Exhibit 99.1
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 | | NEWS RELEASE |
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 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.
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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) | |
| | | 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 | ) |
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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) | |
| | | 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 | |
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LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |
Accounts payable, trade | | $ | 3,721 | | | $ | 4,260 | |
Accrued liabilities | | | 12,536 | | | | 11,621 | |
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Total Current Liabilities | | | 16,257 | | | | 15,881 | |
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Other Deferred Liabilities | | | 7,872 | | | | 8,049 | |
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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 | ) |
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Total Shareholders’ Equity | | | 44,272 | | | | 52,696 | |
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Total Liabilities and Shareholders’ Equity | | $ | 68,401 | | | $ | 76,626 | |
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