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 4, 2014
SKYLINE REPORTS RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS
Skyline’s net sales for the third quarter of fiscal year 2014 were $38,772,000 as compared to $36,986,000 in the third quarter of fiscal 2013. For the first nine months of fiscal 2014, net sales were $134,029,000 as compared to $128,742,000 in the first nine months of fiscal 2013.
Net sales for Skyline’s housing segment were $27,641,000 in the third quarter of fiscal 2014 as compared to $22,114,000 in the third quarter of fiscal 2013. For the first nine months of fiscal 2014, net sales were $102,235,000 as compared to $81,571,000 in the first nine months of fiscal 2013.
Net sales for Skyline’s recreational vehicle segment were $11,131,000 in fiscal 2014’s third quarter as compared to $14,872,000 for the third quarter of fiscal 2013. For the first nine months of fiscal 2014, net sales were $31,794,000 as compared to $47,171,000 for the same period a year ago.
Skyline reported a net loss of $5,712,000 in the third quarter of fiscal 2014 as compared to a net loss of $5,365,000 in the third quarter of fiscal 2013. On a per share basis, net loss was $.68 as compared to a net loss of $.64 for the same period a year ago. For the first nine months of fiscal 2014, net loss was $9,304,000 compared to a net loss of $10,558,000 for a year ago. Net loss per share was $1.11 as compared to a net loss per share of $1.26 for the same period a year ago. Included in current year’s pretax loss was a gain on the sale of idle property, plant and equipment of $300,000 and $462,000 for the third quarter and first nine months, respectively. Likewise, prior year’s pretax loss for the first nine months included a $1,411,000 gain on the sale of idle property, plant and equipment.
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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 February 28, (Unaudited) | Nine Months Ended February 28, (Unaudited) | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | 38,772 | $ | 36,986 | $ | 134,029 | $ | 128,742 | ||||||||
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Loss before income taxes | (5,712 | )(A) | (5,365 | ) | (9,304 | )(B) | (10,558 | )(C) | ||||||||
Benefit from income taxes | — | — | — | — | ||||||||||||
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Net loss | $ | (5,712 | ) | $ | (5,365 | ) | $ | (9,304 | ) | $ | (10,558 | ) | ||||
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Basic loss per share | $ | (.68 | ) | $ | (.64 | ) | $ | (1,11 | ) | $ | (1.26 | ) | ||||
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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 $300 gain on sale of idle property, plant and equipment. |
| (B) | Includes $462 gain on sale of idle property, plant and equipment. |
| (C) | Includes $1,411 gain on sale of idle property, plant and equipment. |
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
| February 28, (Unaudited) | ||||||||
| 2014 | 2013 | |||||||
ASSETS | ||||||||
Cash, restricted cash and temporary cash investments | $ | 7,275 | $ | 16,258 | ||||
Accounts receivable | 15,195 | 13,714 | ||||||
Note receivable, current | 49 | 46 | ||||||
Inventories | 11,234 | 10,340 | ||||||
Worker’s compensation security deposit | 2,597 | 2,402 | ||||||
Other current assets | 383 | 781 | ||||||
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Total Current Assets | 36,733 | 43,541 | ||||||
Note receivable, long-term | 1,594 | 1,643 | ||||||
Property, Plant and Equipment, net | 17,015 | 19,039 | ||||||
Other Assets | 6,388 | 6,165 | ||||||
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Total Assets | $ | 61,730 | $ | 70,388 | ||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Accounts payable, trade | $ | 3,793 | $ | 3,560 | ||||
Accrued liabilities | 13,932 | 13,244 | ||||||
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Total Current Liabilities | 17,725 | 16,804 | ||||||
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Other Deferred Liabilities | 7,658 | 7,978 | ||||||
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Common stock | 312 | 312 | ||||||
Additional paid-in capital | 4,928 | 4,928 | ||||||
Retained earnings | 96,851 | 106,110 | ||||||
Treasury stock, at cost | (65,744 | ) | (65,744 | ) | ||||
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Total Shareholders’ Equity | 36,347 | 45,606 | ||||||
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Total Liabilities and Shareholders’ Equity | $ | 61,730 | $ | 70,388 | ||||
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