UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 6, 2012
SKYLINE CORPORATION |
(Exact name of registrant as specified in its charter)
Indiana | 1-4714 | 35-1038277 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
P. O. Box 743, 2520 By-Pass Road Elkhart, IN 46515 |
(Address of principal executive offices, including zip code)
Registrants telephone number, including area code: (574) 294-6521
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On January 6, 2012, Skyline Corporation issued a news release reporting the financial results of the second fiscal quarter and six months ended November 30, 2011. A copy of the news release is attached to this Current Report as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits: |
99.1 | News release of Skyline Corporation dated January 6, 2012 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this current report to be signed on its behalf by the undersigned hereunto duly authorized.
SKYLINE CORPORATION | ||||||
Date: January 6, 2012 | ||||||
By: | /s/ Jon S. Pilarski | |||||
Jon S. Pilarski | ||||||
Chief Financial Officer |
Index to Exhibits
99.1 | News release of Skyline Corporation dated January 6, 2012 |
Exhibit 99.1
![]() |
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
Skylines 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 Skylines 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 Skylines recreational vehicle segment were $13,136,000 in fiscal 2012s 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 2012s second quarter loss before income taxes was $3,422,000 as compared to fiscal 2011s 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 years 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.
![]() |
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 Skylines 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.
**************
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) |
|||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net sales |
$ | 45,296 | $ | 36,621 | $ | 95,580 | $ | 82,448 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss before income taxes |
(3,422 | )(A) | (7,756 | ) | (10,267 | )(A) | (13,821 | ) | ||||||||
Provision for income taxes |
| | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss |
$ | (3,422 | ) | $ | (7,756 | ) | $ | (10,267 | ) | $ | (13,821 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
Basic loss per share |
$ | (.40 | ) | $ | (.93 | ) | $ | (1.22 | ) | $ | (1.65 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
Number of weighted average common shares outstanding |
8,391,244 | 8,391,244 | 8,391,244 | 8,391,244 | ||||||||||||
|
|
|
|
|
|
|
|
(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 |
||||||||
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 | ||||||
|
|
|
|
|||||
Total Current Assets |
60,132 | 82,506 | ||||||
Property, Plant and Equipment, net |
22,523 | 25,661 | ||||||
Other Assets |
5,993 | 5,748 | ||||||
|
|
|
|
|||||
Total Assets |
$ | 88,648 | $ | 113,915 | ||||
|
|
|
|
|||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
Accounts payable, trade |
$ | 2,664 | $ | 1,953 | ||||
Accrued liabilities |
13,287 | 11,486 | ||||||
|
|
|
|
|||||
Total Current Liabilities |
15,951 | 13,439 | ||||||
|
|
|
|
|||||
Other Deferred Liabilities |
7,436 | 7,611 | ||||||
|
|
|
|
|||||
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 | ) | ||||
|
|
|
|
|||||
Total Shareholders Equity |
65,261 | 92,865 | ||||||
|
|
|
|
|||||
Total Liabilities and Shareholders Equity |
$ | 88,648 | $ | 113,915 | ||||
|
|
|
|
^0'_,^
M>[?_`!+G9/\`[V69]^'`?9UMOB;[>@C][ZKUMW?S"_\`N%E_D\?^)@[1_P#>
ML[=_V_OPZ\>`^T?X#UJ(^_=>ZM<_D=[63?/\U;X>;'D"%-Z;UW?M!A)-)3QD
M;GZKWY@[25$*2301G[_U.BLR#D`D6]Z/#JR_$#U6;OK;57LS>^\=GU],U'7;
M4W5N';5;2.YD>EJ\%EZS%U-,\AY=H)J4J3^2+^]]5X8/25]^Z]U[W[KW6Y#_
M`,)!O^/L_FG?^*22\`D2W'[T?\G5UX?[8?Y>M..;_/2_\`+63_`*&/O?38
MX#K%[]UOK=,^,O\`PJ&^)?6/\NKI+^7Q\@OY=FX/D9L7KSIW:W5F^Z;9&S
MALW?QV[)'5BM?;&4V1E'IJ;^(01S0J\SR1O&K!@P'O6>K5&,]!H?YXG\AH@@
M_P#"?#K(@@@@[IZ\L;@\'_C'OT-_?J?ZJ]>J/]0'7T,/Y>O8_6O;_P`'?BMV
MCTYU72]']5[]Z1V'NC8'4%#/1U5'UQM?+86GJ<3M&FJ,?34=#-#AJ9Q$K111
MH0O"CWX<.M'HX_O?6NO>_=>Z_]36D_X4`?#/LSX:_P`T;Y08O>V&RT6T.[^S
M-X]_=1[NK:<+CMY[)[0W#7;GGFQM9"BTM14;9W!D:O$UD:VDAJ*3U*`Z%O=>
M/'JEKW[KW7O?NO=>]^Z]UL__`/"6?X@;K[F^9/;'R=GV[)/UE\3/CWW!FJW<
M5;CIY,6O978/7>YMG;*PN/R+1?:IN"''Y#(9$('\B4](6L`POH]67C7K6)K?
M^!E7_P!1,_\`UM?WOJ@X#J-[]UOJW[^;'UG!M#;/\L/?M/$D2]N_RQ^@L[5F
M.,KY\CM+=/9&PYJB63R/KG:BV_3H1I2R(O!OJ.AY_;U9N"?Z4?X.J@?>^J]?
M0G_X1$]_3UVR_FY\8:ZJJY4V[G^M^[MN4\TZM1TT&Y*/+;*W.**G+%TD>IP.
M-:8V"G4G))-O>?6_+\_]7^#K?1]^ZUUHU_\`"WW>M10_'CX)=>15TR4^YNY.
MVMWUN.CR3Q0U#;,V7MG$4%54XA7"5C4YWQ.L-0ZG[?7(J_YUO?O/K?E^?7SF
M_?NM=;^/\K_J0[!_X21?S%=^U>*2@R/=&'^2&Z8ZSQ0+/E_=>ZV!_\`
MA+Q_V^M^)G_4-V]_[Z'>O^(]^Z]U2I\@/^9\=V?^)<[(_P#>RS/O0X#JS_$W
MV]!'[WU7K;O_`)A?_<++_)X_\2_VC_[UG;O^/OPZ\>`^T?X#UJ(>_=>ZN,_X
M3[_]OFOY?7_B