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) October 5, 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 October 5, 2012, Skyline Corporation issued a news release reporting the financial results of the first fiscal quarter ended August 31, 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 October 5, 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: October 5, 2012 | ||||||
By: | /s/ Jon S. Pilarski | |||||
Jon S. Pilarski | ||||||
Chief Financial Officer |
Index to Exhibits
99.1 | News release of Skyline Corporation dated October 5, 2012 |
Exhibit 99.1
NEWS RELEASE |
Skyline Corporation
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
Subject: FIRST QUARTER REPORT | Approved by: JON S. PILARSKI |
ELKHART, INDIANA OCTOBER 5, 2012
SKYLINE REPORTS FIRST QUARTER RESULTS
Skylines net sales for the first quarter of fiscal year 2013 were $49,920,000 as compared to $50,284,000 in the first quarter of fiscal 2012.
Net sales for Skylines housing segment were $30,912,000 in the first quarter of fiscal 2013 as compared to $29,143,000 in the first quarter of fiscal 2012.
Net sales for Skylines recreational vehicle segment were $19,008,000 in fiscal 2013s first quarter as compared to $21,141,000 for the first quarter of fiscal 2012.
Fiscal 2013s first quarter net loss was $3,468,000 as compared to fiscal 2012s first quarter net loss of $6,845,000. On a per share basis, net loss was $.41 as compared to a net loss of $.82 for the same period a year ago.
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 and initiatives to increase revenues and reduce costs, should assist the Corporation in meeting challenges as they occur.
**************
BRINGING AMERICA HOME. BRINGING AMERICA FUN.
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share and per share data)
Three Months Ended August 31, (Unaudited) |
||||||||
2012 | 2011 | |||||||
Net sales |
$ | 49,920 | $ | 50,284 | ||||
|
|
|
|
|||||
Loss before income taxes |
(3,468 | ) | (6,845 | ) | ||||
Benefit from income taxes |
| | ||||||
|
|
|
|
|||||
Net loss |
$ | (3,468 | ) | $ | (6,845 | ) | ||
|
|
|
|
|||||
Basic loss per share |
$ | (.41 | ) | $ | (.82 | ) | ||
|
|
|
|
|||||
Number of weighted average common shares outstanding |
8,391,244 | 8,391,244 | ||||||
|
|
|
|
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
August 31, (Unaudited) | ||||||||
2012 | 2011 | |||||||
ASSETS |
||||||||
Cash and temporary cash investments |
$ | 25,010 | $ | 38,412 | ||||
Accounts receivable |
11,011 | 10,593 | ||||||
Inventories |
9,750 | 10,274 | ||||||
Other current assets |
3,951 | 3,280 | ||||||
|
|
|
|
|||||
Total Current Assets |
49,722 | 62,559 | ||||||
Property, Plant and Equipment, net |
20,662 | 24,540 | ||||||
Other Assets |
6,242 | 5,969 | ||||||
|
|
|
|
|||||
Total Assets |
$ | 76,626 | $ | 93,068 | ||||
|
|
|
|
|||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
Accounts payable, trade |
$ | 4,260 | $ | 3,318 | ||||
Accrued liabilities |
11,621 | 12,964 | ||||||
|
|
|
|
|||||
Total Current Liabilities |
15,881 | 16,282 | ||||||
|
|
|
|
|||||
Other Deferred Liabilities |
8,049 | 7,347 | ||||||
|
|
|
|
|||||
Common stock |
312 | 312 | ||||||
Additional paid-in capital |
4,928 | 4,928 | ||||||
Retained earnings |
113,200 | 129,943 | ||||||
Treasury stock, at cost |
(65,744 | ) | (65,744 | ) | ||||
|
|
|
|
|||||
Total Shareholders Equity |
52,696 | 69,439 | ||||||
|
|
|
|
|||||
Total Liabilities and Shareholders Equity |
$ | 76,626 | $ | 93,068 | ||||
|
|
|
|
'!A8VME="!B96=I;CTG[[N_)R!I9#TG5S5-,$UP0V5H
M:4AZ D4*:N/1&
MJJ$)0
M_?(B(@4"B9"GM@>\/X7TU>0_ZVX/;`]X?POIJ\A_UMP>V![P_A?35Y#_`*VX
MLXY;S
GJ1T\ZAXMZTCVDBK45"7#IX&36OK8UJR;G:LJOHQ](-GC19
MH[8N3H/6BI#MGK<_9J@.13%\\/55RB&Z19.?F#6&96WU:4&@X3+!3-%U9!V[
MK=^U53`_'+T+<28C&$2ND;,IBMYE^F.68'Z
KW/_7+&?5!\S/XJM:'I3P/GRP>J#YF?Q5:T/2G@?/EC'J@N9F\5.L_TIH'
MSY8`V@^9F`