Form 10-Q

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0001193125-15-344789.txt : 20151015 0001193125-15-344789.hdr.sgml : 20151015 20151015165857 ACCESSION NUMBER: 0001193125-15-344789 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20150831 FILED AS OF DATE: 20151015 DATE AS OF CHANGE: 20151015 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SKYLINE CORP CENTRAL INDEX KEY: 0000090896 STANDARD INDUSTRIAL CLASSIFICATION: MOBILE HOMES [2451] IRS NUMBER: 351038277 STATE OF INCORPORATION: IN FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-04714 FILM NUMBER: 151160520 BUSINESS ADDRESS: STREET 1: 2520 BY-PASS RD STREET 2: P O BOX 743 CITY: ELKHART STATE: IN ZIP: 46515 BUSINESS PHONE: 5742946521 MAIL ADDRESS: STREET 1: P O BOX 743 CITY: ELKHART STATE: IN ZIP: 46515 10-Q 1 d94841d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

þ	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 31, 2015

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 1-4714

SKYLINE CORPORATION

(Exact name of registrant as specified in its charter)

Indiana

35-1038277

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

P. O. Box 743, 2520 By-Pass Road

Elkhart, Indiana

46515

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:

(574) 294-6521

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). þ Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ¨ Yes þ No

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Title of Class

Shares Outstanding

October 15, 2015

Common Stock, $.0277 Par Value

8,391,244

FORM 10-Q

INDEX

PART I — FINANCIAL INFORMATION


		Page No.

Item 1.	Financial Statements

	Consolidated Balance Sheets as of August 31, 2015 and May 31, 2015		1

	Consolidated Statements of Operations and Retained Earnings for the three-month periods ended August 31, 2015 and 2014		3

	Consolidated Statements of Cash Flows for the three-month periods ended August 31, 2015 and 2014		4

	Notes to the Consolidated Financial Statements		5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		14

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		26

Item 4.	Controls and Procedures		26

	PART II — OTHER INFORMATION

Item 1.	Legal Proceedings		26

Item 1A.	Risk Factors		26

Item 5.	Other Information		26

Item 6.	Exhibits		27

Signatures			28

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements.

Skyline Corporation and Subsidiary Companies

Consolidated Balance Sheets

(Dollars in thousands)


	August 31, 2015		May 31, 2015
	(Unaudited)
ASSETS
Current Assets:
Cash	$	6,672	$	4,995
Accounts receivable, less allowance for doubtful accounts of $536		12,064		15,259
Inventories		10,498		9,008
Workers’ compensation security deposit		1,015		1,732
Other current assets		1,540		447
Assets of discontinued operations		137		140

Total Current Assets		31,926		31,581


Property, Plant and Equipment:
Land		2,996		2,996
Buildings and improvements		36,287		36,280
Machinery and equipment		16,340		16,332

		55,623		55,608
Less accumulated depreciation		44,232		44,039

		11,391		11,569
Other Assets		7,299		7,289

Total Assets	$	50,616	$	50,439

The accompanying notes are an integral part of the consolidated financial statements.

Item 1.

Financial Statements — (Continued).

Skyline Corporation and Subsidiary Companies

Consolidated Balance Sheets — (Continued)

(Dollars in thousands, except share and per share amounts)


	August 31, 2015			May 31, 2015
	(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable, trade	$	3,617		$	3,025
Accrued salaries and wages		2,486			2,565
Accrued marketing programs		3,172			2,319
Accrued warranty		4,482			4,511
Other accrued liabilities		2,340			2,593
Liabilities of discontinued operations		108			104

Total Current Liabilities		16,205			15,117


Long-Term Liabilities:
Deferred compensation expense		5,160			5,237
Accrued warranty		2,400			2,400
Life insurance loans		4,312			4,312

Total Long-Term Liabilities		11,872			11,949


Commitments and Contingencies – See Note 8

Shareholders’ Equity:
Common stock, $.0277 par value, 15,000,000 shares authorized; issued 11,217,144 shares		312			312
Additional paid-in capital		4,928			4,928
Retained earnings		83,043			83,877
Treasury stock, at cost, 2,825,900 shares		(65,744	)		(65,744	)

Total Shareholders’ Equity		22,539			23,373


Total Liabilities and Shareholders’ Equity	$	50,616		$	50,439

The accompanying notes are an integral part of the consolidated financial statements.

Item 1.

Financial Statements — (Continued).

Skyline Corporation and Subsidiary Companies

Consolidated Statements of Operations and Retained Earnings

For the Three-Month Periods Ended August 31, 2015 and 2014

(Dollars in thousands, except share and per share amounts)


	2015			2014
	(Unaudited)
OPERATIONS
Net sales	$	48,742		$	49,604
Cost of sales		44,099			45,563

Gross profit		4,643			4,041
Selling and administrative expenses		5,459			5,180

Operating loss		(816	)		(1,139	)
Interest expense		(79	)		(94	)
Interest income		—			24

Loss from continuing operations before income taxes		(895	)		(1,209	)
Benefit from income taxes		—			—

Loss from continuing operations		(895	)		(1,209	)
Income (loss) from discontinued operations, net of income taxes		61			(2,564	)

Net loss	$	(834	)	$	(3,773	)

Basic loss per share	$	(.10	)	$	(.45	)

Loss per share from continuing operations	$	(.11	)	$	(.14	)

Income (loss) per share from discontinued operations	$	.01		$	(.31	)

Weighted average number of common shares outstanding		8,391,244			8,391,244


RETAINED EARNINGS
Balance at beginning of period	$	83,877		$	94,291
Net loss		(834	)		(3,773	)

Balance at end of period	$	83,043		$	90,518

The accompanying notes are an integral part of the consolidated financial statements.

Item 1.

Financial Statements — (Continued).

Skyline Corporation and Subsidiary Companies

Consolidated Statements of Cash Flows

For the Three-Month Periods Ended August 31, 2015 and 2014

(Dollars in thousands)


	2015			2014
	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(834	)	$	(3,773	)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation		257			394
Amortization of debt financing costs		19			—
Change in assets and liabilities:
Accounts receivable		3,137			3,857
Inventories		(1,429	)		(1,622	)
Workers’ compensation security deposit		717			—
Other current assets		(1,093	)		(355	)
Accounts payable, trade		624			(1,283	)
Accrued liabilities		464			(171	)
Other, net		(107	)		(66	)

Net cash from operating activities		1,755			(3,019	)


CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from note receivable		—			13
Purchase of property, plant and equipment		(70	)		(26	)
Other, net		(8	)		(4	)

Net cash from investing activities		(78	)		(17	)

Net increase (decrease) in cash		1,677			(3,036	)
Cash at beginning of period		4,995			6,031

Cash at end of period	$	6,672		$	2,995

The accompanying notes are an integral part of the consolidated financial statements.

Item 1.

Financial Statements — (Continued).

Skyline Corporation and Subsidiary Companies

Notes to Consolidated Financial Statements (Unaudited)

NOTE 1

Basis of Presentation

The accompanying unaudited interim consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the consolidated financial position as of August 31, 2015, in addition to the consolidated results of operations and the consolidated cash flows for the three-month periods ended August 31, 2015 and 2014. Due to the seasonal nature of the Corporation’s business, interim results are not necessarily indicative of results for the entire year.

The unaudited interim consolidated financial statements included herein have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures normally accompanying the annual consolidated financial statements have been omitted. The audited consolidated balance sheet as of May 31, 2015 and the unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Corporation’s latest annual report on Form 10-K.

NOTE 2

Management’s Plan

The Corporation’s consolidated financial statements were prepared on a going concern basis, which assumes continuity of operations and realization of assets and satisfaction of liabilities in the ordinary course of business. Due to recurring losses during certain periods, the Corporation has historically experienced negative cash flows from operating activities. The level of historical negative cash flows from operations raise substantial doubt about the Corporation’s ability to continue as a going concern. To continue as a going concern, management determined that certain strategies need to be pursued.

These strategies include but are not limited to:

•

Divest Non-Core Assets: Management is focused on driving profitable growth in the Corporation’s core housing business.

Progress:

In October 2014, the Corporation sold its recreational vehicle segment to focus solely on its core housing business and to raise cash. Additional information regarding the sale is in Note 3 of Notes to Consolidated Financial Statements.

In addition to the sale of the RV business, the Corporation sold an idle housing facility in fiscal 2015. A buyer is also being sought for an undeveloped parcel of land the Corporation owns.

Item 1.

Financial Statements — (Continued).

Skyline Corporation and Subsidiary Companies

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 2

Management’s Plan — (Continued)

•

Increase Sales:

•

Working to increase sales to manufactured housing dealers by gaining a greater presence on their properties.

•

Continuing to work with manufactured housing communities to identify opportunities for increasing sales.

•

Increasing sales of modular homes and park models by cultivating relationships with modular housing developers and campground owners that are outside the Corporation’s historical distribution channels.

Progress:

Manufactured housing net sales in the first quarter of fiscal 2016 decreased 0.9 percent compared to the first quarter of fiscal 2015. Management believes the decrease is attributable to a temporary softness in demand among the Corporation’s manufactured housing dealers and communities.

Park model net sales in the first quarter of fiscal 2016 decreased 21.8 percent compared with the first quarter of fiscal 2015. Management also believes the decrease is due to a temporary softness in demand among dealers, communities and campgrounds.

Modular housing net sales for the first quarter of fiscal 2016 increased 1.6 percent as compared to the fiscal quarter of 2015.

•

Decrease Production Costs: The Corporation continues to streamline costs with a focus on maximizing efficiencies and resources.

Progress:

The Corporation’s Purchasing Department has obtained significant price concessions from certain suppliers.

•

Raise Additional Capital:

Progress:

On March 20, 2015, the Corporation entered into a Loan and Security Agreement with First Business Capital Corp. providing for a renewable three-year secured revolving credit facility. Under the new credit facility, the Corporation may obtain loan advances up to a maximum of $10 million, subject to certain collateral-obligation ratios.

Item 1.

Financial Statements — (Continued).

Skyline Corporation and Subsidiary Companies

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 2

Management’s Plan — (Continued)

•

Raise Additional Capital — (Continued):

Progress – (Continued):

Outstanding loan advances under the facility will bear interest at 3.75% in excess of The Wall Street Journal’s published one year LIBOR rate. The facility will be used to support the Company’s working capital needs and other general corporate purposes, and is secured by substantially all of the Corporation’s assets. Additional information regarding the revolving credit facility is in Note 9 of Notes to Consolidated Financial Statements.

NOTE 3

Discontinued Operations

The Transaction was completed pursuant to the terms of an Asset Purchase Agreement entered into between the Corporation and ERV on the Closing Date, as well as the terms of a Real Property Purchase Agreement entered into on that same date between the Corporation and an affiliate of ERV, Skyline RE Holding LLC (which, collectively with ERV, is referred to herein as “Evergreen”). The assets of the recreational vehicle segment disposed of in the Transaction include:

•

A recreational vehicle manufacturing facility consisting of approximately 135,000 square feet situated on 18.2 acres located in Bristol, Indiana;

•

Intellectual properties such as trademarks, licenses, and product designs associated with the recreational vehicle segment;

•

Furniture, machinery, software, and equipment;

•

Raw material and work-in-process inventories;

•

Product designs, plans, and specifications; and

•

Customer purchase orders and contracts, customer lists, and supplier lists.

The amount and nature of the consideration received by the Corporation for the assets sold included:

•

A cash payment of $175,000;

•

A separate cash payment of approximately $806,000, less prorated property taxes of approximately $73,000 and selling expenses of approximately $2,000, for the Bristol, Indiana manufacturing facility; and

Item 1.

Financial Statements — (Continued).

Skyline Corporation and Subsidiary Companies

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 3

Discontinued Operations — (Continued)

•

Evergreen had the right, but not the obligation, to purchase raw material inventory at 50 percent of the Corporation’s cost of approximately $1,600,000, which was exercised. Consequently, the Corporation incurred an approximate $910,000 charge in fiscal 2015 reflecting the reduction in realizable value of the inventory. The Corporation received final payment for the inventory in the first quarter of fiscal 2016.

In addition, under the Asset Purchase Agreement, Evergreen did not assume or agree to pay, perform, or discharge any of the Corporation’s liabilities or obligations, which remained the liabilities and obligations of the Corporation.

The Bristol facility, and assets other than raw material and finished goods inventories, were sold at approximately net book value.

The following table summarizes the results of discontinued operations:


	Three-Months Ended August 31,
	2015		2014
	(Unaudited)
	(Dollars in thousands)
Net Sales	$	21	$	7,825


Operating income (loss) of discontinued operations	$	61	$	(2,564	)

Income (loss) before income taxes		61		(2,564	)
Income tax benefit		—		—

Income (loss) from discontinued operations, net of taxes	$	61	$	(2,564	)

The Corporation’s park model business, which was formerly reported in the recreational vehicle segment, was not disposed as part of the transaction with Evergreen and is now reported in continuing operations because the level of net sales do not warrant separate segment reporting.

Item 1.

Financial Statements — (Continued).

Skyline Corporation and Subsidiary Companies

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 3

Discontinued Operations — (Continued)

The following is a summary of assets and liabilities of discontinued operations at the dates indicated:


	August 31, 2015		May 31, 2015
	(Unaudited)
	(Dollars in thousands)
Current Assets:
Accounts receivable	$	87	$	30
Inventories		50		110

	$	137	$	140


Current Liabilities:
Accounts payable, trade	$	40	$	8
Accrued marketing programs		—		37
Other accrued liabilities		68		59

	$	108	$	104

In accordance with the Asset Purchase Agreement, the Corporation is responsible for the payment of product warranty claims associated with recreational vehicles sold by the Corporation. Consequently, this obligation is not included in the liabilities of discontinued operations on the Consolidated Balance Sheets at August 31, 2015 and May 31, 2015.

NOTE 4

Inventories

Total inventories from continuing operations consist of the following:


	August 31, 2015		May 31, 2015
	(Unaudited)
	(Dollars in thousands)

Raw materials	$	6,010	$	5,788

Work in process		3,041		3,137

Finished goods		1,447		83

	$	10,498	$	9,008

NOTE 5

Other Assets

Other assets consist primarily of the cash surrender value of life insurance policies which totaled $6,687,000 and $6,677,000 at August 31, 2015 and May 31, 2015, respectively.

Item 1.

Financial Statements — (Continued).

Skyline Corporation and Subsidiary Companies

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 6

Warranty

A reconciliation of accrued warranty is as follows:


	Three-Months Ended August 31,
	2015			2014
	(Unaudited)
	(Dollars in thousands)
Balance at the beginning of the period	$	6,911		$	5,697
Accruals for warranties		1,545			1,695
Settlements made during the period		(1,574	)		(1,731	)

Balance at the end of the period		6,882			5,661

Non-current balance included in other deferred liabilities		2,400			2,000

Accrued warranty	$	4,482		$	3,661

At August 31, 2015, the total current obligation for warranty associated with the recreational vehicle segment that was discontinued is estimated to be approximately $409,000.

NOTE 7

Income Taxes

At August 31, 2015, the Corporation’s gross deferred tax assets of approximately $50 million consist of approximately $35 million in federal net operating loss and tax credit carryforwards, $8 million in state net operating loss carryforwards and $7 million resulting from temporary differences between financial and tax reporting. The federal net operating loss and tax credit carryforwards have a life expectancy of between thirteen and twenty years. The state net operating loss carryforwards have a life expectancy, depending on the state where a loss was incurred, between one and twenty years. The Corporation has recorded a full valuation allowance against this asset. If the Corporation, after considering future negative and positive evidence regarding the realization of deferred tax assets, determines that a lesser valuation allowance is warranted, it would record a reduction to income tax expense and the valuation allowance in the period of determination.

NOTE 8

Commitments and Contingencies

The Corporation was contingently liable at August 31, 2015 and May 31, 2015, under repurchase agreements with certain financial institutions providing inventory financing for dealers of its products. Under these arrangements, which are customary in the manufactured housing and recreational vehicle industries, the Corporation agrees to repurchase units in the event of default by the dealer at declining prices over the term of the agreement. The period to potentially repurchase units is between 12 to 24 months.

Item 1.

Financial Statements — (Continued).

Skyline Corporation and Subsidiary Companies

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 8

Commitments and Contingencies — (Continued)

The maximum repurchase liability is the total amount that would be paid upon the default of the Corporation’s independent dealers. The maximum potential repurchase liability for continuing and discontinued operations, without reduction for the resale value of the repurchased units, was approximately $55 million at August 31, 2015 and approximately $60 million at May 31, 2015. At August 31, 2015 and May 31, 2015, the maximum potential repurchase liability, without reduction for the resale value of the repurchased units, associated with discontinued operations was approximately $14 million and $19 million, respectively. As a result of favorable experience regarding repurchased units, which is largely due to the strength of dealers selling the Corporation’s products, the Corporation maintained at August 31, 2015 and May 31, 2015, a $100,000 loss reserve that is a component of other accrued liabilities. The amount of this loss reserve that pertains to discontinued operations is $9,000, and Management believes that the Corporation’s exit from the recreational vehicle business will not further impact the loss reserve.

The risk of loss under these agreements is spread over many dealers and financial institutions. The loss, if any, under these agreements is the difference between the repurchase cost and the resale value of the units. The Corporation estimates the fair value of this commitment considering both the contingent losses and the value of the guarantee. This amount has historically been insignificant. The Corporation believes that any potential loss under the agreements in effect at August 31, 2015 will not be material to its financial position or results of operations.

The amounts of obligations from repurchased units, all of which were from discontinued operations, and incurred net losses for the periods presented are as follows:


	Three-Months Ended August 31,
	2015		2014
	(Unaudited)
	(Dollars in thousands)

Number of units repurchased		—		11

Obligations from units repurchased	$	—	$	203

Net losses on repurchased units	$	—	$	43

The Corporation is a party to various pending legal proceedings in the normal course of business. Management believes that any losses resulting from such proceedings would not have a material adverse effect on the Corporation’s results of operations or financial position.

Item 1.

Financial Statements — (Continued).

Skyline Corporation and Subsidiary Companies

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 8

Commitments and Contingencies — (Continued)

The Corporation utilizes a combination of insurance coverage and self-insurance for certain items, including workers’ compensation and group health benefits. Liabilities for workers’ compensation are recognized for estimated future medical costs and indemnity costs.

Liabilities for group health benefits are recognized for claims incurred but not paid. Insurance reserves are estimated based upon a combination of historical data and actuarial information. Actual results could differ from these estimates.

NOTE 9

Secured Revolving Credit Facility

On March 20, 2015, the Corporation entered into a Loan and Security Agreement (the “Loan Agreement”) with First Business Capital Corp. (“First Business Capital”). Under the Loan Agreement, First Business Capital will provide a secured revolving credit facility to the Corporation for a term of three years, renewable on an annual basis thereafter with each renewal for a successive one-year term. The Corporation may obtain loan advances up to a maximum of $10,000,000 subject to certain collateral-obligation ratios. In addition, loan advances bear interest at 3.75% in excess of The Wall Street Journal’s published one year LIBOR rate, and are secured by substantially all of the Corporation’s assets, now owned or hereafter acquired. Interest is payable monthly, in arrears, and all principal and accrued but unpaid interest is due and payable upon termination of the Loan Agreement.

Also under the Loan Agreement, First Business Capital agreed to issue, or cause to be issued by a bank affiliate or other bank, letters of credit for the account of the Corporation. However, no advances have yet been made in connection with such letters of credit.

As part of the financing, the Company paid First Business Capital a facility fee of $150,000 at closing, and also agreed to pay the following fees to First Business Capital during the term of the facility: (i) annual facility fees of $50,000; (ii) an unused line fee payable in arrears at the rate of 0.25% per annum on the average daily unused amount of the facility during the prior calendar month; (iii) monthly bank assessment fees equal to 0.25% per annum of the maximum loan amount; (iv) certain overadvance fees (currently $1,000 per day) in the event outstanding obligations and letter of credit liabilities under the facility exceeds the amount permitted under the Loan Agreement; and (v) monthly letter of credit fees payable in arrears at the rate of 0.25% on the outstanding amount of letters of credit issued and outstanding during the prior month.

The Loan Agreement contains covenants that limit the ability of the Corporation to, among other things: (i) incur or guarantee other indebtedness; (ii) create or incur liens, mortgages, or security interests on their assets; (iii) expend more than $600,000 per year for the lease, purchase, or acquisition of any asset; (iv) consummate asset sales, acquisitions, or mergers; (v) pay dividends or repurchase stock; (vi) make certain investments; (vii) enter into certain transactions with affiliates; and (viii) amend a Corporation’s articles of incorporation or bylaws.

Item 1.

Financial Statements — (Continued).

Skyline Corporation and Subsidiary Companies

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 9

Secured Revolving Credit Facility — (Continued)

The Loan Agreement also requires compliance with certain financial covenants (in each case calculated as set forth in the Loan Agreement), including: (i) minimum net worth; (ii) minimum net earnings; and (iii) maximum net loss.

If the Corporation defaults in its obligations under the Loan Agreement, then the unpaid balances under the facility will bear interest at 3.0% per annum in excess of the rate that would apply in the absence of a default. Other remedies available to First Business Capital upon an event of default include the right to accelerate the maturity of all obligations, the right to foreclose on and otherwise repossess the collateral securing the obligations, all rights of a secured creditor under applicable law, and all other rights set forth in the Loan Agreement.

The events of default under the Loan Agreement include the following: (i) certain events of bankruptcy and insolvency; (ii) failure to make required payments; (iii) misrepresentations to First Business Capital; (iv) failure to comply with certain covenants and agreements; (v) termination or default under guarantees or subordination agreements; (vi) certain cross-default events; (vii) changes in control of the Corporation; (viii) certain injunctions or attachments are issued against a Corporation’s assets or restricting its business; and (ix) a material adverse change occurs with respect to the Corporation.

During the first quarter of fiscal 2016, the Corporation on two occasions did not meet a covenant requiring a monthly loss not exceeding $500,000. In addition, at least one monthly loss exceeding $500,000 is projected during the third quarter of fiscal 2016; a period where net sales are traditionally at its lowest for the year. The Corporation, however, complied with a covenant specifying that the loss for the first quarter of fiscal 2016 not exceed $1,000,000, as a result of the net income the Corporation earned in the month of August. Subsequent to August 31, 2015, the Corporation received a waiver for the defaults that occurred in the first quarter. In addition, the following modifications were made to the Loan Agreement:

•

A covenant specifying that a monthly loss not exceed $500,000 was modified to $1,500,000 for December 2015, $1,000,000 for January 2016, and $1,000,000 for February, 2016, respectively. Following February 2016, the maximum monthly net loss as noted in the original Loan Agreement returns to $500,000 for March to May 2016, and $250,000 thereafter;

•

The limit for the lease, purchase or acquisition of any asset increased from $600,000 per year to $800,000 per year; and

•

The monthly bank assessment fee increased from .25% per annum to .35% per annum.

NOTE 10

Stock-Based Compensation

On June 25, 2015, the Corporation’s Board of Directors approved the 2015 Stock Incentive Plan (“Plan”), which allows the granting of stock options and other equity awards to directors, officers, employees, and eligible independent contractors of the Corporation and is intended to retain and reward key employees’ performance and efforts as they relate to the Corporation’s long-term objectives and strategic plan. The Plan was subsequently approved by shareholders at the Corporation’s annual shareholder meeting on September 21, 2015. A total of 700,000 shares of Common Stock has been reserved for issuance under the Plan. Stock option awards are granted with an exercise price equal to, or greater than, the market price of the Corporation’s stock at the date of grant and vest over a period of time as determined by the Corporation at the date of grant up to the contractual ten year life of the options, at which time the options expire.

Item 1.

Financial Statements — (Continued).

Skyline Corporation and Subsidiary Companies

Notes to Consolidated Financial Statements (Unaudited) — (Continued)

NOTE 10

Stock-Based Compensation — (Continued)

On June 25, 2015, the Corporation granted 200,000 stock options at an exercise price per share of $3.12 with a five year vesting period. Stock-based compensation expense for the fair value of the stock options vested during the three months ended August 31, 2015 was not significant.

At August 31, 2015, the intrinsic value of all options outstanding approximated $38,000 and had a weighted-average remaining contractual life of ten years. Total unrecognized compensation expense related to stock-based awards outstanding at August 31, 2015, was $421,000 and is to be recorded over a weighted-average life of five years.

The Corporation records all stock-based payments, including grants of stock options, in the consolidated statements of operations and retained earnings based on their fair values at the date of grant.

The Corporation currently uses the Black-Scholes option pricing model to determine the fair value of stock options. The determination of the fair value of stock options on the date of grant using an option-pricing model is affected by stock price as well as assumptions that include expected stock price volatility over the term of the awards, expected life of the awards, risk-free interest rate, and expected dividends.

Stock price volatility is estimated based on historical volatility measured monthly for a time period equal to the expected life of the option ending on the date of grant. The expected life of stock options (estimated average period of time the options will be outstanding) is estimated based on the contractual life or the vesting period of the options. The risk-free interest rate is determined based on observed U.S. Treasury yields in effect at the time of grant for maturities equivalent to the expected life of the options. The expected dividend yield is estimated based on the dividend yield at the time of grant as adjusted for any expected changes during the life of the options.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Overview

The Corporation designs, produces and markets manufactured housing, modular housing and park models to independent dealers, developers, campgrounds and manufactured housing communities located throughout the United States and Canada. To better serve the needs of its dealers, developers, campgrounds and communities, the Corporation has nine manufacturing facilities in eight states. Manufactured housing, modular housing and park models are sold to customers either through floor plan financing with various financial institutions or on a cash basis. While the Corporation maintains production of manufactured housing, modular homes and park models throughout the year, seasonal fluctuations in sales do occur.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations — (Continued).

Manufactured Housing, Modular Housing and Park Model Industry Conditions

Sales and production of manufactured housing and modular housing are affected by winter weather conditions at the Corporation’s northern plants. Park model sales are generally higher in the spring and summer months than in the fall and winter months. Manufactured and modular housing are marketed under a number of trademarks, and are available in a variety of dimensions. Park models are marketed under the following trademarks: “Kensington”; “Shore Park”; “Stone Harbor”; and “Vacation Villa”. Manufactured housing products are built according to standards established by the U.S. Department of Housing and Urban Development. Modular homes are built according to state, provincial or local building codes. Park models are built according to specifications established by the American National Standards Institute, and are intended to provide temporary living accommodations for individuals seeking leisure travel and outdoor recreation.

Sales of manufactured housing, modular housing and park models are affected by the strength of the U.S. economy, interest rate and employment levels, consumer confidence and the availability of wholesale and retail financing. Recent trends regarding calendar year unit shipments of the Corporation’s products and their respective industries are as follows:


Manufactured Housing	2010		2011			2012			2013			2014

Industry		50,066		51,606			54,901			60,210			64,331
Percentage Increase (Decrease)				3.1	%		6.4	%		9.7	%		6.8	%

Corporation		1,894		1,880			1,848			2,205			2,678
Percentage Increase (Decrease)				(.07	%)		(1.7	%)		19.3	%		21.5	%

Modular Housing

*Industry		12,928		12,202			13,290			14,020			13,856
Percentage Increase (Decrease)				(5.6	%)		8.9	%		5.5	%		(1.2	%)

**Corporation		250		347			382			350			477
Percentage Increase (Decrease)				38.8	%		10.1	%		(8.4	%)		36.3	%

Park Models

Industry		3,486		2,761			2,780			3,598			3,781
Percentage Increase (Decrease)				(20.8	%)		0.7	%		29.4	%		5.1	%

Corporation		129		170			138			171			307
Percentage Increase (Decrease)				31.8	%		(18.8	%)		23.9	%		79.5	%

*	Domestic shipment only. Canadian industry shipments not available.

**	Includes domestic and Canadian unit shipments

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations — (Continued).

Discontinued Operations

During September 2014, the Corporation made a strategic decision to exit the recreational vehicle industry in order to focus on its core housing business. As a result, on October 7, 2014 (“Closing Date”), the Corporation completed the sale of certain assets associated with its recreational vehicle segment (the “Transaction”) to Evergreen Recreational Vehicles, LLC (“ERV”). The Transaction was completed pursuant to the terms of an Asset Purchase Agreement entered into between the Corporation and ERV on the Closing Date, as well as the terms of a Real Property Purchase Agreement entered into on that same date between the Corporation and an affiliate of ERV, Skyline RE Holding LLC (which, collectively with ERV, is referred to herein as “Evergreen”).

The assets of the recreational vehicle segment disposed of in the Transaction included, but were not are limited to:

•

A recreational vehicle manufacturing facility consisting of approximately 135,000 square feet situated on 18.2 acres located in Bristol, Indiana;

•

Intellectual properties such as trademarks, licenses, and product designs associated with the recreational vehicle segment;

•

Furniture, machinery, software, and equipment;

•

Raw material and work-in-process inventories;

•

Product designs, plans, and specifications; and

•

Customer purchase orders and contracts, customer lists, and supplier lists.

The amount and nature of the consideration received by the Corporation for the assets sold included:

•

A cash payment of $175,000;

•

Evergreen had the right, but not the obligation, to purchase the raw material inventory at 50 percent of the Corporation’s cost of approximately $1,600,000, which was exercised. Consequently, the Corporation incurred an approximate $910,000 charge in fiscal 2015 reflecting the reduction in realizable value of the inventory. The Corporation received final payment for the inventory in the first quarter of fiscal 2016.

The Bristol facility, and assets other than raw material and finished goods inventories, were sold at approximately net book value.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations — (Continued).

Discontinued Operations — (Continued)

The following table summarizes the results of discontinued operations:


	Three-Months Ended August 31,
	2015		2014
	(Unaudited)
	(Dollars in thousands)
Net Sales	$	21	$	7,825


Operating income (loss) of discontinued operations	$	61	$	(2,564	)

Income (loss) before income taxes		61		(2,564	)
Income tax benefit		—		—

Income (loss) from discontinued operations, net of taxes	$	61	$	(2,564	)

The Corporation’s park model business, which was formerly reported in the recreational vehicle segment, was not disposed as part of the transaction with Evergreen and is now reported in the housing segment because the level of net sales do not warrant separate segment reporting.

The following is a summary of assets and liabilities of discontinued operations at the dates indicated:


	August 31, 2015		May 31, 2015
	(Unaudited)
	(Dollars in thousands)

Current Assets:
Accounts receivable	$	87	$	30
Inventories		50		110

	$	137	$	140


Current Liabilities:
Accounts payable, trade	$	40	$	8
Accrued marketing programs		—		37
Other accrued liabilities		68		59

	$	108	$	104

In accordance with the Asset Purchase Agreement the Corporation is responsible for the payment of product warranty claims associated with recreational vehicles sold by the Corporation. Consequently, this obligation is not included in the liabilities of discontinued operations on the Consolidated Balance Sheets at August 31, 2015 and May 31, 2015.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations — (Continued).

First Quarter Fiscal 2016 Results

The Corporation experienced the following results during the first quarter of fiscal 2016:

•

Net sales from continuing operations were $48,742,000, a 1.7 percent decrease from the $49,604,000 reported in the same period a year ago.

•

Loss from continuing operations for fiscal 2016 was $895,000 as compared to a net loss of $1,209,000 for the same period a year ago.

•

Income from discontinued operations, net of incomes taxes, was $61,000 for fiscal 2016 as compared to a loss of $2,564,000 for the same period a year ago.

•

Net loss was $834,000 as compared to a net loss of $3,773,000 for the first quarter of fiscal 2015. On a per share basis, net loss was $0.10 as compared to $0.45 for the comparable period a year ago.

The Corporation experienced decreased net sales from continuing operations in fiscal 2016 as compared to fiscal 2015, which management believes is the result of a temporary softness in demand from its customers.

Secured Revolving Credit Facility

As part of the financing, the Corporation paid First Business Capital a facility fee of $150,000 at closing, and also agreed to pay the following fees to First Business Capital during the term of the facility: (i) annual facility fees of $50,000; (ii) an unused line fee payable in arrears at the rate of 0.25% per annum on the average daily unused amount of the facility during the prior calendar month; (iii) monthly bank assessment fees equal to 0.25% per annum of the maximum loan amount; (iv) certain overadvance fees (currently $1,000 per day) in the event outstanding obligations and letter of credit liabilities under the facility exceeds the amount permitted under the Loan Agreement; and (v) monthly letter of credit fees payable in arrears at the rate of 0.25% on the outstanding amount of letters of credit issued and outstanding during the prior month.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations — (Continued).

Secured Revolving Credit Facility — (Continued)

•

The limit for the lease, purchase or acquisition of any asset increased from $600,000 per year to $800,000 per year; and

•

The monthly bank assessment fee increased from .25% per annum to .35% per annum.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations — (Continued).

Management’s Plan

•

Divest Non-Core Assets: Management is focused on driving profitable growth in the Corporation’s core housing business.

Progress:

In addition to the sale of the RV business, the Corporation sold an idle housing facility in fiscal 2015. A buyer is also being sought for an undeveloped parcel of land the Corporation owns.

•

Increase Sales:

•

Working to increase sales to manufactured housing dealers by gaining a greater presence on their properties.

•

Continuing to work with manufactured housing communities to identify opportunities for increasing sales.

•

Progress:

Manufactured housing net sales in the first quarter of fiscal 2016 decreased 0.9 percent compared to the first quarter of fiscal 2015. Management believes the decrease is attributable of a temporary softness in demand among the Corporation’s manufactured housing dealers and communities.

Park model net sales in the first quarter of fiscal 2016 decreased 21.8 percent compared to the first quarter of fiscal 2015. Management also believes the decrease is due to a temporary softness in demand among dealers, communities and campgrounds.

Modular housing net sales for the first quarter of fiscal 2016 increased 1.6 percent as compared to the first quarter of fiscal 2015.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations — (Continued).

Management’s Plan — (Continued)

•

Decrease Production Costs: The Corporation continues to streamline costs with a focus on maximizing efficiencies and resources.

Progress:

The Corporation’s Purchasing Department has obtained significant price concessions from certain suppliers.

•

Raise Additional Capital:

Progress:

Outstanding loan advances under the facility will bear interest at 3.75% in excess of The Wall Street Journal’s published one year LIBOR rate. The facility will be used to support the Company’s working capital needs and other general corporate purposes, and is secured by substantially all of the Corporation’s assets. Additional information regarding the revolving credit facility is described in “Secured Revolving Credit Facility.”

Management believes that it will be able to execute their strategies as noted above. Management is prepared to modify these strategies as appropriate to meet prevailing business and market conditions.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations — (Continued).

Results of Operations – Three-Month Period Ended August 31, 2015 Compared to Three-Month Period Ended August 31, 2014

Net Sales and Unit Shipments


	August 31, 2015		Percent		August 31, 2014		Percent		Increase (Decrease)
	(Unaudited)
	(Dollars in thousands)
Net Sales
Manufactured Housing	$	39,931		81.9	$	40,305		81.2	$	(374	)
Modular Housing		6,683		13.7		6,579		13.3		104
Park Models		2,128		4.4		2,720		5.5		(592	)


Total Net Sales	$	48,742		100.0	$	49,604		100.0	$	(862	)

Unit Shipments
Manufactured Housing		730		82.1		776		81.8		(46	)
Modular Housing		104		11.7		102		10.7		2
Park Models		55		6.2		71		7.5		(16	)


Total Unit Shipments		889		100.0		949		100.0		(60	)

Net sales decreased 1.7 percent. The decrease was comprised of a 0.9 percent decrease in manufactured housing net sales, a 1.6 percent increase in modular housing net sales, and a 21.8 percent decrease in park model net sales.

For the following three-month periods, the percentage increase or decrease in unit shipments from the comparable period last year are as follows:


	August 31, 2015			July 31, 2015
	Skyline			Industry
Manufactured Housing		(5.9	%)		5.4%
Modular Housing		2.0	%		Not available
Park Models		(22.5	%)		(6.8%)

Total		(6.3	%)		Not applicable

Management believes the lag in manufactured housing and park model unit shipments relative to respective industries is attributable to temporary softness in demand among the Corporation’s dealers, communities and campgrounds.

Compared to the prior year, the average net sales price for manufactured housing and park models increased 5.3 percent and 1.0 percent, respectively.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations — (Continued).

Results of Operations – Three-Month Period Ended August 31, 2015 Compared to Three-Month Period Ended August 31, 2014 — (Continued)

Net Sales and Unit Shipments — (Continued)

The increase primarily results from the sale of homes and park models with larger square footage and greater amenities. The average net sales price for modular housing is relatively unchanged.

Cost of Sales


	August 31, 2015		Percent of Net Sales		August 31, 2014		Percent of Net Sales		Decrease
	(Unaudited)
	(Dollars in Thousands)
Cost of Sales	$	44,099		90.5	$	45,563		91.9	$	1,464

Cost of sales, in dollars, decreased as a result of decreased net sales. As a percentage of net sales, cost of sales decreased due to improvements in material cost.

Selling and Administrative Expenses


	August 31, 2015		Percent of Net Sales		August 31, 2014		Percent of Net Sales		Increase
	(Unaudited)
	(Dollars in thousands)
Selling and administrative expenses	$	5,459		11.2	$	5,180		10.4	$	279

Selling and administrative expenses increased primarily as a result of increased salaries, wages, and increased marketing costs. As a percentage of net sales, selling and administrative expenses rose due to the aforementioned cost increases.

Interest Expense

Interest expense of $56,000 and $94,000 for the first quarter of fiscal 2016 and 2015, respectively, related to interest on life insurance policy loans. In the first quarter of fiscal 2016, the Corporation incurred $19,000 of amortization of debt financing costs, and $4,000 of interest expense associated with the secured revolving credit facility.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations — (Continued).

Liquidity and Capital Resources


	August 31, 2015		May 31, 2015		Increase (Decrease)
	(Unaudited)
	(Dollars in thousands)
Cash	$	6,672	$	4,995	$	1,677
Current assets, exclusive of cash	$	25,254	$	26,586	$	(1,332	)
Current liabilities	$	16,205	$	15,117	$	1,088
Working capital	$	15,721	$	16,464	$	(743	)

As noted in the Consolidated Statements of Cash Flows, cash increased due to cash flow from operating activities increasing $1,755,000 and cash flow from investing activities decreasing $78,000. Current assets, exclusive of cash, decreased mainly due to a $3,137,000 decrease in accounts receivable partially offset by a $1,429,000 increase in inventories. Accounts receivable declined as a result of the timing of payments from dealers and communities at August 31, 2015 as compared to May 31, 2015. Inventories increased due to a greater number of display homes and homes awaiting shipment to dealers and communities at August 31, 2015 as compared to May 31, 2015. Current liabilities increased primarily as a result of accruals for an ongoing marketing program for manufactured housing dealers. Accruals are made monthly, and the majority of payments are made during the Corporation’s fourth fiscal quarter.

Capital expenditures totaled $70,000 for the first quarter of fiscal 2016 as compared to $26,000 for the first quarter of fiscal 2015.

The Corporation anticipates that cash needs associated with discontinued operations will be insignificant in future periods since it will not be funding significant operating losses. As previously referenced, the Corporation has current assets of discontinued operations of $137,000, current liabilities of discontinued operations of $108,000, and an estimated $409,000 of current warranty obligations associated with the recreational vehicle segment that is reported in continuing obligations.

As noted in “Management’s Plan”, the Corporation is aggressively pursuing strategies in order to increase sales and decrease costs. Management believes that it will be able to execute their strategies as noted above. Management is prepared to modify these strategies as appropriate to meet prevailing business and market conditions. The Management Plan also references a secured revolving credit facility that the Corporation entered during fiscal 2015.

Impact of Inflation

The consolidated financial statements included in this report reflect transactions in the dollar values in which they were incurred and, therefore, do not attempt to measure the impact of inflation. On a long-term basis, the Corporation has adjusted selling prices in reaction to changing costs due to inflation.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations — (Continued).

Forward Looking Information

The preceding Management’s Discussion and Analysis contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are also made elsewhere in this report. The Corporation publishes other forward-looking statements from time to time. Statements that are not historical in nature, including those containing words such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions, are intended to identify forward-looking statements. We caution you to be aware of the speculative nature of “forward-looking statements.” Although these statements reflect the Corporation’s good faith belief based on current expectations, estimates, and projections about (among other things) the industry and the markets in which the Corporation operates, they are not guarantees of future performance. Whether actual results will conform to management’s expectations and predictions is subject to a number of known and unknown risks and uncertainties, including the following:

•

Consumer confidence and economic uncertainty;

•

Availability of wholesale and retail financing;

•

The health of the U.S. housing market as a whole;

•

Federal, state and local regulations pertaining to the manufactured housing industry;

•

The cyclical nature of the manufactured housing and park model industries;

•

General or seasonal weather conditions affecting sales;

•

Potential impact of natural disasters on sales and raw material costs;

•

Potential periodic inventory adjustments by independent retailers;

•

Interest rate levels;

•

Impact of inflation;

•

Impact of fuel and labor costs;

•

Competitive pressures on pricing and promotional costs;

•

Catastrophic events impacting insurance costs;

•

The availability of insurance coverage for various risks to the Corporation;

•

Market demographics; and

•

Management’s ability to attract and retain executive officers and key personnel.

Consequently, all of the Corporation’s forward-looking statements are qualified by these cautionary statements.

The Corporation may not realize the results anticipated by management or, even if the Corporation substantially realizes the results management anticipates, the results may not have the consequences to, or effects on, the Corporation or its business or operations that management expects. Such differences may be material. Except as required by applicable laws, the Corporation does not intend to publish updates or revisions of any forward-looking statements management makes to reflect new information, future events or otherwise.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4.

Controls and Procedures.

Management’s conclusions Regarding Effectiveness of Disclosure Controls and Procedures

As of August 31, 2015 the Corporation conducted an evaluation, under the supervision and participation of management including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Corporation’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”)). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures are effective for the period ended August 31, 2015 to ensure that material information required to be disclosed by the Corporation in the reports that are filed or submitted under the Exchange Act is recorded, processed, summarized, and reported as and when required.

Changes in Internal Control over Financial Reporting

No change in the Corporation’s internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f)) occurred during the first quarter ended August 31, 2015 that materially affected, or is reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings.

Item 1A.

Risk Factors.

There were no material changes in the risk factors disclosed in Item 1A of the Corporation’s Form 10-K for the year ended May 31, 2015.

Item 5.

Other Information.

On October 14, 2015, the Corporation and its wholly-owned subsidiaries Homette Corporation (“Homette”), Layton Homes Corp. (“Layton”), and Skyline Homes, Inc. (“Homes,” and together with the Corporation, Homette, and Layton, the “Borrowers” and each a “Borrower”) entered into a First Amendment to Loan and Security Agreement and Waiver of Defaults (the “Amendment”) with First Business Capital Corp. (“First Business Capital”) which modifies the Loan and Security Agreement executed between the Borrowers and First Business Capital on March 20, 2015. The material amendments to the Loan Agreement included in the Amendment are as follows:

•

First Business Capital waived certain defaults under Section 7.25 of the Loan Agreement which occurred during the first quarter of fiscal 2016. The waived defaults related to the violation of two financial covenants for June and July 2015 requiring a monthly stop loss of $500,000.

•

Certain financial covenants in Section 7.25 of the Loan Agreement were amended to increase the allowable maximum monthly net loss from $500,000 to $1,500,000 for December 2015, $1,000,000 for January 2016, and $1,000,000 for February, 2016, respectively. Following February 2016, the maximum monthly net loss as noted in the original Loan Agreement returns to $500,000 for March to May 2016, and $250,000 thereafter.

•

Section 8.3 of the Loan Agreement was amended to increase the limit for the lease, purchase or acquisition of any asset from $600,000 per year to $800,000 per year.

•

The monthly bank assessment fee increased from .25% per annum to .35% per annum.

The Amendment amends certain other provisions of the Loan Agreement as set forth therein.

The foregoing description of the Amendment is a summary and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached as Exhibit 10.3 to this Quarterly Report on Form 10-Q and incorporated by reference herein, as well as the full text of the Loan Agreement, a copy of which is attached as Exhibit 10.1 to the Current Report on Form 8-K filed by the Corporation with the SEC on March 26, 2015 and incorporated by reference herein.

PART II — OTHER INFORMATION (CONTINUED)

Item 6.

Exhibits.

Exhibits (Numbered according to Item 601 of Regulation S-K, Exhibit Table)


	3.1			Amended and Restated By-Laws of Skyline Corporation (Amended and Restated as of June 25, 2015) (incorporated by reference to Exhibit 3.1 of the registrant’s Current Report on Form 8-K filed on June 30, 2015).

	10.1			Executive Employment Agreement dated June 25, 2015 between Richard Florea and Skyline Corporation (incorporated by reference to Exhibit 10.2 of the registrant’s Current Report on Form 8-K filed on June 30, 2015).

	10.2			Skyline Corporation 2015 Stock Incentive Plan.

	10.3			First Amendment to Loan and Security Agreement and Waiver of Defaults dated October 14, 2015 by and among Skyline Corporation, Homette Corporation, Layton Homes Corp., Skyline Homes, Inc., and First Business Capital Corp.

	31.1			Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Rule 13a-14(a)/15d-14(a).

	31.2			Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Rule 13a-14(a)/15d-14(a).

	32			Certification of Periodic Financial Reports Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

	101			The following materials from the Corporation’s Form 10-Q for the fiscal quarter ended August 31, 2015 formatted in an XBRL Interactive Data File: (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations and Retained Earnings; (iii) Consolidated Statements of Cash Flows; and (iv) Notes to Consolidated Financial Statements, with detailed tagging of notes and financial statement schedules.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


				SKYLINE CORPORATION

DATE: October 15, 2015				/s/ Jon S. Pilarski
				Jon S. Pilarski
				Chief Financial Officer


DATE: October 15, 2015				/s/ Martin R. Fransted
				Martin R. Fransted
				Controller

EX-10.2 2 d94841dex102.htm EX-10.2 EX-10.2

EXHIBIT (10.2)

SKYLINE CORPORATION

2015 STOCK INCENTIVE PLAN

Section 1. Plan Purpose. The purpose of the SKYLINE CORPORATION 2015 STOCK INCENTIVE PLAN (the “Plan”) is to promote the long-term interests of Skyline Corporation (the “Company”) by providing certain key employees, directors and independent contractors of the Company with an opportunity to acquire shares of common stock of the Company, $.0277 par value (“Shares”, and each a “Share”), or other Awards (defined below), thereby providing them with an increased incentive to work for the success of the Company and to enable the Company to attract and retain capable employees, directors and independent contractors.

Section 2. Definitions. In addition to terms defined elsewhere in this Plan, the following definitions are applicable to this Plan:

“Award” means any award made under this Plan, including the grant of an ISO, an NQSO, Restricted Stock, Restricted Stock Unit, Stock Appreciation Rights, Performance Award, or any combination of the foregoing pursuant to the terms of this Plan.

“Award Agreement” means the written agreement setting forth the terms and provisions applicable to an Award.

“Board” means the Board of Directors of the Company.

“Cause” means, with respect to any Participant: (i) the conviction of, or admission of guilt or plea of no contest by, the Participant in a criminal proceeding with respect to any crime, whether or not involving the Company, which constitutes a felony in the jurisdiction involved; (ii) the embezzlement or misappropriation of property of the Company or any of its affiliates, or any other act involving fraud or dishonesty with respect to the Company or any of its affiliates; (iii) habitual alcohol or substance abuse; (iv) the Participant’s failure to perform to the reasonable satisfaction of the Board the Participant’s duties, responsibilities and/or services for the Company assigned or delegated to the Participant, which failure, in the reasonable judgment of the Board, in its sole discretion, continues for a period of ten (10) days after written notice thereof is given to the Participant by the Board; (v) the Participant’s material breach and/or non-compliance by the Participant of/with any of the Participant’s employment obligations (if applicable) or obligations as an independent contractor to the Company (if applicable), which breach, in the reasonable judgment of the Board, in its sole discretion, is not or cannot reasonably be expected to be cured promptly, after written notice given to the Participant by the Board; (vi) with respect to a Participant who is a member of the Board, the removal of such Participant from the Board for any reason that the Board or the shareholders determine to be actions or omissions by such Participant that were materially detrimental to the Company and/or constituted a material failure by such Participant to perform his or her duties as a member of the Board; or (vii) any breach by the Participant of his or her statutory, common law or contractual duties not to compete with the Company or any of its affiliates or not to disclose or reveal confidential information or trade secrets of the Company or any of its affiliates. If a Participant is party to a written employment agreement with Company (an “Employment Agreement”) that provides a definition of Cause different from the above, the definition of Cause in the Employment Agreement shall apply with respect to Participant for purposes of the Plan.

“Change of Control” means (i) the consummation of a plan of merger or consolidation of Company with any other corporation or entity (other than a corporation or entity directly or indirectly controlled by the Company) as a result of which the holders of the voting stock of the Company receive less than fifty percent (50%) of the voting stock or equity of the surviving or resulting corporation or entity; (ii) the acquisition by any person or entity (or more than one person or entity acting as a group) in any one (1) year period of the beneficial ownership of more than fifty percent (50%) of the combined voting power of the then outstanding voting stock of Company; provided, that any acquisition by an employee, or group composed entirely of employees, any qualified retirement plan, or any other employee benefit plan (or related trust) sponsored or maintained by Company or any entity controlled by Company shall not constitute a Change in Control; or (iii) the sale or other disposition of all or substantially all the assets of Company (other than as security for the obligations of the Company) to a person or entity (or more than one person or entity acting as a group) which is not controlled by Company or by the persons or entities controlling Company immediately prior thereto.

“Code” means the Internal Revenue Code of 1986, as amended, and interpretive rules and regulations thereunder.

“Committee” means the Compensation Committee of the Board, which consists of members of the Board who are each a “non-employee director” as provided under Rule 16b-3 of the Exchange Act, an “outside director” as provided under Code Section 162(m), and an “independent director” under the rules of the NYSE MKT or any other securities exchange or inter-dealer quotation system on which the Shares are listed or quoted. The members of the Committee shall be appointed by the Board.

“Date of Grant” means the date on which an Award is granted, as determined by the Committee.

“Disability” means the total and permanent disability of an individual as determined by the Board which renders the individual unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months.

“Effective Date” shall have the meaning set forth in Section 17 of this Plan.

“Employee” means any person who is an employee of the Company as determined pursuant to the Code.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“Exercise Price” means the price per Share at which Shares subject to an Option may be purchased upon exercise of the Option (which shall never be less than Fair Market Value on the Date of Grant).

“Fair Market Value” means the closing price of a Share on the trading day of the Date of Grant (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred) on the principal exchange on which the Shares are listed for trading, or if the Shares are not listed for trading on any exchange, the mean between the closing high bid and low asked quotations of one Share on the date in question as reported by any quotation system on which trading prices for the Shares are quoted, or, if no such quotations are available, the fair market value on such date of one Share, as determined by the Committee in good faith by the reasonable application of a reasonable valuation method which meets the standards set forth in Section 409A of the Code or Section 422 of the Code, as applicable.

“ISO” means an Option that meets the requirements of Code Section 422.

“NQSO” means an Option that is not an ISO.

“Option” means any option to purchase Shares granted pursuant to the Plan.

“Participant” means an Employee, member of the Board or independent contractor of the Company selected by the Committee to receive an Award.

“Performance Award” means the right to receive a payment (measured by (i) the Fair Market Value of a specified number of Shares at the end of a designated period, (ii) the increase in the Fair Market Value of a specified number of Shares during a designated period or (iii) a fixed cash amount payable at the end of a designated period) contingent upon the extent to which one or more Performance Goals have been met during the designated period. Payment may be made in cash, in Shares or a combination of the two, as the Committee determines.

“Performance Goals” means any goals the Committee establishes with respect to the Company, its business, or the Participant.

“Restricted Stock” means a Share that is subject to a risk of forfeiture or restrictions on transfer, or both a risk of forfeiture and restrictions on transfer.

“Restricted Stock Unit” means the right to receive a payment equal to the Fair Market Value of one Share. Payment may be made in cash, in Shares or a combination of the two, as the Committee determines.

“Rule 16b-3” means Rule 16b-3 as promulgated by the Securities and Exchange Commission under Section 16(b) of the Exchange Act, as such rule may be amended from time to time, and any successor rule.

“Stock Appreciation Rights” mean Awards granted pursuant to Section 7.

“Termination Date” means, with respect to any Participant, the date of such Participant’s Termination of Service.

“Termination of Service” means (a) with respect to a Participant who is an Employee, the termination of the employment relationship between the Employee and the Company and each of its affiliates, (b) with respect to a Participant who is a member of the Board, the Participant’s removal or resignation from the Board or the failure of such Participant to be re-elected to the Board, and (c) with respect to a Participant who is an independent contractor of the Company, the termination or expiration of the independent contractor engagement between the Participant and the Company and each of its affiliates.

Section 3. Shares Subject to Plan. Subject to adjustment by the operation of Section 9 of this Plan, the maximum number of Shares that may be issued pursuant to Awards under this Plan, whether such Awards be with respect to ISOs or NQSOs or Restricted Stock or any combination of them, is Seven Hundred Thousand (700,000), which may include authorized and unissued Shares of

the Company or Shares reacquired by the Company. Shares that are withheld to satisfy payment of the Exercise Price or any tax withholding obligation, and any Shares subject to an Award that expires, terminates, is forfeited, or is surrendered for cancellation, may be subject to new Awards under this Plan.

Section 4. Administration of the Plan. The Plan shall be administered by the Committee. Except as limited by the express provisions of the Plan, the Committee shall have sole and complete authority and discretion to (a) select Participants and grant Awards; (b) determine the number of Shares to be subject to types of Awards generally, as well as to individual Awards granted under the Plan; (c) determine the terms and conditions upon which Awards shall be granted under the Plan; (d) prescribe the form and terms of instruments evidencing such grants; (e) establish from time to time procedures and regulations for the administration of the Plan; (f) interpret the Plan; (g) determine whether an Award of an Option is an ISO or NQSO; and (h) make all determinations deemed necessary or advisable for the administration of the Plan. The Committee shall, without limitation, have authority to accelerate the vesting of Awards made hereunder and to make amendments or modifications of the terms and conditions (including exercisability of the Awards) relating to the effect of termination of employment or services of a Participant. All determinations and decisions made by the Committee pursuant to the provisions of the Plan shall be final, conclusive, and binding on all persons, and shall be given the maximum deference permitted by law.

Section 5. General Provisions Regarding Awards and Award Agreement.

5.1 Award Agreement. No person shall have any rights under any Award granted under the Plan unless and until the Company and the Participant to whom such Award shall have been granted shall have executed and delivered an Award Agreement or received any other Award acknowledgment authorized by the Committee expressly granting the Award to such person and containing provisions setting forth the terms of the Award. Award Agreements with respect to Options shall specify the Exercise Price, the time or times at which an Option will vest or become exercisable, the number of Shares to which the Option pertains, and whether the Option is intended to be an ISO or NQSO. If there is any conflict between the provisions of an Award Agreement and the terms of the Plan, the terms of the Plan shall control.

5.2 Awards May Be Granted Separately or Together; No Limitations on Other Awards. Awards may be granted either alone or in addition to, in tandem with, or in substitution for any other Award or any award granted under any other plan of the Company or any Affiliate, and the terms and conditions of an Award need not be the same with respect to each Participant.

5.3. Other Terms and Conditions. The grant of any Award may also be subject to other provisions (whether or not applicable to the Award granted to any other Participant) as the Committee determines appropriate, including, without limitation, provisions for:

5.3.1 Deferral. One or more means to enable Participants to defer the delivery of Shares or recognition of taxable income relating to Awards or cash payments derived from the Awards on such terms and conditions as the Committee determines, including, by way of example, the form and manner of the deferral election, the treatment of dividends paid on the Shares during the deferral period or a means for providing a return to a Participant on amounts deferred, and the permitted distribution dates or events (provided that no such deferral means may result in an increase in the number of Shares issuable under this Plan); and

5.3.2. Dividends. Giving the Participant the right to receive dividend payments, dividend equivalents or other distributions with respect to Awards that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on, Shares; provided, however, that any such dividends, dividend equivalents or distributions shall be held in the custody of the Company and shall be subject to the same restrictions on transferability and forfeitability that apply to the corresponding Awards; and provided further that neither dividend payments nor dividend equivalent payments shall be made with respect to the Shares subject to Options or Stock Appreciation Rights.

Section 6. Award of Options. The Committee, in its sole discretion, may grant (a) ISOs and/or NQSOs to those Employees of the Company who, in the opinion of the Committee, have the capacity for contributing in a substantial measure to the successful performance of the Company, and (b) NQSOs to one or more members of the Board and/or independent contractors of the Company who, in the opinion of the Committee, contribute in a substantial measure to the successful performance of the Company.

6.1. Substitute Options. In the event the Company consummates a transaction described in Section 424(a) of the Code, persons who become Employees on account of such transaction may be granted Options in substitution for options granted by the former employer or entity. The Committee, in its sole discretion and consistent with Section 424(a) of the Code, shall determine the Exercise Price of the substitute Options.

6.2. Termination of Options. An Option shall terminate on, and may not be exercised after, the tenth (10^th) anniversary of the Date of Grant; provided, however, that an Option will terminate earlier than such tenth anniversary (but under no circumstances shall it terminate later than such tenth anniversary) in the event of any of the following:

6.2.1. ISOs. An ISO shall terminate earlier in accordance with Section 10 of this Plan.

6.2.2. Award Agreement. The Option may terminate earlier in accordance with the terms of the applicable Award Agreement.

6.2.3. Termination of Service. Except as otherwise provided in the Agreement, or in an Employment Agreement, if a Participant has a Termination of Service for any reason, then (i) any Option or portion thereof that is unvested (or otherwise unexercisable) as of the Termination Date shall terminate as of the Termination Date, and (ii) any Option or portion thereof that has previously vested (and is otherwise exercisable) as of the Termination Date shall terminate on the date that is ninety (90) days after the Termination Date; provided, however, if the Termination of Service is for Cause any Option or portion thereof that has previously vested (and is otherwise exercisable) shall terminate as of the Termination Date; provided, further, however, that if the Participant should die or suffer a Disability during such ninety-day period, and the applicable Award Agreement does not provide otherwise, such Option or portion thereof shall terminate on the date that is twelve (12) months after the Termination Date.

6.3. Exercise of Options.

6.3.1. Exercise Period. Subject to any vesting provisions or other conditions, restrictions or limitations regarding the exercise of an Option as determined by the Committee, an Option may be exercised, in whole or in part, at any time beginning on the Date of Grant and ending on the date the Option expires or otherwise terminates in accordance with the Award Agreement and this Plan.

6.3.2. Parties Who May Exercise. During the lifetime of a Participant to whom an Option was granted, such Option may be exercised only by the Participant. After the death of the Participant, but prior to the termination of the Option, such Option may be exercised by the Participant’s legal representative.

6.3.3. Notice and Payment. To exercise an Option, the Participant must give written notice to the Company (which shall specify the number of Shares with respect to which the Participant elects to exercise the Option) together with full payment of the Exercise Price, plus the amount of taxes (if any) required by the Company to be withheld pursuant to Section 15 hereof. The date of exercise shall be the date on which the notice and payment are received by the Company. Payment of the Exercise Price shall be made in cash (including check, bank draft, or money order), or if permitted by the Committee in its sole discretion, (i) by requesting that the Company withhold Shares issuable upon exercise of the Option having an aggregate Fair Market Value on the date of exercise equal to the aggregate Exercise Price, or (ii) through a combination of cash and such Shares.

6.3.4. Settlement Following Death of Participant. Following the death of any Participant to whom an Option was granted under this Plan, the Board, as an alternative means of settlement of such Option, may elect to pay to the person properly exercising such Option the amount by which the Fair Market Value per Share on the date of exercise exceeds the Exercise Price, multiplied by the number of Shares with respect to which such Option is properly exercised. Any such settlement of an Option shall be considered an exercise of such Option for all purposes of the applicable Award Agreement and this Plan.

6.4. Additional Provisions With Respect to ISOs. Notwithstanding any contrary provision herein or in any Award Agreement, ISOs shall be subject to the following:

6.4.1. Eligible Participants. ISOs may be granted only to persons who are Employees as of the Date of Grant.

6.4.2. Limit on the Fair Market Value of Shares. The aggregate Fair Market Value of the Shares (determined as of the Date of Grant) with respect to which ISOs are exercisable for the first time by any Employee during any calendar year (under all plans of the Company including this Plan) shall not exceed $100,000.

6.4.3. Minimum Exercise Price. The Exercise Price for Shares issuable upon the exercise of ISOs awarded under this Plan may not be less than the Fair Market Value of the Shares on the Date of Grant; provided, however, that the Exercise Price may not be less than 110% of the Fair Market Value of the Shares on the Date of Grant with respect to ISOs granted to any Employee who (together with persons whose stock ownership is attributed to the Employee pursuant to Section 424(d) of the Code), owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company on the Date of Grant.

6.4.4. Termination of Service. No ISO may be exercised more than ninety (90) days after the Employee’s Termination of Service for any reason; provided, however, that if an Employee has a Termination of Service as a result of his or her Disability or death, then such ISO may not be exercised more than twelve (12) months after the Employee’s Disability or death.

6.4.5. Maximum Term. No ISO may be exercised after the expiration of ten (10) years after the Date of Grant; provided, however, that if the ISO is granted to an Employee who (together with persons whose stock ownership is attributed to the Employee pursuant to Section 424(d) of the Code), owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, the ISO may not be exercised after the expiration of five (5) years after the Date of Grant.

6.4.6. Transfer Restrictions. No ISO shall be transferable by the Participant other than by will or the laws of descent and distribution.

6.4.7. Parties Who May Exercise. No ISO shall be exercisable during the Participant’s lifetime by anyone other than the Participant.

6.4.8. Shares. With respect to ISOs, any Shares received upon exercise of the ISO generally are not eligible for tax treatment under Section 422 of the Code if the Shares are sold or otherwise transferred prior to the later of (i) two (2) years from the Date of Grant of the ISO, or (ii) one (1) year from the date of exercise of the ISO.

6.4.9. Participant Responsibilities. If a Participant shall dispose of Stock acquired through exercise of an ISO within either (i) two (2) years after the date the Option is granted or (ii) one (1) year after the date the Option is exercised (i.e., in a disqualifying disposition), such Participant shall notify the Company within seven (7) days of the date of such disqualifying disposition.

Unless otherwise provided by the Committee in an Award Agreement, to the extent that an Option does not qualify as an ISO because of its provisions, the time and manner of its exercise, or otherwise, the Option or portion thereof which does not so qualify shall constitute a separate NQSO.

Section 7. Stock Appreciation Rights. The Committee is hereby authorized to grant Stock Appreciation Rights to Employees and non-Employee Directors, in such amounts as it shall determine. Subject to the terms of the Plan and any applicable Award Agreement, a Stock Appreciation Right granted under the Plan shall confer on the holder thereof a right to receive, upon exercise thereof, the excess of (i) the Fair Market Value of one Share on the date of exercise over (ii) the grant price of the Stock Appreciation Right as specified by the Committee, which shall not be less than 100% of the Fair Market Value of one Share on the date of grant of the Stock Appreciation Right. The Committee shall determine all other terms and conditions of a Stock Appreciation Right, including but not limited to the term (which shall not be longer than ten years after the date the Stock Appreciation Right is granted), methods of exercise, and methods of settlement (including whether Stock Appreciation Rights will be settled in cash, Shares, other securities, other Awards, or other property, or any combination of them). The Committee may impose such conditions or restrictions on the exercise of any Stock Appreciation Right as it may deem appropriate.

Section 8. Grant of Other Awards (e.g.; Performance Awards, Restricted Stock, Restricted Stock Units). Other Awards, valued in whole or in part by reference to, or otherwise based on, Shares, including but not limited to Performance Awards, shares of Restricted Stock, and Restricted Stock Units, may be granted either alone or in addition to or in conjunction with other Awards for such consideration, if any, and in such amounts and having such terms and conditions as the Committee may determine, subject to the following limitations:

8.1. Pricing. Any Award that provides for purchase rights with respect to Shares shall be priced at no less than 100% of Fair Market Value on the grant date of the Award.

8.2. Vesting. In the case of any Award that vests, or that is realized, upon the achievement of one or more Performance Goals, the Award must have a performance period of at least one (1) fiscal year of the Company; provided that the Committee may provide that the Award will be deemed earned in whole or in part upon the Participant’s termination of employment as a result of death or disability, or upon a Change of Control, and with respect to Awards that are not intended to qualify as performance-based compensation under Section 162(m) of the Code, upon the Participant’s retirement.

8.3. Limit on Awards. The total number of Awards made under this Section that do not constitute Performance Awards, Restricted Stock or Restricted Stock Units and that are valued by reference to the full value of Shares shall be limited to not more than 100% of the total number of Shares available under the Plan pursuant to Section 3.

8.4. Participant Limits. Subject to Section 9, the following limits apply to Awards under this Section:

8.4.1. Restricted Stock or Restricted Stock Units. No Participant may be granted Awards under this Section that could result in such Participant receiving Awards of Restricted Stock or Restricted Stock Units relating to more than 100,000 shares during any fiscal year of the Company;

8.4.2. Performance Award. No Participant may be granted Awards under this Section that could result in such Participant receiving, with respect to a Performance Award, payment of more than $500,000 in respect of any performance periods beginning in the same fiscal year of the Company; or

8.4.3. Other Share-Based Awards. No Participant may be granted Awards under this Section that could result in such Participant receiving other Share-based Awards with an aggregate Fair Market Value of more than $500,000, determined as of the date of grant, during any fiscal year of the Company.

8.5. Notice of Election. If a Participant elects, under Code Section 83, to be taxed at the time an Award of Restricted Stock (or other property subject to such Code section) is made, rather than at the time the Award vests, such Participant shall notify the Company within seven (7) days of the date the Restricted Stock subject to the election is awarded.

Section 9. Adjustments Upon Changes in Capitalization. In the event of any change in the outstanding shares of the Company’s common stock (of any class) subsequent to the Effective Date of this Plan by reason of any recapitalization, stock split, stock dividend, combination of shares, or change in the corporate structure or capital structure of the Company, or by reason of any merger, consolidation, share exchange, or similar statutory transaction other than a Change of Control (which

is governed by Section 10), the maximum aggregate number and class of Shares as to which Awards may be granted under the Plan, and the number and class of Shares and the Exercise Price of Options with respect to Awards previously granted under the Plan, shall be adjusted by the Committee, in its sole discretion, in order to preclude, to the extent practicable, the enlargement or dilution of the rights and benefits incident to such Awards and to preserve the availability of Shares for future grants under the Plan. Any determination by the Committee with respect to the foregoing matters shall be final, conclusive, and binding on all Participants.

Section 10. Change of Control. Except as otherwise specifically provided in the Award Agreement, in the event of a Change of Control, the Board may, in its sole discretion, provide for the treatment of Awards in any manner its deems appropriate, including substituting for any and all outstanding Awards under this Plan such alternative consideration as it in good faith may determine to be equitable in the circumstances and may require in connection therewith the surrender of all Awards so replaced or the acceleration of the vesting of any Option or the provision of the same consideration, calculated on a per Share basis, as the holders of Shares were entitled to receive as if the Options were exercised. The adjustments contained in this Section and the manner of application of its provisions shall be determined solely by the Board.

Section 11. Assignments and Transfers of Awards. Except as expressly authorized by the Committee in the Award Agreement or as set forth in this Section, Awards may not be assigned, encumbered, hypothecated, or otherwise transferred other than by will or the laws of descent and distribution, or pursuant to a qualified domestic relations order (as defined under the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the regulations thereunder). The Company shall not be liable to any person for honoring the exercise of an Option granted to a deceased Participant by the person or persons the Company shall have determined in good faith to have acquired the Option.

Section 12. Participant Rights Limited. No Employee, member of the Board or independent contractor of the Company shall have a right to be selected as a Participant or, having been so selected, to be selected again as a Participant. No Employee, member of the Board or independent contractor shall have any claim or right to be granted an Award under this Plan or under any other incentive or similar plan of the Company or any of its affiliates. Neither this Plan nor any action taken pursuant to this Plan shall be construed as providing a contract of employment for any term or giving any person any right to be retained in the employ or service of the Company.

Section 13. Shareholder Rights. No Participant or other person shall have any of the rights or privileges of a shareholder of the Company with respect to any Shares issuable pursuant to an Award unless and until certificates representing the Shares shall have been issued, recorded on the records of the Company or its transfer agents or registrars and delivered to the Participant or other person entitled to the Shares.

Section 14. Compliance With Laws and Regulations. If, at the time Shares are to be delivered under this Plan, the class of stock of which such Shares are a part is listed or traded on any stock exchange, quotation, or similar system, including any over-the-counter bulletin board, then the Company shall not be required to deliver such Shares until any applicable requirements of such exchange or system have been complied with. In addition, the Company shall not be required to deliver any Shares under this Plan prior to the completion of such registration or other qualification of such Shares under any federal or state law, rule, or regulation, as the Company shall determine to be necessary or advisable. In the case of officers of the Company and other persons subject to Section 16(b) of the Exchange Act, the Committee may at any time impose any limitations upon the exercise

of an Option that, in the Committee’s discretion, are necessary or desirable in order to comply with such Section 16(b) and the rules and regulations thereunder. If the Company, as part of an offering of securities or otherwise, finds it desirable because of federal or state regulatory requirements, to reduce the period during which any Option may be exercised, the Committee may, in its discretion and without the Participant’s consent, so reduce such period on not less than 15 days written notice to the holder thereof.

Section 15. Withholding Tax. If a Participant or other person is entitled to receive Shares pursuant to the exercise of an Option, the Company shall have the right to require the Participant or such other person to pay the Company the amount of any taxes that the Company is required to withhold with respect to such Shares, or, in lieu thereof, to retain (and sell, if the Company so chooses) a number of Shares sufficient to cover the amount required to be withheld. The Company also shall have the right to deduct from all dividends paid with respect to Shares retained pursuant to this Section the amount of any taxes that the Company is required to withhold with respect to such dividend payments.

Section 16. Termination, Amendment and Modification of the Plan. The Board may at any time terminate, and may at any time and from time to time and in any respect amend or modify, the Plan; provided, however, that to the extent necessary to comply with Rule 16b-3 under the Exchange Act or Section 422 of the Code (or any other applicable law or regulation, including requirements of any stock exchange or quotation system on which the Shares are listed or quoted), shareholder approval of any Plan amendment shall be obtained in such a manner and to such a degree as is required by the applicable law or regulation; and provided further, that no termination, amendment or modification of the Plan shall in any manner adversely affect the rights of any Participant who has been granted an Award pursuant to the Plan without the consent of the Participant to whom the Award was granted.

Section 17. Effective Date of Plan. This Plan is effective as of June 25, 2015 (the “Effective Date”); provided that the shareholders also shall approve this Plan within twelve (12) months after the date of adoption by the Board. With respect to any Options granted under an Award under this Plan or to which shareholder approval is required by applicable law or stock exchange requirements, but shareholder approval is not obtained, such Options and the grant of Award shall terminate and be null and void.

Section 18. Indemnification of Board and Committee. In addition to such other rights of indemnification as they may have as directors, the members of the Board, including the members of the Committee, shall be indemnified by the Company against the reasonable expenses, including attorneys’ fees actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan or any Option, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such member is liable for negligence or misconduct in the performance of his duties; provided that within 60 days after institution of any such action, suit or proceeding a member shall in writing offer the Company the opportunity, at its own expense, to handle and defend the same.

Section 19. Unfunded Plan. This Plan is intended to be an unfunded plan for incentive compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in this Plan or any Award Agreement shall give the Participant any rights greater than that of a general unsecured creditor of the Company.

Section 20. Governing Law. This Plan and any Award Agreement executed under this Plan shall be construed in accordance with and governed by the laws of the State of Indiana without regard to conflicts of law principles thereof.

Section 21. Recoupment. All Awards and any and all payments made or required to be made or Shares received or required to be issued hereunder and pursuant to this Plan or any Award Agreement to any Participant shall be subject to repayment to the Company by the Participant (and the successors, assigns, heirs, estate, and personal representative of the Participant) pursuant to the terms of any clawback, recoupment, or other policy implemented from time to time by the Board (any such policy, as amended, amended and restated, or superseded, the “Recoupment Policy”). As additional consideration for any Award granted to a Participant and for any payment made or required to be made or stock received or required to be issued hereunder and pursuant to any Award Agreement to any Participant, each Participant agrees that he or she is bound by and subject to any Recoupment Policy as in effect at any time and from time to time (whether before, at, or after the granting or payment of any Award).

* * * * * * *

As Adopted by the Board of Directors of Skyline Corporation

on June 25, 2015

EX-10.3 3 d94841dex103.htm EX-10.3 EX-10.3

EXHIBIT (10.3)

FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT AND WAIVER OF DEFAULTS

This First Amendment to Loan and Security Agreement and Waiver of Defaults, dated as of October 14, 2015, is made by and among SKYLINE CORPORATION, an Indiana corporation (“Parent”) and its wholly-owned subsidiaries, HOMETTE CORPORATION (“Homette”) and LAYTON HOMES CORP. (“Layton”), each an Indiana corporation, and SKYLINE HOMES, INC. (“Homes”), a California corporation (Homette, Layton and Homes, herein collectively, the “Consolidated Subsidiaries” and together with Parent, the “Debtor”), and FIRST BUSINESS CAPITAL CORP., a Wisconsin corporation (“Lender”).

R E C I T A L S:

Debtor and Lender have entered into a Loan and Security Agreement dated as of March 20, 2015 (the “Loan Agreement”).

Debtor has requested that Lender amend certain provisions of the Loan Agreement and waive certain defaults under the Loan Agreement, all of which Lender is willing to do pursuant to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, it is agreed as follows:

1. Defined Terms. Capitalized terms used in this Amendment which are defined in the Loan Agreement shall have the same meanings as defined therein, unless otherwise defined herein. In addition, the following definitions shall be added to read as follows:

“Initial Advance Date” shall mean the first day on which Debtor intends to commence requesting advances under Credit Facility A.

2. Amendment of Section 2.3.3. Section 2.3.3 of the Loan Agreement shall be amended in its entirety effective November 1, 2015 to read as follows:

2.3.3. Facility Fees – Reimbursement of Expenses. In addition to all other amounts to be paid by Debtor hereunder, Debtor shall pay Lender the following fully earned non-refundable fees: (i) annual facility fees of Fifty Thousand Dollars ($50,000.00) each, payable on each anniversary of the Closing Date, (ii) an unused line fee payable in arrears at the rate of one quarter percent (.25%) per annum on the average daily Unused Amount during the prior calendar month, payable on the first day of each month and on the date of termination of this Agreement (for the partial month then ended), (iii) monthly bank assessment fees equal to thirty five one hundredths percent (.35%) per annum of the Maximum Loan Amount each, payable in arrears on the first day of each month and on the date of termination of this Agreement, (iv) at any time outstanding Obligations and Letter of Credit Liabilities under Credit Facility A (as evidenced by Debtor’s loan account ledger for Credit Facility A) exceeds the amount

permitted in accordance with Section 4.1 (herein, an “overadvance”), in Lender’s sole discretion and without waiving any of its other rights or remedies, daily overadvance fees at Lender’s then applicable rate, which are currently One Thousand Dollars ($1,000.00) per day, payable on the dates each such overadvance occurs, and (v) monthly letter of credit fees payable in arrears at the rate of one quarter percent (.25%) on the outstanding amount of letters of credit issued at the request of Debtor by Lender or by a Bank Affiliate or other bank and outstanding during the prior month, payable on the first day of each month after the issuance of each such letter of credit, plus all applicable issuance fees, draw fees, amendment fees and other related fees. Amounts to be reimbursed by Debtor include all of Lender’s legal fees incurred in negotiating and preparing the documentation for this extension of credit, along with all other normal and customary out of pocket fees relating to and expenses associated with preparation for closing and the actual closing of the transaction contemplated by this Agreement, including, without limitation, travel and travel related expenses of Lender’s personnel incurred in connection with due diligence and closing activities related to the transaction contemplated by this Agreement (whether or not the transaction closes or funds are advanced), all of which amounts shall be payable upon demand. Debtor shall also pay Lender, upon demand, for all field examinations of Debtor and its assets performed by Lender (at Lender’s standard fee plus out of pocket expenses) or on behalf of Lender (by reimbursing Lender’s actual expense), whether conducted in conjunction with Lender’s pre-closing due diligence or during the term of this Agreement. Lender agrees that so long as no Event of Default has occurred and is continuing, Lender will not conduct field examinations during the term of the Agreement until Debtor has provided notice of the Initial Advance Date. To the extent the Obligations are being prepaid in full prior to the Termination Date, any fees or other amounts otherwise payable under this Section 2.3.3 after such prepayment date but on or prior to the Termination Date shall be due and payable with the final payment of the Obligations. All amounts owing under this Section 2.3.3 may be debited to Debtor’s loan account ledger for Credit Facility A.

3. Amendment of Section 2.4. Section 2.4 of the Loan Agreement shall be amended in its entirety to read as follows:

2.4. Requests for Advances. Each Consolidated Subsidiary hereby irrevocably designates Parent to act on its behalf to request advances hereunder and hereby authorizes Lender to pay over and credit all loan proceeds hereunder in accordance with the requests of Parent. Notwithstanding anything herein to the contrary, Parent shall provide Lender with not less than thirty (30) days prior written notice of the Initial Advance Date and shall cooperate with Lender to complete an updated field examination prior to such initial advance. Requests for advances hereunder received prior to 1:00 p.m. Central Time on a Business Day will be processed on the same Business Day and, subject to availability terms and absence of default hereunder will be honored the same Business Day. Requests for advance received after 1:00 p.m. Central Time on any Business Day or on any other day will be processed on the next Business Day. Notwithstanding the foregoing, until such time as Parent has requested the initial advance pursuant to the foregoing sentence, Debtor has requested, and Lender hereby agrees, that on each Business Day on which the cash receipts posted to Debtor’s loan account ledger in accordance with the provisions of Section 5.2 exceed the amount of outstanding loans to Debtor, if any (such excess receipts being the “Excess Amount”), without further request

by Debtor, Lender shall make an advance of funds in the amount equal to the Excess Amount for credit to the Operating Account. The foregoing constitutes a continuing request for such advances and shall remain in effect so long as Parent has not made a request for an advance in accordance with the second sentence hereof, or until otherwise cancelled by either Debtor, upon two (2) Business Days prior notice to Lender or Lender, upon notice to Debtor.

4. Amendment of Section 7.25. Section 7.25 of the Loan Agreement shall be amended by amending the monthly stop loss provisions to read as follows:

In addition to the foregoing requirements, Debtor’s Net Loss ( ) for any fiscal month of Debtor set forth below shall not exceed the amount set forth opposite such month:


Months	Maximum Net Loss

August – November, 2015	($	500,000	)
December, 2015	($	1,500,000	)
January – February 2016	($	1,000,000	)
March – May, 2016	($	500,000	)
June 2016 and thereafter	($	250,000	)

5. Amendment of Section 8.3. Section 8.3 of the Loan Agreement shall be amended in its entirety to read as follows:

8.3. Expenditures. Expend or contract to expend during any fiscal year of Debtor more than Eight Hundred Thousand Dollars ($800,000.00) in the aggregate for the lease (other than operating lease), purchase or other acquisition of any capital asset, or for the lease (other than operating lease) of any other asset, whether payable currently or in the future.

6. Amendment of Exhibits. Exhibit D to the Loan Agreement shall be amended to read as set forth on the attached Exhibit D.

7. No Other Changes. Except as explicitly amended by this Amendment, all of the terms and conditions of the Loan Agreement shall remain in full force and effect.

8. Waiver of Defaults. Prior to giving effect to the amendments set forth herein, certain defaults occurred under the Loan Agreement on account of Debtor’s violation of the following provisions of the Loan Agreement, which constitute Events of Default pursuant to Section 9.2 of the Loan Agreement (the “Current Defaults”):


Loan Agreement Provision	Financial Covenant Requirement	Actual
Section 7.25 for June, 2015	Monthly Stop Loss of ($500,000)	($	570,241	)
Section 7.25 for July, 2015	Monthly Stop Loss of ($500,000)	($	898,126	)

Upon the terms and subject to the conditions set forth in this Amendment, Lender hereby waives the Current Defaults. These waivers shall be effective only in this specific instance and for the specific purposes for which they are given, and these waivers shall not entitle Debtor to any other or further waiver in any similar or other circumstances.

9. Conditions Precedent. This Amendment and the waivers set forth in Paragraph 8, above, shall be effective when Lender shall have received an executed copy hereof, including by facsimile or other electronic copy, together with each of the following, each in substance and form acceptable to Lender in its sole discretion, provided the same are received by Lender no later than October 16, 2015:

(a) With respect to each of Parent and each Consolidated Subsidiary, a Certificate of the Secretary of such entity certifying as to (i) the resolutions of the directors, of each such entity which resolutions shall be attached to the Certificate, approving the execution and delivery of this Amendment, (ii) the fact that the articles of incorporation and bylaws of such entity which were previously certified and delivered to Lender, continue in full force and effect and have not been further amended or otherwise modified except as noted therein, and (iii) certifying that the officers of such entity who have been certified to Lender pursuant to the applicable Certificate dated as of March 20, 2015, as being authorized to sign and to act on behalf of such entity continue to be so authorized or setting forth the sample signatures of each of the officers of such entity, authorized to execute and deliver this Amendment and all other documents, agreements and certificates on behalf of such entity.

(b) Such other matters as Lender may require.

Debtor agrees to forward an executed original of this Amendment to Lender as soon as reasonably practicable.

10. Representations and Warranties. Debtor hereby represents and warrants to Lender as follows:

(a) Debtor has all requisite power and authority to execute this Amendment and any other instruments and agreements contemplated hereby and to perform all of Debtor’s obligations hereunder and thereunder, and this Amendment and any other instruments and agreements contemplated hereby have been duly executed and delivered by Debtor and constitute legal, valid and binding obligations of Debtor, enforceable in accordance with their terms.

(b) The execution, delivery and performance by Debtor of this Amendment and any other instruments and agreements contemplated hereby have been duly authorized by all necessary action and do not (i) require any further authorization, consents or approvals, (ii) violate any provision of any law, rule or regulation or of any order, writ, injunction or decree presently in effect, having applicability to Debtor, or the governing documents of Debtor, or (iii) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other agreement, lease or instrument to which Debtor is a party or by which it or its properties may be bound or affected.

(c) All of the warranties contained in Section 6 of the Loan Agreement are correct on and as of the date hereof as though made on and as of such date, except to the extent that such warranties relate solely to an earlier date.

11. References. All references in the Loan Agreement to “this Agreement” shall be deemed to refer to the Loan Agreement, as amended hereby; and any and all references in the Collateral Agreements to the Loan Agreement shall be deemed to refer to the Loan Agreement, as amended hereby.

12. No Other Waiver. Except as set forth in Paragraph 8, the execution of this Amendment and acceptance of any documents related hereto shall not be deemed to be waiver of any Event of Default under the Loan Agreement or breach, default or event of default under any Collateral Agreement or other document held by Lender, whether or not known to Lender and whether or not existing on the date of this Amendment.

13. Costs and Expenses. Debtor hereby agrees to pay or reimburse Lender for all costs and expenses incurred by Lender in connection with this Amendment, including all fees and disbursements of counsel to Lender for the services performed by such counsel in connection with the preparation of this Amendment and the documents and instruments incidental hereto. Debtor hereby agrees that at Lender’s sole option, and without further authorization by Debtor, such amounts may be debited to Debtor’s loan account ledger for Credit Facility A.

14. Miscellaneous.

(a) Debtor acknowledges and agrees that as of the date of this Amendment, it has no right of offset with respect to any amount owed by it to Lender, and Debtor waives and releases all claims which it may have, whether known or unknown, against Lender arising on or prior to the date of this Amendment in connection with the Loan Agreement, the Notes, the Collateral Agreements, or any other evidence of or document relating to any of the foregoing. This Amendment shall not establish a course of dealing or evidence any willingness on Lender’s part to grant other or future amendments or waivers, should any be requested.

(b) This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and all of which counterparts, taken together, shall constitute one and the same instrument.

(c) This Amendment shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of Wisconsin, excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

Signatures begin on following page

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Loan and Security Agreement and Waiver of Defaults to be duly executed as of the date first written above.


DEBTOR:		LENDER:

SKYLINE CORPORATION		FIRST BUSINESS CAPITAL CORP.

By:	/s/ Jon S. Pilarski	By:	/s/ James G. Tepp
	Jon S. Pilarski, Vice President, Finance & Treasurer, Chief Financial Officer		James G. Tepp, Vice President

HOMETTE CORPORATION

By:	/s/ Jon S. Pilarski
	Jon S. Pilarski, Vice President and Treasurer

LAYTON HOMES CORP.

By:	/s/ Jon S. Pilarski
	Jon S. Pilarski, Vice President and Treasurer

SKYLINE HOMES, INC.

By:	/s/ Jon S. Pilarski
	Jon S. Pilarski, Vice President and Treasurer

Compliance Certificate


To:		James G. Tepp
		First Business Capital Corp.

Date:		, 20

Subject:		Skyline Corporation
		Financial Statements

In accordance with our Loan and Security Agreement dated as of March 20, 2015, as amended (the “Loan Agreement”), attached are the consolidated financial statements of Skyline Corporation (“Debtor”) as of , 20 (the “Reporting Date”), and for the year-to-date period then ended (the “Current Financials”). All terms used in this certificate have the meanings given in the Loan Agreement.

I certify in my capacity as an officer of Debtor that the Current Financials have been prepared in accordance with generally accepted accounting principles, subject to year-end adjustments, and fairly present Debtor’s financial condition and the results of its operations as of the date thereof.

Events of Default. (Check one):

The undersigned does not have knowledge of the occurrence of an Event of Default under the Loan Agreement.

The undersigned has knowledge of the occurrence of an Event of Default under the Loan Agreement and attached hereto is a statement of the facts with respect to thereto.

I hereby certify to Lender as follows:

The Reporting Date marks the end of one of Debtor’s fiscal months, hence I am completing only paragraphs 3 and 4 below.

The Reporting Date marks the end of Debtor’s fiscal year, hence I am completing all paragraphs below.

Financial Covenants. The undersigned hereby further certifies as follows:

1. Minimum Net Worth. Pursuant to Section 7.24 of the Loan Agreement, as of the Reporting Date, Debtor’s Net Worth was $ which ¨ satisfied ¨ did not satisfy the requirement that such amount be not less than $ on the Reporting Date as determined in accordance with the following:


Determination Date		Net Worth Amount

May 31, 2015		Actual Net Worth as of the prior May 31 minus $13,000,000.00

August 31, 2015		Actual Net Worth as of the prior May 31 minus $1,000,000.00

November 30, 2015		Actual Net Worth as of the prior May 31 minus $2,000,000.00

February 28, 2016		Actual Net Worth as of the prior May 31 minus $3,500,000.00

May 31, 2016		Actual Net Worth as of the prior May 31 minus $3,500,000.00

August 31, 2016		Actual Net Worth as of the prior May 31 minus $1,000,000.00

November 30, 2016		Actual Net Worth as of the prior May 31 minus $1,500,000.00

February 28, 2017		Actual Net Worth as of the prior May 31 minus $1,750,000.00

May 31, 2017		Actual Net Worth as of the prior May 31 minus $1,750,000.00

August 31, 2017 and each August 31 thereafter		Actual Net Worth as of the prior May 31 minus $250,000.00

November 30, 2017 and each November 30 thereafter		Actual Net Worth as of the prior May 31

February 28, 2017 and each February 28 thereafter		Actual Net Worth as of the prior May 31 plus $250,000.00

May 31, 2018 and each May 31 thereafter		Actual Net Worth as of the prior May 31 plus $500,000.00

2. Minimum Net Earnings. Pursuant to Section 7.25 of the Loan Agreement, for the ¨ quarter ¨ year ending as of the Reporting Date, Debtor’s Net Earnings (Loss) was $ , which ¨ satisfied ¨ did not satisfy the requirement that such amount be not less than $ for the period ending on the Reporting Date, as determined in accordance with the following:


Period	Net Earnings (Loss) Amount
June 1, 2014 – May 31, 2015	($	13,000,000.00	)
June 1, 2015 – August 31, 2015	($	1,000,000.00	)
June 1, 2015 – November 30, 2015	($	2,000,000.00	)
June 1, 2015 – February 28, 2016	($	3,500,000.00	)
June 1, 2015 – May 31, 2016	($	3,500,000.00	)
June 1, 2016 – August 31, 2016	($	1,000,000.00	)
June 1, 2016 – November 30, 2016	($	1,500,000.00	)
June 1, 2016 – February 28, 2017	($	1,750,000.00	)
June 1, 2016 – May 31, 2017	($	1,750,000.00	)
June 1, 2017 – August 31, 2017 and each June 1 – August 31 thereafter	($	250,000.00	)
June 1, 2017 – November 30, 2017 and each June 1 – November 30 thereafter	$	0.00
June 1, 2017 – February 28, 2018 and each June 1 – February 28 thereafter	$	250,000.00
June 1, 2017 – May 31, 2018 and each June 1 – May 31 thereafter	$	500,000.00

3. Monthly Stop Loss. Pursuant to Section 7.25 of the Loan Agreement, for the fiscal month ending as of the Reporting Date, Debtor’s Net Earnings (Loss) was $ , which ¨ satisfied ¨ did not satisfy the requirement that Debtor’s Net Loss for any fiscal month of Debtor shall not exceed the amount set forth below opposite such month:


Months	Maximum Net Loss

August – November, 2015	($	500,000	)
December, 2015	($	1,500,000	)
January – February 2016	($	1,000,000	)
March – May, 2016	($	500,000	)
June 2016 and thereafter	($	250,000	)

4. Capital Expenditures. Pursuant to Section 8.3 of the Loan Agreement, for the year-to-date period ending on the Reporting Date, Debtor has expended or contracted to expend during the fiscal year ending May 31, 20 , for capital expenditures, $ in the aggregate, which ¨ satisfied ¨ did not satisfy the requirement that such expenditures not exceed Eight Hundred Thousand Dollars ($800,000.00) during such fiscal year.

5. Petty Cash Account. The outstanding balance in Debtor’s Petty Cash Account No. 9200024984 at JPMorgan Chase Bank, N.A. in Mansfield, Texas has not at any time during the period since Debtor’s delivery to Lender of the prior Compliance Certificate exceeded Ten Thousand Dollars ($10,000.00).

Attached hereto are all relevant facts in reasonable detail to evidence, and the computations of the financial covenants referred to above. These computations were made in accordance with generally accepted accounting principles.


By:

Its:

EX-31.1 4 d94841dex311.htm EX-31.1 EX-31.1

EXHIBIT (31.1)

Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of

2002-Rule 13a-14(a)/15d –14(a)

I, Richard W. Florea, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Skyline Corporation (the “registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Richard W. Florea

Richard W. Florea

Chief Executive Officer

Date: October 15, 2015

EX-31.2 5 d94841dex312.htm EX-31.2 EX-31.2

EXHIBIT (31.2)

Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of

2002-Rule 13a-14(a)/15d –14(a)

I, Jon S. Pilarski, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Skyline Corporation (the “registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Jon S. Pilarski

Jon S. Pilarski

Chief Financial Officer

Date: October 15, 2015

EX-32 6 d94841dex32.htm EX-32 EX-32

EXHIBIT (32)

Certification of Periodic Financial Reports

Pursuant to 18 U.S.C. Section 1350

as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The undersigned hereby certify that they are the duly appointed and acting Chief Executive Officer and Chief Financial Officer of Skyline Corporation, and hereby further certify as follows:

The periodic report containing financial statements to which this certificate is an exhibit fully complies with the requirements of Section 13(a) or 15 (d) of the Securities Exchange Act of 1934.

The information contained in the periodic report to which this certificate is an exhibit fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

In witness whereof, the undersigned have executed and delivered this certificate as of the date set forth opposite their signatures below.


Date: October 15, 2015				/s/ Richard W. Florea
				Richard W. Florea
				Chief Executive Officer


Date: October 15, 2015				/s/ Jon S. Pilarski
				Jon S. Pilarski
				Chief Financial Officer

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<div> The following table summarizes the results of discontinued operations:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Three-Months Ended August 31,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">     2015    </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">     2014    </td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> (Unaudited)</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">(Dollars in thousands)</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Net Sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">21</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,825</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Operating income (loss) of discontinued operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">61</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(2,564</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Income (loss) before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">61</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,564</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Income tax benefit </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Income (loss) from discontinued operations, net of taxes </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">61</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(2,564</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   The following is a summary of assets and liabilities of discontinued operations at the dates indicated:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="11%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="11%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">August 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">May 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center"> (Unaudited)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">(Dollars in thousands)</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Current Assets: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom" colspan="5"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Accounts receivable </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">87</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">30</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Inventories </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">110</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">137</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">140</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Current Liabilities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Accounts payable, trade </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">40</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accrued marketing programs </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">37</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Other accrued liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">68</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">59</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">108</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">104</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

2016

false

P5Y

<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="10%" align="left">NOTE 3</td> <td valign="top" align="left">Discontinued Operations</td> </tr> </table> During September 2014, the Corporation made a strategic decision to exit the recreational vehicle industry in order to focus on its core housing business. As a result, on October 7, 2014 (“Closing Date”), the Corporation completed the sale of certain assets associated with its recreational vehicle segment (the “Transaction”) to Evergreen Recreational Vehicles, LLC (“ERV”). The Transaction was completed pursuant to the terms of an Asset Purchase Agreement entered into between the Corporation and ERV on the Closing Date, as well as the terms of a Real Property Purchase Agreement entered into on that same date between the Corporation and an affiliate of ERV, Skyline RE Holding LLC (which, collectively with ERV, is referred to herein as “Evergreen”). The assets of the recreational vehicle segment disposed of in the Transaction include:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="1%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">A recreational vehicle manufacturing facility consisting of approximately 135,000 square feet situated on 18.2 acres located in Bristol, Indiana;</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="1%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Intellectual properties such as trademarks, licenses, and product designs associated with the recreational vehicle segment;</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="1%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Furniture, machinery, software, and equipment;</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="1%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Raw material and work-in-process inventories;</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="1%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Product designs, plans, and specifications; and</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="1%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Customer purchase orders and contracts, customer lists, and supplier lists.</td> </tr> </table> The amount and nature of the consideration received by the Corporation for the assets sold included:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="1%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">A cash payment of $175,000;</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="1%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">A separate cash payment of approximately $806,000, less prorated property taxes of approximately $73,000 and selling expenses of approximately $2,000, for the Bristol, Indiana manufacturing facility; and</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="1%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Evergreen had the right, but not the obligation, to purchase raw material inventory at 50 percent of the Corporation’s cost of approximately $1,600,000, which was exercised. Consequently, the Corporation incurred an approximate $910,000 charge in fiscal 2015 reflecting the reduction in realizable value of the inventory. The Corporation received final payment for the inventory in the first quarter of fiscal 2016.</td> </tr> </table> In addition, under the Asset Purchase Agreement, Evergreen did not assume or agree to pay, perform, or discharge any of the Corporation’s liabilities or obligations, which remained the liabilities and obligations of the Corporation. The Bristol facility, and assets other than raw material and finished goods inventories, were sold at approximately net book value. The following table summarizes the results of discontinued operations:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Three-Months Ended August 31,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">     2015    </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">     2014    </td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> (Unaudited)</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">(Dollars in thousands)</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Net Sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">21</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,825</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Operating income (loss) of discontinued operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">61</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(2,564</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Income (loss) before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">61</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,564</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Income tax benefit </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Income (loss) from discontinued operations, net of taxes </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">61</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(2,564</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The Corporation’s park model business, which was formerly reported in the recreational vehicle segment, was not disposed as part of the transaction with Evergreen and is now reported in continuing operations because the level of net sales do not warrant separate segment reporting   The following is a summary of assets and liabilities of discontinued operations at the dates indicated:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="11%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="11%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">August 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">May 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center"> (Unaudited)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">(Dollars in thousands)</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Current Assets: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom" colspan="5"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Accounts receivable </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">87</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">30</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Inventories </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">110</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">137</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">140</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Current Liabilities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Accounts payable, trade </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">40</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accrued marketing programs </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">37</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Other accrued liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">68</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">59</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">108</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">104</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> In accordance with the Asset Purchase Agreement, the Corporation is responsible for the payment of product warranty claims associated with recreational vehicles sold by the Corporation. Consequently, this obligation is not included in the liabilities of discontinued operations on the Consolidated Balance Sheets at August 31, 2015 and May 31, 2015. </div>

10-Q 0000090896

<div> A reconciliation of accrued warranty is as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="80%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Three-Months Ended August 31,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> (Unaudited)</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">(Dollars in thousands)</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Balance at the beginning of the period </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,911</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,697</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Accruals for warranties </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,545</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,695</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Settlements made during the period </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,574</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,731</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Balance at the end of the period </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,882</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,661</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Non-current balance included in other deferred liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,400</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Accrued warranty </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,482</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,661</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

P10Y

Smaller Reporting Company

0.01

<div> Total inventories from continuing operations consist of the following:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="71%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"> August 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"> May 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center"> (Unaudited)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td colspan="2" valign="bottom"> </td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center">(Dollars in thousands)</td> <td valign="bottom"> </td> </tr> <tr style="font-size:1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Raw materials </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,010</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,788</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Work in process </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,041</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,137</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Finished goods </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,447</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">83</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px; font-size:4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10,498</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,008</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px; font-size:4pt"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

--05-31

1755000

SKYLINE CORP

<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="10%" valign="top" align="left">NOTE 8</td> <td align="left" valign="top">Commitments and Contingencies</td> </tr> </table> The Corporation was contingently liable at August 31, 2015 and May 31, 2015, under repurchase agreements with certain financial institutions providing inventory financing for dealers of its products. Under these arrangements, which are customary in the manufactured housing and recreational vehicle industries, the Corporation agrees to repurchase units in the event of default by the dealer at declining prices over the term of the agreement. The period to potentially repurchase units is between 12 to 24 months.   The maximum repurchase liability is the total amount that would be paid upon the default of the Corporation’s independent dealers. The maximum potential repurchase liability for continuing and discontinued operations, without reduction for the resale value of the repurchased units, was approximately $55 million at August 31, 2015 and approximately $60 million at May 31, 2015. At August 31, 2015 and May 31, 2015, the maximum potential repurchase liability, without reduction for the resale value of the repurchased units, associated with discontinued operations was approximately $14 million and $19 million, respectively. As a result of favorable experience regarding repurchased units, which is largely due to the strength of dealers selling the Corporation’s products, the Corporation maintained at August 31, 2015 and May 31, 2015, a $100,000 loss reserve that is a component of other accrued liabilities. The amount of this loss reserve that pertains to discontinued operations is $9,000, and Management believes that the Corporation’s exit from the recreational vehicle business will not further impact the loss reserve. The risk of loss under these agreements is spread over many dealers and financial institutions. The loss, if any, under these agreements is the difference between the repurchase cost and the resale value of the units. The Corporation estimates the fair value of this commitment considering both the contingent losses and the value of the guarantee. This amount has historically been insignificant. The Corporation believes that any potential loss under the agreements in effect at August 31, 2015 will not be material to its financial position or results of operations. The amounts of obligations from repurchased units, all of which were from discontinued operations, and incurred net losses for the periods presented are as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" align="center"> <tr> <td width="78%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1.00pt solid #000000">Three-Months Ended August 31,</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2014</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> (Unaudited)</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> (Dollars in thousands)</td> <td valign="bottom"> </td> </tr> <tr style="font-size:1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Number of units repurchased </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Obligations from units repurchased </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">203</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Net losses on repurchased units </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">43</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> </table> The Corporation is a party to various pending legal proceedings in the normal course of business. Management believes that any losses resulting from such proceedings would not have a material adverse effect on the Corporation’s results of operations or financial position.   The Corporation utilizes a combination of insurance coverage and self-insurance for certain items, including workers’ compensation and group health benefits. Liabilities for workers’ compensation are recognized for estimated future medical costs and indemnity costs. Liabilities for group health benefits are recognized for claims incurred but not paid. Insurance reserves are estimated based upon a combination of historical data and actuarial information. Actual results could differ from these estimates. </div>

8391244

2015-08-31

SKY

-0.11

-0.10

70000

21000

-834000

1545000

61000

-816000

1429000

1093000

61000

4643000

-3137000

61000

-895000

48742000

8000

-895000

44099000

717000

1677000

79000

464000

-107000

624000

1574000

19000

5459000

-78000

257000

<div> The amounts of obligations from repurchased units, all of which were from discontinued operations, and incurred net losses for the periods presented are as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" align="center"> <tr> <td width="78%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1.00pt solid #000000">Three-Months Ended August 31,</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2014</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> (Unaudited)</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> (Dollars in thousands)</td> <td valign="bottom"> </td> </tr> <tr style="font-size:1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Number of units repurchased </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Obligations from units repurchased </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">203</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Net losses on repurchased units </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">43</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> </table> </div> 0 1000000 <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="10%" align="left">NOTE 2</td> <td valign="top" align="left">Management’s Plan</td> </tr> </table>  The Corporation’s consolidated financial statements were prepared on a going concern basis, which assumes continuity of operations and realization of assets and satisfaction of liabilities in the ordinary course of business. Due to recurring losses during certain periods, the Corporation has historically experienced negative cash flows from operating activities. The level of historical negative cash flows from operations raise substantial doubt about the Corporation’s ability to continue as a going concern. To continue as a going concern, management determined that certain strategies need to be pursued. These strategies include but are not limited to:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" width="3%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Divest Non-Core Assets: Management is focused on driving profitable growth in the Corporation’s core housing business.</td> </tr> </table> Progress: In October 2014, the Corporation sold its recreational vehicle segment to focus solely on its core housing business and to raise cash. Additional information regarding the sale is in Note 3 of Notes to Consolidated Financial Statements. In addition to the sale of the RV business, the Corporation sold an idle housing facility in fiscal 2015. A buyer is also being sought for an undeveloped parcel of land the Corporation owns.   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" width="3%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Increase Sales:</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="8%"> </td> <td valign="top" width="4%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Working to increase sales to manufactured housing dealers by gaining a greater presence on their properties.</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="8%"> </td> <td valign="top" width="4%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Continuing to work with manufactured housing communities to identify opportunities for increasing sales.</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="8%"> </td> <td valign="top" width="4%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Increasing sales of modular homes and park models by cultivating relationships with modular housing developers and campground owners that are outside the Corporation’s historical distribution channels.</td> </tr> </table> Progress: Manufactured housing net sales in the first quarter of fiscal 2016 decreased 0.9 percent compared to the first quarter of fiscal 2015. Management believes the decrease is attributable to a temporary softness in demand among the Corporation’s manufactured housing dealers and communities. Park model net sales in the first quarter of fiscal 2016 decreased 21.8 percent compared with the first quarter of fiscal 2015. Management also believes the decrease is due to a temporary softness in demand among dealers, communities and campgrounds. Modular housing net sales for the first quarter of fiscal 2016 increased 1.6 percent as compared to the fiscal quarter of 2015.   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" width="3%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Decrease Production Costs: The Corporation continues to streamline costs with a focus on maximizing efficiencies and resources.</td> </tr> </table> Progress: The Corporation’s Purchasing Department has obtained significant price concessions from certain suppliers.   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> </td> <td valign="top" width="3%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Raise Additional Capital:</td> </tr> </table> Progress: On March 20, 2015, the Corporation entered into a Loan and Security Agreement with First Business Capital Corp. providing for a renewable three-year secured revolving credit facility. Under the new credit facility, the Corporation may obtain loan advances up to a maximum of $10 million, subject to certain collateral-obligation ratios.   Outstanding loan advances under the facility will bear interest at 3.75% in excess of The Wall Street Journal’s published one year LIBOR rate. The facility will be used to support the Company’s working capital needs and other general corporate purposes, and is secured by substantially all of the Corporation’s assets. Additional information regarding the revolving credit facility is in Note 9 of Notes to Consolidated Financial Statements. </div> 500000

Loan advances bear interest at 3.75% in excess of The Wall Street Journal's published one year LIBOR rate

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Operating Loss and Tax Credit Carryforwards, Period Net operating loss and tax credit carryforwards life expectancy Other Accrued Liabilities, Current Other accrued liabilities Other Assets, Current Other current assets Other Assets Disclosure [Text Block] Other Assets Other Assets, Noncurrent Other Assets Park models. Park Models [Member] Park Models [Member] Payments for (Proceeds from) Other Investing Activities Other, net Payments to Acquire Property, Plant, and Equipment Purchase of property, plant and equipment Percentage of decrease in net sales. Percentage Of Decrease In Net Sales Percentage of decrease in sales Percentage of increase in net sales. Percentage Of Increase In Net Sales Percentage of increase in sales Percentage of the Corporation's cost for raw materials inventory purchased and will be paid to the Corporation by Evergreen. Percentage Of Raw Materials Inventory Purchased Cost Percent of Corporation's cost for raw materials inventory purchased Proceeds from Collection of Notes Receivable Proceeds from note receivable Products and Services [Axis] Products and Services [Axis] Products and Services [Domain] Products and Services [Domain] Product Warranty Accrual Balance at the end of the period Balance at the beginning of the period Estimated warranty obligation Product Warranty Accrual, Current Accrued warranty Product Warranty Accrual, Noncurrent Accrued warranty Non-current balance included in other deferred liabilities Product Warranty Accrual, Warranties Issued Accruals for warranties Product Warranty Disclosure [Text Block] Warranty Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Gross Property, Plant and Equipment gross Property, Plant and Equipment, Net Net Property, Plant and Equipment Property, Plant and Equipment, Net [Abstract] Property, Plant and Equipment: Property, Plant and Equipment, Type [Domain] Property, Plant and Equipment, Type [Domain] Range [Axis] Range [Axis] Range [Domain] Range [Domain] An approximate cost that Evergreen has the right, not obligation, to purchase the raw material inventory at 50 percent of the Corporation's cost. 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Other Assets - Additional Information (Detail) - USD ($)	Aug. 31, 2015	May. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Cash surrender value of life insurance	$ 6,687,000	$ 6,677,000

XML 16 R9.htm IDEA: XBRL DOCUMENT

Inventories

3 Months Ended

Aug. 31, 2015

Inventory Disclosure [Abstract]

Inventories

NOTE 4

Inventories

Total inventories from continuing operations consist of the following:


	August 31, 2015		May 31, 2015
	(Unaudited)
	(Dollars in thousands)

Raw materials	$	6,010	$	5,788

Work in process		3,041		3,137

Finished goods		1,447		83

	$	10,498	$	9,008

XML 17 R29.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Aug. 31, 2015	May. 31, 2015
Loss Contingencies [Line Items]
Maximum potential repurchase liability	$ 55,000,000	$ 60,000,000
Other accrued liabilities	100,000	100,000
Discontinued Operations [Member]
Loss Contingencies [Line Items]
Maximum potential repurchase liability	14,000,000	19,000,000
Other accrued liabilities	$ 9,000	$ 9,000
Minimum [Member]
Loss Contingencies [Line Items]
Period to potentially repurchase units	12 months	12 months
Maximum [Member]
Loss Contingencies [Line Items]
Period to potentially repurchase units	24 months	24 months

XML 18 R28.htm IDEA: XBRL DOCUMENT

Income Taxes - Additional Information (Detail) $ in Millions	3 Months Ended
	Aug. 31, 2015 USD ($)
Income Tax Contingency [Line Items]
Deferred tax assets	$ 50
Federal net operating loss and tax credit carryforwards	35
State net operating loss carryforwards	8
Differences between financial and tax reporting	$ 7
Minimum [Member] \| Federal [Member]
Income Tax Contingency [Line Items]
Net operating loss and tax credit carryforwards life expectancy	13 years
Minimum [Member] \| State [Member]
Income Tax Contingency [Line Items]
Net operating loss and tax credit carryforwards life expectancy	1 year
Maximum [Member] \| Federal [Member]
Income Tax Contingency [Line Items]
Net operating loss and tax credit carryforwards life expectancy	20 years
Maximum [Member] \| State [Member]
Income Tax Contingency [Line Items]
Net operating loss and tax credit carryforwards life expectancy	20 years

XML 19 R30.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Amounts of Obligations from Repurchased Units, Discontinued Operations and Incurred Net Losses for Periods (Detail) $ in Thousands	3 Months Ended
	Aug. 31, 2015 Unit	Aug. 31, 2014 USD ($) Unit
Commitments and Contingencies Disclosure [Abstract]
Number of units repurchased \| Unit	0	11
Obligations from units repurchased		$ 203
Net losses on repurchased units		$ 43

XML 20 R31.htm IDEA: XBRL DOCUMENT

Secured Revolving Credit Facility - Additional Information (Detail) - USD ($)		1 Months Ended			3 Months Ended
	Mar. 20, 2015	Feb. 29, 2016	Jan. 31, 2016	Dec. 31, 2015	Aug. 31, 2016	May. 31, 2016	Feb. 29, 2016	Aug. 31, 2015
Line of Credit Facility [Line Items]
Expected monthly loss related to covenants								$ 500,000
Maximum amount of loss related to covenants								$ 1,000,000
Scenario Forecast [Member]
Line of Credit Facility [Line Items]
Expected monthly loss related to covenants		$ 1,000,000	$ 1,000,000	$ 1,500,000	$ 250,000	$ 500,000	$ 500,000
Secured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10,000,000
Credit facility, interest rate	3.75%
Interest rate description								Loan advances bear interest at 3.75% in excess of The Wall Street Journal's published one year LIBOR rate
Secured revolving credit facility term	3 years
Secured revolving credit facility renewal term	1 year
Facility fee amount	$ 150,000
Annual facility fees	$ 50,000
Unused line fee payable in arrears per annum	0.25%
Percentage of monthly bank assessment fees per annum	0.25%
Overadvance fees per day	$ 1,000
Percentage of monthly letter of credit fees payable in arrears	0.25%
Covenants limit on capital expenditures per year	$ 600,000
Unpaid balances interest rate	3.00%
Secured Revolving Credit Facility [Member] \| Scenario Forecast [Member]
Line of Credit Facility [Line Items]
Percentage of monthly bank assessment fees per annum				0.35%
Covenants limit on capital expenditures per year				$ 800,000

XML 21 R8.htm IDEA: XBRL DOCUMENT

Discontinued Operations

3 Months Ended

Aug. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

NOTE 3

Discontinued Operations

•

A recreational vehicle manufacturing facility consisting of approximately 135,000 square feet situated on 18.2 acres located in Bristol, Indiana;

•

Intellectual properties such as trademarks, licenses, and product designs associated with the recreational vehicle segment;

•

Furniture, machinery, software, and equipment;

•

Raw material and work-in-process inventories;

•

Product designs, plans, and specifications; and

•

Customer purchase orders and contracts, customer lists, and supplier lists.

The amount and nature of the consideration received by the Corporation for the assets sold included:

•

A cash payment of $175,000;

•

The Bristol facility, and assets other than raw material and finished goods inventories, were sold at approximately net book value.

The following table summarizes the results of discontinued operations:


	Three-Months Ended August 31,
	2015		2014
	(Unaudited)
	(Dollars in thousands)
Net Sales	$	21	$	7,825


Operating income (loss) of discontinued operations	$	61	$	(2,564	)

Income (loss) before income taxes		61		(2,564	)
Income tax benefit		—		—

Income (loss) from discontinued operations, net of taxes	$	61	$	(2,564	)

The following is a summary of assets and liabilities of discontinued operations at the dates indicated:


	August 31, 2015		May 31, 2015
	(Unaudited)
	(Dollars in thousands)
Current Assets:
Accounts receivable	$	87	$	30
Inventories		50		110

	$	137	$	140


Current Liabilities:
Accounts payable, trade	$	40	$	8
Accrued marketing programs		—		37
Other accrued liabilities		68		59

	$	108	$	104

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

XML 22 R32.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation - Additional Information (Detail) - USD ($)		3 Months Ended
	Jun. 25, 2015	Aug. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option awards vesting period	5 years	5 years
Stock options granted	200,000
Stock options exercise price	$ 3.12
Intrinsic value of stock options outstanding		$ 38,000
Stock options outstanding, Weighted average contractual life		10 years
Unrecognized compensation expense related to stock-based awards outstanding		$ 421,000
2015 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock available under the 2015 plan	700,000
Stock option awards vesting period	10 years

XML 23 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2015	May. 31, 2015
Current Assets:
Cash	$ 6,672	$ 4,995
Accounts receivable, less allowance for doubtful accounts of $536	12,064	15,259
Inventories	10,498	9,008
Workers' compensation security deposit	1,015	1,732
Other current assets	1,540	447
Assets of discontinued operations	137	140
Total Current Assets	31,926	31,581
Property, Plant and Equipment:
Land	2,996	2,996
Buildings and improvements	36,287	36,280
Machinery and equipment	16,340	16,332
Property, Plant and Equipment gross	55,623	55,608
Less accumulated depreciation	44,232	44,039
Net Property, Plant and Equipment	11,391	11,569
Other Assets	7,299	7,289
Total Assets	50,616	50,439
Current Liabilities:
Accounts payable, trade	3,617	3,025
Accrued salaries and wages	2,486	2,565
Accrued marketing programs	3,172	2,319
Accrued warranty	4,482	4,511
Other accrued liabilities	2,340	2,593
Liabilities of discontinued operations	108	104
Total Current Liabilities	16,205	15,117
Long-Term Liabilities:
Deferred compensation expense	5,160	5,237
Accrued warranty	2,400	2,400
Life insurance loans	4,312	4,312
Total Long-Term Liabilities	$ 11,872	$ 11,949
Commitments and Contingencies - See Note 8
Shareholders' Equity:
Common stock, $.0277 par value, 15,000,000 shares authorized; issued 11,217,144 shares	$ 312	$ 312
Additional paid-in capital	4,928	4,928
Retained earnings	83,043	83,877
Treasury stock, at cost, 2,825,900 shares	(65,744)	(65,744)
Total Shareholders' Equity	22,539	23,373
Total Liabilities and Shareholders' Equity	$ 50,616	$ 50,439

XML 24 R6.htm IDEA: XBRL DOCUMENT

Basis of Presentation

3 Months Ended

Aug. 31, 2015

Accounting Policies [Abstract]

Basis of Presentation

NOTE 1

Basis of Presentation

XML 25 R22.htm IDEA: XBRL DOCUMENT

Discontinued Operations - Results of Discontinued Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
Net Sales	$ 21	$ 7,825
Operating income (loss) of discontinued operations	61	(2,564)
Income (loss) before income taxes	61	(2,564)
Income tax benefit	0	0
Income (loss) from discontinued operations, net of taxes	$ 61	$ (2,564)

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

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-SubTopic 225

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-Paragraph 1

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+ Details

XML 26 R24.htm IDEA: XBRL DOCUMENT

Inventories - Schedule of Inventories from Continuing Operations (Detail) - USD ($) $ in Thousands	Aug. 31, 2015	May. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 6,010	$ 5,788
Work in process	3,041	3,137
Finished goods	1,447	83
Total inventories	$ 10,498	$ 9,008

XML 27 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 28 R7.htm IDEA: XBRL DOCUMENT

Management's Plan

3 Months Ended

Aug. 31, 2015

Text Block [Abstract]

Management's Plan

NOTE 2

Management’s Plan

These strategies include but are not limited to:

•

Divest Non-Core Assets: Management is focused on driving profitable growth in the Corporation’s core housing business.

Progress:

In addition to the sale of the RV business, the Corporation sold an idle housing facility in fiscal 2015. A buyer is also being sought for an undeveloped parcel of land the Corporation owns.

•

Increase Sales:

•

Working to increase sales to manufactured housing dealers by gaining a greater presence on their properties.

•

Continuing to work with manufactured housing communities to identify opportunities for increasing sales.

•

Progress:

Modular housing net sales for the first quarter of fiscal 2016 increased 1.6 percent as compared to the fiscal quarter of 2015.

•

Decrease Production Costs: The Corporation continues to streamline costs with a focus on maximizing efficiencies and resources.

Progress:

The Corporation’s Purchasing Department has obtained significant price concessions from certain suppliers.

•

Raise Additional Capital:

Progress:

XML 29 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2015	May. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 536	$ 536
Common stock, par value	$ 0.0277	$ 0.0277
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	11,217,144	11,217,144
Treasury stock, shares	2,825,900	2,825,900

XML 30 R17.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

3 Months Ended

Aug. 31, 2015

Inventory Disclosure [Abstract]

Schedule of Inventories from Continuing Operations

Total inventories from continuing operations consist of the following:


	August 31, 2015		May 31, 2015
	(Unaudited)
	(Dollars in thousands)

Raw materials	$	6,010	$	5,788

Work in process		3,041		3,137

Finished goods		1,447		83

	$	10,498	$	9,008

XML 31 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Aug. 31, 2015	Oct. 15, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 31, 2015
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Trading Symbol	SKY
Entity Registrant Name	SKYLINE CORP
Entity Central Index Key	0000090896
Current Fiscal Year End Date	--05-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		8,391,244

XML 32 R18.htm IDEA: XBRL DOCUMENT

Warranty (Tables)

3 Months Ended

Aug. 31, 2015

Guarantees [Abstract]

Reconciliation of Accrued Warranty

A reconciliation of accrued warranty is as follows:


	Three-Months Ended August 31,
	2015			2014
	(Unaudited)
	(Dollars in thousands)
Balance at the beginning of the period	$	6,911		$	5,697
Accruals for warranties		1,545			1,695
Settlements made during the period		(1,574	)		(1,731	)

Balance at the end of the period		6,882			5,661

Non-current balance included in other deferred liabilities		2,400			2,000

Accrued warranty	$	4,482		$	3,661

XML 33 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations and Retained Earnings - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
OPERATIONS
Net sales	$ 48,742	$ 49,604
Cost of sales	44,099	45,563
Gross profit	4,643	4,041
Selling and administrative expenses	5,459	5,180
Operating loss	(816)	(1,139)
Interest expense	(79)	(94)
Interest income		24
Loss from continuing operations before income taxes	(895)	(1,209)
Benefit from income taxes	0	0
Loss from continuing operations	(895)	(1,209)
Income (loss) from discontinued operations, net of income taxes	61	(2,564)
Net loss	$ (834)	$ (3,773)
Basic loss per share	$ (0.10)	$ (0.45)
Loss per share from continuing operations	(0.11)	(0.14)
Income (loss) per share from discontinued operations	$ 0.01	$ (0.31)
Weighted average number of common shares outstanding	8,391,244	8,391,244
RETAINED EARNINGS
Balance at beginning of period	$ 83,877	$ 94,291
Net loss	(834)	(3,773)
Balance at end of period	$ 83,043	$ 90,518

XML 34 R12.htm IDEA: XBRL DOCUMENT

Income Taxes

3 Months Ended

Aug. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 7

Income Taxes

XML 35 R11.htm IDEA: XBRL DOCUMENT

Warranty

3 Months Ended

Aug. 31, 2015

Guarantees [Abstract]

Warranty

NOTE 6

Warranty

A reconciliation of accrued warranty is as follows:


	Three-Months Ended August 31,
	2015			2014
	(Unaudited)
	(Dollars in thousands)
Balance at the beginning of the period	$	6,911		$	5,697
Accruals for warranties		1,545			1,695
Settlements made during the period		(1,574	)		(1,731	)

Balance at the end of the period		6,882			5,661

Non-current balance included in other deferred liabilities		2,400			2,000

Accrued warranty	$	4,482		$	3,661

At August 31, 2015, the total current obligation for warranty associated with the recreational vehicle segment that was discontinued is estimated to be approximately $409,000.

XML 36 R23.htm IDEA: XBRL DOCUMENT

Discontinued Operations - Summary of Assets and Liabilities of Discontinued Operations (Detail) - USD ($) $ in Thousands	Aug. 31, 2015	May. 31, 2015
Current Assets:
Accounts receivable	$ 87	$ 30
Inventories	50	110
Current Assets, Total	137	140
Current Liabilities:
Accounts payable, trade	40	8
Accrued marketing programs		37
Other accrued liabilities	68	59
Current Liabilities, Total	$ 108	$ 104

XML 37 R19.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Tables)

3 Months Ended

Aug. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Amounts of Obligations from Repurchased Units, Discontinued Operations and Incurred Net Losses for Periods

The amounts of obligations from repurchased units, all of which were from discontinued operations, and incurred net losses for the periods presented are as follows:


	Three-Months Ended August 31,
	2015		2014
	(Unaudited)
	(Dollars in thousands)

Number of units repurchased		—		11

Obligations from units repurchased	$	—	$	203

Net losses on repurchased units	$	—	$	43

XML 38 R15.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation

3 Months Ended

Aug. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

NOTE 10

Stock-Based Compensation

XML 39 R13.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

3 Months Ended

Aug. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 8

Commitments and Contingencies

The amounts of obligations from repurchased units, all of which were from discontinued operations, and incurred net losses for the periods presented are as follows:


	Three-Months Ended August 31,
	2015		2014
	(Unaudited)
	(Dollars in thousands)

Number of units repurchased		—		11

Obligations from units repurchased	$	—	$	203

Net losses on repurchased units	$	—	$	43

XML 40 R14.htm IDEA: XBRL DOCUMENT

Secured Revolving Credit Facility

3 Months Ended

Aug. 31, 2015

Debt Disclosure [Abstract]

Secured Revolving Credit Facility

NOTE 9

Secured Revolving Credit Facility

•

The limit for the lease, purchase or acquisition of any asset increased from $600,000 per year to $800,000 per year; and

•

The monthly bank assessment fee increased from .25% per annum to .35% per annum.

XML 41 R16.htm IDEA: XBRL DOCUMENT

Discontinued Operations (Tables)

3 Months Ended

Aug. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Results of Discontinued Operations and Summary of Assets and Liabilities of Discontinued Operations

The following table summarizes the results of discontinued operations:


	Three-Months Ended August 31,
	2015		2014
	(Unaudited)
	(Dollars in thousands)
Net Sales	$	21	$	7,825


Operating income (loss) of discontinued operations	$	61	$	(2,564	)

Income (loss) before income taxes		61		(2,564	)
Income tax benefit		—		—

Income (loss) from discontinued operations, net of taxes	$	61	$	(2,564	)

The following is a summary of assets and liabilities of discontinued operations at the dates indicated:


	August 31, 2015		May 31, 2015
	(Unaudited)
	(Dollars in thousands)
Current Assets:
Accounts receivable	$	87	$	30
Inventories		50		110

	$	137	$	140


Current Liabilities:
Accounts payable, trade	$	40	$	8
Accrued marketing programs		—		37
Other accrued liabilities		68		59

	$	108	$	104

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

XML 42 R21.htm IDEA: XBRL DOCUMENT

Discontinued Operations - Additional Information (Detail)		12 Months Ended
	Oct. 07, 2014 USD ($) a ft²	Mar. 31, 2015 USD ($)
Evergreen Recreational Vehicles LLC [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent of Corporation's cost for raw materials inventory purchased	50.00%
Corporation's raw material cost	$ 1,600,000
Reduction in value of the raw material and payment		$ (910,000)
Recreational Vehicle Operations [Member] \| Bristol [Member] \| Manufacturing Facility [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash payment received as consideration for asset sold	806,000
Prorated property taxes	73,000
Selling expenses	2,000
Bristol, Indiana Manufacturing Facility [Member] \| Recreational Vehicle Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash payment received as consideration for asset sold	$ 175,000
Bristol, Indiana Manufacturing Facility [Member] \| Recreational Vehicle Operations [Member] \| Bristol [Member] \| Manufacturing Facility [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of property \| ft²	135,000
Area of land \| a	18.2

XML 43 R26.htm IDEA: XBRL DOCUMENT

Warranty - Reconciliation of Accrued Warranty (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	May. 31, 2015
Guarantees [Abstract]
Balance at the beginning of the period	$ 6,911	$ 5,697
Accruals for warranties	1,545	1,695
Settlements made during the period	(1,574)	(1,731)
Balance at the end of the period	6,882	5,661
Non-current balance included in other deferred liabilities	2,400	2,000	$ 2,400
Accrued warranty	$ 4,482	$ 3,661	$ 4,511

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended

Aug. 31, 2015

Aug. 31, 2014

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss $ (834) $ (3,773)

Adjustments to reconcile net loss to net cash from operating activities:

Depreciation 257 394

Amortization of debt financing costs 19

Change in assets and liabilities:

Accounts receivable 3,137 3,857

Inventories (1,429) (1,622)

Workers' compensation security deposit 717

Other current assets (1,093) (355)

Accounts payable, trade 624 (1,283)

Accrued liabilities 464 (171)

Other, net (107) (66)

Net cash from operating activities 1,755 (3,019)

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from note receivable 13

Purchase of property, plant and equipment (70) (26)

Other, net (8) (4)

Net cash from investing activities (78) (17)

Net increase (decrease) in cash 1,677 (3,036)

Cash at beginning of period 4,995 6,031

Cash at end of period $ 6,672 $ 2,995

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Recreational Vehicles [Member]
Guarantor Obligations [Line Items]
Estimated warranty obligation	$ 409,000