Exhibit 99.1
NEWS RELEASE
Skyline Corporation
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
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
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
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 | ||||