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 11, 2013
SKYLINE REPORTS RESULTS FOR FIRST QUARTER
Skyline’s net sales for the first quarter of fiscal year 2014 were $48,994,000 as compared to $49,920,000 in the first quarter of fiscal 2013.
Net sales for Skyline’s housing segment were $36,434,000 in the first quarter of fiscal 2014 as compared to $30,912,000 in the first quarter of fiscal 2013.
Net sales for Skyline’s recreational vehicle segment were $12,560,000 in fiscal 2014’s first quarter as compared to $19,008,000 for the first quarter of fiscal 2013.
Skyline reported a net loss of $1,379,000, or $.16 per share, in the first quarter of fiscal 2014 as compared to a net loss of $3,468,000, or $.41 per share, in the first quarter of fiscal 2013.
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 should assist the Corporation in meeting challenges as they occur.
**************
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) | ||||||||
2013 | 2012 | |||||||
Net sales | $ | 48,994 | $ | 49,920 | ||||
|
|
|
| |||||
Loss before income taxes | (1,379 | ) | (3,468 | ) | ||||
Benefit from income taxes | — | — | ||||||
|
|
|
| |||||
Net loss | $ | (1,379 | ) | $ | (3,468 | ) | ||
|
|
|
| |||||
Basic loss per share | $ | (.16 | ) | $ | (.41 | ) | ||
|
|
|
| |||||
Number of weighted average common shares outstanding | 8,391,244 | 8,391,244 | ||||||
|
|
|
|
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
August 31, (Unaudited) | ||||||||
2013 | 2012 | |||||||
ASSETS | ||||||||
Cash, restricted cash and temporary cash investments | $ | 16,732 | $ | 25,010 | ||||
Accounts receivable | 12,993 | 11,011 | ||||||
Note receivable, current | 47 | — | ||||||
Inventories | 9,851 | 9,750 | ||||||
Workers’ compensation security deposit | 2,597 | 2,402 | ||||||
Other current assets | 464 | 1,549 | ||||||
|
|
|
| |||||
Total Current Assets | 42,684 | 49,722 | ||||||
Note receivable, long-term | 1,619 | — | ||||||
Property, Plant and Equipment, net | 17,772 | 20,662 | ||||||
Other Assets | 6,326 | 6,242 | ||||||
|
|
|
| |||||
Total Assets | $ | 68,401 | $ | 76,626 | ||||
|
|
|
| |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Accounts payable, trade | $ | 3,721 | $ | 4,260 | ||||
Accrued liabilities | 12,536 | 11,621 | ||||||
|
|
|
| |||||
Total Current Liabilities | 16,257 | 15,881 | ||||||
|
|
|
| |||||
Other Deferred Liabilities | 7,872 | 8,049 | ||||||
|
|
|
| |||||
Common stock | 312 | 312 | ||||||
Additional paid-in capital | 4,928 | 4,928 | ||||||
Retained earnings | 104,776 | 113,200 | ||||||
Treasury stock, at cost | (65,744 | ) | (65,744 | ) | ||||
|
|
|
| |||||
Total Shareholders’ Equity | 44,272 | 52,696 | ||||||
|
|
|
| |||||
Total Liabilities and Shareholders’ Equity | $ | 68,401 | $ | 76,626 | ||||
|
|
|
|