-related demand drivers and the impacts of COVID-19. Total

 


The following information was filed by Skyline Champion Corp (SKY) on Thursday, July 30, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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