Exhibit 99.1
 | NEWS RELEASE | |
| Skyline Corporation 2520 By-Pass Road P.O. Box 743 Elkhart, Indiana 46515-0743 (574) 294-6521 | ||
| Subject: SECOND QUARTER REPORT | Approved by: JON S. PILARSKI |
ELKHART, INDIANA — JANUARY 8, 2010
SKYLINE REPORTS RESULTS FOR SECOND QUARTER AND FIRST HALF
Sales for Skyline’s fiscal 2010 second quarter were $34,246,000 compared to $47,210,000 for the second quarter of fiscal 2009. For the first six months of fiscal 2010, sales were $70,120,000 versus $109,807,000 for fiscal 2009.
Skyline Corporation reported a net loss of $3,808,000 for the second quarter of fiscal 2010 compared to a net loss of $4,098,000 for the second quarter of fiscal 2009. On a per share basis, net loss for the quarter which ended November 30, 2009 was $.45 versus a net loss of $.49 for a year ago.
For the first half of fiscal 2010, net loss was $7,715,000 compared to a net loss of $8,244,000 for a year ago. Net loss per share for the first half of fiscal 2010 was $.92 versus a net loss per share of$.98 for the first half of fiscal 2009.
For Skyline’s manufactured housing group, sales for the second quarter of fiscal 2010 were $24,921,000 compared to $38,310,000 for the second quarter of fiscal 2009. For the first six months of fiscal 2009, sales by the manufactured housing group were $50,703,000 versus the $83,568,000 recorded for the first six months of fiscal 2009.
For the recreational vehicle (RV) group, sales amounted to $9,325,000 for fiscal 2010’s second quarter compared to $8,900,000 for the second quarter of fiscal 2009. For the first six months of fiscal 2010, sales by the RV group were $19,417,000 versus $26,239,000 for the same period a year ago.
As Skyline begins its third quarter, historically the slowest period in its fiscal year, the Corporation continues to maintain its traditionally strong balance sheet with no debt and a healthy position in cash and temporary cash investments. This financial strength, along with a seasoned management team, should help the corporation 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
| Three Months Ended | Six Months Ended | |||||||||||||||
| November 30, | November 30, | |||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| (Dollars in thousands, except share and per share data) | 2009 | 2008 | 2009 | 2008 | ||||||||||||
| Sales | $ | 34,246 | $ | 47,210 | $ | 70,120 | $ | 109,807 | ||||||||
| Loss before income taxes | (6,122 | ) | (6,626 | ) | (12,235 | ) | (13,097 | ) | ||||||||
| Benefit for income taxes | (2,314 | ) | (2,528 | ) | (4,520 | ) | (4,853 | ) | ||||||||
| Net loss | $ | (3,808 | ) | $ | (4,098 | ) | $ | (7,715 | ) | $ | (8,244 | ) | ||||
| Basic loss per share | $ | (.45 | ) | $ | (.49 | ) | $ | (.92 | ) | $ | (.98 | ) | ||||
| Number of weighted average common shares outstanding | 8,391,244 | 8,391,244 | 8,391,244 | 8,391,244 | ||||||||||||
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
CONSOLIDATED CONDENSED BALANCE SHEETS
| November 30, (Unaudited) | ||||||||
| (Dollars in thousands) | 2009 | 2008 | ||||||
| ASSETS | ||||||||
| Cash and temporary cash investments | $ | 82,537 | $ | 103,409 | ||||
| Accounts receivable | 5,907 | 8,351 | ||||||
| Inventories | 6,131 | 9,800 | ||||||
| Other current assets | 18,849 | 18,454 | ||||||
| Total Current Assets | 113,424 | 140,014 | ||||||
| Property, Plant and Equipment, net | 29,918 | 31,862 | ||||||
| Noncurrent Deferred Tax Assets | 9,322 | 4,702 | ||||||
| Other Assets | 5,484 | 5,764 | ||||||
| Total Assets | $ | 158,148 | $ | 182,342 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Accounts payable, trade | $ | 2,476 | $ | 1,744 | ||||
| Accrued liabilities | 13,086 | 16,731 | ||||||
| Total Current Liabilities | 15,562 | 18,475 | ||||||
| Other Deferred Liabilities | 8,580 | 8,914 | ||||||
| Common stock | 312 | 312 | ||||||
| Additional paid-in capital | 4,928 | 4,928 | ||||||
| Retained earnings | 194,510 | 215,457 | ||||||
| Treasury stock, at cost | (65,744 | ) | (65,744 | ) | ||||
| Total Shareholders’ Equity | 134,006 | 154,953 | ||||||
| Total Liabilities and Shareholders’ Equity | $ | 158,148 | $ | 182,342 | ||||