Exhibit 99.1
ELKHART, INDIANA — OCTOBER 10, 2008
SKYLINE REPORTS FISCAL 2009 FIRST QUARTER RESULTS
Sales for the first quarter of Skyline Corporation’s 2009 fiscal year were $62,597,000 compared to $96,394,000 last year. Net loss for the three month period was $4,146,000 equal to $0.49 per share, compared to net earnings of $709,000, or $0.08 per share, for the same period a year ago.
For Skyline’s manufactured housing group, sales for the first quarter of fiscal 2009 were $45,258,000 compared to $72,328,000 for the first quarter a year ago.
Skyline’s RV group recorded sales of $17,339,000 for the first three months of fiscal 2009 compared to $24,066,000 recorded for the first quarter of fiscal 2008.
Skyline continues to maintain its traditionally strong balance sheet with no debt and a healthy position in cash and temporary cash investments. This financial strength, along with a seasoned management team, should help the company meet the challenges ahead.
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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) | |
| | | 2008 | | | 2007 | |
| Sales | | $ | 62,597 | | | $ | 96,394 | |
| | | | | | | |
| (Loss) earnings before income taxes | | | (6,471 | ) | | | 1,099 | |
| (Benefit) provision for income taxes | | | (2,325 | ) | | | 390 | |
| | | | | | | |
| Net (loss) earnings | | $ | (4,146 | ) | | $ | 709 | |
| | | | | | | |
| Basic (loss) earnings per share | | $ | (.49 | ) | | $ | .08 | |
| | | | | | | |
| Number of weighted average common shares outstanding | | | 8,391,244 | | | | 8,391,244 | |
| | | | | | | |
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
| | | | | | | | | |
| | | August 31, (Unaudited) | |
| ASSETS | | 2008 | | | 2007 | |
| | | | | | | |
| Cash and temporary cash investments | | $ | 106,127 | | | $ | 121,376 | |
| Accounts receivable | | | 15,700 | | | | 24,252 | |
| Inventories | | | 9,683 | | | | 10,618 | |
| Other current assets | | | 16,509 | | | | 11,240 | |
| | | | | | | |
| | | | | | | | | |
| Total Current Assets | | | 148,019 | | | | 167,486 | |
| | | | | | | | | |
| Property, Plant and Equipment, net | | | 32,041 | | | | 35,686 | |
| | | | | | | | | |
| Other Assets | | | 10,313 | | | | 10,280 | |
| | | | | | | |
| | | | | | | | | |
| Total Assets | | $ | 190,373 | | | $ | 213,452 | |
| | | | | | | |
| | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |
| | | | | | | | | |
| Accounts payable, trade | | $ | 3,709 | | | $ | 5,395 | |
| Accrued liabilities | | | 17,180 | | | | 21,054 | |
| | | | | | | |
| | | | | | | | | |
| Total Current Liabilities | | | 20,889 | | | | 26,449 | |
| | | | | | | |
| | | | | | | | | |
| Other Deferred Liabilities | | | 8,923 | | | | 9,989 | |
| | | | | | | |
| | | | | | | | | |
| Common stock | | | 312 | | | | 312 | |
| Additional paid-in capital | | | 4,928 | | | | 4,928 | |
| Retained earnings | | | 221,065 | | | | 237,518 | |
| Treasury stock, at cost | | | (65,744 | ) | | | (65,744 | ) |
| | | | | | | |
| | | | | | | | | |
| Total Shareholders’ Equity | | | 160,561 | | | | 177,014 | |
| | | | | | | |
| | | | | | | | | |
| Total Liabilities and Shareholders’ Equity | | $ | 190,373 | | | $ | 213,452 | |
| | | | | | | |
