Exhibit 99.1
Skyline Corporation
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
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| Subject: FIRST QUARTER REPORT | | Approved by: JON S. PILARSKI |
ELKHART, INDIANA — OCTOBER 7, 2011
SKYLINE REPORTS FIRST QUARTER RESULTS
Skyline’s net sales for the first quarter of fiscal year 2012 were $50,284,000 as compared to $45,827,000 in the first quarter of fiscal 2011.
Net sales for Skyline’s housing segment were $29,143,000 in the first quarter of fiscal 2012 as compared to $30,629,000 in the first quarter of fiscal 2011.
Net sales for Skyline’s recreational vehicle segment were $21,141,000 in fiscal 2012’s first quarter as compared to $15,198,000 for the first quarter of fiscal 2011.
Fiscal 2012’s first quarter loss before income taxes was $6,845,000 as compared to fiscal 2011’s first quarter loss before income taxes of $6,065,000.
The Corporation continues to maintain a full valuation allowance for deferred tax assets, and as a result had no benefit from income taxes from its current period loss.
Skyline reported a net loss of $6,845,000 in the first quarter of fiscal 2012 as compared to a net loss of $6,065,000 in the first quarter of fiscal 2011. On a per share basis, net loss was $.82 as compared to a net loss of $.72 for the same period a year ago.
With a significant position in cash and U.S. Treasury Bills, no bank debt and experienced employees, Skyline is prepared to 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) | |
| | | 2011 | | | 2010 | |
| | | | | | | | | |
| Net sales | | $ | 50,284 | | | $ | 45,827 | |
| | | | | | | |
| | | | | | | | | |
| Loss before income taxes | | | (6,845 | ) | | | (6,065 | ) |
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| Benefit from income taxes | | | — | | | | — | |
| | | | | | | |
| | | | | | | | | |
| Net loss | | $ | (6,845 | ) | | $ | (6,065 | ) |
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| Basic loss per share | | $ | (.82 | ) | | $ | (.72 | ) |
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| | | | | | | | | |
| Number of weighted average common shares outstanding | | | 8,391,244 | | | | 8,391,244 | |
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SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
| | | | | | | | | |
| | | August 31, (Unaudited) | |
| | | 2011 | | | 2010 | |
| ASSETS | | | | | | | | |
| | | | | | | | | |
| Cash and temporary cash investments | | $ | 38,412 | | | $ | 72,073 | |
| Accounts receivable | | | 10,593 | | | | 8,976 | |
| Inventories | | | 10,274 | | | | 6,833 | |
| Other current assets | | | 3,280 | | | | 4,472 | |
| | | | | | | |
| | | | | | | | | |
| Total Current Assets | | | 62,559 | | | | 92,354 | |
| | | | | | | | | |
| Property, Plant and Equipment, net | | | 24,540 | | | | 26,160 | |
| | | | | | | | | |
| Other Assets | | | 5,969 | | | | 5,712 | |
| | | | | | | |
| | | | | | | | | |
| Total Assets | | $ | 93,068 | | | $ | 124,226 | |
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| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |
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| Accounts payable, trade | | $ | 3,318 | | | $ | 3,231 | |
| Accrued liabilities | | | 12,964 | | | | 11,240 | |
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| | | | | | | | | |
| Total Current Liabilities | | | 16,282 | | | | 14,471 | |
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| Other Deferred Liabilities | | | 7,347 | | | | 7,623 | |
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| Common stock | | | 312 | | | | 312 | |
| Additional paid-in capital | | | 4,928 | | | | 4,928 | |
| Retained earnings | | | 129,943 | | | | 162,636 | |
| Treasury stock, at cost | | | (65,744 | ) | | | (65,744 | ) |
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| | | | | | | | | |
| Total Shareholders’ Equity | | | 69,439 | | | | 102,132 | |
| | | | | | | |
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| Total Liabilities and Shareholders’ Equity | | $ | 93,068 | | | $ | 124,226 | |
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