Skyline Champion Swings to Loss
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowElkhart-based Skyline Champion Corp. (NYSE: SKY) is reporting a fiscal first quarter net loss of $853,000, compared to net income of $5.2 million during the same period last year. The results are the first for the manufactured housing company since completing the merger between Skyline Corp. and Michigan-based Champion Enterprise Holdings LLC in June.
The newly-combined company says because of the timing of the merger and the adoption of Champion’s fiscal year reporting period, the earnings report for the quarter includes three months of Champion’s results and one month of Skyline’s results. Despite the loss in net income, Skyline Champion Chief Executive Officer Keith Anderson says the company performed well during the quarter due to strong demand in most of its U.S. and Canadian markets.
"I am pleased with our progress on the integration of our business and with the blending of our complementary cultures, providing a great opportunity to expand our role as one of the industry’s leaders. We are making progress toward achieving our targeted synergies," said Anderson. "As we look forward and the market remains healthy, we are well positioned with $222 million in backlog as of the end of June. In addition, we continue to see positive developments on the financing front, with more competitive retail financing programs for both chattel and land home segments that should help drive improved order rates."
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