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Skyline Corp. Reports Sales Increase, Net Losses

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Skyline Corp. reported its second quarter and half-year fiscal numbers, showing net profits for continuing operations in the second quarter, while still reflecting net losses for the first-half fiscal period.

For the second quarter, in which the company completed the sale of its RV division to EverGreen RV, Skyline reported net sales from continuing operations of $49.66 million, an increase of 27 percent over net sales of $39.2 million from continuing operations in the year-ago quarter.

“We still have work to do, but we also have significant opportunities ahead of us,” President and CEO Bruce Page said. “We are beginning to see results from our singular focus on driving profitable sales in our manufactured housing business. Our newly formed relationship with an experienced Internet retailer should assist us in more fully exploiting this increasingly important channel of distribution.”

Also in the second quarter reporting was a net profit from continuing operations of $81,000 as compared to a net loss of $739,000 from continuing operations in the year-ago quarter which included a $162,000 gain on sale of idle property, plant and equipment.

But the company saw a net loss from discontinued operations of $3.5 million as compared to a net loss of $1.47 million from discontinued operations in the year ago quarter, in addition to a net loss of $3.4 million or 41 cents per share as compared to a net loss of $2.2 million  or 27 cents per share, in the year ago quarter.

For the first half of fiscal 2015, Skyline reported net sales from continuing operations of $99.27 million, an increase of 29 percent over net sales of $76.87 million from continuing operations in the comparable period in fiscal 2014.

Also in the first half, the company reported a net loss from continuing operations of $1.13 million as compared to a net loss of $1.73 million from continuing operations which included a $162,000 gain on sale of idle property, plant and equipment in the comparable period in fiscal 2014.

First half losses included a net loss from discontinued operations of $6 million as compared to a net loss of $1.8 million from discontinued operations in the comparable period in fiscal 2014, and a net loss of $7.2 million or 86 cents per share as compared to a net loss of $3.59 million or 43 cents per share in the comparable period in fiscal 2014.

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