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: 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 | |
| | | | | | | | | | | | | | | | |
Loss before income taxes | | | (5,712 | )(A) | | | (5,365 | ) | | | (9,304 | )(B) | | | (10,558 | )(C) |
Benefit from income taxes | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net loss | | $ | (5,712 | ) | | $ | (5,365 | ) | | $ | (9,304 | ) | | $ | (10,558 | ) |
| | | | | | | | | | | | | | | | |
Basic loss per share | | $ | (.68 | ) | | $ | (.64 | ) | | $ | (1,11 | ) | | $ | (1.26 | ) |
| | | | | | | | | | | | | | | | |
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 | |
| | | | | | | | |
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 | |
| | | | | | | | |
Total Liabilities and Shareholders’ Equity | | $ | 61,730 | | | $ | 70,388 | |
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