SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 17, 2003
SKYLINE CORPORATION
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(Exact name of registrant as specified in its charter)
INDIANA 1-4714
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(State of Incorporation) (Commission File Number)
35-1038277
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(IRS Employee Identification No.)
P. O. Box 743, 2520 By-Pass Road Elkhart, IN 46515
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(Address of principal executive offices) (Zip)
(574) 294-6521
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(Registrant's telephone number, including area code)
Item 5. Other Events
ELKHART, INDIANA --- DECEMBER 17, 2003
SKYLINE REPORTS RESULTS FOR SECOND QUARTER AND FIRST HALF
Skyline Corporation's net earnings for the second quarter of
its fiscal 2004 year were $2,068,000, an increase from the $1,951,000 of
the second quarter of fiscal 2003. On a per share basis, net earnings for
the quarter which ended November 30, 2003, were $0.25, an increase from the
$0.23 of a year ago.
For the first half of fiscal 2004, net earnings were
$4,105,000, an increase from the $3,773,000 of a year ago. Net earnings per
share for the first half of fiscal 2004 were $0.49, an increase from the
$0.45 of the first half of fiscal 2003.
Sales for Skyline's fiscal 2004 second quarter were
$114,583,000, an increase from the $112,467,000 of the second quarter of
fiscal 2003. For the first six months of fiscal 2004, sales were
$224,262,000, a decrease from the $228,959,000 of fiscal 2003.
For Skyline's manufactured housing group, sales for the second
quarter of fiscal 2004 were $84,919,000 compared to $78,599,000 for the
second quarter of fiscal 2003. For the first six months of fiscal 2004,
sales by the manufactured housing group were $163,466,000, an increase from
the $159,706,000 recorded for the first six months of fiscal 2003.
For the recreational vehicle (RV) group, sales amounted to
$29,664,000 for fiscal 2004's second quarter, a decrease from the
$33,868,000 of the second quarter of fiscal 2003. For the first six months
of fiscal 2004, sales by the RV group were $60,796,000, a decrease from the
$69,253,000 of the same period a year ago.
As Skyline begins its third quarter, historically the slowest
period in its fiscal year, the company 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
should help the company meet the challenges ahead.
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF EARNINGS
<Table>
<Caption>
(Dollars in thousands except per share)
Three Months Ended Six Months Ended
November 30, November 30,
(Unaudited) (Unaudited)
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2003 2002 2003 2002
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Sales $ 114,583 $ 112,467 $ 224,262 $ 228,959
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Earnings before income taxes 3,481 3,239 6,840 6,275
Provision for income taxes 1,413 1,288 2,735 2,502
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Net earnings $ 2,068 $ 1,951 $ 4,105 $ 3,773
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Basic earnings per share $ .25 $ .23 $ .49 $ .45
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Weighted average common shares 8,391,244 8,391,244 8,391,244 8,391,244
outstanding ========== ========== ========== ==========
</Table>
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
<Table>
<Caption>
(Dollars in thousands)
November 30, (Unaudited)
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ASSETS 2003 2002
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Cash and temporary investments $ 156,593 $ 152,474
Accounts receivable 24,086 24,021
Inventories 10,039 10,115
Other current assets 9,051 8,258
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Total Current Assets 199,769 194,868
Property, Plant and Equipment, net 38,029 40,467
Other Assets 5,039 4,476
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$ 242,837 $ 239,811
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable, trade $ 6,704 $ 4,400
Accrued liabilities 32,000 32,049
Income taxes payable - 282
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Total Current Liabilities 38,704 36,731
Other Deferred Liabilities 4,664 4,095
Common stock 312 312
Additional paid-in capital 4,928 4,928
Retained earnings 259,973 259,489
Treasury stock, at cost, 2,825,900 shares in 2003 and 2002 (65,744) (65,744)
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Total Shareholders' Equity 199,469 198,985
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$ 242,837 $ 239,811
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</Table>