ELKHART, Ind.--(BUSINESS WIRE)--
Skyline Champion Corporation (NYSE:SKY) (“Skyline Champion”) today
announced financial results for its third quarter ended December 29,
2018 of the fiscal year ending March 30, 2019 (“fiscal 2019”).
On June 1, 2018, Skyline Corporation (“Skyline”) and Champion
Enterprises Holdings, LLC (“Champion”), the parent company of Champion
Home Builders, Inc., completed the combination of their operations (the
“Combination”). The combined company operates as Skyline Champion
Corporation and is traded on the New York Stock Exchange under the
ticker symbol “SKY”. The third quarter of fiscal 2019 includes a full
quarter of results for both the Skyline and Champion businesses. Results
for the three months ended December 30, 2017 of the fiscal year ended
March 31, 2018 (“fiscal 2018”) include only the results of Champion.
Third Quarter Fiscal 2019 Highlights (compared to Third Quarter
Fiscal 2018)
-
Net sales increased 20% to $354.7 million
-
Total homes sold increased 16% to 5,348
-
Gross profit as a percent of sales of 18.3%
-
Net income increased 95% to $10.5 million
-
EPS of $0.19; excluding non-recurring expenses, Adjusted EPS of $0.27
-
Adjusted EBITDA increased 3% to $26.4 million
“I am pleased to report another solid quarter for Skyline Champion. In
the third quarter fiscal 2019 the company was successful in growing the
topline and realizing merger synergies from its combined businesses,”
said Keith Anderson, Skyline Champion’s Chief Executive Officer. “During
the quarter we also made important growth investments as we completed
the expansion of our Corona, California facility and made progress
toward opening a new manufacturing facility in Leesville, Louisiana. The
Leesville opening remains on schedule and will increase our capacity and
help drive market share in the surrounding region. We remain excited
about the progress we made during the quarter and the opportunities
ahead for Skyline Champion.”
Third Quarter Fiscal 2019 Results
Net sales for the third quarter fiscal 2019 increased by 20% to $354.7
million compared to the prior-year period. The increase in net sales was
driven primarily by an increase in the number of homes sold as well as a
higher average selling price (“ASP”) per home sold, which increased due
to market demand and product mix. The number of U.S. factory-built homes
sold by Skyline Champion in the third quarter fiscal 2019 increased by
17% to 5,019 with U.S. ASPs increasing by 9% to $61,700. Average home
sales prices rose in response to increased market demand for higher
priced models. The number of Canadian factory-built homes sold increased
by 2% to 329 homes compared to 323 homes in the prior-year period.
Looking forward Skyline Champion is well positioned with $181 million in
backlog as of December 29, 2018.
Gross profit increased by 15% to $64.7 million compared to the
prior-year period. Gross profit was 18.3% of sales for the third quarter
fiscal 2019 compared to 19.1% in the third quarter fiscal 2018. During
the quarter ended December 30, 2017, the Company produced over 900
disaster relief homes for the Federal Emergency Management Agency
(“FEMA”). These standard FEMA floor plans allowed Skyline Champion to
achieve higher than typical production efficiencies and resulting
margins.
Selling, general and administrative expenses (“SG&A”) in the third
quarter fiscal 2019 increased to $48.8 million from $32.9 million in the
same period last year, primarily due to inclusion of expenses related to
the Skyline operations, and integration costs associated with the
Combination.
Net income for the third quarter fiscal 2019 was $10.5 million, compared
to $5.4 million during the same period from the prior year. The increase
in net income was driven by higher sales and a lower income tax expense
partially offset by the increase in SG&A expenses.
Adjusted EBITDA for the third quarter fiscal 2019 increased by 3% to
$26.4 million compared to the third quarter fiscal 2018. The increase
was primarily driven by higher sales volumes and increased ASPs. The
Adjusted EBITDA margin declined by 126 basis points to 7.4% due to
higher SG&A expenses and FEMA production efficiencies in last year’s
third quarter.
As of December 29, 2018, Skyline Champion had $129.0 million of cash and
cash equivalents and $32.1 million of unused borrowing capacity under
its revolving credit facility.
Conference Call and Webcast Information:
Skyline Champion management will host a conference call tomorrow,
February 6, 2019, at 8:30 a.m. Eastern Time, to discuss Skyline
Champion’s financial results.
Investors and other interested parties can listen to a webcast of the
live conference call by logging onto the Investor Relations section of
Skyline Champion’s website at https://ir.skylinechampion.com/overview/default.aspx.
The online replay will be available on the same website immediately
following the call.
The conference call can also be accessed by dialing (877) 407-4018
(domestic) or (201) 689-8471 (international). A telephonic replay will
be available approximately two hours after the call by dialing (844)
512-2921, or for international callers, (412) 317-6671. The passcode for
the live call and the replay is 13686813. The replay will be available
until 11:59 P.M. Eastern Time on February 20, 2019.
About Skyline Champion Corporation:
Skyline Champion Corporation (NYSE: SKY) was formed in June 2018 as the
result of the Combination of Skyline and the operating assets of
Champion. The combined company employs more than 7,000 people and is the
largest independent factory-built housing company in North America. With
more than 65 years of homebuilding experience and 36 manufacturing
facilities throughout the United States and western Canada, Skyline
Champion is well positioned with a leading portfolio of manufactured and
modular homes, park-models and modular buildings for the multi-family,
hospitality, senior and workforce housing sectors.
In addition to its core home building business, Skyline Champion
operates a factory-direct retail business, Titan Factory Direct, with 21
retail locations spanning the southern United States, and Star Fleet
Trucking, providing transportation services to the manufactured housing
and other industries from several dispatch locations across the United
States.
Skyline Champion builds homes under some of the most well know brand
names in the factory-built housing industry including Skyline Homes,
Champion Home Builders, Athens Park Models, Dutch Housing, Excel Homes,
Homes of Merit, New Era, Redman Homes, Shore Park, Silvercrest, Titan
Homes in the U.S. and Moduline and SRI Homes in western Canada.
Learn more about our products and services at the following company
brand websites:
Manufactured and Modular Homes
www.championhomes.com
www.skylinehomes.com
Park Model RVs
www.athensparkmodelrvs.com
www.skylinepm.com
Modular Buildings
www.championcommercial.com
Retail Sales Centers
www.titanfactorydirect.com
Transportation Services
www.starfleettrucking.com
Presentation of Non-GAAP Financial Measures
In addition to the results provided in accordance with U.S. generally
accepted accounting principles (“GAAP”) throughout this press release,
Skyline Champion has provided non-GAAP financial measures—Adjusted
EBITDA, Adjusted EBITDA margin and Adjusted EPS—which present operating
results on a basis adjusted for certain items. Skyline Champion uses
these non-GAAP financial measures for business planning purposes and in
measuring its performance relative to that of its competitors. Skyline
Champion believes that these non-GAAP financial measures are useful
financial metrics to assess its operating performance from
period-to-period by excluding certain items that Skyline Champion
believes are not representative of its core business. These non-GAAP
financial measures are not intended to replace, and should not be
considered superior to, the presentation of Skyline Champion’s financial
results in accordance with U.S. GAAP.
Skyline Champion defines Adjusted EBITDA as net income or loss plus (a)
the provision for income taxes, (b) interest expense, net, (c)
depreciation and amortization, (d) gain or loss from discontinued
operations, (e) foreign currency gains and losses, (f) equity-based
compensation, (g) restructuring charges and impairment of assets, and
(h) other non-operating costs including those for the acquisition and
integration or disposition of businesses and idle facilities. Adjusted
EPS is defined as net income or loss plus the after tax impact of
specific costs associated with the Combination and Equity Offerings.
These non-GAAP measures are not a measure of earnings calculated in
accordance with U.S. GAAP, and should not be considered an alternative
to, or more meaningful than, net income or loss, net sales, operating
income or earnings per share prepared on a U.S. GAAP basis. Skyline
Champion believes that Adjusted EBITDA and Adjusted EPS are commonly
used by investors to evaluate its performance and that of its
competitors. However, Skyline Champion’s use of Non-GAAP measures may
vary from that of others in our industry. Adjusted EBITDA and Adjusted
EPS are reconciled from the respective measure under U.S. GAAP in the
tables below.
Forward-Looking Statements
Statements in this press release regarding the potential benefits
created by the Combination, including potential synergies, the future
performance of Skyline Champion, market demand and backlogs, the
availability of financing, the progress on new facilities, and the
potential impact on the business of such facilities are intended to be
covered by the safe harbor for "forward-looking statements" provided by
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally can be identified by use of words
such as "believe," "expect," "future," "anticipate," "intend," "plan,"
"foresee," "may," "should," "will," "estimates," "potential,"
"continue," or other similar words or phrases. Similarly, statements
that describe objectives, plans, or goals also are forward-looking
statements. Such forward-looking statements involve inherent risks and
uncertainties, many of which are difficult to predict and are generally
beyond the control of Skyline Champion. Skyline Champion cautions
readers that a number of important factors could cause actual results to
differ materially from those expressed in, implied, or projected by such
forward-looking statements. Risks and uncertainties include, but are not
limited to: Skyline Champion's inability to realize the expected
benefits from the Combination, general economic conditions; availability
of wholesale and retail financing; the health of the U.S. housing market
as a whole; federal, state, and local regulations pertaining to the
manufactured housing industry; the cyclical nature of the manufactured
housing industry; general or seasonal weather conditions affecting
sales; potential impact of natural disasters on sales and raw material
costs; potential periodic inventory adjustments by independent
retailers; interest rate levels; the impact of inflation; the impact of
high or rising fuel costs; the cost of labor and raw materials;
competitive pressures on pricing and promotional costs; Skyline
Champion's relationships with its shareholders, customers, and other
stakeholders; catastrophic events impacting insurance costs; the
availability of insurance coverage for various risks to Skyline
Champion; market demographics; and management's ability to attract and
retain executive officers and key personnel and other risks and
uncertainties more fully described in Skyline Champion’s Form 10-Q for
the second quarter fiscal 2019 previously filed with the Securities and
Exchange Commission (SEC), as well as the other filings that Skyline
Champion makes with the SEC.
If any of these risks or uncertainties materializes or if any of the
assumptions underlying such forward-looking statements proves to be
incorrect, the developments and future events concerning Skyline
Champion set forth in this press release may differ materially from
those expressed or implied by these forward-looking statements. You are
cautioned not to place undue reliance on these statements, which speak
only as of the date of this document. We anticipate that subsequent
events and developments will cause our expectations and beliefs to
change. Skyline Champion assumes no obligation to update such
forward-looking statements to reflect events or circumstances after the
date of this document or to reflect the occurrence of unanticipated
events, unless obligated to do so under the federal securities laws.
SKYLINE CHAMPION CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars and shares in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
December 29,
2018
|
|
|
March 31,
2018
|
|
|
|
(unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
128,985
|
|
|
$
|
113,731
|
|
Trade accounts receivable, net
|
|
|
46,479
|
|
|
|
41,984
|
|
Inventories
|
|
|
111,351
|
|
|
|
98,022
|
|
Other current assets
|
|
|
11,909
|
|
|
|
9,367
|
|
Total current assets
|
|
|
298,724
|
|
|
|
263,104
|
|
Long-term assets:
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
111,360
|
|
|
|
67,960
|
|
Restricted cash
|
|
|
—
|
|
|
|
22,885
|
|
Goodwill
|
|
|
172,057
|
|
|
|
3,179
|
|
Amortizable intangible assets, net
|
|
|
48,914
|
|
|
|
1,542
|
|
Deferred tax assets
|
|
|
34,527
|
|
|
|
30,290
|
|
Other noncurrent assets
|
|
|
12,682
|
|
|
|
6,438
|
|
Total assets
|
|
$
|
678,264
|
|
|
$
|
395,398
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Floor plan payable
|
|
$
|
38,958
|
|
|
$
|
29,825
|
|
Short-term portion of debt
|
|
|
—
|
|
|
|
404
|
|
Accounts payable
|
|
|
34,742
|
|
|
|
36,773
|
|
Other current liabilities
|
|
|
122,829
|
|
|
|
100,112
|
|
Total current liabilities
|
|
|
196,529
|
|
|
|
167,114
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
59,330
|
|
|
|
58,927
|
|
Deferred tax liabilities
|
|
|
3,459
|
|
|
|
3,294
|
|
Other long-term liabilities
|
|
|
20,401
|
|
|
|
12,766
|
|
Total long-term liabilities
|
|
|
83,190
|
|
|
|
74,987
|
|
Contingent Liabilities
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
Common stock, $0.0277 par value, 115,000 shares authorized, 56,713
shares issued as of December 29, 2018 (including 464 shares subject
to restriction)
|
|
|
1,571
|
|
|
|
—
|
|
Additional paid-in capital
|
|
|
475,838
|
|
|
|
—
|
|
Members’ contributed capital
|
|
|
—
|
|
|
|
140,076
|
|
(Accumulated deficit) retained earnings
|
|
|
(67,365
|
)
|
|
|
22,514
|
|
Accumulated other comprehensive loss
|
|
|
(11,499
|
)
|
|
|
(9,293
|
)
|
Total equity
|
|
|
398,545
|
|
|
|
153,297
|
|
Total liabilities and equity
|
|
$
|
678,264
|
|
|
$
|
395,398
|
|
|
|
|
|
|
|
|
|
|
SKYLINE CHAMPION CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars and shares in thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
December 29,
2018
|
|
|
December 30,
2017
|
|
|
December 29,
2018
(a)
|
|
|
December 30,
2017
|
|
|
|
|
|
|
Net sales
|
|
$
|
354,671
|
|
|
$
|
294,378
|
|
|
$
|
1,032,368
|
|
|
$
|
798,443
|
Cost of sales
|
|
|
289,935
|
|
|
|
238,118
|
|
|
|
853,472
|
|
|
|
664,824
|
Gross profit
|
|
|
64,736
|
|
|
|
56,260
|
|
|
|
178,896
|
|
|
|
133,619
|
Selling, general, and administrative expenses
|
|
|
48,848
|
|
|
|
32,877
|
|
|
|
222,005
|
|
|
|
87,439
|
Operating income (loss)
|
|
|
15,888
|
|
|
|
23,383
|
|
|
|
(43,109
|
)
|
|
|
46,180
|
Interest expense, net
|
|
|
813
|
|
|
|
999
|
|
|
|
2,712
|
|
|
|
3,164
|
Other expense
|
|
|
125
|
|
|
|
1,940
|
|
|
|
7,845
|
|
|
|
2,863
|
Income (loss) before income taxes
|
|
|
14,950
|
|
|
|
20,444
|
|
|
|
(53,666
|
)
|
|
|
40,153
|
Income tax expense
|
|
|
4,437
|
|
|
|
15,051
|
|
|
|
13,699
|
|
|
|
22,089
|
Net income (loss)
|
|
$
|
10,513
|
|
|
$
|
5,393
|
|
|
$
|
(67,365
|
)
|
|
$
|
18,064
|
Comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
10,513
|
|
|
$
|
5,393
|
|
|
$
|
(67,365
|
)
|
|
$
|
18,064
|
Foreign currency translation (loss) gain
|
|
|
(2,099
|
)
|
|
|
(250
|
)
|
|
|
(2,206
|
)
|
|
|
1,949
|
Comprehensive income (loss)
|
|
$
|
8,414
|
|
|
$
|
5,143
|
|
|
$
|
(69,571
|
)
|
|
$
|
20,013
|
Net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.19
|
|
|
$
|
0.11
|
|
|
$
|
(1.28
|
)
|
|
$
|
0.38
|
Diluted
|
|
$
|
0.19
|
|
|
$
|
0.11
|
|
|
$
|
(1.28
|
)
|
|
$
|
0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Includes only seven months of results from the
Skyline operations.
SKYLINE CHAMPION CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
December 29,
2018
(a)
|
|
|
December 30,
2017
|
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
$
|
(67,365
|
)
|
|
$
|
18,064
|
|
Adjustments to reconcile net (loss) income to net cash provided by
(used in) operating activities
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
8,219
|
|
|
|
5,761
|
|
Amortization of intangible assets
|
|
|
3,316
|
|
|
|
365
|
|
Equity-based compensation
|
|
|
97,589
|
|
|
|
450
|
|
Deferred income taxes
|
|
|
3,223
|
|
|
|
11,335
|
|
Amortization of deferred financing fees
|
|
|
409
|
|
|
|
45
|
|
Loss (gain) on disposal of property, plant and equipment
|
|
|
1
|
|
|
|
(1
|
)
|
Foreign currency transaction loss (gain)
|
|
|
188
|
|
|
|
(1,140
|
)
|
(Increase) decrease in assets net of business acquired
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
8,414
|
|
|
|
(29,867
|
)
|
Inventories
|
|
|
4,991
|
|
|
|
(10,113
|
)
|
Prepaid expenses
|
|
|
(613
|
)
|
|
|
(2,102
|
)
|
Other assets
|
|
|
327
|
|
|
|
1,951
|
|
Increase (decrease) in liabilities net of business acquired
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
(11,756
|
)
|
|
|
(2,871
|
)
|
Accrued expenses
|
|
|
4,618
|
|
|
|
2,754
|
|
Other liabilities
|
|
|
357
|
|
|
|
4,698
|
|
Net cash provided by (used in) operating activities
|
|
|
51,918
|
|
|
|
(671
|
)
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
Additions to property, plant, and equipment
|
|
|
(7,627
|
)
|
|
|
(7,867
|
)
|
Cash assumed in business acquisition
|
|
|
9,722
|
|
|
|
—
|
|
Proceeds from disposal of property, plant and equipment
|
|
|
17
|
|
|
|
424
|
|
Decrease (increase) in note receivable
|
|
|
284
|
|
|
|
(167
|
)
|
Net cash provided by (used in) investing activities
|
|
|
2,396
|
|
|
|
(7,610
|
)
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
Borrowings on revolving credit facility
|
|
|
46,900
|
|
|
|
—
|
|
Payments on term loans and capital leases
|
|
|
(46,900
|
)
|
|
|
(317
|
)
|
Changes in floor plan financing, net
|
|
|
9,133
|
|
|
|
6,190
|
|
Payments for deferred financing fees
|
|
|
(2,169
|
)
|
|
|
(93
|
)
|
Members’ capital distributions
|
|
|
(65,277
|
)
|
|
|
—
|
|
Stock option exercises
|
|
|
1,615
|
|
|
|
—
|
|
Tax payments for equity-based compensation
|
|
|
(4,117
|
)
|
|
|
—
|
|
Net cash (used in) provided by financing activities
|
|
|
(60,815
|
)
|
|
|
5,780
|
|
Effect of exchange rate changes on cash, cash equivalents and
restricted cash
|
|
|
(1,130
|
)
|
|
|
1,557
|
|
Net decrease in cash, cash equivalents and restricted cash during
the period
|
|
|
(7,631
|
)
|
|
|
(944
|
)
|
Cash, cash equivalents and restricted cash at beginning of period
|
|
|
136,616
|
|
|
|
102,692
|
|
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
128,985
|
|
|
$
|
101,748
|
|
|
|
|
|
|
|
|
|
|
(a)
Includes only seven months of results from the
Skyline operations.
SKYLINE CHAMPION CORPORATION
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
December 29,
2018
|
|
|
December 30,
2017
|
|
|
Change
|
|
|
|
|
|
December 29,
2018
(a)
|
|
|
December 30,
2017
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
10,513
|
|
|
$
|
5,393
|
|
|
$
|
5,120
|
|
|
|
|
|
$
|
(67,365
|
)
|
|
$
|
18,064
|
|
|
$
|
(85,429
|
)
|
Income tax expense
|
|
|
4,437
|
|
|
|
15,051
|
|
|
|
(10,614
|
)
|
|
|
|
|
|
13,699
|
|
|
|
22,089
|
|
|
|
(8,390
|
)
|
Interest expense, net
|
|
|
813
|
|
|
|
999
|
|
|
|
(186
|
)
|
|
|
|
|
|
2,712
|
|
|
|
3,164
|
|
|
|
(452
|
)
|
Depreciation and amortization
|
|
|
4,577
|
|
|
|
2,028
|
|
|
|
2,549
|
|
|
|
|
|
|
11,535
|
|
|
|
6,126
|
|
|
|
5,409
|
|
Equity-based compensation
|
|
|
3,662
|
|
|
|
150
|
|
|
|
3,512
|
|
|
|
|
|
|
97,589
|
|
|
|
450
|
|
|
|
97,139
|
|
Foreign currency transaction loss (gain)
|
|
|
155
|
|
|
|
93
|
|
|
|
62
|
|
|
|
|
|
|
188
|
|
|
|
(1,140
|
)
|
|
|
1,328
|
|
Transaction costs
|
|
|
—
|
|
|
|
1,937
|
|
|
|
(1,937
|
)
|
|
|
|
|
|
6,905
|
|
|
|
2,831
|
|
|
|
4,074
|
|
Acquisition integration costs
|
|
|
1,998
|
|
|
|
—
|
|
|
|
1,998
|
|
|
|
|
|
|
5,500
|
|
|
|
—
|
|
|
|
5,500
|
|
Equity offering costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
816
|
|
|
|
—
|
|
|
|
816
|
|
Restructuring charges
|
|
|
125
|
|
|
|
—
|
|
|
|
125
|
|
|
|
|
|
|
1,236
|
|
|
|
—
|
|
|
|
1,236
|
|
Other
|
|
|
127
|
|
|
|
(11
|
)
|
|
|
138
|
|
|
|
|
|
|
126
|
|
|
|
33
|
|
|
|
93
|
|
Adjusted EBITDA
|
|
$
|
26,407
|
|
|
$
|
25,640
|
|
|
$
|
767
|
|
|
|
|
|
$
|
72,941
|
|
|
$
|
51,617
|
|
|
$
|
21,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Includes only seven months of results from the
Skyline operations.
SKYLINE CHAMPION CORPORATION
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EARNINGS PER
SHARE
(Dollars and shares in thousands, except per share amounts)
(Unaudited, amounts shown net of tax)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
December 29,
2018
|
|
|
December 30,
2017
|
|
|
|
December 29,
2018
|
|
|
December 30,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
10,513
|
|
|
$
|
5,393
|
|
|
|
$
|
(67,365
|
)
|
|
$
|
18,064
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combination related equity-based compensation
|
|
|
3,314
|
|
|
|
—
|
|
|
|
|
95,358
|
|
|
|
—
|
Transaction costs
|
|
|
—
|
|
|
|
1,937
|
|
|
|
|
6,063
|
|
|
|
2,831
|
Acquisition integration costs
|
|
|
1,359
|
|
|
|
—
|
|
|
|
|
3,740
|
|
|
|
—
|
Equity offering costs
|
|
|
—
|
|
|
|
—
|
|
|
|
|
816
|
|
|
|
—
|
Restructuring charges
|
|
|
85
|
|
|
|
—
|
|
|
|
|
1,018
|
|
|
|
—
|
Adjusted net income
|
|
|
15,271
|
|
|
|
7,330
|
|
|
|
|
39,630
|
|
|
|
20,895
|
Less: Undistributed earnings allocated to participating securities
|
|
|
125
|
|
|
|
458
|
|
|
|
|
1,371
|
|
|
|
1,321
|
Adjusted net income attributable to the Company's common shareholders
|
|
$
|
15,146
|
|
|
$
|
6,872
|
|
|
|
$
|
38,259
|
|
|
$
|
19,574
|
Average common shares outstanding
|
|
|
56,249
|
|
|
|
44,525
|
|
|
|
|
52,595
|
|
|
|
44,480
|
Adjusted net income per share
|
|
$
|
0.27
|
|
|
$
|
0.15
|
|
|
|
$
|
0.73
|
|
|
$
|
0.44
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190205006013/en/
For Skyline Champion Corporation:
Laurie Hough
Email: investorrelations@championhomes.com
Phone:
(248) 614-8211
Source: Skyline Champion Corporation