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
Subject: SECOND QUARTER REPORT Approved by: JON S. PILARSKI
ELKHART, INDIANA — JANUARY 6, 2012
SKYLINE REPORTS RESULTS FOR SECOND QUARTER AND FIRST HALF
Skyline’s net sales for the second quarter of fiscal year 2012 were $45,296,000 as compared to $36,621,000 in the second quarter of fiscal 2011. For the first half of fiscal 2012, net sales were $95,580,000 as compared to $82,448,000 in the first half of fiscal 2011.
Net sales for Skyline’s housing segment were $32,160,000 in the second quarter of fiscal 2012 as compared to $24,557,000 in the second quarter of fiscal 2011. For the first half of fiscal 2012, net sales were $61,303,000 as compared to $55,186,000 in the first half of fiscal 2011.
Net sales for Skyline’s recreational vehicle segment were $13,136,000 in fiscal 2012’s second quarter as compared to $12,064,000 for the second quarter of fiscal 2011. For the first half of fiscal 2012, net sales were $34,277,000 as compared to $27,262,000 for the same period a year ago.
Fiscal 2012’s second quarter loss before income taxes was $3,422,000 as compared to fiscal 2011’s second quarter loss before income taxes of $7,756,000. The loss before income taxes for the first half of fiscal 2012 was $10,267,000 as compared to $13,821,000 in the first half of fiscal 2011. Included in current year’s pretax loss for the second quarter and first half was a $2,500,000 gain on the sale of idle property, plant and equipment.
Skyline continues to maintain a full valuation allowance for deferred tax assets, and as a result had no benefit from income taxes from its current period loss.
Skyline reported a net loss of $3,422,000 in the second quarter of fiscal 2012 as compared to a net loss of $7,756,000 in the second quarter of fiscal 2011. On a per share basis, net loss was $.40 as compared to a net loss of $.93 for the same period a year ago.
For the first half of fiscal 2012, net loss was $10,267,000 compared to a net loss of $13,821,000 for a year ago. Net loss per share was $1.22 as compared to a net loss per share of $1.65 for the same period a year ago.
BRINGING AMERICA HOME. BRINGING AMERICA FUN.
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|
NEWS RELEASE |
Skyline Corporation
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
Subject: SECOND QUARTER REPORT Approved by: JON S. PILARSKI
Subsequent to November 30, 2011, the Board of Directors approved a resolution to suspend dividend payments on outstanding shares of Skyline’s common stock until further notice. The suspension was for cash preservation purposes. The Board will evaluate financial performance and liquidity needs in determining the timing and amount of future dividend payments.
As Skyline begins its third quarter, historically the slowest period in its fiscal year, it continues to maintain its traditionally strong balance sheet with no debt and a significant position of its working capital in cash and U.S. Treasury Bills. This financial strength, along with experienced employees, should help the Corporation meet the challenges ahead.
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BRINGING AMERICA HOME. BRINGING AMERICA FUN.
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share and per share data)
| Three Months
Ended November 30, (Unaudited) |
Six Months
Ended November 30, (Unaudited) |
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| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Net sales |
$ | 45,296 | $ | 36,621 | $ | 95,580 | $ | 82,448 | ||||||||
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| Loss before income taxes |
(3,422 | )(A) | (7,756 | ) | (10,267 | )(A) | (13,821 | ) | ||||||||
| Provision for income taxes |
— | — | — | — | ||||||||||||
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| Net loss |
$ | (3,422 | ) | $ | (7,756 | ) | $ | (10,267 | ) | $ | (13,821 | ) | ||||
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| Basic loss per share |
$ | (.40 | ) | $ | (.93 | ) | $ | (1.22 | ) | $ | (1.65 | ) | ||||
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| Number of weighted average common shares outstanding |
8,391,244 | 8,391,244 | 8,391,244 | 8,391,244 | ||||||||||||
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| (A) | Includes $2,500 gain on sale of idle property, plant and equipment. |
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
| November 30, (Unaudited) | ||||||||
| 2011 | 2010 | |||||||
| ASSETS |
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| Cash and temporary cash investments |
$ | 39,051 | $ | 66,260 | ||||
| Accounts receivable |
7,944 | 6,130 | ||||||
| Inventories |
10,034 | 6,922 | ||||||
| Other current assets |
3,103 | 3,194 | ||||||
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| Total Current Assets |
60,132 | 82,506 | ||||||
| Property, Plant and Equipment, net |
22,523 | 25,661 | ||||||
| Other Assets |
5,993 | 5,748 | ||||||
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| Total Assets |
$ | 88,648 | $ | 113,915 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Accounts payable, trade |
$ | 2,664 | $ | 1,953 | ||||
| Accrued liabilities |
13,287 | 11,486 | ||||||
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| Total Current Liabilities |
15,951 | 13,439 | ||||||
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| Other Deferred Liabilities |
7,436 | 7,611 | ||||||
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| Common stock |
312 | 312 | ||||||
| Additional paid-in capital |
4,928 | 4,928 | ||||||
| Retained earnings |
125,765 | 153,369 | ||||||
| Treasury stock, at cost |
(65,744 | ) | (65,744 | ) | ||||
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| Total Shareholders’ Equity |
65,261 | 92,865 | ||||||
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| Total Liabilities and Shareholders’ Equity |
$ | 88,648 | $ | 113,915 | ||||
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