Towable RV and manufactured home builder Kit Manufacturing Co. reported sharply higher earnings for the quarter ended April 30 primarily due to a gain on the sale of property in Chino, Calif.
Kit earned $865,000 during the February-through-April period because it recorded an after-tax gain of $853,000 from the sale of the property.
Meanwhile, Kit’s total sales declined 8% during the February-through-April period, the second quarter of its fiscal year 2000, to $14.9 million. Its manufactured home sales declined 16% and its RV revenues were down 1% during the quarter.
During the first half of its fiscal 2000, Kit earned a little over $1 million, compared with $277,000 earned during the first half of its fiscal 1999.
The company’s sales declined 10% during the first half of its fiscal 2000 to $25.9 million. Kit’s manufactured home sales were down 18% and its RV revenues were down 2% during the six-month period.