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Manufactured home and towable RV builder Skyline Corp. reports its fourth fiscal quarter net earnings declined 12%, although its full fiscal year 2002 net profit increased 10%.
The New York Stock Exchange-listed company earned $4.1 million during its fourth fiscal quarter, which ended May 31, compared with $4.6 million earned during the same period a year earlier.
Meanwhile, Skyline’s earnings during the 12 months ended May 31 climbed to $12.3 million, compared with $11.2 million earned a year earlier.
The company’s fourth fiscal quarter sales revenue declined 5% to $114.4 million and its fiscal year 2002 sales slipped 3% lower to $450.7 million.
Typically, manufactured homes account for two-thirds of Skyline’s sales while RVs account for the remainder.
Skyline has not yet filed a report with the Securities & Exchange Commission (SEC) separating its RV-related sales and operating earnings from its manufactured home sales and operating earnings.