Manufactured home and towable RV manufacturer Skyline Corp. reported a net loss of $827,000 for the three months ended Feb. 28 despite a 16.5% increase in RV sales revenue during the period.
The New York Stock Exchange-listed company earned $869,000 during the three month period that ended on Feb. 28, 2002.
Skyline reported to the Securities and Exchange Commission that its total sales decreased 9% during the December-through-February period, the third quarter of its 2003 fiscal year, to $87.7 million, compared with $96.1 million a year earlier.
The company’s RV sales increased 16.5% during the three months ended Feb. 28 to $25.4 million, compared with $21.8 million a year earlier. However, its manufactured home sales declined 16% in the December-through-February period to $62.4 million.
For the nine months ended Feb. 28, Skyline reported a net profit of $2.9 million, a 64% decline from the $8.2 million it earned a year earlier.
Skyline’s RV sales increased 26% in the nine-month period to $94.6 million, compared with $74.9 million a year earlier. Its manufactured home sales declined 15% in the nine-month period to $222.1 million.
During Skyline’s fourth fiscal quarter, which will end on May 31, the company continues to face “difficult market conditions” particularly in manufactured housing, where “restrictive retail financing” and a sluggish economy are problems.
However, the company added that its “traditionally strong balance sheet with no long-term debt and a healthy position in cash and temporary cash investments” provides it with the resources needed to get through the downturn.