Skyline Champion (SKY) 10-Q 4 Apr 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Feb. 28, 2014	Apr. 04, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	28-Feb-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Entity Registrant Name	'SKYLINE CORP	'
Entity Central Index Key	'0000090896	'
Current Fiscal Year End Date	'--05-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	8,391,244

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Feb. 28, 2014	31-May-13
In Thousands, unless otherwise specified
Current Assets:	'	'
Cash	$5,275	$11,838
Restricted cash	'	600
U.S. Treasury Bills, at cost plus accrued interest	2,000	4,000
Accounts receivable	15,195	13,472
Note receivable, current	49	47
Inventories	11,234	8,732
Workers' compensation security deposit	2,597	2,597
Other current assets	383	351
Total Current Assets	36,733	41,637
Note Receivable, non-current	1,594	1,631
Property, Plant and Equipment, at Cost:	'	'
Land	4,534	4,597
Buildings and improvements	46,074	49,462
Machinery and equipment	19,986	20,572
Property, Plant and Equipment gross	70,594	74,631
Less accumulated depreciation	53,579	56,289
Net Property, Plant and Equipment	17,015	18,342
Other Assets	6,388	6,317
Total Assets	61,730	67,927
Current Liabilities:	'	'
Accounts payable, trade	3,793	3,675
Accrued salaries and wages	2,054	2,624
Accrued marketing programs	4,069	1,965
Accrued warranty and related expenses	3,921	3,682
Other accrued liabilities	3,888	2,261
Total Current Liabilities	17,725	14,207
Other Deferred Liabilities	7,658	8,069
Commitments and Contingencies - See Note 8	'	'
Shareholders' Equity:	'	'
Common stock, $.0277 par value, 15,000,000 shares authorized; issued 11,217,144 shares	312	312
Additional paid-in capital	4,928	4,928
Retained earnings	96,851	106,155
Treasury stock, at cost, 2,825,900 shares	-65,744	-65,744
Total Shareholders' Equity	36,347	45,651
Total Liabilities and Shareholders' Equity	$61,730	$67,927

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Feb. 28, 2014	31-May-13
Statement Of Financial Position [Abstract]	'	'
Common stock, par value	$0.03	$0.03
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	11,217,144	11,217,144
Treasury stock, shares	2,825,900	2,825,900

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Retained Earnings (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014	Feb. 28, 2013
OPERATIONS	'	'	'	'
Net sales	$38,772	$36,986	$134,029	$128,742
Cost of sales	38,918	36,515	126,625	122,538
Gross (loss) profit	-146	471	7,404	6,204
Selling and administrative expenses	5,891	5,861	17,245	18,210
Gain on sale of idle property, plant and equipment	300	'	462	1,411
Operating loss	-5,737	-5,390	-9,379	-10,595
Interest income	25	25	75	37
Loss before income taxes	-5,712	-5,365	-9,304	-10,558
Benefit from income taxes	'	'	'	'
Net loss	-5,712	-5,365	-9,304	-10,558
Basic loss per share	($0.68)	($0.64)	($1.11)	($1.26)
Weighted average number of common shares outstanding	8,391,244	8,391,244	8,391,244	8,391,244
RETAINED EARNINGS	'	'	'	'
Balance at beginning of period	102,563	111,475	106,155	116,668
Net loss	-5,712	-5,365	-9,304	-10,558
Balance at end of period	$96,851	$106,110	$96,851	$106,110

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2014	Feb. 28, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net loss	($9,304)	($10,558)
Adjustments to reconcile net loss to net cash from operating activities:	'	'
Depreciation	1,304	1,523
Gain on sale of idle property, plant and equipment	-462	-1,411
Change in assets and liabilities:	'	'
Restricted cash	600	-600
Accrued interest receivable	1	4
Accounts receivable	-1,723	-2,515
Inventories	-2,502	-1,981
Other current assets	-32	-280
Accounts payable, trade	118	264
Accrued liabilities	3,400	1,859
Other, net	-527	-71
Net cash from operating activities	-9,127	-13,766
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Proceeds from principal payments of U.S. Treasury Bills	30,998	48,987
Purchase of U.S. Treasury Bills	-28,999	-37,993
Proceeds from note receivable	35	11
Proceeds from sale of idle property, plant and equipment	958	348
Purchase of property, plant and equipment	-649	-49
Other, net	221	109
Net cash from investing activities	2,564	11,413
Net decrease in cash	-6,563	-2,353
Cash at beginning of period	11,838	12,011
Cash at end of period	5,275	9,658
NON-CASH TRANSACTIONS:	'	'
Note receivable from sale of idle property, plant and equipment	$0	$1,689

Nature_of_Operations_Accountin

Nature of Operations, Accounting Policies of Consolidated Financial Statements	9 Months Ended
	Feb. 28, 2014
Accounting Policies [Abstract]	'
Nature of Operations, Accounting Policies of Consolidated Financial Statements	'
	NOTE 1 Nature of Operations, Accounting Policies of Consolidated Financial Statements
	The accompanying unaudited interim consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the consolidated financial position as of February 28, 2014, the consolidated results of operations for the three-month and nine-month periods ended February 28, 2014 and 2013, and the consolidated cash flows for the nine-month periods ended February 28, 2014 and 2013. Due to the seasonal nature of the Corporation’s business, interim results are not necessarily indicative of results for the entire year.
	The unaudited interim consolidated financial statements included herein have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures normally accompanying the annual consolidated financial statements have been omitted. The audited consolidated balance sheet as of May 31, 2013 and the unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Corporation’s latest annual report on Form 10-K.
	Certain prior year amounts have been reclassified to conform to current year presentation.
	The following is a summary of the accounting policies that have a significant effect on the Consolidated Financial Statements.
	Revenue recognition — Substantially all of the Corporation’s products are made to order. Revenue is recognized upon completion of the following: an order for a unit is received from a dealer or community (customer); written or verbal approval for payment is received from a customer’s financial institution or payment is received; a common carrier signs documentation accepting responsibility for the unit as agent for the customer; and the unit is removed from the Corporation’s premises for delivery to a customer. Freight billed to customers is considered sales revenue, and the related freight costs are cost of sales. Volume based rebates paid to dealers are classified as a reduction of sales revenue. Sales of parts are classified as revenue.
	Investments — The Corporation invests in United States Government securities, which are typically held until maturity and are therefore classified as held-to-maturity and carried at amortized cost.
	Accounts Receivable — Trade receivables are based on the amounts billed to dealers and communities. The Corporation does not accrue interest on any of its trade receivables, nor does it have an allowance for credit losses due to favorable collections experience. If a loss occurs, the Corporation’s policy is to recognize it in the period when collectability cannot be reasonably assured.
	Inventories — Inventories are stated at the lower of cost or market. Cost is determined under the first-in, first-out method. Physical inventory counts are taken at the end of each reporting quarter.
	Workers’ Compensation Security Deposit — Deferred workers’ compensation deposit represents funds placed with the Corporation’s worker’s compensation insurance carrier to offset future medical claims and benefits.
	Note Receivable — The Corporation’s note receivable represents the amount owed for the sale of two idle recreational vehicle facilities in Hemet, California; less cash received on the date of closing and cash received from principal repayments through February 28, 2014. Interest is accrued on a monthly basis. No allowance for credit loss exists due to favorable collections experience. The Corporation’s management evaluates the credit quality of the note on a monthly basis. The Corporation’s policy is to recognize a loss in the period when collectability cannot be reasonably assured.
	Property, Plant and Equipment — Property, plant and equipment are stated at cost. Depreciation is computed over the estimated useful lives of the assets using the straight-line method for financial statement reporting and accelerated methods for income tax reporting purposes. Estimated useful lives for significant classes of property, plant and equipment, including idle property, are as follows: Building and improvements 10 to 30 years; machinery and equipment 5 to 8 years. At February 28, 2014, Idle property, net of accumulated depreciation consisted of manufacturing facilities in Ocala, Florida and Elkhart, Indiana. At May, 31, 2013, Idle property, net of accumulated depreciation consisted of manufacturing facilities in the following locations: Ocala, Florida; Elkhart, Indiana; Halstead, Kansas and Fair Haven, Vermont.
	Long-lived assets are reviewed for impairment whenever events indicate that the carrying amount of an asset may not be recoverable from projected future cash flows. If the carrying value of a long-lived asset is impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its fair value. The Company believes no impairment of long-lived assets exists at February 28, 2014.
	Warranty — The Corporation provides the retail purchaser of its homes with a full fifteen-month warranty against defects in design, materials and workmanship. Recreational vehicles are covered by a one-year warranty. The warranties are backed by service departments located at the Corporation’s manufacturing facilities and an extensive field service system.
	Estimated warranty costs are accrued at the time of sale based upon current sales, historical experience and management’s judgment regarding anticipated rates of warranty claims. The adequacy of the recorded warranty liability is periodically assessed and the amount is adjusted as necessary.
	Income Taxes — The Corporation recognizes deferred tax assets based on differences between the carrying values of assets for financial and tax reporting purposes. The realization of the deferred tax assets is dependent upon the generation of sufficient future taxable income. Generally accepted accounting principles require that an entity consider both negative and positive evidence in determining whether a valuation allowance is warranted. In comparing negative and positive evidence, continual losses in recent years is considered significant, negative, objective evidence that deferred tax assets may not be realized in the future, and generally is assigned more weight than subjective positive evidence of the realizability of deferred tax assets. As a result of its extensive evaluation of both positive and negative evidence, management maintains a full valuation allowance against its deferred tax assets. The Corporation reports a liability, if any, for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Corporation recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
	Management’s Plan —Due to recurring losses, the Corporation is actively pursuing strategies to increase sales and decrease costs. These strategies include but are not limited to:
		•	Addressing declining recreational vehicle sales by evaluating its model lineup to more closely meet consumer needs. In addition, with production and sales now consolidated at the two facilities located in Elkhart, Indiana, business operations are being streamlined to reduce costs and maximize efficiencies.
		•	Increasing sales at the Mansfield, Texas housing facility by gaining a greater presence on the properties of manufactured housing dealers and manufactured housing communities. Furthermore, efforts are being made to reduce costs and gain manufacturing efficiencies as the facility transitions from a “startup” to a continuing operation.
		•	Increasing efforts to increase sales of modular homes and park models in both the United States and Canada by cultivating relationships with modular housing developers and campground owners that are outside the Corporation’s historical distribution channels
		•	Selling non-strategic assets to generate cash and eliminate carrying costs
		•	Working with current and potential vendors to decrease costs
		•	Analyzing staffing needs and making reductions when considered appropriate by management
	By implementing these strategies, and utilizing its cash, U.S. Treasury Bills and proceeds from life insurance loans as referenced in Note 11, the Corporation’s management believes the Corporation will have sufficient liquidity to meet its obligations through the current fiscal year.

Restricted_Cash

Restricted Cash	9 Months Ended
	Feb. 28, 2014
Cash And Cash Equivalents [Abstract]	'
Restricted Cash	'
	NOTE 2 Restricted Cash
	During fiscal 2013, the Corporation entered into an agreement to build and sell 60 manufactured homes to Stewart Homes, Inc., one of its dealers. Stewart Homes Inc. also entered into an agreement to sell these homes to Oakridge Family Homes, L.P., a California limited partnership. As a function of Oakridge Family Homes, L.P. purchasing the 60 homes, the Corporation pledged a $600,000 certificate of deposit as security for certain performances. In December 2013, the terms of the certificate of deposit proceeds and security agreement were completed; resulting in the maturation of the certificate of deposit and the receipt of the certificate of deposit proceeds.

Investments

Investments	9 Months Ended
	Feb. 28, 2014
Text Block [Abstract]	'
Investments	'
	NOTE 3 Investments
	The following is a summary of investments:
		Gross		Gross		Fair
		Amortized		Unrealized		Value
		Costs		Gains
		(Dollars in thousands)
	February 28, 2014
	U. S. Treasury Bills	$	2,000	$	—	$	2,000
	May 31, 2013
	U. S. Treasury Bills	$	4,000	$	—	$	4,000
	The fair value is determined by a secondary market for U.S. Government Securities. At February 28, 2014 and May 31, 2013, the U.S. Treasury Bills matures within two and three months, respectively. In the third quarter of fiscal 2014, U.S. Treasury Bills with a gross amortized cost of $5,000,000 were sold before maturity at cost. The sale occurred for purposes of maintaining liquidity during a period where the Corporation’s sales and cash collections are at its lowest level for the fiscal year.

Inventories

Inventories	9 Months Ended
	Feb. 28, 2014
Inventory Disclosure [Abstract]	'
Inventories	'
	NOTE 4 Inventories
	Total inventories consist of the following:
		February 28,		May 31,
		2014		2013
		(Dollars in thousands)
	Raw materials	$	6,865	$	5,104
	Work in process		3,406		2,863
	Finished goods		963		765
		$	11,234	$	8,732

Note_Receivable

Note Receivable	9 Months Ended
	Feb. 28, 2014
Receivables [Abstract]	'
Note Receivable	'
	NOTE 5 Note Receivable
	During the second quarter of fiscal 2013, the Corporation sold two idle recreational vehicle facilities in Hemet, California. The sale of the facilities included a down payment of $500,000 and a promissory note of $1,700,000 to the Corporation. Selling expenses related to the sale, which were paid by the Corporation, were approximately $152,000. This resulted in net cash received from the transaction of approximately $348,000. The note bears an interest rate of 6 percent per annum, requires monthly payments following a 20 year amortization schedule, and provides for a final payment after 6 years. In addition, the two facilities are collateral for the note. The current and non-current balance of $1,643,000 represents the original amount of the note less principal payments received through February 28, 2014.

Warranty

Warranty	9 Months Ended
	Feb. 28, 2014
Guarantees [Abstract]	'
Warranty	'
	NOTE 6 Warranty
	A reconciliation of accrued warranty and related expenses is as follows:
		Nine-Months Ended
		February 28,			February 28,
		2014			2013
		(Dollars in thousands)
	Balance at the beginning of the period	$	5,882		$	5,870
	Accruals for warranties		4,106			4,403
	Settlements made during the period		(3,867	)		(3,890	)
	Balance at the end of the period		6,121			6,383
	Non-current balance included in other deferred liabilities		2,200			2,000
	Accrued warranty and related expenses	$	3,921		$	4,383

Income_Taxes

Income Taxes	9 Months Ended
	Feb. 28, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	NOTE 7 Income Taxes
	At February 28, 2014, the Corporation’s gross deferred tax assets of approximately $45 million consist of approximately $31 million in federal net operating loss and tax credit carryforwards, $8 million in state net operating loss carryforwards, and $6 million resulting from temporary differences between financial and tax reporting. The federal net operating loss and tax credit carryforwards have a life expectancy of twenty years. The state net operating loss carryforwards have a life expectancy, depending on the state where a loss was incurred, between five and twenty years. The Corporation has recorded a full valuation allowance against this asset. If the Corporation, after considering future negative and positive evidence regarding the realization of deferred tax assets, determines that a lesser valuation allowance is warranted, it would record a reduction to income tax expense and the valuation allowance in the period of determination.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Feb. 28, 2014
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	NOTE 8 Commitments and Contingencies
	The Corporation was contingently liable at February 28, 2014 and May 31, 2013 under repurchase agreements with certain financial institutions providing inventory financing for dealers of its products. Under these arrangements, which are customary in the manufactured housing and recreational vehicle industries, the Corporation agrees to repurchase units in the event of default by the dealer at declining prices over the term of the agreement. The period to potentially repurchase units is between 12 to 24 months.
	The maximum repurchase liability is the total amount that would be paid upon the default of the Corporation’s independent dealers. The maximum potential repurchase liability, without reduction for the resale value of the repurchased units, was approximately $66 million at February 28, 2014 and approximately $71 million at May 31, 2013. As a result of favorable experience regarding repurchased units, which is largely due to the strength of dealers selling the Corporation’s products, the Corporation maintained at February 28, 2014 and May 31, 2013 a $100,000 loss reserve that is a component of other accrued liabilities.
	The risk of loss under these agreements is spread over many dealers and financial institutions. The loss, if any, under these agreements is the difference between the repurchase cost and the resale value of the units. The Corporation estimates the fair value of this commitment considering both the contingent losses and the value of the guarantee. This amount has historically been insignificant. The Corporation believes that any potential loss under the agreements in effect at February 28, 2014 will not be material to its financial position or results of operations. In addition, there were no obligations or net losses from repurchased units for the first nine months of fiscal 2014 and 2013.
	The Corporation is a party to various pending legal proceedings in the normal course of business. Management believes that any losses resulting from such proceedings would not have a material adverse effect on the Corporation’s results of operations or financial position.
	As referenced in Note 2 in the Notes to Consolidated Financial Statements, the Corporation pledged a $600,000 certificate of deposit as security for certain performances in providing 60 manufactured homes to Oakridge Family Homes, L.P. In December 2013, the terms of the certificate of deposit proceeds and security agreement were completed; resulting in the maturation of the certificate of deposit and the receipt of the certificate of deposit proceeds.

Industry_Segment_Information

Industry Segment Information	9 Months Ended
	Feb. 28, 2014
Segment Reporting [Abstract]	'
Industry Segment Information	'
	NOTE 9 Industry Segment Information
	The Corporation designs, produces and markets manufactured housing, modular housing and recreational vehicles (travel trailers, fifth wheels and park models). Manufactured housing represents homes built according to a national building code; modular housing represents homes built to a local building code. The percentage allocation of manufactured housing, modular housing and recreational vehicle net sales is:
		Three-Months Ended						Nine-Months Ended
		February 28,						February 28,
		2014			2013			2014			2013
	Domestic Manufactured Housing		62	%		50	%		64	%		49	%
	Modular Housing
	Domestic		7			8			9			11
	Canadian		2			2			3			3
			9			10			12			14
	Total Housing		71			60			76			63
	Recreational Vehicles
	Domestic		21			30			20			29
	Canadian		8			10			4			8
	Total Recreational Vehicles		29			40			24			37
			100	%		100	%		100	%		100	%
		Three-Months Ended						Nine-Months Ended
		February 28,						February 28,
		2014			2013			2014			2013
		(Dollars in thousands)						(Dollars in thousands)
	NET SALES
	Domestic Manufactured Housing	$	24,038		$	18,638		$	85,537		$	63,059
	Modular Housing
	Domestic		2,819			2,840			12,533			14,632
	Canadian		784			636			4,165			3,880
			3,603			3,476			16,698			18,512
	Total Housing		27,641			22,114			102,235			81,571
	Recreational Vehicles
	Domestic		8,012			11,124			26,554			37,517
	Canadian		3,119			3,748			5,240			9,654
	Total Recreational Vehicles		11,131			14,872			31,794			47,171
	Total Net Sales	$	38,772		$	36,986		$	134,029		$	128,742
	LOSS BEFORE INCOME TAXES
	Operating Loss
	Housing	$	(3,841	)	$	(3,132	)	$	(4,931	)	$	(6,502	)
	Recreational vehicles		(1,709	)		(1,721	)		(3,696	)		(3,974	)
	General corporate expense		(487	)		(537	)		(1,214	)		(1,530	)
	Gain on sale of idle property, plant and equipment		300			—			462			1,411
	Total operating loss		(5,737	)		(5,390	)		(9,379	)		(10,595	)
	Interest income		25			25			75			37
	Loss before income taxes	$	(5,712	)	$	(5,365	)	$	(9,304	)	$	(10,558	)
	Total operating loss represents operating losses before interest income and benefit from income taxes with non-traceable operating expenses being allocated to industry segments based on percentages of sales. General corporate expenses are not allocated to the industry segments.

Gain_on_Sale_of_Idle_Property_

Gain on Sale of Idle Property, Plant and Equipment	9 Months Ended
	Feb. 28, 2014
Property Plant And Equipment [Abstract]	'
Gain on Sale of Idle Property, Plant and Equipment	'
	NOTE 10 Gain on Sale of Idle Property, Plant and Equipment
	In the second quarter of fiscal 2014, the Corporation sold its idle manufactured housing facility located in Fair Haven, Vermont for a gain of $162,000. Likewise, in the third quarter of fiscal 2014 an idle manufactured housing facility located in Halstead, Kansas was sold for a gain of $300,000. In the second quarter of fiscal 2013, the Corporation sold two idle recreational vehicle facilities located in Hemet, California for a gain of $1,411,000.

Subsequent_Events

Subsequent Events	9 Months Ended
	Feb. 28, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	NOTE 11 Subsequent Events
	Subsequent to February 28, 2014, undeveloped land located in Elkhart, Indiana was sold for a gain of approximately $240,000. The proceeds from the sale, less selling expenses, were approximately $982,000. In addition, the Corporation obtained approximately $6,100,000 in life insurance policy loans. Due to the seasonality of the Corporation’s business, net sales and cash collections are lowest during the third quarter. Akin to drawing upon a bank line of credit, the loans were obtained to meet fourth quarter obligations and to purchase inventory as the Corporation enters its spring and summer selling seasons; the highest sales periods in its fiscal year. The loans have no fixed repayment schedule, and have interest rates ranging from 4.2 percent to 7.4 percent. The weighted average interest rate for the loans in total is 5.9 percent.

Nature_of_Operations_Accountin1

Nature of Operations, Accounting Policies of Consolidated Financial Statements (Policies)	9 Months Ended
	Feb. 28, 2014
Accounting Policies [Abstract]	'
Revenue Recognition	'
	Revenue recognition — Substantially all of the Corporation’s products are made to order. Revenue is recognized upon completion of the following: an order for a unit is received from a dealer or community (customer); written or verbal approval for payment is received from a customer’s financial institution or payment is received; a common carrier signs documentation accepting responsibility for the unit as agent for the customer; and the unit is removed from the Corporation’s premises for delivery to a customer. Freight billed to customers is considered sales revenue, and the related freight costs are cost of sales. Volume based rebates paid to dealers are classified as a reduction of sales revenue. Sales of parts are classified as revenue.
Investments	'
	Investments — The Corporation invests in United States Government securities, which are typically held until maturity and are therefore classified as held-to-maturity and carried at amortized cost.
Accounts Receivable	'
	Accounts Receivable — Trade receivables are based on the amounts billed to dealers and communities. The Corporation does not accrue interest on any of its trade receivables, nor does it have an allowance for credit losses due to favorable collections experience. If a loss occurs, the Corporation’s policy is to recognize it in the period when collectability cannot be reasonably assured.
Inventories	'
	Inventories — Inventories are stated at the lower of cost or market. Cost is determined under the first-in, first-out method. Physical inventory counts are taken at the end of each reporting quarter.
Workers' Compensation Security Deposit	'
	Workers’ Compensation Security Deposit — Deferred workers’ compensation deposit represents funds placed with the Corporation’s worker’s compensation insurance carrier to offset future medical claims and benefits.
Note Receivable	'
	Note Receivable — The Corporation’s note receivable represents the amount owed for the sale of two idle recreational vehicle facilities in Hemet, California; less cash received on the date of closing and cash received from principal repayments through February 28, 2014. Interest is accrued on a monthly basis. No allowance for credit loss exists due to favorable collections experience. The Corporation’s management evaluates the credit quality of the note on a monthly basis. The Corporation’s policy is to recognize a loss in the period when collectability cannot be reasonably assured.
Property, Plant and Equipment	'
	Property, Plant and Equipment — Property, plant and equipment are stated at cost. Depreciation is computed over the estimated useful lives of the assets using the straight-line method for financial statement reporting and accelerated methods for income tax reporting purposes. Estimated useful lives for significant classes of property, plant and equipment, including idle property, are as follows: Building and improvements 10 to 30 years; machinery and equipment 5 to 8 years. At February 28, 2014, Idle property, net of accumulated depreciation consisted of manufacturing facilities in Ocala, Florida and Elkhart, Indiana. At May, 31, 2013, Idle property, net of accumulated depreciation consisted of manufacturing facilities in the following locations: Ocala, Florida; Elkhart, Indiana; Halstead, Kansas and Fair Haven, Vermont.
	Long-lived assets are reviewed for impairment whenever events indicate that the carrying amount of an asset may not be recoverable from projected future cash flows. If the carrying value of a long-lived asset is impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its fair value. The Company believes no impairment of long-lived assets exists at February 28, 2014.
Warranty	'
	Warranty — The Corporation provides the retail purchaser of its homes with a full fifteen-month warranty against defects in design, materials and workmanship. Recreational vehicles are covered by a one-year warranty. The warranties are backed by service departments located at the Corporation’s manufacturing facilities and an extensive field service system.
	Estimated warranty costs are accrued at the time of sale based upon current sales, historical experience and management’s judgment regarding anticipated rates of warranty claims. The adequacy of the recorded warranty liability is periodically assessed and the amount is adjusted as necessary.
Income Taxes	'
	Income Taxes — The Corporation recognizes deferred tax assets based on differences between the carrying values of assets for financial and tax reporting purposes. The realization of the deferred tax assets is dependent upon the generation of sufficient future taxable income. Generally accepted accounting principles require that an entity consider both negative and positive evidence in determining whether a valuation allowance is warranted. In comparing negative and positive evidence, continual losses in recent years is considered significant, negative, objective evidence that deferred tax assets may not be realized in the future, and generally is assigned more weight than subjective positive evidence of the realizability of deferred tax assets. As a result of its extensive evaluation of both positive and negative evidence, management maintains a full valuation allowance against its deferred tax assets. The Corporation reports a liability, if any, for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Corporation recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
Management's Plan	'
	Management’s Plan —Due to recurring losses, the Corporation is actively pursuing strategies to increase sales and decrease costs. These strategies include but are not limited to:
		•	Addressing declining recreational vehicle sales by evaluating its model lineup to more closely meet consumer needs. In addition, with production and sales now consolidated at the two facilities located in Elkhart, Indiana, business operations are being streamlined to reduce costs and maximize efficiencies.
		•	Increasing sales at the Mansfield, Texas housing facility by gaining a greater presence on the properties of manufactured housing dealers and manufactured housing communities. Furthermore, efforts are being made to reduce costs and gain manufacturing efficiencies as the facility transitions from a “startup” to a continuing operation.
		•	Increasing efforts to increase sales of modular homes and park models in both the United States and Canada by cultivating relationships with modular housing developers and campground owners that are outside the Corporation’s historical distribution channels
		•	Selling non-strategic assets to generate cash and eliminate carrying costs
		•	Working with current and potential vendors to decrease costs
		•	Analyzing staffing needs and making reductions when considered appropriate by management
	By implementing these strategies, and utilizing its cash, U.S. Treasury Bills and proceeds from life insurance loans as referenced in Note 11, the Corporation’s management believes the Corporation will have sufficient liquidity to meet its obligations through the current fiscal year.

Investments_Tables

Investments (Tables)	9 Months Ended
	Feb. 28, 2014
Text Block [Abstract]	'
Summary of Investments	'
	The following is a summary of investments:
		Gross		Gross		Fair
		Amortized		Unrealized		Value
		Costs		Gains
		(Dollars in thousands)
	February 28, 2014
	U. S. Treasury Bills	$	2,000	$	—	$	2,000
	May 31, 2013
	U. S. Treasury Bills	$	4,000	$	—	$	4,000

Inventories_Tables

Inventories (Tables)	9 Months Ended
	Feb. 28, 2014
Inventory Disclosure [Abstract]	'
Schedule of Inventories	'
	Total inventories consist of the following:
		February 28,		May 31,
		2014		2013
		(Dollars in thousands)
	Raw materials	$	6,865	$	5,104
	Work in process		3,406		2,863
	Finished goods		963		765
		$	11,234	$	8,732

Warranty_Tables

Warranty (Tables)	9 Months Ended
	Feb. 28, 2014
Guarantees [Abstract]	'
Reconciliation of Accrued Warranty and Related Expenses	'
	A reconciliation of accrued warranty and related expenses is as follows:
		Nine-Months Ended
		February 28,			February 28,
		2014			2013
		(Dollars in thousands)
	Balance at the beginning of the period	$	5,882		$	5,870
	Accruals for warranties		4,106			4,403
	Settlements made during the period		(3,867	)		(3,890	)
	Balance at the end of the period		6,121			6,383
	Non-current balance included in other deferred liabilities		2,200			2,000
	Accrued warranty and related expenses	$	3,921		$	4,383

Industry_Segment_Information_T

Industry Segment Information (Tables)	9 Months Ended
	Feb. 28, 2014
Segment Reporting [Abstract]	'
Percentage Allocation of Manufactured Housing and Recreational Vehicle Net Sales	'
	The percentage allocation of manufactured housing, modular housing and recreational vehicle net sales is:
		Three-Months Ended						Nine-Months Ended
		February 28,						February 28,
		2014			2013			2014			2013
	Domestic Manufactured Housing		62	%		50	%		64	%		49	%
	Modular Housing
	Domestic		7			8			9			11
	Canadian		2			2			3			3
			9			10			12			14
	Total Housing		71			60			76			63
	Recreational Vehicles
	Domestic		21			30			20			29
	Canadian		8			10			4			8
	Total Recreational Vehicles		29			40			24			37
			100	%		100	%		100	%		100	%
		Three-Months Ended						Nine-Months Ended
		February 28,						February 28,
		2014			2013			2014			2013
		(Dollars in thousands)						(Dollars in thousands)
	NET SALES
	Domestic Manufactured Housing	$	24,038		$	18,638		$	85,537		$	63,059
	Modular Housing
	Domestic		2,819			2,840			12,533			14,632
	Canadian		784			636			4,165			3,880
			3,603			3,476			16,698			18,512
	Total Housing		27,641			22,114			102,235			81,571
	Recreational Vehicles
	Domestic		8,012			11,124			26,554			37,517
	Canadian		3,119			3,748			5,240			9,654
	Total Recreational Vehicles		11,131			14,872			31,794			47,171
	Total Net Sales	$	38,772		$	36,986		$	134,029		$	128,742
	LOSS BEFORE INCOME TAXES
	Operating Loss
	Housing	$	(3,841	)	$	(3,132	)	$	(4,931	)	$	(6,502	)
	Recreational vehicles		(1,709	)		(1,721	)		(3,696	)		(3,974	)
	General corporate expense		(487	)		(537	)		(1,214	)		(1,530	)
	Gain on sale of idle property, plant and equipment		300			—			462			1,411
	Total operating loss		(5,737	)		(5,390	)		(9,379	)		(10,595	)
	Interest income		25			25			75			37
	Loss before income taxes	$	(5,712	)	$	(5,365	)	$	(9,304	)	$	(10,558	)

Nature_of_Operations_Accountin2

Nature of Operations, Accounting Policies of Consolidated Financial Statements - Additional Information (Detail) (USD $)	9 Months Ended
	Feb. 28, 2014
	Vehicle
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items]	'
Number of sale of idle recreational vehicle facilities	2
Allowance for credit loss of notes receivable	$0
Impairment of long - lived assets	$0
Home Sales [Member]	'
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items]	'
Product warranty	'15 months
Recreational Vehicles [Member]	'
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items]	'
Product warranty	'1 year
Building and Improvements [Member] | Minimum [Member]	'
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items]	'
Estimated useful lives of property, plant and equipment	'10 years
Building and Improvements [Member] | Maximum [Member]	'
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items]	'
Estimated useful lives of property, plant and equipment	'30 years
Machinery and Equipment [Member] | Minimum [Member]	'
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items]	'
Estimated useful lives of property, plant and equipment	'5 years
Machinery and Equipment [Member] | Maximum [Member]	'
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items]	'
Estimated useful lives of property, plant and equipment	'8 years

Restricted_Cash_Additional_Inf

Restricted Cash - Additional Information (Detail) (USD $)	Feb. 28, 2014
	Home
Restricted Cash and Cash Equivalents Items [Line Items]	'
Homes to be manufactured	60
Agreement to sell to second dealer	60
Security deposit	$600,000
Certificate of Deposit [Member]	'
Restricted Cash and Cash Equivalents Items [Line Items]	'
Security deposit	$600,000

Investments_Summary_of_Investm

Investments - Summary of Investments (Detail) (USD $)	Feb. 28, 2014	31-May-13
In Thousands, unless otherwise specified
Schedule of Held-to-maturity Securities [Line Items]	'	'
Gross Amortized Costs	$2,000	$4,000
U. S. Treasury Bills [Member]	'	'
Schedule of Held-to-maturity Securities [Line Items]	'	'
Gross Amortized Costs	2,000	4,000
Gross Unrealized Gains	'	'
Fair Value	$2,000	$4,000

Investments_Additional_Informa

Investments - Additional Information (Detail) (U. S. Treasury Bills [Member], USD $)	3 Months Ended	9 Months Ended	12 Months Ended
	Feb. 28, 2014	Feb. 28, 2014	31-May-13
U. S. Treasury Bills [Member]	'	'	'
Schedule of Held-to-maturity Securities [Line Items]	'	'	'
Investment maturity period	'	'2 months	'3 months
U. S. Treasury Bills, gross amortized cost	$5,000,000	'	'

Inventories_Schedule_of_Invent

Inventories - Schedule of Inventories (Detail) (USD $)	Feb. 28, 2014	31-May-13
In Thousands, unless otherwise specified
Inventory Disclosure [Abstract]	'	'
Raw materials	$6,865	$5,104
Work in process	3,406	2,863
Finished goods	963	765
Total inventories	$11,234	$8,732

Note_Receivable_Additional_Inf

Note Receivable - Additional Information (Detail) (USD $)	Feb. 28, 2014	Nov. 30, 2012
		Hemet California [Member]
		Facility
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Number of idle facilities sold	'	2
Down payment received for sale of idle property, plant and equipment	'	$500,000
Note receivable from sale of idle property, plant and equipment	'	1,700,000
Cash received for facilities sold	'	348,000
Facilities collateral for note	'	2
Selling expenses paid for sale of idle property, plant and equipment	'	152,000
Note receivable interest rate	'	6.00%
Note receivable interest amortization period	'	'20 years
Note receivable final payment period	'	'6 years
Note receivables less principal payments received	$1,643,000	'

Warranty_Reconciliation_of_Acc

Warranty - Reconciliation of Accrued Warranty and Related Expenses (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2014	Feb. 28, 2013	31-May-13
Guarantees [Abstract]	'	'	'
Balance at the beginning of the period	$5,882	$5,870	'
Accruals for warranties	4,106	4,403	'
Settlements made during the period	-3,867	-3,890	'
Balance at the end of the period	6,121	6,383	'
Non-current balance included in other deferred liabilities	2,200	2,000	'
Accrued warranty and related expenses	$3,921	$4,383	$3,682

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Feb. 28, 2014
Income Tax Disclosure [Abstract]	'
Deferred tax assets	$45
Federal net operating loss and tax credit carryforwards	31
State net operating loss carryforwards	8
Differences between financial and tax reporting	$6
Federal net operating loss and tax credit carryforwards life expectancy	'20 years
State net operating loss carryforwards life expectancy, minimum	'5 years
State net operating loss carryforwards life expectancy, maximum	'20 years

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	9 Months Ended			9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	31-May-13	Feb. 28, 2014	31-May-13	Feb. 28, 2014	31-May-13
	Home			Minimum [Member]	Minimum [Member]	Maximum [Member]	Maximum [Member]
Loss Contingencies [Line Items]	'	'	'	'	'	'	'
Period to potentially repurchase units	'	'	'	'12 months	'12 months	'24 months	'24 months
Maximum potential repurchase liability	$66,000,000	'	$71,000,000	'	'	'	'
Other accrued liabilities	100,000	'	100,000	'	'	'	'
Obligations from repurchased units	0	0	'	'	'	'	'
Net losses from repurchased units	0	0	'	'	'	'	'
Certificate of deposit pledged	$600,000	'	'	'	'	'	'
Number of homes to be manufactured and sold	60	'	'	'	'	'	'

Industry_Segment_Information_P

Industry Segment Information - Percentage Allocation of Manufactured Housing and Recreational Vehicle Net Sales (Detail) (USD $)	3 Months Ended		9 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014	Feb. 28, 2013
Segment Reporting Information [Line Items]	'	'	'	'
Net sales in percentage	100.00%	100.00%	100.00%	100.00%
Net sales	'	'	'	'
Net sales	$38,772,000	$36,986,000	$134,029,000	$128,742,000
Operating Loss	'	'	'	'
Gain on sale of idle property, plant and equipment	300,000	'	462,000	1,411,000
Total operating loss	-5,737,000	-5,390,000	-9,379,000	-10,595,000
Interest income	25,000	25,000	75,000	37,000
Loss before income taxes	-5,712,000	-5,365,000	-9,304,000	-10,558,000
Housing [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net sales in percentage	71.00%	60.00%	76.00%	63.00%
Net sales	'	'	'	'
Net sales	27,641,000	22,114,000	102,235,000	81,571,000
Operating Loss	'	'	'	'
Total operating loss	-3,841,000	-3,132,000	-4,931,000	-6,502,000
Housing [Member] | Modular Housing [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net sales in percentage	9.00%	10.00%	12.00%	14.00%
Net sales	'	'	'	'
Net sales	3,603,000	3,476,000	16,698,000	18,512,000
Housing [Member] | Domestic [Member] | Manufactured Housing [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net sales in percentage	62.00%	50.00%	64.00%	49.00%
Net sales	'	'	'	'
Net sales	24,038,000	18,638,000	85,537,000	63,059,000
Housing [Member] | Domestic [Member] | Modular Housing [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net sales in percentage	7.00%	8.00%	9.00%	11.00%
Net sales	'	'	'	'
Net sales	2,819,000	2,840,000	12,533,000	14,632,000
Housing [Member] | Canadian [Member] | Modular Housing [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net sales in percentage	2.00%	2.00%	3.00%	3.00%
Net sales	'	'	'	'
Net sales	784,000	636,000	4,165,000	3,880,000
Recreational Vehicles [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net sales in percentage	29.00%	40.00%	24.00%	37.00%
Net sales	'	'	'	'
Net sales	11,131,000	14,872,000	31,794,000	47,171,000
Operating Loss	'	'	'	'
Total operating loss	-1,709,000	-1,721,000	-3,696,000	-3,974,000
Recreational Vehicles [Member] | Domestic [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net sales in percentage	21.00%	30.00%	20.00%	29.00%
Net sales	'	'	'	'
Net sales	8,012,000	11,124,000	26,554,000	37,517,000
Recreational Vehicles [Member] | Canadian [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net sales in percentage	8.00%	10.00%	4.00%	8.00%
Net sales	'	'	'	'
Net sales	3,119,000	3,748,000	5,240,000	9,654,000
General Corporate Expense [Member]	'	'	'	'
Operating Loss	'	'	'	'
Total operating loss	($487,000)	($537,000)	($1,214,000)	($1,530,000)

Gain_on_Sale_of_Idle_Property_1

Gain on Sale of Idle Property, Plant and Equipment - Additional Information (Detail) (USD $)	3 Months Ended	9 Months Ended		3 Months Ended
	Feb. 28, 2014	Feb. 28, 2014	Feb. 28, 2013	Nov. 30, 2013	Feb. 28, 2014	Nov. 30, 2012
				Fair Haven, Vermont [Member]	Halstead Kansas [Member]	Hemet California [Member]
						Facility
Gain (Loss) on Investments [Line Items]	'	'	'	'	'	'
Gain on the sale of idle facilities	$300,000	$462,000	$1,411,000	$162,000	$300,000	$1,411,000
Number of idle facilities sold	'	'	'	'	'	2

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (USD $)	Feb. 28, 2014	Feb. 28, 2014	Feb. 28, 2014	31-May-14	31-May-14
		Minimum [Member]	Maximum [Member]	Subsequent Event [Member]	Subsequent Event [Member]
					Elkhart Indiana [Member]
Subsequent Event [Line Items]	'	'	'	'	'
Gain on sale of undeveloped land	'	'	'	'	$240,000
Proceed from sale of undeveloped land	'	'	'	982,000	'
Proceed from life insurance policy loans	'	'	'	$6,100,000	'
Interest rates of loan	'	4.20%	7.40%	'	'
Weighted average interest rate for the loans	5.90%	'	'	'	'