ELKHART, INDIANA — JANUARY 9, 2008
SKYLINE REPORTS RESULTS FOR SECOND QUARTER AND FIRST HALF
Sales for Skyline’s fiscal 2009 second quarter were $47,210,000 compared to $77,198,000 for the second quarter of fiscal 2008. For the first six months of fiscal 2009, sales were $109,807,000 versus $173,592,000 for fiscal 2008.
Skyline Corporation reported a net loss for the second quarter of its fiscal 2009 year of $4,098,000 compared to a net loss of $1,886,000 for the second quarter of fiscal 2008. On a per share basis, net loss for the quarter which ended November 30, 2008 was $ .49 versus a net loss of $.22 for a year ago.
For the first half of fiscal 2009, net loss was $8,244,000 compared to a net loss of $1,177,000 for a year ago. Net loss per share for the first half of fiscal 2009 was $ .98 versus a net loss per share of $ .14 for the first half of fiscal 2008.
For Skyline’s manufactured housing group, sales for the second quarter of fiscal 2009 were $38,310,000 compared to $58,383,000 for the second quarter of fiscal 2008. For the first six months of fiscal 2009, sales by the manufactured housing group were $83,568,000 versus the $130,711,000 recorded for the first six months of fiscal 2008.
For the recreational vehicle (RV) group, sales amounted to $8,900,000 for fiscal 2009’s second quarter compared to $18,815,000 for the second quarter of fiscal 2008. For the first six months of fiscal 2009, sales by the RV group were $26,239,000 versus $42,881,000 for the same period a year ago.
As Skyline begins its third quarter, historically the slowest period in its fiscal year, the corporation continues to maintain its traditionally strong balance sheet with no long-term debt and a healthy position in cash and temporary cash investments. This financial strength, along with a seasoned management team, should help the corporation meet the challenges ahead.
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CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
| Three Months Ended | Six Months Ended | |||||||||||||||
| November 30, | November 30, | |||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| Sales | $ | 47,210 | $ | 77,198 | $ | 109,807 | $ | 173,592 | ||||||||
| (Loss) before income taxes | (6,626 | ) | (2,766 | ) | (13,097 | ) | (1,667 | ) | ||||||||
| (Benefit) for income taxes | (2,528 | ) | (880 | ) | (4,853 | ) | (490 | ) | ||||||||
| Net (loss) | $ | (4,098 | ) | $ | (1,886 | ) | $ | (8,244 | ) | $ | (1,177 | ) | ||||
| Basic loss per share | $ | (.49 | ) | $ | (.22 | ) | $ | (.98 | ) | $ | (.14 | ) | ||||
| Number of weighted average common shares outstanding | 8,391,244 | 8,391,244 | 8,391,244 | 8,391,244 | ||||||||||||
CONSOLIDATED CONDENSED BALANCE SHEETS
| November 30, (Unaudited) | ||||||||
| 2008 | 2007 | |||||||
| ASSETS | ||||||||
| Cash and temporary cash investments | $ | 103,409 | $ | 124,054 | ||||
| Accounts receivable | 8,351 | 13,995 | ||||||
| Inventories | 9,800 | 10,978 | ||||||
| Other current assets | 18,454 | 11,783 | ||||||
| Total Current Assets | 140,014 | 160,810 | ||||||
| Property, Plant and Equipment, net | 31,862 | 35,508 | ||||||
| Other Assets | 10,466 | 10,365 | ||||||
| Total Assets | $ | 182,342 | $ | 206,683 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Accounts payable, trade | $ | 1,744 | $ | 2,397 | ||||
| Accrued liabilities | 16,731 | 20,716 | ||||||
| Total Current Liabilities | 18,475 | 23,113 | ||||||
| Other Deferred Liabilities | 8,914 | 9,952 | ||||||
| Common stock | 312 | 312 | ||||||
| Additional paid-in capital | 4,928 | 4,928 | ||||||
| Retained earnings | 215,457 | 234,122 | ||||||
| Treasury stock, at cost | (65,744 | ) | (65,744 | ) | ||||
| Total Shareholders’ Equity | 154,953 | 173,618 | ||||||
| Total Liabilities and Shareholders’ Equity | $ | 182,342 | $ | 206,683 | ||||