Exhibit 99.1
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NEWS RELEASE |
Skyline Corporation
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
Subject: FOURTH QUARTER REPORT
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Approved by: JON S. PILARSKI |
ELKHART, INDIANA — JULY 29, 2011
SKYLINE REPORTS FOURTH QUARTER AND YEAR-END RESULTS
Skyline’s net sales for the fourth quarter of fiscal year 2011 were $48,103,000 as
compared to $40,695,000 in the fourth quarter of fiscal 2010. For fiscal 2011, net sales
were $162,327,000 as compared to $136,230,000 in fiscal 2010.
Net sales for Skyline’s housing segment were $24,239,000 in the fourth quarter of
fiscal 2011 as compared to $24,496,000 in the fourth quarter of fiscal 2010. For fiscal
2011, net sales were $97,922,000 as compared to $90,551,000 for the fiscal 2010.
Net sales for Skyline’s recreational vehicle segment were $23,864,000 in fiscal
2011’s fourth quarter as compared to $16,199,000 for the fourth quarter of fiscal 2010.
For the year ended May 31, 2011, net sales were $64,405,000 as compared to $45,679,000 for
the same period a year ago.
Fiscal 2011’s fourth quarter loss before income taxes was $4,064,000 as compared to
fiscal 2010’s fourth quarter loss before income taxes of $1,562,000. The loss before
income taxes for fiscal 2011 was $26,627,000 as compared to $19,351,000 for fiscal 2010.
Included in prior year’s pretax loss was a $1,544,000 gain on the sale of idle property,
plant and equipment, and $412,000 of income from life insurance proceeds.
In the fourth quarter of fiscal 2010, Skyline established a full valuation allowance
against its deferred tax assets, which consisted principally of net operating loss
carryforwards, and continued to maintain a full valuation allowance during fiscal 2011. In
fiscal 2010, Skyline recognized a provision for income taxes of $9,642,000 eliminating then
existing net deferred tax assets of $16,867,000. During fiscal 2011 no tax benefit was
recognized from current year operating losses. If the Corporation, after considering future
negative and positive evidence regarding the realization of deferred tax assets, determines that
a lesser valuation allowance is warranted, it would record a reduction to income tax expense and
the valuation allowance in the period of determination.
Skyline reported a net loss of $4,064,000 in the fourth quarter of fiscal 2011 as
compared to a net loss of $17,581,000 in the fourth quarter of fiscal 2010. On a per
share basis, net loss was $.48 as compared to a net loss of $2.10 for the same period a
year ago.
Bringing America Home. Bringing America Fun.
|
|
NEWS RELEASE |
Skyline Corporation
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
Subject: FOURTH QUARTER REPORT
|
Approved by: JON S. PILARSKI |
For fiscal 2011, net loss was $26,627,000 compared to a prior year net loss of
$28,993,000. Net loss per share was $3.17 as compared to a net loss per share of $3.46
for the same period a year ago.
Skyline continues to maintain its traditionally strong balance sheet with no bank
debt and a significant position in cash and U.S. Treasury Bills. This financial strength,
along with a seasoned management team, should help the corporation meet the challenges
ahead.
**************
Bringing America Home. Bringing America Fun.
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share and per share data)
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| May 31, | May 31, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
Net sales |
$ | 48,103 | $ | 40,695 | $ | 162,327 | $ | 136,230 | ||||||||
Loss before income taxes |
(4,064 | ) | (1,562 | ) | (26,627 | ) | (19,351 | )(A) | ||||||||
Provision for income taxes |
— | 16,019 | — | 9,642 | ||||||||||||
Net loss |
$ | (4,064 | ) | $ | (17,581 | ) | $ | (26,627 | ) | $ | (28,993 | ) | ||||
Basic loss per share |
$ | (.48 | ) | $ | (2.10 | ) | $ | (3.17 | ) | $ | (3.46 | ) | ||||
Number of weighted
average common shares
outstanding |
8,391,244 | 8,391,244 | 8,391,244 | 8,391,244 | ||||||||||||
| (A) | Includes gain on sale of idle property, plant and equipment of $1,544, and $412 of income
from life insurance proceeds |
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
| May 31, | ||||||||
| 2011 | 2010 | |||||||
ASSETS |
||||||||
Cash and temporary investments |
$ | 44,721 | $ | 77,257 | ||||
Accounts receivable |
11,477 | 9,778 | ||||||
Inventories |
8,720 | 6,756 | ||||||
Other current assets |
3,463 | 4,540 | ||||||
Total Current Assets |
68,381 | 98,331 | ||||||
Property, Plant and Equipment, net |
24,802 | 26,722 | ||||||
Other Assets |
5,916 | 5,660 | ||||||
Total Assets |
$ | 99,099 | $ | 130,713 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
Accounts payable, trade |
$ | 3,392 | $ | 3,136 | ||||
Accrued liabilities |
11,324 | 10,552 | ||||||
Total Current Liabilities |
14,716 | 13,688 | ||||||
Other Deferred Liabilities |
7,344 | 7,318 | ||||||
Common stock |
312 | 312 | ||||||
Additional paid-in capital |
4,928 | 4,928 | ||||||
Retained earnings |
137,543 | 170,211 | ||||||
Treasury stock, at cost |
(65,744 | ) | (65,744 | ) | ||||
Total Shareholders’ Equity |
77,039 | 109,707 | ||||||
Total Liabilities and Shareholders’ Equity |
$ | 99,099 | $ | 130,713 | ||||