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) April 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) | (Zip Code) |
(574) 294-6521
(Registrants telephone number, including area code)
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:
¨ | 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 Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
On April 6, 2012, Skyline Corporation issued a news release reporting the financial results of the third fiscal quarter and nine months ended February 29, 2012. 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 April 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: April 6, 2012 | By: | /s/ Jon S. Pilarski | ||||
Jon S. Pilarski | ||||||
Chief Financial Officer |
Index to Exhibits
99.1 | News release of Skyline Corporation dated April 6, 2012 |
Exhibit 99.1
NEWS RELEASE
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Skyline Corporation 2520 By-Pass Road P.O. Box 743 Elkhart, Indiana 46515-0743 (574) 294-6521 |
Subject: THIRD QUARTER REPORT Approved by: JON S. PILARSKI
ELKHART, INDIANA APRIL 6, 2012
SKYLINE REPORTS RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS
Skylines net sales for the third quarter of fiscal year 2012 were $36,805,000 as compared to $31,776,000 in the third quarter of fiscal 2011. For the first nine months of fiscal 2012, net sales were $132,385,000 as compared to $114,224,000 in the first nine months of fiscal 2011.
Net sales for Skylines housing segment were $19,065,000 in the third quarter of fiscal 2012 as compared to $18,497,000 in the third quarter of fiscal 2011. For the first nine months of fiscal 2012, net sales for this segment were $80,368,000 as compared to $73,683,000 in the first nine months of fiscal 2011.
Net sales for Skylines recreational vehicle segment were $17,740,000 in fiscal 2012s third quarter as compared to $13,279,000 for the third quarter of fiscal 2011. For the first nine months of fiscal 2012, net sales for this segment were $52,017,000 as compared to $40,541,000 for the same period a year ago.
Fiscal 2012s third quarter loss before income taxes was $7,387,000 as compared to fiscal 2011s third quarter loss before income taxes of $8,742,000. The loss before income taxes for the first nine months of fiscal 2012 was $17,654,000 as compared to $22,563,000 in the first nine months of fiscal 2011. Included in current years pretax loss for the first nine months 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 $7,387,000 in the third quarter of fiscal 2012 as compared to a net loss of $8,742,000 in the third quarter of fiscal 2011. On a per share basis, net loss was $.88 as compared to a net loss of $1.04 for the same period a year ago.
For the first nine months of fiscal 2012, net loss was $17,654,000 compared to a net loss of $22,563,000 for a year ago. Net loss per share was $2.10 as compared to a net loss per share of $2.69 for the same period a year ago.
BRINGING AMERICA HOME. BRINGING AMERICA FUN.
NEWS RELEASE
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Skyline Corporation 2520 By-Pass Road P.O. Box 743 Elkhart, Indiana 46515-0743 (574) 294-6521 |
Subject: THIRD QUARTER REPORT Approved by: JON S. PILARSKI
Skyline 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 (Unaudited) |
Nine Months Ended (Unaudited) |
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February 29, 2012 |
February 28, 2011 |
February 29, 2012 |
February 28, 2011 |
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Net sales |
$ | 36,805 | $ | 31,776 | $ | 132,385 | $ | 114,224 | ||||||||
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Loss before income taxes |
(7,387 | ) | (8,742 | ) | (17,654 | )(A) | (22,563 | ) | ||||||||
Benefit from income taxes |
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Net loss |
$ | (7,387 | ) | $ | (8,742 | ) | $ | (17,654 | ) | $ | (22,563 | ) | ||||
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Basic loss per share |
$ | (.88 | ) | $ | (1.04 | ) | $ | (2.10 | ) | $ | (2.69 | ) | ||||
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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)
(Unaudited) | ||||||||
February 29, 2012 |
February 28, 2011 |
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ASSETS |
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Cash and temporary cash investments |
$ | 30,744 | $ | 53,398 | ||||
Accounts receivable |
11,716 | 9,788 | ||||||
Inventories |
9,170 | 8,090 | ||||||
Other current assets |
2,614 | 3,071 | ||||||
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Total Current Assets |
54,244 | 74,347 | ||||||
Property, Plant and Equipment, net |
21,947 | 25,195 | ||||||
Other Assets |
6,019 | 5,774 | ||||||
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Total Assets |
$ | 82,210 | $ | 105,316 | ||||
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LIABILITIES AND SHAREHOLDERS EQUITY |
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Accounts payable, trade |
$ | 3,093 | $ | 3,357 | ||||
Accrued liabilities |
13,611 | 11,735 | ||||||
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Total Current Liabilities |
16,704 | 15,092 | ||||||
Other Deferred Liabilities |
7,632 | 7,611 | ||||||
Common stock |
312 | 312 | ||||||
Additional paid-in capital |
4,928 | 4,928 | ||||||
Retained earnings |
118,378 | 143,117 | ||||||
Treasury stock, at cost |
(65,744 | ) | (65,744 | ) | ||||
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Total Shareholders Equity |
57,874 | 82,613 | ||||||
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Total Liabilities and Shareholders Equity |
$ | 82,210 | $ | 105,316 | ||||
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