Exhibit 99.1
 | NEWS RELEASE |
Skyline Corporation
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
Subject: THIRD QUARTER REPORT | Approved by: JON S. PILARSKI |
ELKHART, INDIANA — APRIL 5, 2013
SKYLINE REPORTS RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS
Skyline’s net sales for the third quarter of fiscal year 2013 were $36,986,000 as compared to $36,805,000 in the third quarter of fiscal 2012. For the first nine months of fiscal 2013, net sales were $128,742,000 as compared to $132,385,000 in the first nine months of fiscal 2012.
Net sales for Skyline’s housing segment were $22,114,000 in the third quarter of fiscal 2013 as compared to $19,065,000 in the third quarter of fiscal 2012. For the first nine months of fiscal 2013, net sales were $81,571,000 as compared to $80,368,000 in the first nine months of fiscal 2012.
Net sales for Skyline’s recreational vehicle segment were $14,872,000 in fiscal 2013’s third quarter as compared to $17,740,000 for the third quarter of fiscal 2012. For the first nine months of fiscal 2013, net sales were $47,171,000 as compared to $52,017,000 for the same period a year ago.
Skyline reported a net loss of $5,365,000, or $.64 per share, in the third quarter of fiscal 2013 as compared to a net loss of $7,387,000, or $.88 per share, in the third quarter of fiscal 2012. For the first nine months of fiscal 2013, net loss was $10,558,000, or $1.26 per share, compared to a net loss of $17,654,000, or $2.10 per share, for a year ago. Included in current year’s pretax loss for the first nine months was a $1,411,000 gain on the sale of idle property, plant and equipment. Likewise, prior year’s pretax loss for the first nine months included a $2,500,000 gain on the sale of idle property, plant and equipment.
Skyline continues to maintain a 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 share and per share data)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| February 28, | February 29, | February 28, | February 29, | |||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net sales | $ | 36,986 | $ | 36,805 | $ | 128,742 | $ | 132,385 | ||||||||
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Loss before income taxes | (5,365 | ) | (7,387 | ) | (10,558 | )(A) | (17,654 | )(B) | ||||||||
Benefit from income taxes | — | — | — | — | ||||||||||||
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Net loss | $ | (5,365 | ) | $ | (7,387 | ) | $ | (10,558 | ) | $ | (17,654 | ) | ||||
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Basic loss per share | $ | (.64 | ) | $ | (.88 | ) | $ | (1.26 | ) | $ | (2.10 | ) | ||||
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Number of weighted average common shares outstanding | 8,391,244 | 8,391,244 | 8,391,244 | 8,391,244 | ||||||||||||
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| (A) | Includes $1,411 gain on sale of idle property, plant and equipment. |
| (B) | Includes $2,500 gain on sale of idle property, plant and equipment. |
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
| (Unaudited) | ||||||||
| February 28, | February 29, | |||||||
| 2013 | 2012 | |||||||
ASSETS | ||||||||
Cash, restricted cash and temporary cash investments | $ | 16,258 | $ | 30,744 | ||||
Accounts receivable | 13,714 | 11,716 | ||||||
Note receivable, current | 46 | — | ||||||
Inventories | 10,340 | 9,170 | ||||||
Other current assets | 3,183 | 2,614 | ||||||
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Total Current Assets | 43,541 | 54,244 | ||||||
Note receivable, long-term | 1,643 | — | ||||||
Property, Plant and Equipment, net | 19,039 | 21,947 | ||||||
Other Assets | 6,165 | 6,019 | ||||||
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Total Assets | $ | 70,388 | $ | 82,210 | ||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Accounts payable, trade | $ | 3,560 | $ | 3,093 | ||||
Accrued liabilities | 13,244 | 13,611 | ||||||
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Total Current Liabilities | 16,804 | 16,704 | ||||||
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Other Deferred Liabilities | 7,978 | 7,632 | ||||||
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Common stock | 312 | 312 | ||||||
Additional paid-in capital | 4,928 | 4,928 | ||||||
Retained earnings | 106,110 | 118,378 | ||||||
Treasury stock, at cost | (65,744 | ) | (65,744 | ) | ||||
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Total Shareholders’ Equity | 45,606 | 57,874 | ||||||
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Total Liabilities and Shareholders’ Equity | $ | 70,388 | $ | 82,210 | ||||
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