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: JAMES R. WEIGAND |
ELKHART, INDIANA — OCTOBER 7, 2005
SKYLINE REPORTS FISCAL 2006 FIRST QUARTER RESULTS
Net earnings for the first quarter of Skyline Corporation’s 2006 fiscal year were $2,344,000, an increase from the $806,000 of the first quarter of fiscal 2005. On a per share basis, net earnings for the first quarter of fiscal 2006 were $0.28 versus $0.10 for the first quarter a year ago. Net earnings for fiscal 2006 include a gain on sale of vacant land of $0.03 per share.
Sales for the quarter which ended August 31, 2005 were $118,346,000, an increase from the $117,567,000 for the first quarter of fiscal 2005.
For Skyline’s manufactured housing group, sales for the first quarter of fiscal 2006 were $92,436,000 compared to $85,018,000 for the first quarter a year ago. Skyline’s RV group recorded sales of $25,910,000 for the first three months of fiscal 2006 compared to $32,549,000 recorded for the first quarter of fiscal 2005.
Skyline continues to maintain its traditionally strong balance sheet with no long-term debt and a healthy position in cash and temporary cash investments.
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Bringing America Home. Bringing America Fun.
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in thousands except per share)
| | | | | | | | | |
| | | Three Months Ended | |
| | | August 31, (Unaudited) | |
| | | 2005 | | | 2004 | |
| Sales | | $ | 118,346 | | | $ | 117,567 | |
| | | | | | | |
| Earnings before income taxes | | | 3,721 | | | | 1,346 | |
| Provision for income taxes | | | 1,377 | | | | 540 | |
| | | | | | | |
| Net earnings | | $ | 2,344 | | | $ | 806 | |
| | | | | | | |
| Basic earnings per share | | $ | .28 | (A) | | $ | .10 | |
| | | | | | | |
| Weighted average common shares outstanding | | | 8,391,244 | | | | 8,391,244 | |
| | | | | | | |
(A) Includes an after-tax gain on sale of vacant land of $.03 per share.
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
| | | | | | | | | |
| | | August 31, (Unaudited) | |
| ASSETS | | 2005 | | | 2004 | |
| Cash and temporary cash investments | | $ | 143,163 | | | $ | 146,417 | |
| Accounts receivable | | | 27,903 | | | | 28,468 | |
| Inventories | | | 10,839 | | | | 11,698 | |
| Other current assets | | | 9,609 | | | | 8,444 | |
| | | | | | | |
| Total Current Assets | | | 191,514 | | | | 195,027 | |
| Property, Plant and Equipment, net | | | 34,744 | | | | 37,429 | |
| Other Assets | | | 9,610 | | | | 8,809 | |
| | | | | | | |
| | | $ | 235,868 | | | $ | 241,265 | |
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| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |
| Accounts payable, trade | | $ | 7,630 | | | $ | 8,243 | |
| Accrued liabilities | | | 25,869 | | | | 24,042 | |
| Income taxes payable | | | 1,363 | | | | 428 | |
| | | | | | | |
| Total Current Liabilities | | | 34,862 | | | | 32,713 | |
| | | | | | | |
| Other Deferred Liabilities | | | 10,669 | | | | 10,773 | |
| | | | | | | |
| Common stock | | | 312 | | | | 312 | |
| Additional paid-in capital | | | 4,928 | | | | 4,928 | |
| Retained earnings | | | 250,841 | | | | 258,283 | |
| Treasury stock, at cost, 2,825,900 shares in 2005 and 2004 | | | (65,744 | ) | | | (65,744 | ) |
| | | | | | | |
| Total Shareholders’ Equity | | | 190,337 | | | | 197,779 | |
| | | | | | | |
| | | $ | 235,868 | | | $ | 241,265 | |
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