Skyline Corporation (SKY) saw its loss widen to $2.45 million, or $0.29 a share for the quarter ended Feb. 28, 2017. In the previous year period, the company reported a loss of $0.52 million, or $0.06 a share.
Revenue during the quarter grew 8.27 percent to $51.64 million from $47.70 million in the previous year period. Gross margin for the quarter contracted 385 basis points over the previous year period to 6.23 percent. Operating margin for the quarter stood at negative 4.57 percent as compared to a negative 0.91 percent for the previous year period.
Operating loss for the quarter was $2.36 million, compared with an operating loss of $0.44 million in the previous year period.
"While we are disappointed with our performance in the third quarter, our recent decision to close two underperforming plants will eliminate the persistent losses that they have incurred" said Richard W. Florea, president and chief executive officer. "The closure of these facilities will permit us to reallocate resources to focus on improving the profitability of our remaining plants."
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