Skyline Champion Corp (SKY) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 26, 2020

Earnings Press Release
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Skyline Champion Corp
Ticker: SKY CIK: 90896


		Exhibit 99.1

SKYLINE CHAMPION ANNOUNCES SECOND QUARTER FISCAL 2021 RESULTS

Troy, Michigan, October 27, 2020 / Business Wire/

-- Skyline Champion Corporation (NYSE:SKY) (“Skyline Champion”), today announced financial results for its second quarter ended September 26, 2020 for the fiscal year ending April 3, 2021 (“fiscal 2021”).

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

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Net sales decreased 9.1% to $322.4 million. On a sequential basis compared to first quarter 2021, net sales increased 18.0%.

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U.S. factory-built homes sold decreased 6.7% to 4,689. On a sequential basis compared to first quarter 2021, U.S. factory-built homes increased 16.4%.

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Total backlog increased 126.8% to $390.1 million. On a sequential basis compared to first quarter 2021, backlog increased 103.0%.

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Gross profit as a percent of sales declined by 140 basis points to 19.5%.

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Net income decreased by 1.3% to $17.5 million.

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Earnings per share (“EPS”) remained flat at $0.31.

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Excluding non-recurring expenses, Adjusted EPS decreased to $0.31 from $0.34.

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Adjusted EBITDA decreased 10.9% to $28.9 million.

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Adjusted EBITDA margin decreased by 20 basis points to 9.0%.

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Net cash provided by operating activities improved by 24.7% to $31.6 million.

“I am encouraged by the improvement in the homebuilding industry as we moved through our second quarter, and the growth and business development opportunities we see in the marketplace. I am also proud of the team’s agility in navigating the evolving market dynamics, and their commitment to work diligently to provide customers with our innovative housing solutions. I am pleased with the sequential improvement in net sales, and U.S. factory-built home volume, as well as our ability to continue to generate solid margins and profitability, and strong cash flow growth,” said Mark Yost, Skyline Champion’s President and Chief Executive Officer. “We have seen an exceptional rebound in demand and order levels during the quarter, which has resulted in a record level of backlog. As we look forward, we are focused on increasing production levels to meet the increase in demand, which will allow us to leverage our variable cost structure to expand our margins and generate strong returns on our investments.”

Second Quarter Fiscal 2021 Results

The following information was filed by Skyline Champion Corp (SKY) on Tuesday, October 27, 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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