Exhibit 99.1
 | NEWS RELEASE |
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 5, 2012
SKYLINE REPORTS FIRST QUARTER RESULTS
Skyline’s net sales for the first quarter of fiscal year 2013 were $49,920,000 as compared to $50,284,000 in the first quarter of fiscal 2012.
Net sales for Skyline’s housing segment were $30,912,000 in the first quarter of fiscal 2013 as compared to $29,143,000 in the first quarter of fiscal 2012.
Net sales for Skyline’s recreational vehicle segment were $19,008,000 in fiscal 2013’s first quarter as compared to $21,141,000 for the first quarter of fiscal 2012.
Fiscal 2013’s first quarter net loss was $3,468,000 as compared to fiscal 2012’s first quarter net loss of $6,845,000. On a per share basis, net loss was $.41 as compared to a net loss of $.82 for the same period a year ago.
Skyline continues to maintain its traditionally strong balance sheet with no debt and a significant position of its working capital in cash and U.S. Treasury Bills. This financial strength, along with experienced employees and initiatives to increase revenues and reduce costs, should assist the Corporation in meeting challenges as they occur.
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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) | ||||||||
| 2012 | 2011 | |||||||
Net sales | $ | 49,920 | $ | 50,284 | ||||
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Loss before income taxes | (3,468 | ) | (6,845 | ) | ||||
Benefit from income taxes | — | — | ||||||
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Net loss | $ | (3,468 | ) | $ | (6,845 | ) | ||
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Basic loss per share | $ | (.41 | ) | $ | (.82 | ) | ||
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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) | ||||||||
| 2012 | 2011 | |||||||
ASSETS | ||||||||
Cash and temporary cash investments | $ | 25,010 | $ | 38,412 | ||||
Accounts receivable | 11,011 | 10,593 | ||||||
Inventories | 9,750 | 10,274 | ||||||
Other current assets | 3,951 | 3,280 | ||||||
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Total Current Assets | 49,722 | 62,559 | ||||||
Property, Plant and Equipment, net | 20,662 | 24,540 | ||||||
Other Assets | 6,242 | 5,969 | ||||||
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Total Assets | $ | 76,626 | $ | 93,068 | ||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Accounts payable, trade | $ | 4,260 | $ | 3,318 | ||||
Accrued liabilities | 11,621 | 12,964 | ||||||
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Total Current Liabilities | 15,881 | 16,282 | ||||||
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Other Deferred Liabilities | 8,049 | 7,347 | ||||||
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Common stock | 312 | 312 | ||||||
Additional paid-in capital | 4,928 | 4,928 | ||||||
Retained earnings | 113,200 | 129,943 | ||||||
Treasury stock, at cost | (65,744 | ) | (65,744 | ) | ||||
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Total Shareholders’ Equity | 52,696 | 69,439 | ||||||
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Total Liabilities and Shareholders’ Equity | $ | 76,626 | $ | 93,068 | ||||
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