Manufactured home and towable RV builder Skyline Corp. reports its travel-trailer and fifth-wheel sales improved although its RV-related operating earnings declined during its fiscal year 2003, which ended on May 31.
The company sold 8,720 travel trailers and fifth-wheels to its dealers during the 12 months ended May 31, a 9% increase over the 8,028 units it wholesaled a year earlier, according to a Securities & Exchange Commission (SEC) document.
Meanwhile, the company’s RV-related sales revenue increased 13-percent for the year to $126.4 million, versus $111.5 million in fiscal 2002. RV-related operating earnings declined 53% to $439,000 in fiscal 2003, compared with $925,000 in fiscal 2002.
Skyline, primarily a manufactured home builder, returned to profitability during the March-through-May period. Its net earnings totaled $3.2 million in the fourth quarter, which was down 20% compared with the $4.1 million it earned in March through May 2002.
In the third quarter of fiscal 2003, however, Skyline posted a net loss of $827,000, the first net loss in the company’s 44-year history.
For all of fiscal 2003, Skyline’s net earnings declined 49% to $6.2 million.
The New York Stock Exchange-listed company’s fourth fiscal quarter total sales revenue declined 10% to $103.1 million and its full fiscal-year 2003 total sales slipped 7% to $419.8 million.