Exhibit 99.1
| NEWS RELEASE | |
| Skyline Corporation | ||
| 2520 By-Pass Road | ||
| P.O. Box 743 | ||
| Elkhart, Indiana 46515-0743 | ||
| (574) 294-6521 | ||
| Subject: FOURTH QUARTER REPORT | Approved by: JON S. PILARSKI | |
ELKHART, INDIANA — AUGUST 22, 2014
SKYLINE REPORTS RESULTS FOR FOURTH QUARTER AND YEAR END
Skyline’s net sales for the fourth quarter of fiscal year 2014 were $57,701,000 as compared to $48,832,000 in the fourth quarter of fiscal 2013. For fiscal 2014, net sales were $191,730,000 as compared to $177,574,000 for fiscal 2013.
Net sales for Skyline’s housing segment were $43,629,000 in the fourth quarter of fiscal 2014 as compared to $29,533,000 in the fourth quarter of fiscal 2013. For fiscal 2014, net sales were $145,864,000 as compared to $111,104,000 in fiscal 2013.
Net sales for Skyline’s recreational vehicle segment were $14,072,000 in fiscal 2014’s fourth quarter as compared to $19,299,000 in the fourth quarter of fiscal 2013. For fiscal 2014, net sales were $45,866,000 as compared to $66,470,000 for the same period a year ago.
Skyline reported a net loss of $2,560,000 in the fourth quarter of fiscal 2014 as compared to net income of $45,000 in the fourth quarter of fiscal 2013. On a per share basis, net loss was $.30 as compared to net income of $.01 for the same period a year ago. For fiscal 2014, net loss was $11,864,000 as compared to a net loss of $10,513,000 for a year ago. Net loss per share was $1.41 as compared to a net loss per share of $1.25 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 $244,000 and $706,000 for the fourth quarter and year, respectively. Likewise, prior year’s pretax loss for the fourth quarter and year included a $230,000 and $1,641,000 gain on the sale of idle property, plant and equipment, respectively.
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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 May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Net sales | $ | 57,701 | $ | 48,832 | $ | 191,730 | $ | 177,574 | ||||||||||||||||||||||||
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(Loss) net income before income taxes | (2,560 | ) | (A | ) | 45 | (B | ) | (11,864 | ) | (C | ) | (10,513 | ) | (D | ) | |||||||||||||||||
Benefit from income taxes | — | — | — | — | ||||||||||||||||||||||||||||
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Net (loss) income | $ | (2,560 | ) | $ | 45 | $ | (11,864 | ) | $ | (10,513 | ) | |||||||||||||||||||||
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Basic (loss) income per share | $ | (.30 | ) | $ | .01 | $ | (1.41 | ) | $ | (1.25 | ) | |||||||||||||||||||||
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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 $244 gain on sale of idle property, plant and equipment |
| (B) | Includes $230 gain on sale of idle property, plant and equipment |
| (C) | Includes $706 gain on sale of idle property, plant and equipment |
| (D) | Includes $1,641 gain on sale of idle property, plant and equipment |
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands) | ||||||||
| May 31, | ||||||||
| 2014 | 2013 | |||||||
ASSETS | ||||||||
Cash, restricted cash and temporary cash investments | $ | 6,031 | $ | 16,438 | ||||
Accounts receivable | 21,029 | 13,472 | ||||||
Note receivable, current | 50 | 47 | ||||||
Inventories | 11,330 | 8,732 | ||||||
Worker’s compensation security deposit | 2,688 | 2,597 | ||||||
Other current assets | 542 | 351 | ||||||
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Total Current Assets | 41,670 | 41,637 | ||||||
Note receivable, long-term | 1,581 | 1,631 | ||||||
Property, Plant and Equipment, net | 15,953 | 18,342 | ||||||
Other Assets | 6,550 | 6,317 | ||||||
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Total Assets | $ | 65,754 | $ | 67,927 | ||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Accounts payable, trade | $ | 5,139 | $ | 3,675 | ||||
Accrued liabilities | 13,108 | 10,532 | ||||||
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Total Current Liabilities | 18,247 | 14,207 | ||||||
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Long-Term Liabilities | 13,720 | 8,069 | ||||||
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Common stock | 312 | 312 | ||||||
Additional paid-in capital | 4,928 | 4,928 | ||||||
Retained earnings | 94,291 | 106,155 | ||||||
Treasury stock, at cost | (65,744 | ) | (65,744 | ) | ||||
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Total Shareholders’ Equity | 33,787 | 45,651 | ||||||
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Total Liabilities and Shareholders’ Equity | $ | 65,754 | $ | 67,927 | ||||
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