EX-99.1 2 d516237dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO   NEWS RELEASE

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 5, 2013

SKYLINE REPORTS RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS

Skyline’s net sales for the third quarter of fiscal year 2013 were $36,986,000 as compared to $36,805,000 in the third quarter of fiscal 2012. For the first nine months of fiscal 2013, net sales were $128,742,000 as compared to $132,385,000 in the first nine months of fiscal 2012.

Net sales for Skyline’s housing segment were $22,114,000 in the third quarter of fiscal 2013 as compared to $19,065,000 in the third quarter of fiscal 2012. For the first nine months of fiscal 2013, net sales were $81,571,000 as compared to $80,368,000 in the first nine months of fiscal 2012.

Net sales for Skyline’s recreational vehicle segment were $14,872,000 in fiscal 2013’s third quarter as compared to $17,740,000 for the third quarter of fiscal 2012. For the first nine months of fiscal 2013, net sales were $47,171,000 as compared to $52,017,000 for the same period a year ago.

Skyline reported a net loss of $5,365,000, or $.64 per share, in the third quarter of fiscal 2013 as compared to a net loss of $7,387,000, or $.88 per share, in the third quarter of fiscal 2012. For the first nine months of fiscal 2013, net loss was $10,558,000, or $1.26 per share, compared to a net loss of $17,654,000, or $2.10 per share, for a year ago. Included in current year’s pretax loss for the first nine months was a $1,411,000 gain on the sale of idle property, plant and equipment. Likewise, prior year’s pretax loss for the first nine months included a $2,500,000 gain on the sale of idle property, plant and equipment.

Skyline continues to maintain a 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.

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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     Nine Months Ended  
     (Unaudited)     (Unaudited)  
     February 28,     February 29,     February 28,     February 29,  
     2013     2012     2013     2012  

Net sales

   $ 36,986      $ 36,805      $ 128,742      $ 132,385   
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (5,365     (7,387     (10,558 )(A)      (17,654 )(B) 

Benefit from income taxes

     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (5,365   $ (7,387   $ (10,558 )    $ (17,654
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic loss per share

   $ (.64   $ (.88   $ (1.26   $ (2.10
  

 

 

   

 

 

   

 

 

   

 

 

 

Number of weighted average common shares outstanding

     8,391,244        8,391,244        8,391,244        8,391,244   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(A) Includes $1,411 gain on sale of idle property, plant and equipment.
(B) 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 28,     February 29,  
     2013     2012  

ASSETS

    

Cash, restricted cash and temporary cash investments

   $ 16,258      $ 30,744   

Accounts receivable

     13,714        11,716   

Note receivable, current

     46        —     

Inventories

     10,340        9,170   

Other current assets

     3,183        2,614   
  

 

 

   

 

 

 

Total Current Assets

     43,541        54,244   

Note receivable, long-term

     1,643        —     

Property, Plant and Equipment, net

     19,039        21,947   

Other Assets

     6,165        6,019   
  

 

 

   

 

 

 

Total Assets

   $ 70,388      $ 82,210   
  

 

 

   

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

    

Accounts payable, trade

   $ 3,560      $ 3,093   

Accrued liabilities

     13,244        13,611   
  

 

 

   

 

 

 

Total Current Liabilities

     16,804        16,704   
  

 

 

   

 

 

 

Other Deferred Liabilities

     7,978        7,632   
  

 

 

   

 

 

 

Common stock

     312        312   

Additional paid-in capital

     4,928        4,928   

Retained earnings

     106,110        118,378   

Treasury stock, at cost

     (65,744     (65,744
  

 

 

   

 

 

 

Total Shareholders’ Equity

     45,606        57,874   
  

 

 

   

 

 

 

Total Liabilities and Shareholders’ Equity

   $ 70,388      $ 82,210