Exhibit 99.1
Skyline Corporation
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
Subject: FIRST QUARTER REPORT Approved by: JON S. PILARSKI
ELKHART, INDIANA -— OCTOBER 9, 2009
SKYLINE REPORTS FISCAL 2010 FIRST QUARTER RESULTS
Sales for the first quarter of Skyline Corporation’s 2010 fiscal year were $35,874,000 compared to $62,597,000 last year. Net loss for the three month period was $3,907,000 equal to $0.47 per share, compared to a net loss of $4,146,000, or $0.49 per share, for the same period a year ago.
For Skyline’s manufactured housing group, sales for the first quarter of fiscal 2010 were $25,782,000 compared to $45,258,000 for the first quarter a year ago.
Skyline’s RV group recorded sales of $10,092,000 for the first three months of fiscal 2010 compared to $17,339,000 recorded for the first quarter of fiscal 2009.
Skyline continues to maintain its traditionally strong balance sheet with no debt and a healthy position in cash and U.S. Treasury Bills. This financial strength, along with a seasoned management team, should help the company meet the challenges ahead.
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Bringing America Home. Bringing America Fun.
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share and per share data)
| | | | | | | | | |
| | | Three Months Ended | |
| | | August 31, (Unaudited) | |
| | | 2009 | | | 2008 | |
| Sales | | $ | 35,874 | | | $ | 62,597 | |
| | | | | | | |
| Loss before income taxes | | | (6,113 | ) | | | (6,471 | ) |
| Benefit for income taxes | | | 2,206 | | | | 2,325 | |
| | | | | | | |
| Net loss | | $ | (3,907 | ) | | $ | (4,146 | ) |
| | | | | | | |
| Basic loss per share | | $ | (.47 | ) | | $ | (.49 | ) |
| | | | | | | |
| Number of weighted average common shares outstanding | | | 8,391,244 | | | | 8,391,244 | |
| | | | | | | |
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
| | | | | | | | | |
| | | August 31, (Unaudited) | |
| ASSETS | | 2009 | | | 2008 | |
| | | | | | | | | |
| Cash and temporary cash investments | | $ | 89,081 | | | $ | 106,127 | |
| Accounts receivable | | | 5,887 | | | | 15,700 | |
| Inventories | | | 6,306 | | | | 9,683 | |
| Other current assets | | | 13,840 | | | | 16,509 | |
| | | | | | | |
| | | | | | | | | |
| Total Current Assets | | | 115,114 | | | | 148,019 | |
| | | | | | | | | |
| Property, Plant and Equipment, net | | | 30,220 | | | | 32,041 | |
| | | | | | | | | |
| Noncurrent Deferred Tax Assets | | | 12,171 | | | | 4,054 | |
| | | | | | | | | |
| Other Assets | | | 5,459 | | | | 6,259 | |
| | | | | | | |
| | | | | | | | | |
| Total Assets | | $ | 162,964 | | | $ | 190,373 | |
| | | | | | | |
| | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |
| | | | | | | | | |
| Accounts payable, trade | | $ | 1,669 | | | $ | 3,709 | |
| Accrued liabilities | | | 13,980 | | | | 17,180 | |
| | | | | | | |
| | | | | | | | | |
| Total Current Liabilities | | | 15,649 | | | | 20,889 | |
| | | | | | | |
| | | | | | | | | |
| Other Deferred Liabilities | | | 7,991 | | | | 8,923 | |
| | | | | | | |
| | | | | | | | | |
| Common stock | | | 312 | | | | 312 | |
| Additional paid-in capital | | | 4,928 | | | | 4,928 | |
| Retained earnings | | | 199,828 | | | | 221,065 | |
| Treasury stock, at cost | | | (65,744 | ) | | | (65,744 | ) |
| | | | | | | |
| | | | | | | | | |
| Total Shareholders’ Equity | | | 139,324 | | | | 160,561 | |
| | | | | | | |
| | | | | | | | | |
| Total Liabilities and Shareholders’ Equity | | $ | 162,964 | | | $ | 190,373 | |
| | | | | | | |
